The Canadian Banking System, 1817-1890 Volume 10, Nos. 1-6
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...and particularly that the note circulation be preserved.'1 On the same day the Halifax banks declared that the system in force in Nova Scotia had proved satisfactory, that any change was neither asked for nor desired. During the session, some seventy-two petitions, either against the resolutions of Mr. Rose, or, "that no changes of a fundamental character be made in the present system of banking, ' or, "that the circulation of the banks maybe preserved on substantially the present basis," were presented to the House of Commons. Of these petitions, some ten, to be sure, came from the banks: the others were from the leading towns, cities, boards of trade, and the like, throughout the Dominion, and respectable as well for the number of signatures as for the character and influence of the signers. On the 1st June the resolutions came up for consideration. Mr. Holton believed that such radical changes in the long-established banking system of the country should not be made without mature deliberation in Parliament and in the country. He immediately moved, in amendment, to postpone the consideration of the resolutions until the next session.2 The debate that followed was acrimonious, able and suggestive. Mr. MacKenzie seconded the motion, and bore witness to the nearly unanimous opposition of the press to Mr. Rose's policy. As a whole, the scheme had been universally condemned.3 1 Monetary Times and Insurance Chronicle, vol. ii., p. 614. 2Hamilton Spectator, 2d June, 1869.-, Ottawa Times, 4th June, 1869. Mr. Cartwright conceded the few tolerable arguments that the Government had urged, and thus conceded all they were to urge, for in his first speech Mr. Rose quite exhausted his arsenal. But, Mr. Cartwright objected, the plan involved a...
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