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Hansard June 21 1934 - Canada

Hansard June 21 1934 - Canada

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Published by mrpoisson
Canadian Parliament debate re the Bank of Canada June 21 1934, days before assent of the Bank of Canada Act
pg 4150
Mr Mackenzie:
Here under this bill, we are transferring $14,000,000 of gold from the private chartered banks to another private or quasi-private corporation. Under this bill we are transferring to this private corporation, on the day it opens for business, assets totaling about $300,000,000, including $63,000,000 of new, interest bearing securities, which cost the taxpayers of the Dominion of Canada $1,800,000 a year.

Mr. Coote
"...I am still convinced that this institution (the Bank of Canada)should be under public ownership. The power granted to this institution will be greater than the power of the government itself so far as the economic conditions of Canada are concerned.

4151
...Mr Coote
"... I consider it a retrograde step at this time to establish a privately owned institution with the great powers conferred by this bill,..."

4155
Mr Lapointe:
"Under the circumstances the central bank being what it is going to be, I think i should be derelict in my duty if I did not support the principle of public ownership"

Mr Euler:
When the Prime Minister announced early in the session that we were to have a central bank I had hoped for two things; one that was the central bank would be given the power to issue all currency. That is being partially carried out and my regret is that it is not being carried out 100 per cent. The second was that the bank would be publicly-owned, a bank owned by the people of Canada ... I think that entirely too much power is being given to an institution that is not publicly-owned ... and this is perhaps more important than any of the other features- have control of the entire credit of Canada"

4157
Mr. Howard
" the managements of our privately owned banks in Canada have been able to select men to manage their institutions, not perhaps in the interest of all the people of Canada, but at least in the interest of their shareholders... can take any other stand than that the control of the national credit of Canada should be in the hands of people representing Canada or in the hands of the government of the country"

4160
Mr Irvine
: I do not think we can draw our inspiration even from the historic old Bank of England in handling the financial affairs of the British nation, especially during the last decade or so."
"But the fact remains that the entire control of the central financial of this country is being reposed in a private concern"

4162
mr. Stewart:
"we are being asked to give up every vestige of control and the inspection of banks which has been carried on in recent years under the Finance Act"

Section 6 Governor and deputy governor
4167
Mr Dubuc:
In Supporting this motion I shall add but one word, directing the attention of the committee to the important fact that the economic control of the country means unquestionably the political control. ... Surely this central bank, which is to be the foundation of the entire fabric of our economic life should be controlled nationally not privately.... Canadians should always preserve autonomy in and keep control of our economic affairs, because to fail to do so also mean abandonment of our political autonomy."

4169
Mr. LaPointe
"we are giving to the bank certain powers which are now in the hands of the government. We are taking from the government certain powers which are very important and placing them in the hands of this institution"

4172
Mr. Mitchell:
"I am not unmindful of the possibility that there may be an effort by the Bank of England to dominate this country financially;..."

4175
Mr. Bennett
" I desire in the most unequivocal terms to say that no relation, direct or indirect, understood or otherwise, by implication or in any other way between the Bank of England and the proposed Bank of Canada is possible."

Mr. Rinfret
"Let me tell him that in Montreal it is the current rumor on St. James and Notre Dame streets t
Canadian Parliament debate re the Bank of Canada June 21 1934, days before assent of the Bank of Canada Act
pg 4150
Mr Mackenzie:
Here under this bill, we are transferring $14,000,000 of gold from the private chartered banks to another private or quasi-private corporation. Under this bill we are transferring to this private corporation, on the day it opens for business, assets totaling about $300,000,000, including $63,000,000 of new, interest bearing securities, which cost the taxpayers of the Dominion of Canada $1,800,000 a year.

Mr. Coote
"...I am still convinced that this institution (the Bank of Canada)should be under public ownership. The power granted to this institution will be greater than the power of the government itself so far as the economic conditions of Canada are concerned.

4151
...Mr Coote
"... I consider it a retrograde step at this time to establish a privately owned institution with the great powers conferred by this bill,..."

4155
Mr Lapointe:
"Under the circumstances the central bank being what it is going to be, I think i should be derelict in my duty if I did not support the principle of public ownership"

Mr Euler:
When the Prime Minister announced early in the session that we were to have a central bank I had hoped for two things; one that was the central bank would be given the power to issue all currency. That is being partially carried out and my regret is that it is not being carried out 100 per cent. The second was that the bank would be publicly-owned, a bank owned by the people of Canada ... I think that entirely too much power is being given to an institution that is not publicly-owned ... and this is perhaps more important than any of the other features- have control of the entire credit of Canada"

4157
Mr. Howard
" the managements of our privately owned banks in Canada have been able to select men to manage their institutions, not perhaps in the interest of all the people of Canada, but at least in the interest of their shareholders... can take any other stand than that the control of the national credit of Canada should be in the hands of people representing Canada or in the hands of the government of the country"

4160
Mr Irvine
: I do not think we can draw our inspiration even from the historic old Bank of England in handling the financial affairs of the British nation, especially during the last decade or so."
"But the fact remains that the entire control of the central financial of this country is being reposed in a private concern"

4162
mr. Stewart:
"we are being asked to give up every vestige of control and the inspection of banks which has been carried on in recent years under the Finance Act"

Section 6 Governor and deputy governor
4167
Mr Dubuc:
In Supporting this motion I shall add but one word, directing the attention of the committee to the important fact that the economic control of the country means unquestionably the political control. ... Surely this central bank, which is to be the foundation of the entire fabric of our economic life should be controlled nationally not privately.... Canadians should always preserve autonomy in and keep control of our economic affairs, because to fail to do so also mean abandonment of our political autonomy."

4169
Mr. LaPointe
"we are giving to the bank certain powers which are now in the hands of the government. We are taking from the government certain powers which are very important and placing them in the hands of this institution"

4172
Mr. Mitchell:
"I am not unmindful of the possibility that there may be an effort by the Bank of England to dominate this country financially;..."

4175
Mr. Bennett
" I desire in the most unequivocal terms to say that no relation, direct or indirect, understood or otherwise, by implication or in any other way between the Bank of England and the proposed Bank of Canada is possible."

Mr. Rinfret
"Let me tell him that in Montreal it is the current rumor on St. James and Notre Dame streets t

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Published by: mrpoisson on Oct 14, 2009
Copyright:Public Domain

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