HomeMy WebLinkAboutThe Exeter Advocate, 1922-4-20, Page 7THE OF THE RAILS
IN CANADIAN HISTORY
By W. S. Wallace, M.A„ Department of History, University
of Toronto.
111. 1
In the years following 1837 the;
surtremaey of' the Peentler!
Compact disappeared, and the era of1
Crest geveimment dawned. In,
this new period the banks came to;
play a much less conspicuous place in;
political history. They ceased to be:
identified with political parties, and:
they devoted themselves to their,
proper commercial functions. This;
ds pot mean, however, that they;
have not at times exerted a profoeni.
inficience an the coulee of gavernmente!
Consider, for example, their influeeee
on the currency legislation of the.
coantry. At repeated intervals in:
Ike Canadian hietory the government has
dallied with the idea of arrogating to
itself the mereopoly of the issue of
bank notes. Lord Se-de:diem in 1841,
Sie Alexander Gaft in 1859, and Sir
Leonard Tilley in 1880 all propeetd,
in language which has often been:
heard, that the government eheuti re-:
woe the funetion of note -issue \Adele'
it was said, it had delegated to other.
Of course, there la 11thing to preterit
tiny gevernment from taking over the
business of banking, jeet ue there is
nothing to prevent it from taking over
the business of making boots and,
shoes; though it should be 'oh:serve]
that eocialism in the melting of boats,
and shoes would prebe far !eSS"
dL7aStr011g than soeialism in Lanning,
But that the government hoe tiny in
-
hereat right or prerogative in regard
ro the issuing ef notes k a fallacy.
It k afellac y resate from at
confusien o1 thought between the'
minting of maney, which is a vetyi
ereeet
and necessary fineetion ut
errarent, and the issuing •ef netesn
are not, properly speaking.
money at all, but. merely premises to
pay, like cheque,. and draftee A gov
ernne t lets no more eglit manta
rely of the issue of h-itee than it
has: ta monapoly et the issue of
emits and draft, or any other kind,
of eommereiel paper; and the banks of
Canada, by fighting eeery such pre-'
poeel, have contributed very mush to
the soundnees of Caeadian eurreney
legislatien. They have net wen a vic-
tory all along the line. fer the Can
adian government ha e sUOMied in az-
rating to it,elf the iseue /If the
smaller d en om nu t ions of not ee ; hut
they have helped to prevent a corn -
plete monopole%
Anether way in which the influepco
of the batiks made itself felt was in
the adoption, prior to Confederation;
of the decimal currency in preference,
to pounds, shillinge, and penee.
many years the standard money of ac-!
count in British North America had
been what was. known as the Halifax •
currency or in Tipper Canaula the'
York currency. This was a currency'
in pounds, shillings, and pellet which
did eat colrespond with any eel:ging'
coinage. It was movie a money of
aceount, and every one of the numer-
ous argil various coins which passed
eurrent-Englieh .5,,mereigns, Ameri-
can dollar, French crowns, Spanish
"pieces of eight," and so forth -had
to betranslated into it. Before Con-
federation the banks all over British
North America agreed to do business
in dollars and cents, and in this way
they helped to compel the various
colonial goverruneuts to adopt a deci-
mal currency. In this development,
was seen one cf the subtle influences
at work which helped to bring about
the union of British North America
in 1867.
The most striking exemplification,
however, of the part whieh the•banks
have played in Canadian history is to
be found m the period of the Great
War. It is not too much to say that,
if it had not been for the co-operation.
of the banks with the Canadian gov-
ernment, the situation in Canada at
the outbreak of the war would have
been of the most critical nature. By
the morning of that fateful Monday,
Augnst 3, 1914, there had begun, as
you may remember, "runs" on the gold
of banks ail over Canada. Sir Thomas
White, in a most interesting and im-
portant pamphlet which 'he published
about a year ago, entitled "The Story
of Canada's War Finance," tells of a
case which occurred in Toeento. Hc
says: -
"One case was reported to me from
a Toronto bank. One of its best cus-
tomers, a prominent citizen of Tor -
1111111111411141,M44.441.4444441414412.401120•444NOW
onto, who had a, deposit of °eei a
quarter of a niWon dollars, called
upon the general manager and:inform-7i
ed him that he felt he must, in justice
to himselfand his family, withdraw
the fall amount in gold, as he be-
lieved there would Le a. financial panic
in Width the banks would have to
cipee their deem • . 'The man 'in-
sisted, and received his gold, which he •
locked up in his Fare deposit vat."
in order to avert the calamity which'
was impending, a conference was held
at Ottawa between the minister of
finanece Sie Thomas White, and the
leading members of the Canadian
Bankers Aesociation-just as, about
the same thee, a conference was being.
held in Lenden between the Chancellor
of the Exeheimer, Me. Lloyd George,
and the leading. financial experts. of
Great Britain. Both conferences met
in an atmosphere of parde. The Can-
adian bankers,- as Sir Thames
White, "were quite disturbed_ at the,
speead cif the finerceial panie through-.
out Cepada and the runs which were
telcing niece throughout the Dominion
pad of which they were continually
heoring word. They had numerous,"
hettain "and by no means unanimous
suggeetions to make as to what should
lee dove." My friend Professor Fay
teens ineeeen the mithority, I under -
of 4r .1. M. Keynes, the author
of "The Evonomic Consequences of
the Peeee"- -that similar consternation'
peeteci!ed at first at the conference in'
Loneon. sonee people proposing emn
thing. some anether, and some throw-
ing up their .hatale and eaying there •
was nothing that could be done. 1111.•
4 was suddenly eh:served that the
Governer <if the Bunk of England had
fallen asleep at the head of the table
end we gently snoring. This speet-
acle had the effect of immediately re-'
storing ecceihlence; if the Governor of
the Bea of England could go to seepa
en sueh an oeeasionthen obviously,
thhigs could net be as black as theye
were Riveted. The vonferenee pulled,
itseif together, •seggestions were e' -
hanged, and finally the measures'
were pawed upon which c•nabled Great
Britain to survive the crisis. Hieteryi
dnee not rererd that may of the leach,:
fag members of the Canadian Bankers!
Aseoeiation fell aeleep on that August!
afternoon in Ottawa in 1914; Imt
there too, after the first confusion of!
vounsel, measures were finally agreed!
upon. Chief of these measures wee
the making of• bank-notee legal ton;
der, so that the banks could pay out!
notes instead of gold, Thee Meese;
uree were embodied in an order -in -
council. issued that evening and pub-
lished broadcast in the newspaper::
the following trimming, Augn 4. the
day on which war WRA de•elared. Now'
it is a remarkable face that all the
measures adopted were directly vine
teary to law. The order-in-eouneil was
legally of no validity. If anyone had
thought of questioning it, neither the
government nor the banks would have
had as leg to stand on -at any rate,
until parliament met and passed rati-
fying legielation. But the co-opera-
tion of the banks ani the government
so impressed the public that, as a mat-
ter of fact, the order -in -council was
not questioned. The run on the banks
oame to an end, and the situation
was saved.
Another way in which the banks
co-operated with the government dur-
ing the war was in regard to the float-
ing of the Victory Loan. Probably no
banking system in the world was bet-
ter :adapted to serve as a medium
for the handling of subscriptions to a
government loan than the Canadian,
with its wide -spread system of branch
banks. The success of the Victory
Loans was one of the most pheno-
menal things in connection with the
whole of Canada's war effort. Before
the war a loan of fifty millions had
been regarded as a very large loan
even or the government to. attempt
to float. The three Victory Loans by
themselves netted •a total of 1;700 mil -
liens, something that no one had ever
dreamed would be possible. In the
floating of these lioans the banks playa
ed a vital part, and for their suc-
cess they deserve their fair share of
the ,credit.
Filially, in the period, of reconstruc-
tion and re -adjustment through which
we have been, and are still, passing,
the banks in Canute have been - a
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ENGLAND'S "MYSTERY TOWER" TO BE SCRAPPER
KUOW.a as the "mystery tower" of Shoreham, this huge structure was
built during the war ea acost of over $6,000.000, but was never used. It is
now to be scrapped. Its purpose lane given rise to nmehnepeculation, but is
a closely guarded secret of the British Admiralty, Its destruction will leave
for salvage only a few steel girdera,
steadying influence, to an extent which
perhaps the general public does not
always realize.
WAAAAVArn
Her Majesty to Place Wreaths
in War Cemeteries.
anadian Science Asks do .'.t:h from Lenclen Faye:
QueQ11 is planning te place a
Questions, massive wrh in er.th a the Britiele
INAANAIWAVANAVAA•
military eetreteriee Flanders and
Amang the imp )rtant investi, ga- France in I, eng ef th,..„ w „me - et.
tions, over thirty in number, which land when 40 vmi the Kin,t, the
have been or are now being carried King a the /raglans early
out by the Council for Scientific and
nextria
Industrial Re,--earehe
lt at Ottawa are T rj, r4-4,11 couptA•s plan an ex.,
Ttl\
A
fog signalling; materials for inside- teusive tour ef the battle figounie be-
d" a high rootage electric t'urrent' eauSe of the Lang cherWied deSire of
vanadium ores, vitamines, the bacterial Queen Maryto ga pers_many to the
content of cream and butter, mare ef- suerct nnrinee. she in partiewarly
fieient methods of domestic heating, all7dOUS I4*vish Ypres, Arras, the
utilization of fish waste, the separa-
Somme.
Om and liquefaction of the rare gas The
‘.isrn Bt'thune and AthriTistiitertliT.
e
helium, fox breeding. the Prevention Kew ;me wee!: ee the Beeneene made
of duet in wheat awl the produetion hero lase :vow lire Geerge awl the
of industrial akobol from wood waste Queen win nt, gate a
and sulphite liquor weste.
Ship Conveying Gifts
Two Royal Yachts
Resembles Noah's Ark Taken Over by Lascelles
A despatch from Loniten says: The
steamship °twilit is tied up at the
Royal Albert Docks with a few eholee
presents given to the Prince of Wales
during his tour of India. They in-
clude an elephant, a rhinoceros, a
leopard cat, a Himalayen bear, a eam-
bur deer, sheep, foxes and leopards.
The collection is being removed to the
zoo with lather similar testimonials of
friendship still to come.
PROBLEMS DISCUSSED BY 690
DELEGATES AT GENOA CONFERENCE
Tbirty-three rations represented by 690 delegate, _experts and advisers,
have gathered at Genca to dismiss tbeee pollees:
Solution of the Russian problem by rear/welt:ion of the Soviet Government
or some other plan This will follow the principles outlined at Cannes by the
Supreme Council% resolution which made the present conference possible.
European peace, with the closely related question of limitation of land
armaments and inviolability ef frontiers.
Financial problems arising ft= the inability of Germany to pay the re-
parations demanded and t interallied indebtedness. This will include eon.
sideration or tite tinaneial standing of Russia and the states created by the
Versailles Treaty.
General econmnic questions, such as customs barriem, transportation and
the rights of private, property and industry,
The complete list ot the countries. taking part in these discusstens, to-
gether with the size of their delegations, follows;
AUOUllia aw044A 44 ,A o AA oo A o A ... 0 . .A 4 Ireland A40AAA1‘4,0...4 6
6
12
0
7
Ridge:rile 00*4 ... A . 0.41Aaa . A ... A . A 16Jeuxernbarg AsAvrAAJWA.A0 4
Canada ...... . 30 New Zealand ... ..... -...• .. • • 16
'zecho-Sievakia 30 • Nerway ......... , .. ......-• • • '8
Denmark .... ...... A'AAAAAAA.AA /0Pedand ... ... . ..... ........... 40
Esthertia .. .... z: Portugal 9
Vinland 7•11xmatiarda 0 ......... 4WMAA.WA.A.*
.
Franco RAAAAAAAWA AMAPA" .... A . ' lenasea . . .... .....14.1.4**WRR,W.1
Germany ..t1.11le* 0 10 Sark Marino . ....... • • ... ...A. 4
Greet Britain .... . A .... AMAAAAW 128 Seath Aftiea
reeve OtAA.A AAA ...AAA. 0 ARA"... 22:SPaht 1•60.0 A . 1 .... •••A "MA".
Holland .AAVil•AA ........ A . 0,041 leSIVetk.n
Hungary .. • • . • ..... .. • .,. a R, 4, 4,• • 71 Switzerland ..• •
Australia le Italy .... • ... • • . . .... • • . • I
Auste la • 0 dago-Slavia . ....
Aora040.00 .. ..... A.1“.
Belgtum .,Lrea.
z,V • • .
t't. Lithuania
A 0 IF
A deepeteb from London says; Vis-
count Laseelles is reported to be
planning to take over the royal yacht
Alexandra eviii,h te being disposed of
as a nieusure of tuitional eeonomen. It
is expected he will aloe venunieeion the
racer Britannia, whieb for years hue
been the King's pride during the,
yachting season, but whiah he has de-'
cided net to sail Vele year bevause of
the expense.
ADAIAtiOPLE
amearigniem
10:Vea.,
Fresh
Wein'
AllGOitx
'T‘h=tene
e.nic
SMYR•
EN ASIA
Rue Iforabiwir
.71
RHODES
Medi* rran e a n
0 10 SO SO 100 200
WHERE TURKEY AND EUROPE NOW MET
The heavy black line shows tire zone around the Dardanelles which
would he demilitarized under the terms modifying the Sevres treaty with
Turkey, new proposed by the Allied Foreign Ministers. Greece would keep
Adrianople and the Allies would hold the Gallipoli Peninsula an the inter-
nationalized straits. Turkey would regain part of Thrace and would hold
Constantinople, which. would be defortified, and would also regain Asia
Minor, indluding Smyrna, now held by Greece.
,44114•443144•144.MENMEMS:44===ecIOM
REGLAR FELLERS- By Gene Byrnes
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JAPAN WELCOMES lsy was represented in the crowds
THE PRINCE OF WALFS ' tbe wharf"'
The Prinee W0;3 eerveycl from
H.
e 1Yokehema to Tokio in a epeelal train,
Thousands Greet -H. R. n. , tweet, coaches of Which were -especially
When He Lancla at Yoko- built fer his visit. On arrival there be
was driven in an•open carriage, ee;eort-
ed by cavalry,. to the Imperial, Pelee,
t despatch
offvorilW;li,;eosk(ihaarxiUYTe i Later he went to the Altaeraka Palace,
where he was received by the Empeees.
Th
Wednesday for his official visit ern where )w will reside While in Teltio.
Jol'au• Thousands greeted him as be, Crowds greeted the ree-al vieiter at
leaded from the British battle '''''tts; the railway steitien and cheered him
RCROWIl,. which brought him fr''']u: along the route to the paieee, over
India, which triumphal arches hail been
Hie reception was carried out ac- ereeeee.
en:allot; to the program, to the 113111'1 Exeept for the prieelese eieeeets of
utest detail/ as is the Japanese custom-. mt. the Prince found little in the here.
Yokohama's weleente was not rieten- as , tofere unoccupied Aka:salsa Palace to
the children who lined the streets are remind him that he was in the centre
waving flags in. the hrilliunt eunehine!, elude even a eneeeees Ann,.
idtifelrraminae(dletAlwittnliel. ItZe*iebutthothuseatirroef fleofeeleen hotel suite. and the fiottfinAgIsintinr-.
Tokio. His apartments are like a
c"TlieseInterZiwYnbewrer:silteolertde.d in from.; The Altaeaka Palace adjoiee the
; iean make, especially installed.
sea by the Japanese light miser dahAsyarna Palaee, which was at ore time
vision, and in the bay six battleships.' the residence of Priori Hirohito, now
including the famous Mutsu, joined! the Regent. The grounls about the
.
the e..eot Z. As the vessels enteie the , two palaces are most beautiful and at
barber there was a roar of guns mei a • this time of the year preeent. a pro -
shrieking of FirettS. Every class ofc fusion of teiel•ey teeseezne.
PAAACT.AAAA0.-A.
barna.
Weekly Market Report
Toronto.
Manitoba wheat -No, 1 Northern
•
Manitoba oats -No. 2 CW, 603:1e;
extra No. 1 feed, 561:10; No. 1 feeda
56See. ;
Manitoba barley -Nominal.
All the above track, Bay ports..
American eorn-No. 2 yellow, 761„iiell'
No. 3 yellow, 74, all rail.
Barley -No. 8 extra, test 47 lbs. or
(33 to •66i, tinge -ding to heights
outside; feed barley, 60e.
Beeltwheat-No. 8, 98c to $1.02.
Rye --No. 2, 95c to $1.
Millfc•ecl-Del. Montreal freight,
bags included: Bran, per ton, $28 to
830; shorts, per ton, $30 to $32; good •
feed flour, $1-70 to $1,80,
Baled hay -Track, Toronto, per ton,
extra No. 2., $92 to $23; mixed, $18 to
$19; elover, $14 to $18.
Stratv-Car lots, per ton, track,. To -
Tonto,. $12 to $13.
Ontario wheat -No. 1 commercial,
$1,30 to $1.43, outside.
Ontario No. 3 oats, 49 to -15., oet-
At. tarlo corn -53 to 60e, outside,
Ontario flour-lst pats., itt cotton
sacks, 98's, $8.20 per bbl.; 2nd pats.
(bakers), $7.20. Straights, in bulk,
seaboard, $6.40.
Manitoba flour -east pats., in cotton
sacks, $8.70 per bbl; 2nd pats., $8.20.
Cheese -New, large, 20 to 20'4e;
twins, 204 to 21e; triplets, 21 to
21neen Fodder cheese, large, 18elre.
Old, large, 25 to 26e; twins, 25% to
26tee; triplets, 2ti to 27c; Stilton's,
new, 24 to 25e.
Butter -Fresh dairy, choice, 26 to
30c; creamery, prints, fresh, finest, 44
to 46c; No. 1, 43 to 44c; No. 2, 40 to
41c; cooking, 22 to 25c.
Dressed' poultry-4pring .chithens,
30 to 35c; roosters, 20 to 25e; fowl,
24 to 30e; ducks, 35e; turkeys, 45 to
50e; geese, 25e.
- Live poultty-Spring thickens, 22 to
28e; roosters, 17 to 20e; fowl, 24 to
30c; ducks, 38c; turkeys, 45 to 50e;
g e s ig2a0rei
ne--20 to 22c.
Eggs --New laid, candled, 32'e; new
laid, in eattens, 35e.
• alb
• 1
Oinefe
..ge- „e•
dace:teat
eh*,Aceetess
Beans -Can. hand-picked, bushel,
$4.40; primes, $3.85 to $4.
Maple products -Syrup, per imp.
gal., 89,25; per 5 imp gals., $2.15;
Maple sugar, lb., 18e.
Honey -60-304b. tins, 141i to 15c
per Ile; 6 -21...e -lb. tins, 17 to 18c per Ib.;
Ontario comb honey, per doz., $5.50.
Potatoce-Onterio, 90-11). bag, $1.$51
Quebec., $1.30. Seed potatoes, Irish
Cobblers, $1.75 a bag.
Smoked meats-liains, med., 32 to
34e; cooked ham, 47 to 60e; smoked
rolls, 26 to 28e; cottage rolls, 30 to
32e; breakfast bacon, 29 to 33e; special
breed breakfast bacon, 37 to 40e;
backs, boneleee, 30 to 41e,
('ured meats -Long clear bacon,
$17.50 to $19; clear bellies, 818.50 to
$20.50; lightweight rolls, $47; heavy-
weight rolls, $41.
Lard -Pure, tierces, 1641', to 17e;
tubs, 17 to 17%e; pails, lite to 18e;
prints, 18 to 19e. Shortening, tieeeee,
15 to 15%c; tubs, 15% to 16e; pails,
10 to 16lee; prints. 17% to 18e.
Buteher steers, (alone, $7.50 to
$8.25; do, good, $7 to 67.50; do, med.,
$6,50 to 37; do, :cone, $5.25 to $6;
butcher heifers, elflike, $7 to $7,75; de,
med., $6.25 to $6,75; do, come $5 to
$6; butcher cews, choice, $5.50 to
$G.25; do, med., 83.50 to $5; canners
and cutters, $1 to $2; butcher bulls
good', $4.50 to $5.50; do, come $3 to $4;
feeders, good, $6.50 to $7; do, fair,
$5,50 to $6; stockers, good, $6 to $6.50;
do, fair, $5 to $5.50; milkers, $30 to
$75; pringers, $40 to $80; naives,
choice, $10 to 812.50; do, med., $7 to
$8.50; do, come $4 to $5; lambs, choice,
$14 to $15; do, come $6 to $7; spring
lambs, $11 to $14; sheep, choice, $9 to
$10; tio, pod, $6 to $7; do, cern., $3 to
85; hogs, fed and watered, $14; do,
f.o.b., $13.25; do, eonntry points, $18.
Montreal.
Oats -Can. West. No. 2, 63c; No. 3,
59c. Floue-Man. spring wheat pate.,
iirsts, $8.5n. Rolled cats -Bags, 90
the., $3. Bran, $32.50, Shorts, $83.
Hay -No. 2, per ton, car its, $29 to.
$30.
Meese -Finest westerns, 16% to
16% c. Butter -Choicest creamery, 40
to 41c. Eggs -Selected, 34c. Pate -
toes --Per bag, car lots, 80 to 85c,
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