HomeMy WebLinkAboutThe Expositor, 1869-04-30, Page 2• 4,,
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NOTICE TO ADVERTISERS.
isite', of the evil must increese the dis- '
liew alvertisements mak be given in 'by aste--, A. paper currency is never
Wednesday noon: commercially safe. To pre -vent such
Changes of Advertisements, which arest 3- CUITeney from becoming general -should
etallY arranged.fer weekly ellanges'- y ue the aim Of all our financiering, and
o
we trust our present Government will
see fit to endeavor to mitigate and not
to ext. nd the evil.
Tuesday noon. . .
..., .
Change a Advertisements ,which are net
specially arraiNgedfor weekly changes,
by Saturday night.
We cannot Ernarantee insertion unless the
above be complied:
BUSINESS accourits for ad-
vertising- and Jelking must, positively be .set -
Quarterly, on the 15t1 days of Mara,
June, September and Decetuber.
The Official Paper 'of the County.
THE BANKRUPTECY ACT:
MR. Scatcberd, of Middlesex, support-
ed by Mr. McGill of Toronto, has filed
a notice of motion for the repeal of the
present Bank-ruptecy Act. Sit -4 John
A.- Macdonald has also given ueTice of
amendments to the same, welch will
FRIDAY, APRIL 30, 1869likely be considered in the course of a
few weeks.
The general feeling tbrongbout the
Tiii ecmacenical and judicious. man- countly is; that amendments of some
agement of the'financcs of the country kind or other 'are indespensebly riecess-
is held .among all rnationeto be one of ary-. The Torento Boatel of Trade at a
the most efficient Ways to ploinote na- meeting _held early in April, passed a
tional prosp'eeity, ,and maintain- conli- teiolution for the repeal of the present
-donee i.n the national inteerity. Glad- Act, at a recent meeting however -64i
Stone's success, as a politieian, is more motion was reconsidered and a more
indebted to his Masterly ability as stlingent ystern of Insolvency Adopted,
Chapcellor of the 'Exehequere than - to It was r commended that a clause. be
_his -hdt-ocacy of Any measitre Of general insettedi the present Bill, making it
interest. The equitable manner in impossible for a debtor to mike an
whiele he disteibuted taxation, andeiwo--, signment without the consent of his
.vided for the exigencies of mit empire creditors, also to give the creditors the
power to appoint a custodian to lake
immediate' possession of tbe insolvent's
estate, pending an aesigument be Made;
ar.d the eppqintment of an inspector to
act, conjointly with the ollicial assignee
in the -management of the estate. It
was fuether proposed that in cases
whoi recklessneie and extravagance
could be proved,_ no discharge would
_ _
; gi.veer insiae of five years.
Though these legit' itions are all good
and would act f iyo u rably to the conin_er-
ial interests of t he country, it is q nite evi•
dent that wholesale dealers themseivee,
must use more .diedretion in selling
their gods, if we with to -prevent a fie-
uent occurcenee of insolvency. The
anxiety at present existing in the coun-
try to follow what is supposed to be
gonthel calling, leads minty to engage.
iit business, who are evidently deficient
in those qualifications necessary to in-
sure success. To prevent thi3, whole-
sele dealers should give credit witlethe
_utmost caution, atm while risking less
themselves, they would, in many eases
prevent fiaud and ultimate ruin.
We hope that our Parliament will not
repeal the present Bill in toto. It bee
certainly done some good to the couu-
.
try. Let us bate judioious amend -
mend's, even to the length of etringent
restrictions, but by. all means let us
have a Benirupteoy .Act, by which tbe
lienest deeler will be saved from ebose
dilfieulties. into which he may hate
been 'u in tee tioually forced by the
exegencies of besiuess. •
OUR .1INANCES.
• extending over the whole globe; pointed
-
him ont to the people of Enirland as a
man eminently fitted to bear. •aloft the
, standard of ,the -.nation's honor, and
build upon a foundation the Most sub7
1
sfantial and durable, that commercial
,
Wealth by which Britian controls, tda
certain extent, the -destinit:a of the
world. T
Turning to Canada.,1. we, however,
- .al ways_ lied but little desireon the pare
i
ofehr fiaaneters to emetlate the example
/.. .
of• such men as Gladstone.- . While
they are quite willing to ' tamper wit.h
terift's and 4-ustoms, and even to over-
turn the whole linances of_ the country,.
`they seam either urnible or. unwilling
,
t i traraue•stieb, a coarse; as would leave
a. surplus, :Or remove any • embarrass-
ments that may exist. •Two _years ago
our Finance Minister told us that we
were owing largely bath to forein
_agents . and , the Bank- of Montreal,
These sum, amounting to nearly- _ three"
and a-balf million donate, must be 'paid
- inimedietely.i The national boucle
mast be sustained. There was no (Ash
on hand with .which to do this. Whet
wee
to be done'? It was reeommendeu
,
in certain quartet's to issue debentm'es ;
hat tile would not s:tit the ideas of the
,
,
financiers of 'the thy; and as a paper
'currency was issued t� the extent of
nearly four million dollare., With
this, together with 'debentures . issued
f a- a alien time, the diliitulties then
.; . .
existing were °vomit -nee Bat wleet,
next ? A new dittinilty Soonarose.
There teas a fresh deficiency of $5,860,-
333. IIew could this be met ! Quit'
easily, quail our astute -Finance Mitt-
! -
1 ieter. , Here is the Interciolonial :Rail-
.
f way Grant at my dispasale And' with
' this the second didieulty was met. But
, .
the , end- was not yet. ' For now it is
..
: found that after using seven and a half
millionot these funds, after u ling all-
,
.' the money. deposited uy lesurance Cote'-
. ...
tpanies. and alikt..tthe leceipte of the Post
; ,
1.01fise Sayinge Banks; that the finaneiid
oxecrencies of tne country are not yet
et
I overcome. There is a deticiency---an
. •
lalarining deticiency still, ' And how is
,ithis to tie averted? Why, by more
iebin pia era,. of coarse. , And now tho
,fprobabilities Are, that when the Bald;
li
:Charters expire in 1870, that they wili
ill be rem eddied on a hin-plaster basis,
itand that iuseead of their own notes,
,
lley must circulate Government notes:
, The upAiot of this must eertertaitdy
be injurioua If the issiting. of Go-r-
'err:Ina-3dt 'tows by • one bank, in 1867,
a
, had- the effect of pushing tWO ban ks—
the Upper Can,ule and Commercial-
--,i) thee. well, what will be the- direct 1 a la liowe-
.
'fipon the commetce of the country, ......44.......
A.--heh the circulation of all the banks THE Glebe says that, even allowing
:e t puon a similar baeis.
. the Red River District only a popula-
The country owes much to the tions'to the square mile of half -what is
revel Canadian Bank' and ' the Net now claimed by Seotland, it would sus-
. hants Bank, and te have those _banks tan a population of forty millions
IMMINDIIIIIIIIIMaxwaamearomm11111111131
• The London _Free Press with a Rai-
17,1t.fe pee diar to tha ournal, propuees
that Mr. McKenzie, of leimoton should
accept a seat in the Cabinet. It bases
its peoposal on the remerk in.ide by
.11,0:Kenzie in his speeeh on the Coveteor General's address, on which he
That the Reform Party -wasim
perfeetly represented in the present
Coalition Ministry." We lave no fear
that the able leader of the opposition
will ever be so beguiled la; love of offiee
as to accept a seat in such a degenerat
ed 0 tbinet as that of which Sir John
A., ie the Pienner, and Sir Geo. Cal: -
Lief; ,Autocrat We believe his hatted
of Cearition is too well grounded. to be
overcome by any office at the disposal
of the government The Free Pren
however, hexing been thoroughly inoc•
'dated with the principles of the " prae-
politicians of the day, tbinke the
best way to silenfta vigorous oppoinint
Would be, to set him on the Treasury
Beaches and table hiin $5900 a year,
•
ttrtailed in their operation must •be This is one of the best climates known,
letrimental We cannot lent depre- 1and 911 rich soil will turely afford a
,Ite any such interference. We feel 1 comfortaltle -home 'for emigrants from' so
fthtehCae sgeOwV,Chrellnriliehliet: pa
• ;.11*,3 it wilt be injurious. Its fruits 1 the over crowded citiei of Britain for predatil. by let the ankees no •
w rFen...ian dpe..
EsperPeci'
so
TEE INtEROpLONIAL.'
The demand ma,de by Mr. McKenzi.e,
oder of the opposition, for ell the
. .
minunications re:ative to the route
osen. for the Intercolonial Railway,
list is a necessity 'place The govern-
ait in a very. 'unfavorable position.
ie great cry of the -Party who °ailed
- 1
mselves Coallitionists, and which the
ndoii _Free Press Would fain call the
Natienal- Party, was that' their a hole
sole object was .the good of the
ntry. How this can be reconciled
with the building' of this railway as at
prelient designed, is difileult to perceive.
First. -A. nuillber of capitalists in
M9ntrea1 , offered fel- a kubsidy of $6,-
00 ,000, to build a . road connecting
1 --
(;
C2it btc with Halifax that would meet
all i possible requirements of _ track.
Was it for the "good of the country"
to refuse this very liberal offer, and as-.
• ,
an
CO
i
slime, not only the building but the
ruetting of tbe road, while it is well
known that any gov rinnent neve' did
run. a road withatetl losing •money
by i 1 .
pecom1.—The route ichosen by tbe
gove nment is 200, Miles longe.., will be
thro#gh a less fertile tract of country
;
mor difficult to kee? open, and passes
than4 tie southern iteute. Will it be
for ihe " good of • tbie country" to .
ex-
pend unnecessarily lb Or 1-2 million of
- 1
uch a road; and
e amount of traf-
iffleultieiof keep -
dollars in •building
losing annually a lar
fie_ on. account of,the
ing it open
Third. -The Conservative party could
yet, if they saw fit under all the legise
la tiop, adopt tbe clieapest route for
this erbad. Will thy say it is for
the ‘r‘ good of the country" to allow
Cartier to doginatist and J. A., to ac-
- . .
quiesce in what tbel strongest Party
4
Journals havenot dared to maintain or
justify.
It would be refre- ing to see those
patriots wbog spoilt limg . letters, taut
people, with a be Yy national debt and
their, 'attention t ! tl+ interests of the
1
opportunities slipping" from our grasp
because of our depleelited treasury, jt
would be an era in the history of Cana-
da ta see something &be for the " good
of the coentry that Would bear 'tt, Call -
did and unbiassed criticism.
Br tbe latest despetLeele091 Biitliiil
it W0111(.1 EitPpear) that if the Alnerican-
niiike any attempt to teke posses6on of
Cuba, that Englaud and Fiance will
iatcdn-e. Tbe view taken of -the 'mat-
ter by them; is just this ; to take poss-
ession of Cuba would be the firet step to-
wards the eccupation ;of the whole of
the West Indies. Thi t Britain would
not for if, moment entertain. We trust
however, that President Grant will not
allow the mania. new texisting in tbe
United- States,* for the realization of the
Ronroe - Doctrine, to precipitate a, war
will England and Franee. •
irlISSWEIONITINSIMIIIINMENIISNO71111111.
AN effort is being milt& in certain
(porters to get a reprteve for Father
AlcAlahon, now contineil in the Peei
bentiary fur complicity in tbe Fenian
rade of June 1866.• Senator &Beau
has moved for all the papers respecting
his convietien and has, in 80 doing en-
tered an indirect plea for a comma-
_
t 'ition of Isentence. We woual
heartily wish to simpathise with the
Rev. Gentleman ill his co fineneeet, but
justice to those young Canadians who ,atee 0 the peeitaa ayaa one by.
-TE4 CANAD11' BANIt.1110
'SYSTEM.
WE have to hand a well written leam-
phlet on the above- Subject, from the
pen of Mr Bromfield, Editor Of the
Canadian Journal of Com,merce.• -
We have an entirely new Money and
Banking seheme to lay before our read,
ers ere long, but as this work deals with
the iqUestion in its present most Promi-
nent aspect, we shall content .ourselves,
for the present, by reproducing, front it,
As the Batik Charters 'terminate next
year, policies and schemes for the fu-
ture of tue Banking system, are
very
proper'for consideration this time,.
The author gives tra :comprehensive
digest of the present 'system, proving,
we think, that, while it may admit d
improvement in. some particulars, an
"Independdht Issue" isefar prefera,ble
to a "National Issue. In favor of
which it argues : e
The present syetem provides for a
large expansion of the currency to meet
the requiremenGS of business. At the
same time. as the banks are directly
lia,ble for the repaymenton. demand of
every note they issue, they have -every
motive to guard against an over expan-
sion. After each season. of expansion
there invariably follows a season of
coatraction, which the notes come
oack agaen for payment, so that a bank
cannot always caienlate upon having
the same volatile of notes afloat. Thie
necessitates watchfulness arci care, be-
cause the bank's tee IRO arid frame woul
oe lost were it to be unprepared to - re-
deem its notes in gid, when the time of
eoneraction comes round. This neces-
sity lor watchfulness is a better security
to a bank and to -the public than any ar-
tificial support which might be del ivea
from a government connection, and is
one of the strongest aiguments for the
-11 aintenance of the esent system.
"The proverb "Take care of the
pence, and the pounds Will take care
of themselves," really applies to • this
view of our subject. By. the habit of
constantly feelieg the pulse of the' corn-
mueity through the influx' and reflux
of the *ciliation, a bank can foresee
and anticipate changes, and is better
able to take care of its de_pesitors.
The only other feature of Canadian
banking which it is necessary to notice
here, is th6 principle of double liability
as applied to shareholders. A share
['older is liable to the public for twice
• the amount of his subscribed shares.
ibis is a very important features inas-
in uch. as the majority „ of sharehohlers,
would be able to bear the double Jiabjlj
• ty in case of its being enforced, where
as an unlimited liability- would defeat
itself. •
We argue that,as the - system, now
stands the noteholder practically welt
secured, and that for the purpose -of a
currency he is ready better secured
than he would be by a government iisne.
etovern tn.iy fail to keep their
promises to pay as well as banks, and
it is very easy for a government, when
• it finds thee pi °wises to pay /lithe,
.presing, to issue an order Council
retie% e itself of the o:digation, ano
to redeem them .by issuing other pro-
mises to pay. When this is the caee
the paper depreciates in value, and every
noteholdsit suffers. .But under our
niotes a first and speedy charge
of the charters _so as ea make bank
ereteut system tile, simple amendmila:int.
the assets, comeitied with one or two
other guerantces for the pal blie safety
would cause eV.317, veetige of inseeeri-
.y to di. appear,• While all the advanta
ges of an iudependeut circulation
would remain. --
To meet all possiele demands arieing
float its eiroulation,• there ie first its un-
pa.d capital, liiiele to call, then its se-
LSturities and speeite then its outstanding
loans,. and lastly the double liability."
- The author says, "allele are tw
•v tyi ov it is pLL r yose I tis o sup•
fell in the defeece of ibeir cormtiy, inakiug the g Iverinuent the- sole iesuers
foi bids us expressing the wieli that any oi* p yer nion-ty, in other words bi a
one 'found acting or particiPatiug in that
unjustifiable invasion should receive
anyeuch limit:Ley thatf demanded ler
Father McMalioa.
WHEN will the Anteriean Congreas
men cease talking buneolinba7" Sen.i-
tim Chandler 9itecsi have tAenteda as com-
pensation for Alabama !depredations.
itTothiag 'less will satieff the veracity
of his "feller citizene." Why can't we
c.r.,enstozz Provin.;ial Yote, ur as
it woald.taeu trIrthell Lie Dominion
tete sy s Alb Jug:it atiValirta-
g w it is seii, foiluty this
t p, 11110 ludforn.iy whieh
tele pep meney wou:d p&sess all over
ate Domini°. ; Put, IIONV(tVw.• pjausiolo,
theoreti •el grouncie, ellie appeals to
be, it is bv n means neeessery or des-
irable -that ',Ale p.fipt.r money of a coupe
try. should p •ssees t;:ds chavacteristic.
It is one of tete advantages of an inde-
pendent note syst,eln that tile circula-
tion ia,loeal, and is ba• ci on the e
- t
get up some thing sensational in Our ti bad lasaitilaiija. -when
'payrt..tetits
Parliament ? Have we nolelaint on the have to 'oe teaeiszni6ted to a distance,
lie between and the great seabord ? I ex°1laage 1'3! tai kers'. draft. The
-New' Englana States Illgo they not they ought, undoubtedly to be in
e adoption of a national paper currency
Well then, let ;us make a rush and ca
leads to many abuses,' especially in the
ture •them inimecilately, and tell the disturbance (If values and in 1th.
Arn.ericans they can hay
again- if they will pay us fo
them back tralisatice
on of great financial power in
1.•
e ler Us been disestroue. Aneexten. many years to come. 'all the ta ,l talking 7 _legal tender.
POOR COPY
created is constituted a
which Almost invariably happens.
tiney also be argtied, under tbie
hpw,d, that the promissorv /10teS which
a4 issued by A Government; have no
Otindatiim accumnlated capital like,
A:
Apse issued by banks. When a Gov-
mit:411101A issues theta* notes, so far from
havingcapital it is often deeply in debt.
Bkissuing the notes it becomes a still
later debtor to tbe public, end by and
bythe public find that even Govern
m4itt paper may become subject to *
yet* ciose 'shave,' in the money meek-
eta-ef the world. Why is this? Sim-
plefbecause it is a promise to pay with-
out -actual finale letting available to re-
tietith the premise whereas a bank note
pa,Oble on demand, represents, not only
theteredit of the corpora -don issuing : it,
title actual money or money's worth -
subatribed capital and marketable se-
,
curgOes.
k
Zhe other and the only way= likely,
one oda think, to be proposed by
the government, lq whii:h to super-
sedeCthe present banking system of
Canada is by .foundin g the bank, circu-
latic$ v pon national SeCtUntieS, after the
inatatter of the United States National,
Boni* The main feature of this sys-
tem that, in return for the privilege
Of i84ing nctee, payable on demand,
the Vational Banks deposit with the
Treattery government bonds somewhat
exceeding in value the amount of sueh
circutetion. The National Bank* notes
are tin received by the government in
paynkent of domestic taxes, and of
coursalbe bent s receive intereet of the
gg Verte.imeni bonds. Should any 01
0a/kk4 the bonds are sold. for eihat
they etill feta, And the proceeda_go to-
wartle ;paying -the notes,
Thtf-jnontemplated chaizge would plus
sdvor* millions of dolli-crs ill lite hands
of thttigo;vernment. *What would tile
govettitment do with it ? A banker
with kids large deposit would ;invest it,
or a Itairge portion of it, in. productive
loanse in his ha_nels it won; ld.„ be a
reserYVar of money, and, lent by him
epon4erctuitile security, it would How
forth Ole by innilmerable rills, fertilis-
ing ati,4 'enricuing all the land. And
this Wjust what Canada needs. She
catmOafford to lock up bei capital. A
bAnke-- /ends his ITIoney, but what dse
6 ment do with it i Does it lend
a. (To v
it 1 o. Does it: hoard it?' No -
Does 1 inVest it ? No. What then.
dest•e government do 1 IT SPENDS .1.1%.
Tre,iictzially need thi8 111.01tey for the
legit4 e operations of commerce. Who
can piketure the evil consequences of
this steii to the country at lsrge.? - Thia
moneyiefinstead of cireulating throngh
the la4lie raising tbe price of wheat and
other ; -roduets of the soil, fertilising
euildeetito extend. ouir cities and towns,'
1.1
every ::raneh of trade, enriehing the
improlnz the dwellings of the people
114
fame - enabling the storekeeper to pay
h iS no ,-,: s at m ter t,, en( ouragi ng t •
1.1
surreu0ding them With contracts and
Ie ents; inviting enterprise, would
Le dn, tim, of, as by it process of blood-
letting 1 to -well the receipts . of tbe
Treasury, and to tempt ambitious min-
isters.,ttcrival foreign nations in - their
I t i...11 ilexpendil ures. The otiuntry
i ould -eome dissatesfied and its pro-
.
gtess tarded. ' The price of wheat
and th . en 8 o houses, and tbe value
of the Staff would fall lower and yet
lower. 't-iThe bankruptcy lists would
grow till -ger and larger. The sound of
the axelwould grow fainter in the for-
est anairnan v a leney warehcuse ''cireuld
, ,. ..
be dese4ed. And through all this bap-
tism of .suffering the country would
eradualtily but elowtv shape itself to
1-, .e. , . ,
the nett lot der of things.
. Ever*, bank note issued upon the se-
curity Olgovernment ,sto'.'.k, eep- esents
a port:icAt ofl the'publie debt for which
the puitlic has to pay interest. The
public, 'therefore, first lends the govern- •
ment tbei Money and then has. to pru-
vide the- i terest epon it. It is ,. ob-
viously :then the interest of the publie ,
to keep i the principal as low as possie
ble. F4ther, that portion of the emelt-
try wbiet takes the largest share of
these neites would bear the heaviest
share of elle national burden.-
tmasea„„,,,aateeteefteetettatemaneseeemte,„„„ean
, 1 - . :
. , OBITTIAJZIES '
GEoncei SPROAT Seetn.--e-Departed
this litetin' the 23rd inst., at the ripe
old no -.1 74 years. Deceaeed wee one
of the °latest residents of the Township
Tacketiinith, amongst when' hisfami-
ly htve eiter IllaiDtailitid high reputa-
tion andlositions, the present Reeve
beim! his son. Ile wae3 a native of
Seo1land'4rid possessed in an extensive
degree, the laeidibleeharacterietic of that
people, which mark them haevery part
of the world. By an honest industry
guided by .intelligence he won for him-e
self and If relatives a name which is
11011Oured ihereyer known.
Robert
Yleler s
tt
very pro
which he re -with a tranqui:
thy of ail ;older person. Tb
have the eeemprzthy of the eat
munity in ;their actio
ill, aged eight and r half
of Mr. James - of
led, on Fiiday last r a
cted and painful
wore
teily
pit -tie -11Y •
3fln.t next w
Pnor.
.„
;TneSdan to g
;t i'YP: See alb?
Thrills
'time of the vet
ei time tabie
ioeie
It is a
veie .b
Tre
tion
ee---
14cKillop
_
:instead. of
Lele
k of luni
at testi.= of ,Tj.
Melk!
;
'itt, the ii
and W)
Ik-no* thtzt he
well
place at
day -eningii
pleeee atteod.Dis.
L;flIsoieznel
v1L irnt1i h.tbe bp
&ileum's or
as follows'
}fivik Mi
t May lettli 71;
;
igily 3rd ;
1,partieuls.rs Se4
TnE Base-
teedfter the pr,
, fug is- the
;James ElliOt
4
Iamee Clin
Ma CIAIN-=
Tbi1X-WAV
Ita)1. Som.-
• ately after ail-
te4t, They
;be a-searee -co
edit CertailltIc*
:113)1elleii4 owe-
,
SERIOUS
, laet, while
, wife were
,the Iivron R
, severe injur t
alId
bi
ithet her pos
i Dr. Tracey,
I 'critical one.
total -1Y elespai
I antSieEvAil"netleltii
lowing
tingeve,iviienrge a
!present year
and ;
dT
of Ali negeme
Regisrlri-eoartt:1:111S'Isk:
sted -and. Bela
Stems,
Seed Stere,
fresh Ind prie
Teas Diann.
8Byldtolaiir.ik:13,iecisAaiboxiand
tOorri, Gherk
head do Bii"tt,
Long
ler Seed, Whi
Yeilsr
liiixecedLaTzey
w -
A etEePto
e
4.
frelet
aLet.
tbi
1,8O0 itt
quantity o
-oxeter
has - 1::oerriylloliae
au 11
L. a,
40 acres;
ill -health,
dat}i has
owlet%