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Les diagrammes suivants illustrant la m^thode. ata ilure, i J 2X 1^ 1 2 3 1 2 3 4 8 6 r { / '%y^\. ■l^^,.^ r^ { / SPEECH ^ A ,/,.' *y J' OF 4 1 MR. RICHARDSON, IN THE HOUSE OF ASSEMBLY, ON THE t«ii APRIL, s8o8, PREVIOUS TO MOVING sn tna »"»«»*yjjj^ PRINTINO THE BILL fOR ESTAJBLISHING A BANK IN LOWER-CANADA. I ^ rtlMTBO At THE MEW »RIMTIKG*OFFICEt i8o9« If I main iiiijjjjjiirir f'' ^ yffr/ V,- Jit. , IViAt 31'^^^ i>, r.. I ^f f I SPEECH Of Mr. RioRAitDtON, in the Houitof Auembly, on tbe i*'.h of April, i8j8« previou* lo moving forpriating'he Bill for e*Ubliihiii| ■ Bank in Lower Canada :» Mr. S^bakbk, An the approaching prorftgation leavei no Sroipect of being able to get through the Bank )ill, this se>iion, I have no with to take up time unnecessarily, bygoin^ into a committee of the whole house upon it, is amended by the special committee, to whom it waa referred. B'^fore, however, moving to discharge the order of the day, for the pirposeof foUotving it up with a motion to print the Bill, that it niay be maturely considered, with ■ view to the resumption of the measure, at the meeting of next Provincial Parliament, I shall endeavor io explain the general principlei of Banking, with the application thereof to thia country, and give the outlines of the system, contemplated to be introduced here by the Bill before the house. The detail of the clauses thereof will be best understood by « perusal of tlietn wlieu printed. la tile early stages of society, money as such, is unknown, and inJeed considered useless, ai the wants of mankind being very limited, are supplied by the exchange of one article of necessity for another This continues throuid of an advantage ; and from the bulky and, in many erases, perishable nature of that surplus, the coiivetiency of sub ttitotifig something more portable and less per- ishable in its nature, to sei vc as a common stan- dlard or measure of value, whereby to represent commodities and to compare one wi:h another, becomes manifest. H nee the origin of mo Itey. The question then naturally ariaCj, what that substitute or standard, so to be establish, d by a kind of common consent, should be ?•» In establishing it, various cunsideraiions would immediately suggest themselves — viz. utility, durability, rarity and portability. Could tlic first mentioned property ha^ alone sufficed, there can be no doubt, that iron would have been adopted as the universal standard of va« lue ; for in point of intrinsic worth, insofar as applicableto the domestic purposes of maok-nd, it stands unrivalled ; but it wanted the other essential requisites of durability, rarity and portability; indeed the two latter properties, may be considered as the same, the one neces« warily resulting from the other ; without these, it could only remove u part of the inconvenien- ces attendant on barter. Hence gold and silver, being the most pure, durable, and most rare of metals, became the best adapted to the purpos« es of a general common measure of value, or medium of circulation. These metals when pure are alike in value to the like Quantities of them respectively, whatsoever the countries may be where they are found, and they do not consume by length of time. In proportion as industry advanced, and the fruits of It, through the means of manufactures and commerce, became more conspicuous, in the increased intercourse of mankind; the ad» vantages of a circulating medium, would be* come more and more apparent ; and conse* quently the idea of artificially multiplying that medium for useful purposes, would nattirallv arise. Hence the origin of paper money, whicK is the offspring of increased and increasing in* dustry, confidence and credit. For if, by any contrivance, the person having a commodity to sell or exchange for gold and silver, (wh ch by general consent, was to be considered as the sign of wealth, or means of procuring, hereafter, what the wants or luxuries of man- kind might require) could obtain a something to represent the precious metals, in so far at to give a reasonable assurance of his procuring them when wanted ; every purpose of their immediate possession was attained : and hence the origin of Banks or associations Created for the express purpose of increasing the circulating medium, by furnishing a substitute for gold and silver. Dr. Adam Smith, who, upon the subje.'t of political oeconomy, has wriuen with an intelligence and profundity of observation, be- yond any other person, says, that Bank notes, issued by people of undoubted credit, payable upon demand, in gold an i silver, without an/ condition, and in fact leadily sopaid, becomes, u) evt'ty respect, as a circulating medium, e* qii I to gold and silver, since gold and ^ilver n, at any time, be had for them. B t far olhetwise would it be with paper money, pay- >ii>l: only after u ceriaia number of years, or ' upon f' ' ! f I upon I certain condition. He th«wfar«, deci. itdly cxpreisei his opinion, that if Bank note* are rcitrtined from being issued for lets than a certain sum (but that ium he does not fix, as it must depend upon various circumstances} and are made liable to immediate and uncondi- tional payment when presented, that the trade, in them, may with safety to the public, be left, in all other respectf, free. Here then ii the grand standard or criterion of public safety, in ail iuues of paper, to which even the capi* tal, invested \n such undertakings, is as a security to tb it public, in a certain degree, only secondary, although important. Societiei or Copartnerships for Banking, are divisible into two distinct heads—those where the whole of the individuals are responsible each tor the whole } and those where each individual associated, is bound oniy to the extent of his subscription or stock. The former are denomvnaied private Banks the latter Corporate Bunks. Of the I itier deseription, is ilie Bank contemplated by the bill now before the house, of which I shall have occasion to spc.ik moie purticdarly by and bye. At first view, it will strike the on informed ill such questions, that private Banks are safer for the public, and Corporate Banks safer for the stockholders ; but the fact is not to— security to the public anes or speculations fo- reign to the business of Banking. Private Banks arc onder no legal obligation to deposit Stock, or to restrain the application of ir, if deposited, to the real business of a Bank.— H:.nce the public are at the mercy of their dis- cretion, in those essential respects. But 1 may be answered, all this may be theoretically true, but practically fallacious— therefore shev^ us wherein safety to the public arises, wiien the Corporate Bank issues paper to an extent beyond the value of its actual funds in specie To thisthi answer is ready^ but will be raur easily comprcht:nded, aftera&bort explanation of rhe business of B nks, and w^iercin its profit > arise. It wllatonce be admitted, that if a Bank keeps, locked up in its coffers, a sum in gold and lilvcrj equal in amount to the notes it iuues, there must arise thereto a eww tain loss of the whole expenee of its <^siabli:>hment and contingencies, because the interest lost bf he uncm)Moyed or unproductive gold and siU ver, equals the interest recti? ad upon the em* ployed or productive nutts. The profits of a Bank therefore, necassanly, depend upon an issue ot paper or notes, exceeding in value- that of the actual funds deposited for their redemption. The question then is reduced lo this — What ditProportion may safely be admit* ted between such paper, and such gold autl^ silver. This it a question, to which no precise answer can be given, as the disproportion must fluctuate according to a great variety of cir- cumstances ; but this may safely be avowed, that the interest of the Bank, from a principle of self preservation, is mo^t decidedly to issue only as much paper or Bank notes, and no mors, as will assure them that no greater pro- portion thereof will come back upon them at one time for payment, than thtir funds will be able to meet, else their credit and consequent confi ience therein are gone for ever, as credit^ like the sensitive plant, cannot bt touched with* out shrinking. Time only can beget confidence in new uiu deaakings, and I am not sanguine in the hope of immediate benrfit to the Stockholders, from the contemplated Bank— it m.iy requite some years to convince the bulk of the community in this province, that they can safely take bank notes; and until such conviction arises, the business will be a losing >ne ; but that should not deter the proprietors from perseverance even under a lengthy disappointment. It will, from local urcuinstances require great caution in the Directors at the outset, and probably for sjme years ; but in the end, success must cn« sue, unless the people of this province be composed of oihiir materials than mankind are in other count! ies, which none can have \h% folly seriously to believe. The quantity of paper or Bank notes whicli can circulate in any country, must depend upon the quantity ot exciiange.ible commodities therein, aud will regulate itself by hnding its own level. Circulation is like a sponge, whicii can imbibe only a certain quantity of water, and when full, any excess must immediately return to the reservoir from whence ir was drawn. So it it with paper. The moment: the circulation it full, th" excess will return upon the Bank, and be exchanged for Specie;, and the apprehension of this return, w 1 ne- cessitate them rather to issue too little, than too much paper^ndeed the risk is, that for somQ t I *t -1 l\ •n *f ■I V feari, ffkey wll! not rentiire to clrcultte •b much paper, at would be convenient for the public, or beneficial to themsclvei. After theie preliininar/ observations, it i» time to Joint out. wherein the noi.sible profits of a ank eoniiit, and liow the public are lecure under the operation of the issues in paper, in- cliapensible to the production of such profits. In the Bill before the house, tlie maxim dm of iiaues or debts in any shape, that the Bank can own, it restricted' to three times the •tnouMt of specie in its coffers ; and I shall put the nrgiimmt in the extreme, for the take of ■tore forcibly illuhtratinK the safety of the pub- lic, even »huuld the Bank go to that extent. Let it always be held in mind, that the Bank never issues notes without value recciv* ed therefor, in some shape ; and consequently that value is a security to the extent ot the whole notes issued, anvi over and above that security, thp public have the whole stock of the Bank. For example I shall suppose 50,0001. in gold and silver deposited \n the Bank, when it commences its operation, and that it shall issue thrice that amountor 150,0001. in notes. How is that issue effected? Let A. B snj C represent any number of individuals wishing to obtain Bank notes. They go to the directors intucLestionas their business renders expedi- ent, and each produces 50,0001. in promissoiy notes, payable, at the utmost, 90 days after- Wards, with D, E. and F. Sec. as indorsers to tach note,, of wliose solvability as well as that of the Diawers of the notes, the directors are Satisfied. The Bank then receives such promissoiy notes, and pays to A.B. anti C the amount of tiiem in Bank notes, fiist d ducting the 90 (lays inteiest, which m.ikeson the 150, oool about 2,2501. On receipt of such Bank notes, A. B. and C. go and pay the same away for wheat, flout, pot-ash, cattle, and othei articles, whereby the notes get into general circulation. Wh In other words, unless the Bank shall sustain a loss exceeding the whole amount of its stock and neat previous prohts, no creditor of the Bank can lose 'jy if one shil- ling : and therefore it nuy tately be cou«ideieu as certain, that withotitsome unforeseen gene- ral calamity, that would destroy all pro'.^erty in whatsoever shape it may be (and conseqi.eni- ly not affecting the friends of the Bank more than those of others) the holders of Bank notet could not sutler. The Bmk derives its secu- rity against bad debts, from the essential prin- ciple of discounting paper due at periods so short, that no material diftercnce is likely to arise, in the circumstances of its debtors, bpen in practice ; for at the business of the Bank will be done gradually, and by dis- counting notes for any number of days 10 luu between 3 and 90, there will always be a suc- cession or revolving wheel of receipts and pay- ments, in suci) manner that nu very heavy sum can fall due at onetime. Tile utility of Banks, cannot perhaps bs better iilusiiated, than by a leference to Scot. \'rd (at the time of introducing the first B mk . „' '.and since) a countr) puor in coiniiari^on of ' ngland, of warlike habits, where the feu- dal tenures (sinee moditied) prevailed in all their lig^r, and its industry requiring a stimu- lus. In the year 1695 (being the year after the Bank ot England was first establishe>l) which It will be recollected was many years befoie the Union, a charter or corpoiate Bank wa< esta* bli bed at Edinburgh, callcdthe baikufScot. land, with a capital of i,aoo,oool, Scots' money equal to 100,000', Sterling, divided into shares of I oool. Scott or 83I. 6d. S.d Sterling each ; which let it be observed is little more than two fifths of the stock proposed for the Bank of Canada ; or, if government take an interest herein, about one third of its nock With this tiifling resource, they began and p'osecuted their opeiation--, without an attempt at in- creasing their stock, until the year 1774, when upon application to pavliament for an extension of their capital, an act was passed to autho* rise such extension to, in all, aoo,oool. St. In 1784 another act extended it to 300,000 1792 _ — _ — 600,000 • 1794 - - — - l,Oao,OoO The Royal Bank ot Scotland, another Corpo* rate Bank, was first initituted, at Edinburgh, ia i I ( (J I in i7tp, when iti capital wai ifi,ooo1.St In 1738 by act P. was exteoied to 151,000 1783 - - - - 300,000 1788 . . _ _ 600,000 *793 - - - - 1,000,000 In 1746 another Charter Bank was inttituied at Edinburgh, called the British Linen Company, for (he purpose of facilitating the linen nianii- faciute, with a capital o( ioo,oool. St. which hx.s since, I believe, been extended to about half a milion, but the precise amount of its E resent capital I cannot aver. These three Charter Banks have, in all, in the different towns of Scotland, above thirty branches or establishments, where they carry on business. Exclusive of those Charter Banks, there ex ists, at this n)oment, in Glasgow, Aberdeen, Perth, Dundee, Leith, Paisley, Greenock &c, &c. about twenty private Banks, all of whom are flourishing, and do business to a great ex- tent. By reference to the above dates they will furnish matter of surprise that, until ih close of the American war,the aggregate capital of those Charter Banks did not exceed half a million, sterling ; whereas they now are five times that amount, exclusive of all the capital of private Banks. The languid state uf im- provements, in Scotland, up to that time, must nave been extreme, which is accounted for, partly by the occunence of two rebellions in that period, znd the consequent insecurity of property, with other causes operating torepre!>s tliat patient and persevering spirit ot industry, which the natives of that country, ate allowed to possess. It is also a most remaikable cir- cumstance, and well deserves consideration, that an event which shortsighted politiciank had considered as the setting ot the sun of Great Britain's glory, I mean the independcce efAmrica, should have proved the very re- verse, for from that moment the nation began to look to the improvement ot its great internal resouces, and hence the rising of a new sun, which I trust has many ages yet to run before arriving at meridian splendor. Tlie rapidity of improvement, in Great Britain, and especially in Scotland, since the independence of Am«n< a, is unexampled j and so tar from a declension of strength and resources being thereby ouaston ed, the United Kingdom, has now become the Atlas, upon whose shoulders the whole of the woild, yet independent, is supported. This immense power, results from a security to property, superiority in industry, and ho norable dealing, with consequent wealth, over other nations ; and that industry has been most materially stimulated and aided by the appli. ion of a paptr circulation, trulf trepment* fold and silver, of which the snrcsi pro^^, :it in ^TrK^inrr^kA ffk*«»fn* ■» ltA« vuv* A^^ cation in«= . - . - r--™. II, that in exchangea therefor, it lias not dr* prfciated. TheB.mk of England is the onlf Chatter 3aiiX in 'hat Kingdom, and it* capiul !• immente, perhaps tea million, sterliof ; ImI being increased at varioua tiires, aaii by com* plicated operations, 1 do not vouch fur th« perfect accuracy of that sum. Exclusive of that, there are numbers of private Banka and Bankers in England. It is a most iiriking confirmation of the strength and solidity of public confadence and credit in England, that, at this moment, ul« though the Bank by a temporary law, is eX* empted from the paymen' of its notes in specie* yet they continue equal in value with gold aad silver. It is also a fact well known, that in Scotland Bank notes are preferred, by the people, to gold and silver, as being more poitable, and not subjecting them to loss by deficiency from the standard weight. In England the business of Banking, ij, f believe, chiefly confined 10 the dinounr of promissory notes and bills of exchange, and issue of bank notes ; but in Scotland, the Banka^ exclusive of those operations, are accustomed to giant Bank Credits, or to lend money, tos limited extent, tipou personal security with guarantees. Thus it A wishes to obtain a Bank Credit for I oool, he gets C and D to be his guarantees, He then draws out, at pleasure, such sum or sums as he sees fit, replacing or repaying the satne, in ;iny sum or &ums,l)uC taking care, that he never owes, at any one time, a bal lance upon such amount, beyond the loool. On the sums drawn out, A pays inter- est fioro the day of receipt, at five per cent per annum, and od repayments is allowed four per cent per annum. At the end of the year, the amount is settled and the balance is then invuri* ably reqiiirt'd to be paid up, and anew under- taking entered into, if meant to be resumed.— The Scots Batiks borrow money (the Bank of England does not) and allow three per cent thertfor, if repayable on demand, and four per cent if assured to remain with them for t>ix months or more. There is no instance, that I lecollecr, ofanr Bank in Scotland failing, but the Bank of Ayr ; and that from the absuid principle upon which it was established. Instead of lending money upon personal security, payable at short, peri- ods, it lent its funds upon land, redeemable at long periods; and the consequence was, that it became utterly impo:>biblc for them to pay their notet *\ 1 ton ^tmiad, m the Itncia pledged to ihctn toald not be converted into money in note to ■ect its cnf|«geinf ntt. In other worda, k bor. •owed iiihondatei, and lent tt lon^ onet. — Il« credit ont'c shaken by impunclualitf , a run was made upon the Bank, by all its rreditori or pcrtooa holding ita note*; and, alihoiigh its proprietors, taken in the aggregate, were posiei* •ed of immense property, yet the Bank became Bankrupt, and involved thousands of its Stock- holders, aswelluof ita debtors, in ruin.— During this convulsion ail the other Banks, founded upon rational piinciples, were going proaperously on, and increaiing in wealth. It IS, however, a fact worthy ot remark, that the Country, at large, benefited by the Ayi Hank, although its proprieton and numbers ot iti debtors, met their ruin i becauire the monies lent by them on land, being expended on im- provementt thereon, the liind became of in- creased value, although transferred to other hands, and the face of the tountry wa^ greatly improved. Thui a kind of paradom seemi de- ducible, that Banks, even when uiisuccettful, do good, thatiitoiay, the portion of public benefit generally oveibalances the individual niifortune. To this there must, no doubt, as tp all general rules, be exceptions ; but to •rgue against any human insntuiion, because of its being incapable of producing good| free from posiible evil, it unfair. Among the objections, 1 have heard, to a Bank in Canada, none sectn deserving of much notice, cxcepsing the follow ing-~r but the iieoplc are illiterate, aitd therefore, will be iable to imposition— that it will encourage a {|ambling spiiit ot speculation, founded upon ahe capitals— and, that it will occaiioa the little specie we have, to disappear. At to the first objection, namely, thcfeuple httng illiterate^ it has some force ; but is ia> pablc of being surmounted, by deviiet-upon the bank notet, which thall point out to them, on view thereof, the relative value ; and forgetiei nay be guarded dgainst, or, at least, rendered difficult, by additional precautions in the paper *.vhereon, and the plates wherewith the im- pieisions are made. Also, on this head, there IS this further security, which our neighbors do not possess, that persons convicted of foi« ging or of knowingly uttering forged note&, will buffer death. But seriously to urge this as an insurmountable objection, is as absurd as it would be, to reject all food, because some of it may, possibly, contain a latent poison. — Betides gold and silver coin may be counter- ficitcd, but it would be very ttrange, from tlienee to af-giie, that the aiceC coin ought (• be abandoned. •dly. As to ipcculaiing or gambling upon false capital. It may do so in a certain degree, but not to sucheKtent as to coiinieibalance the other bencfitt, fairly deducibic from the in* troduciinn of a Bank ; and it is to be recollect* ed, that all credit, whether given by a Bink ot intlividualt, it a species of false capital, and may be misapplied, but still credit i» at essential to commerce at air is to existence,— Indeed debts due to individuals, from the length ot credit usually given, are liable to a gieater facility of misapplication, than those due to a Bank ; because the latter require strict punctuality in the performance of engagements ; and it it one of the advantages attendant on Banking, that the operation of that punctuality, gradually extends ittelf to all other dealings — at all eventi, it i« false reasoning to argue againti the use of any thing, because of its possible abuse. The 3d objcciion, in respect to occabioning specie lu disappear, has foundation only in appearance, not in fact. At long as the in*.- tcrcourte with our neighbours in the States, leaves a balance of trade against us, a conse- quent drain of our specie cannot be avoided. And this drain is only to be repaiicd, by ini> portutiont of specie by government, or indivi* duals. Whensoever Bills of Exchatige arrive- at that point of depression, a.« to be greatly disproportionate to ihe rate of Exchange in the States, the Venders of Bills here, will i^end them to the States, and bring back specie ; but this they never will do, but from luccstiiy, oil account of the risk of conveyance, which in case of lost would fall heavily upon such indi. viduals, Whereat a Bank, frum its funds being the property of a great vaiieiy of inUivi. duals, would feel a greater conBdcnce in 1 isking the conveyance of money, as in case of loss it would fall light upon eacD propiietor, and also from being under the necessity, of having at all times specie in its vaults, would take early precautions to asiute supply ; and probably make such arungementt in point ot reciprocal intercourse with tome Bank in the btaics, at by an interchange of paper, to avoid at least a part of that conitant efflux of specie hitherto expe* tie need. Upon the whole I conceive, that! rtiq no risk in maintaining this position that such benefits have resulted from the establishment of Banks in the mother country, by stimula* ting and promoting industry and improvement, as to make it a duty incumbent upon the Le« gi&lature of this Fioviucc, to give a Bunk in Caoads .. il^T-- ..jL^^I^ ^^;... ^/ 8 '|i Canadttniir trial. The k«(Iin|| feataret of the Bill bclore thr house, which hat ihii ialu> tary object in contemplarion, ;iie thrse. The tioch is noi tocicecd a5e,«ool. ciirren* cy, unless the government ot the province tee fit to take an interett therein, in which caic it may be 50,000). more. This stock is to con- list of shairi of 35!. each. There are tu be t4 Direi'iois who are to ihooic out of their number a President and Vice Pietirfeni, where- of halt are to befoi Quebec and halt' for Mow trcal, at which cities the two superior branches ot the Bank are to he held, wit'i a ()ower of erecting offices of deputii and ditcount, in other parts of the Canndas, when found ad viseable. If government take an interest, they are to appoint two Diiectori. The Dividendi ■re to be payable half yearly. A deposit of ten per cent, is to be puid down, for each •hare on subscribing, which will be forfL-iied if the first instalment thereafter of ten p«r cent be not paid in due season. The shares are put at a low rate, that they may be more gene* tally dift'used over ih« province. Foreigneri may hold sharet, but cannot be Directors. Tb«y may however yote M general Acetinga by fimni\i the proxy be one oTlita m^eetyN mbf 1 'Ihc V9ie» arc eni*eiivoi)red to be e»(jbliohc4 uponttitha scale of 1 roportio laa sbAllexcludo an over bearing prrpooderonce iit iho^e »h* >hall hold a large loteint in the conrem, aod yet assure to p opcrty ihervio, (k>t ioAueoct which it ought to potaess in every well regak luted institution. It IS proposed I bat there shall br no otker Corporate Bank in Canada during the conower of revocaiioo thereof, tinder cer'aia imitaiicns, and formaliiiet, if fonod 10 (>• hurtful in practice. The stock of the Benk may be increased when requisite, and its nottt are proposed to be receivable in payment of duties imposed or to be iinpoted by the PiOb viiicial Legislature. For subordiiiate poiots I mast ttfkMk refer to the Bill in detail, and close mv remarks, by now moving, that the order ot ihe day for going into a committee ot the whole bouM upon the Bill, be discharged, and, I funber move, that 400 copies ol the Bill, at amended by the special committee, be printed for the use of ihe membeta of the Legl*lataie« \ ^ ■■■■ 'y . 'i-.' :, ") k , ;- • , . ,.-r pa 1- , '■* ■', '• "' Km- f] 1 1