May 19, 1905

LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

The amount actually in circulation on April 30th of this year was $47,937,000.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

Ones and twos ?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Ones and twos and fours. It also includes some of the large notes not often seen by the public, which are used by the banks and which are called legals.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

George Taylor (Chief Opposition Whip; Whip of the Conservative Party (1867-1942))

Conservative (1867-1942)

Mr. TAYLOR.

The $5,000 notes.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

That includes the reserve the banks are obliged to keep in Dominion notes?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Yes, they have to use these notes to a considerable extent. The Mr. FIELDING.

amount of our circulation has been increasing very much. In 1890, the Dominion notes in circulation were something over $15,000,000; in 1895, $19,000,000 ; in 1900. $26,000.000 ; in 1901, $27,000,000 ; in 1902, $32,000,000 ; in 1903, $39,000,000 ; in 1904, $41,000,000 and on April 30, 1905, $47,900,000. So my hon. friend will see the amount is increasing' very largely.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

What is the percentage you have to keep in gold for the purpose of redeeming them ?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Up to a certain sum we keep 25 per cent. We changed that sum a year or two ago. Up to a certain sum we keep 25 per cent and after that we keep dollar for dollar, so that for the larger part of our circulation we have gold to correspond.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

I would like a full statement in connection with the general estimates as a matter of interest and curiosity.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I would be very glad to give my hon. friend the details then.

Ml'. ARMSTRONG. Would the minister give the names of the firms which print these notes?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

They are printed entirely by one concern under contract. The work is done in Ottawa, and the printing firm is called the American Bank Note Company. It is a branch of the institution of that name in New York, but under our contract they had to erect a building in Ottawa. The whole business is transacted in sight of the parliament buildings, on Wellington street, and although the company bears an American name and has the authority and backing of the American institution, it is practically Canadian, as at least 95 or 98 per cent of the people employed there are Canadians.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

Joseph Elijah Armstrong

Conservative (1867-1942)

Mr. ARMSTRONG.

How long will the contract last?

Mi\ FIELDING. I think the contract will expire in 1907.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

Are these notes printed in the same way as government notes and postage stamps ? Are they printed under government supervision? It is a very dangerous authority to grant to any pi'inting institution any way it is done.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

There is all supervision we can usefully employ. The matter has been carefully considered by the chief officers of the department. On one occasion I got the Auditor General to go down and examine the method employed, and in all cases we have been satisfied that all possible precautions are taken.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

Joseph Elijah Armstrong

Conservative (1867-1942)

Mr. ARMSTRONG.

How many officers have the government watching the work ?

625;

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

The government have no officers now at all. Experience has not shown that it is necessary, hut the whole method of printing, every detail from the beginning to the end, has been very carefully worked out, and our government officials have examined it and reported that it is entirely safe and satisfactory.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

Joseph Elijah Armstrong

Conservative (1867-1942)

Mr. ARMSTRONG.

What is the safeguard then between the people and the Bank Note Company ?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Well, the only safeguard is the method by which the business is done and the reputation of the great organization which Is doing this for nearly all the governments of the civilized world.

I had the matter carefully examined into by the deputy minister and the Auditor General and they were both satisfied that all the precautions they could possibly take are involved in the present system.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
CON

Joseph Elijah Armstrong

Conservative (1867-1942)

Mr. ARMSTRONG.

Are the goods being handled in the same manner by the governments of other countries?

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

This concern at New York is making notes for banks the wide world over and is making notes for many countries. Some countries have their own printing departments. The United States circulation is printed at a government printing bureau. The English system I think is to have the work done by contractors. I do not think the English bank notes, &c., are, printed at a government institution, but by; private contractors. In the United States; they have a printing, bureau, but this company with headquarters in New York rnakek notes for banks the world over and for a; number of countries. It is an old estabi lished institution of the highest reputation,! and I have no reason to doubt that all safeguards that we could impose are in force now.

Topic:   SUPPLY-THE RAILWAY COMMISSION.
Subtopic:   THESSALON, ONT., POSTMASTER.
Permalink

May 19, 1905