June 2, 1939 (18th Parliament, 4th Session)

CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Hon. C. H. CAHAN (St. Lawrence-St. George):

Mr. Speaker, this house, without very much consideration in committee of the whole, has run through these sections one by one, as they came from the standing committee on banking and commerce.
In the committee on banking and commerce and on second reading of the bill I stated

Central Mortgage Bank
briefly the objections I had, objections which are entertained by a great number of people in Canada from the Ottawa river to the Atlantic ocean. I cannot speak for the western provinces. I stated on second reading and in tne committee on banking and commerce that, in so far as there are grave economic disabilities in the provinces of the middle west, I would have supported a measure along these lines, which would have relieved them of liabilities they were unable to meet and to pay. But at least from the Ottawa river to the Atlantic ocean-and I do not make any unpleasant comment about Ontario, because I do not know Ontario as well-I believe this measure is regarded as the worst racket ever perpetrated upon honest men who meet their obligations and pay their debts as they come due. It will there be regarded as a racket, that the man who has a mortgage either upon his farm or upon his urban residence, who has the ability to pay, the means to pay, and the credit to obtain money to pay, should be relieved of his mortgage debt to the extent to which he will be relieved under this bill, which makes the maximum of the mortgage debt only eighty per cent of the newly appraised value of the property.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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