April 14, 1926 (15th Parliament, 1st Session)

LAB

James Shaver Woodsworth

Labour

Mr. WOODSWORTH:

The inference to be drawn is that the Bankers Association spent $100,000 in connection with the revision of the Bank Act. I presume most of it was spent in retaining a large number of very highly priced lawyers whom we saw around the committee room throughout the whole time the Bank Act was under discussion.
I submit, Mr. Speaker, that only the federal authorities should be permitted to make or destroy money. Mr. McKenna, whom I have already quoted, said a year or so ago in an address to the Midland Bank shareholders:
I am afraid the ordinary citizen will not like to be told that the banka or the Bank of England can create
or destroy money.
The bankers are not anxious to have the public informed with regard to that matter. It is very true. In this country to a very large extent the private corporations have it in their own hands to make or destroy money.

Topic:   QUESTIONS
Subtopic:   NATIONAL SYSTEM OF BANKING
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