Mr. M ANION:
Generally speaking, at the
basis of all resolutions of this kind, there is a suggestion, it seems to me, that the ordinary credit facilities of our banking system are not adequate for the needs of the country. That probably is correct in some special lines of credit, such perhaps as might be dealt with by the rural credits scheme, or something of that sort, but on the whole I
5 p.m. think that one of the greatest curses of Canada in the past, in some periods at all events, has been the giving of too much credit. I well remember, for example, that between 1910 and 1912 in the western country, from the head of the lakes clear through to Vancouver, there was so much credit, and thoughtless credit, issued by the banks, almost anybody being able to borrow five or ten thousand dollars to invest in real estate, that as a consequence we had a real estate boom which ruined nearly all the people through the west, and did actually ruin very, very many of them.
Subtopic: NATIONAL SYSTEM OF BANKING