If we had used our own money we would not have incurred any debt.
Of course the assumption is that there is no. way by which a government can finance public enterprises unless it borrows its own credit, its own money. Let me give the committee one example of its fallacy which is based on indisputable facts. We were always told in Canada that this was a young country, that we had not the accumulations of savings which were required for our capital investments, that we therefore had to go into the realm of international finance, to London, Paris or Berlin.
Topic: BANK ACT AMENDMENT
Subtopic: CONDITIONS GOVERNING TEN-YEAR EXTENSION OF BANK CHARTERS