For several reasons which I shall give you in a moment if you will bear with me.
First, I want to say that I entirely agree with the statement made by the hon. member for Lapointe (Mr. Gregoire) concerning the work in the other place. I also have another very important reason for opposing the passing of this bill. As all hon. members know, the revision of the Bank Act will be proceeded with next year. So, I do not see why all those banks that are asking for new charters could not wait until we have studied the amendments to the Bank Act to get these new charters from parliament.
But my main objection to the granting of a new charter to the bank of western Canada is based, as I mentioned when the bill was brought before the house, on the methods used in the banking system itself. I have already attempted to explain that such methods are arbitrary, anti-democratic and anti-social privileges.
I have shown that, with their ability to create and suppress credit, the banks hold such great powers that they control all the people's business and even the government. This means that the country or the provinces are actually governed by the banks, that is by citizens who have not been elected by the people; and we dare call our parliamentary system a democratic system.
At any rate, the reasons which led me before to vote against this bill still prevailing, I shall, therefore, continue to oppose the passing of this bill.
Quite sincerely, I do not see why I should vote in favour of extending to some citizens certain rights which, I feel, are prejudicial to the people.
The power to withdraw or create credit should no longer be left in the hands of private interests; instead, it should be assumed by the government, which could use it with the interests of the people and of the country as its first concern. As it is, that power benefits only a few and is prejudicial to all.
That would be the only way of making it possible for the provinces to meet their increasingly heavy obligations without plunging into debt the future generations and enslaving them even before they are bom.
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