Maurice CÔTÉ

CÔTÉ, Maurice

Personal Data

Social Credit
Chicoutimi (Quebec)
Birth Date
October 8, 1917
Deceased Date
November 28, 1986
broker, investment counsellor, manager, real estate agent, stockbroker

Parliamentary Career

June 18, 1962 - February 6, 1963
  Chicoutimi (Quebec)
April 8, 1963 - September 8, 1965
  Chicoutimi (Quebec)

Most Recent Speeches (Page 1 of 36)

June 28, 1965

Has the government given consideration to the possibility of granting a 3 per cent rebate on mortgage loans on single family dwellings throughout Canada in order to assist the country's economic progress?

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June 22, 1965

Mr. Maurice Cote (Chicoutimi) moved

the second reading of Bill No. C-9, to amend the Bank of Canada Act (form and material of notes).

He said: Mr. Speaker, I should like to deal very briefly with this bill because recently the Minister of Finance (Mr. Gordon) made a very interesting decision resulting in the inclusion in a bill to amend the Bank of Canada Act of a bill which I have introduced in the house for the third time.

When I introduced my bill, I said that in fact our bank notes bear a deceiving reference, which could mislead the public with regard to its true nature. In fact, on our bank notes it is said that they are payable to bearer on demand.

Every member in this house knows that since 1940 our bank notes are not backed by a gold reserve. That is why I introduced this bill; it is useless for our bank notes to bear this reference which is misleading for the public.

I remember very well hearing some people use this as an argument to prove that our currency is still backed by gold. As a matter of fact, that guarantee was removed in 1940, and the Minister of Finance himself stated recently as recorded in Hansard, on page 1282:

A related amendment is proposed in respect of notes of the Bank of Canada to remove the description "payable to bearer on demand". Since these notes are themselves legal tender and have never, in fact, been convertible into gold, the present wording is unnecessary and in some quarters liable to misinterpretation.

Therefore, I was very happy when the Minister of Finance made that statement, because it confirmed the principle of the bill I introduced in the house for the third time. It was on that occasion that I expressed publicly my satisfaction and said that the minister had actually incorporated my bill in his.

In view of the circumstances, I do not think a lengthy discussion of the subject is necessary at this time. In fact, my bill is being incorporated in the minister's bill and will be passed when the government's legislation itself is enacted by the House of Commons.

Anyhow, I avail myself of this opportunity to thank the Minister of Finance for having

June 22, 1965

Private Bills

kindly incorporated this bill in his, thus proving that my proposals in that respect were sound and factual, in spite of newspaper reports that may have been published from time to time and which seemingly endeavoured to show to the public that the matter was of no great importance. As a matter of fact, Mr. Chairman, it is a very important matter for one has no right to sow the seeds of error.

Finally, I should like to say that it would be proper to replace those words by the expression "legal tender" on our currency, as it is done in several countries. That expression should appear on the Bank of Canada notes because the latter are the legal tender in our country.

That is all I have to say on the matter, Mr. Speaker, and again I commend the government for having accepted my bill by incorporating it in its legislation to amend the Bank of Canada act.

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June 21, 1965

Mr. Maurice Cote (Chicoutimi):

Mr. Speaker, I should like to put a question to

Inquiries of the Ministry the Minister of Citizenship and Immigration as the minister answerable for the C.M.H.C.

In order to enable all Canadian families to live in wholesome conditions and ensure, at the same time, the economic progress of our country, could the minister tell the house whether the government has already looked into the possibility of allowing a 3 per cent rebate on mortgage loans granted throughout Canada for the construction of one-family dwellings?

Topic:   HOUSING
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June 10, 1965

Mr. Maurice Cote (Chicoutimi):

Mr. Speaker, it seems regrettable that the hon. Minister of Finance (Mr. Gordon) should announce that the loans to municipalities will be discontinued, in view of the number of such loans which were granted during the short period that the act was in force. In fact, 1,500 loans were granted to 1,000 municipalities. This shows that municipalities must borrow in order to carry out their plans for beautifying and improving their communities. Henceforth, they will be prevented from taking advantage of loans at reasonable interest rates.

On the other hand, we are aware of all the loans which are contracted through investment brokers. Naturally, a very small amount of money was borrowed through this act, because hundreds of millions were loaned through stock brokers. But to date, Mr. Speaker, the act has not gone far enough. We should have set up a municipal credit bank as advocated by us in this house. I think this would be the right time to set up such a bank in order to lower municipal taxes and provide for certain developments as suggested by the hon. Secretary of State (Mr. Lamon-tagne) in the wonderful speech he made yesterday or a few days ago, when he urged municipalities to make all kinds of developments and improvements in connection with the confederation centennial. Only a municipal credit bank could make such loans at the administrative rate to enable municipalities to carry out those projects.

Someone suggested a while ago that such a loan system should be maintained in underdeveloped areas. Of course, it is a very interesting suggestion, because underdeveloped areas need loan facilities at reduced rates more than others.

Mr. Speaker, I therefore urge the Minister of Finance to reconsider his decision and to take into consideration the setting up of a municipal credit bank which would assist our municipalities by lending them money at the administrative rate.

Topic:   FINANCE
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June 4, 1965

Mr. Maurice Cote (Chicoutimi):

Mr. Speaker, I should like to direct a question to the Minister of Finance. Has he had talks with promoters of a co-operative bank for the province of Quebec in which the "Caisses populaires" would hold the majority of shares?

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