A History Of The Canadian Dollar PDF Download

Excerpt from The History of Canadian Currency, Banking and Exchange: Criticism, Prosperity and Expansion Such being the normal trend of the Canadian exchanges, it is quite obvious that if the Bank of Montreal were prepared to cash all its notes at its Quebec branch, those having duties to pay or other specie obligations to meet at Quebec, would simply require to collect Bank of Montreal notes in the west, send them to Quebec and require the bank to deliver through its branch there the needed specie. This would entail upon the Bank of Montreal the expense and risk of transporting to Quebec a steady stream of specie to be transferred from com merce to the Government treasury there. Naturally the Bank of Montreal objected to bear the whole burden of keeping this endless chain in motion. The Quebec branch had been estab lished simply to do an ordinary banking business there, and to facilitate the exchanges in which the bank itself was interested. The bank therefore supplied the Quebec branch with a special set of notes for local circulation, and it undertook to redeem at Quebec only those issued through the branch there. The Bank of Montreal, however, continued to issue drafts on the Quebec branch, for which it charged a commission which covered the risk and cost of transporting specie. If the Bank of Montreal had agreed to cash its general notes at the Quebec branch for a discount equivalent to the charge for drafts, the public would have had the option of having the notes cashed at a discount or of purchasing drafts on the Quebec branch. At first this cashing of its own general notes in Quebec at a dis count seems to have been permitted to some extent. But as it gave occasion for the cry that the bank was trafficking in its own notes, it was discontinued. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.