IMAGE EVALUATION TEST TARGET (MT-3) O A. V m^^ ^t I/, % 1.0 I.I I- IIIIIM illll^'^ ^ Itt 12.2 •■S !l 1.25 - 1^ 1.4 ii.6 ^ ^f /} ^l /A Photoeraphic Sciaices Corporation 23 WEST MAIN STKEET WEBSTER, N.Y. 14S80 (716) 872-4503 CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian da mlcroraproductiona historlquaa ^ Ttefmieal and Bibilogriiphie NotM/NotM .^lehniquM M bibliographiquM Th« Inititut* ha« atttrnptcd to obtain tha boat Originat copy svailbbla for filming, featurat of thia copy which may ba bibliographically uniqua. which may attar any of tha imagas in tha reproduction, or which may significantly changa tha utuat maihod of filming, ara ehaclcad balow. D Cotourad eovara/ Couwartura 49 couiaur r~n Covarj damagad/ Couwartura andommagia Covara rastored and/or laminatad/ Couvartura rosta^^ria at/ou patlicuida □ Covar title mtasing/ Utit itra da couvartura manqua □ Colourad mapa/ Cartas gaographiquaa an eoulaur □ Colourad ink (i.a. othar than btua or blackl/ Encra da couiaur (i.a. autra qua blaua ou noiral □ Colourad plataa and/or iltustrationa/ Planchaa at/ou illustrationa an couiaur □ filou Rali< nd with othar matarial/ i avac d'autraa documanta D D D Tight binding may cauta shadows or distortion along interior margin/ La re liure sarree peut causar da I'ombra ou da la distorsion la long da la marga intiriaura Blank leaves added during restoration may appear within the text. Whenever possible, thasa have been omitted from filming/ It se peut que certaines pages blanches ajoutaaa lors dune restauration apparaissent dans la taxta. mais, iorsque cela itait possible, cas pages n'ont pas iti filmdes. Additional comments:/ Commentaires supplimentaires; L'Inatitut a microfilm* la mai.''aur axamplaira qu'ii lui a ata possible ^9 sa prucurar. Las ditaila da cat aaamplaire qui sont paut-dtra uniquas du point 'fa vua bibliographiquM. qui pauvant modifier una image reproduita. ou Qui pauvant asigar una modification dans la m«ttioda normaia da filmaga aont indiquAa ci-dassoua. rn Colourad pagaa/ Pagaa da couiaur Pagaa damaged/ Pagaa amdommagias □ Pages restored ano/or laminatad/ Pagas rastaur^aa at/ou paliieulAaa r^P^agaa discoloured, stained or foxad/ LJ Pagaa dacoiortes, tachatiaa ou piquAaa □ Pagas detached/ Pages datachees r~l/^howthrough/ L^ Transparenca □ Quality of print varies/ Qualiti inigala da rimprassion □ Includrf supplementary matarial/ Comprand du matAriai suppl^mantaira □ Only edition available/ Seule Edition disponibia D Pages wholly or partially obscured by errata slips, tissues, etc.. have been refilmad to ensure the best possible image/ Les pages totatement ou partiellement obscurciss par un feuillet d'srrats. via palura. etc., crtt 6ti fiim^es A nouveau de fa-^on a obtenir ia meilieura image possibla. This item is filmed at the reduction ratio checked below/ Ca document est film^ au taux de reduction indiqu* ci-dessous. 10X 14X 18X Z2X 26X 30X y 12X 16X 20X 24X 28X 32X lils du difier ins lage The copy filmed here hee been reproduced thenke to the genero»ity of: Metropolitan ''oranto Library C«nacli«n Hiitory Dtptttmtnt The imeget app««rino hare are the best quality pofttible considaring th« condition and lagibiiity of the original copy and in keeping with the filming contract apecif icatione. Griginel copies in printed paper covere ere filmed beginning with the front cover and ending on the ia$t {>sge with a printed or illustrated impree- elo». or the bacic cover when eppropriate. All other original copies ere filmed baginning on the firet page with a printed or Illustrated lmpree> eton. end ending on the leat page with e printed or illuatreted impression. The last recorded freme on eech microfiche ehall contain the symbol -"•►(meaning "CON* TINUED"), or the symbol V (meaning "END"}. whichever epplios. Maps, plates, charts, etc.. mey be filmed at different reduction ratios. Those too large to be enti.ely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, es many frames as required. The following diagrams illustrate the method: L'exemplaire f itmi fut reproduit grice A le ginAroalt* da: Metropolitan Toronto Library Canadian Hiitory Dtpartmsnt Lee imeges suivantes ont dt^ reprodultes avec le plus grand soin, compve tsnu de la condition at de le nettetA de l'exemplaire film6, ev en conformit* evec les conditions du contrat de filmage. ei.emplaires origineux dont la couverture en (sapier est imprimde sont film6s en commen9ant par le premier plat et en terminant soit par la derniere page qui comporte une empreinte d'impression ou d'illustration, soit par le second piMt. selon le cas. Tous les autres exemplaires originauK sont filmds en commenpant par la premidra page qui comporte une empreinte d'impression ou d'illustration et en terminant par le dernidre page qui comporte une telle empreinte. \)n des symboles suivants apparaitra sur la dernidre image de cheque microfiche, selon le cas: le symboie — »- signifie "A SUIVRE". le aymbole V signifie "FIN". Les ct 2es. planches, tableaux, etc., peuvsnt 6tre film6s A des taux de reduction diffdrents. Lorsque le document est trop grand pour §*re reproduit en un seul clich6, II est fi!m6 d partir ^f/ I'sngle supdrieur gauche, de gauche d droite, e>' de haut en bas. en prenant le nombre lages nftcessaire. Les diagrammes suivants ■- -WW- ' r? ¥ ¥-t»y? -V vv , BibtiotHeque i>B VICTOR MORIN MONTRCAL T-.^«^«..,, , .-..-- ■-.-^. ■^> - -y. ■ .^,,y^,.^^^f.^^ OF -< 'Esaai^ FO PRINTED BY JAMES A. > N PLAN OF \ SYSTEM OF Sir IIowarb tovernovy and wine* cf J>Ci'i* ^smaaT®^'3[^^ bahs^s FOR THE COLONIES. BY W. JOPUM. ob^crvattons, Majesty has » Government iU interests. } it h in can- tUe general nstance*, and id to coutaio MIRAMICHl. PRINTED BY JAMES A. riEUCE, AT THE ^ LAND SCHEDIASMA OFFICE. 1830. vant, fr ^ / O^^ . •» > ♦ J V > » DEDICATION. To His Excelhncy Major Gcnerc^l Si a IIowar» Douglas, Bart. Lieutenant'dorernory and Commander in Chief ^ ofiht Provinct cf J^ai* Brunsmckj §*c. ^c. Sill, Permit me to call your attention to tlie following obserfations, by dcdicatins them to you. I am persuaded that His Majesty tas not a Representative wbo has done more to render his Go'crnmeat popular, iior any Colony a Governor more devoted to its interests. This last consideration, renders it emlp.er/iiy proper, while it is in con- formity with public sentiment, that any plan, which has the general good for its object, should be submitted to you in the first instance; and I have only to hope, that these few pajes may be found to contaia luggeitioQs worthy your attention. I baTe the honor to be. With great respect, Your Excellency's rcry obedient humble servant, WILLIAM JOrLIN. « f *d « v PREFACK. ^tmm The Author I»t a Brother in Ergltnd, who is well kftoirn ai « writer on Banking and Cumw^f and dso aa the fouader of the ProTincial Bank of Ireland. This Insdtution is esnstrueted oa a new principle. It is instituted in Loudon, while its estahhshmeRts of Business are in Ireland. The undertaking, thongh notel, has prov- id successful to those embarked in it, and higblj bsnefirial to Ireland, not only by introducing Briti$h eopital into thht country, when eapital is much wanted, but by affording a means g its nature, there is little chanea of forming right cenclusioos on the •ubject. First, then, w4 have no nanufac^LTes, nor pre wa htjely to hate any for half a century to come, and it is not lor manufacturing purpotes that a supply of Capital is wanted . In th« next place j our commcr;!«, which is very limited compared with that of other Countries of siir/ijar extent, is chiefly, in New Brunswick at least, wiih which I am bef;t ac- quainted, in tbe hands of wealthy houses conoctte^ wjth Great Pritain, who have an abundance of Capital. |Ience it is not in commercial aperations that any great additioaal supply of it is required. Ill*, therefore, in agriculture only that Capital is wanted by us to any great •stent. But we b*ve only to look at the quantity of land vc possess, wbieb, though settled, is uncultivated and ucimproved to be satisfied that the extent of dsmand there it lor Cap;talto bathus enploToi iirery great 11 Any pkn, ooBSsqacotlr, "^hlch proposes to iutrodiice capital inta these ColoBies, must have for itt object to adraocc it to the cultivation of th* soil, or it fianoot be extenst7e!y ute'ul. It must aho bs observed tint tht demanr] h tu some degree p^eitliar. Land is at ).rj.<«?iit to tj In.l in tnzr.y jiarts for a nominal consideration by tbcsft ^v^i c->nc«j!tivat2it. M*?n, in con»eq>i'>nc?, do not remain lo:tj in ?:: '••ii."'", b::l ir.arry an! ssttle upoii !anT i)jrro\7 money t5 be cxjienrled on Land, wiiho;:t l!»e repaymc'it oi'itccre kft to his own conveai- CECt^, or fixrd at sojjje re ioote porlod. Stnall proprJf'tars, also, can ia gpnsril cnly glvs sccnrKy far small •urn*. Hence the djrroar.d wj have for capital on good security, thoi'^b gnat in the aggregate, consists chiefly m a dsmaad for small loaasy for ludefiiule periods, on the security of Land. The object for coRsifleration, therefore, is how to stippTy tbedeinandy it fill not be supplied, iinloss it can be n^aclc tlia ititcrpst of partic^s to supply It; and th? question H — how can it l« madts the interest of capitalists to laud money in small suras for iutlefjnile per 10*^8 on such secarity? Vt'lert? Capital is wich in request, the csfabllfthmentsof Banl^s is iii geiit ral ths iirst step rosort.-d to, and this has already been done. Tberr are lUrl'.^ in all the foor Colonics of Neva Scotia, New 15rijr.sv.*ck» Rjid Uf per and Lowe: Canada — but no benc&t to thdcul- tiitttorscfLtsr.d has b2cn dcTivcd from tliQiP. Bants, coii^ifhstandinj', r.re the medium, ilrtugli whicb the Capi- tal ws require nisi be cbt-iin.-d, ii it be practicable to obJaia it. W« fbaH therefore proceed ia the rext pl^ee, to examine the naturt of Bankift^^, and the retsooswbj Qur Badu art not tbts me^am at W 1 ^- ^ '!' 1 9 fresont; rnd i\ut m\\ naturallj lor.d us to iU ebBliJ«iattlan it ii our mtentioa to susseit. pur naok* are Joiot Stock Co,npan;e,-foo«d#j on the u^M "of tie Banks of Scotland, &nd as Ba.k.ng w ,.i^ t» eii«t in tiie greater perfection in that r-^untry, we cannot give a belter idea of th« nttu. . •fit generally, than bj quoting Mr. Tbomat Joi»:itt'.desc.ii.tioD of Scotch Banking from bis work on tbat subject « The original aid proper business ef a Banker is to trade m capital He ougbt to be tbat medium between the borrower aud luid'T d tLe money mwket, which a merchant i.^ iu other commodities. \f ,, >e business of a merchant or trader to l...y of the producer on u.e on. band, Rnd to sell to the consumer or r^.tailer on the other. Tie ae- quires a knowledge of both parti«, and they of him, and f»r h.» credit capital, labour, and knowledge, be c\ ^rges a profit up.,, the com- modity wb.ch, through bis agency IS transferred from the party Avho has It to sell, to the parly wanting to purchase it. New, what a mer- chant is !• other commodities, the Scotch Banks are in money They borrow of those who b*ve it to lend, and tend to those whs want to borrow It, acquire a knowledge of both parties, and charge a profit of one per cent. upo. the transaction. Any person opening an account with them, rifceives four per cent.* upon the balance in their hands. He may pay money to the ciedit of his account when be chooses, aid he receives interest for it f.om the day ,t is deposited j ha may dravr b.s money out of tb« Bank when and in such sums a* he thinks proper, and only loses interest upon the sum drawc, from the day of receiving It. On the contrary, any person giving proper securities, may open an account w»tb them, and draw to the extent of the security -Iven for which they will charge him five per cent, upon the fluctuating ba- lance he owes. Consequently, a person who has money to lend is saved all the trouble, not unattended with risk, of mortgages, and may have bis mouey, or any part of it, at any time, should a desirable nur- purchase fab ,n his way; whereas with a mortgage he cannot draw li,, money when he wants il-must take it altogether when he d.es draw it-or. If the borrower chooses, must take It whether he wants it or not. Their object, however, in borrowing, being tu lend, the facilities iS^^t^^^r^'^s^.^^-:'-^^^^ feiPh-t 10 Olli 1« girea U Larrofrtrs, are tquallr great. In tbt firtt p!»ce, tbef l»iU discount bills an-l other mercantile securities, that qre perfectly regu- lar and good, at any tim«, and to any amount. Thus merchants caa calculate with certamty upon being accommodated in the course of re- galar transactions to any extent, which is of infinite serfice to theinj a'? It would be better for a merchant not to hare such assistance at all than to have any uncertainty respecting it. In the next placp, they grant Cash accounts, that is, any person in business, by givin^ two luf- fictent securities, may open an account with them, and orerdraw them to the extent of the security ^iven, for which, as before stated he is charged five per cent upon the balance he owes. Very ^reat advan- ces, not to rnfjrcantile men •nly, but to all classes of pcrsoni, are r,ade m ihh way; and in the last place, they make adrances upcn real property, some of them to a very considtrable extent. The plan they pursue, I believe, is, for ths proprietor to pledge hit estate, or other property, with the Bank, for a given amount, open an account with it, and drawag his occasions may require, to the amount prescribed. Tims, when any persons wish to borrow, the facilities held out to bor- rowers induce! them equally with the lenders to make application to the Bank. • A^ individuals often call in the money they have lent out on mort- gage whon they can find better employment for it, or when the death of a ; artyproducei a division of his property, by which a great expsnce to the mortgngee is incurred in procuring a fresh mortgage. Banki are therefore more to be dependeu upon, and borrowers being just as much wanting hy them as lenders, and the money which they lend b«»ing rarely, or in fact, never, called in again until it is the pleasure of the borrower to pay it off, people in want of money, will prefer dealing with the Banks at even a higher per centage, while lenders, on their part, prefer dealing with them at a per centage something less than individuals would give. Thus in consequence of the security of their property, and tho readiness with which they can at all times obtain it wlnen wanted, a di(i^r 'nee of one per cent, is not found to be a suffici- ent inducement for th'^ b:.rrowi»rs and lenderi to pass by the Banks and to transact th'M'r business direct with each other. If they did, the f;'ain wo;ild. of course, hava to be divided between them, and a half per tent, would be no compensation to eith!»r party for the additional m- fojivenif^nco, risk, and tror.ble, in whieh they would be involved. are n WbereM the Bank being open aud reaJj at all limes ta meet tb« wants of each partj unless among particular friends, neither ptrtjr ever thinks of making farther enquiries upon the subject, but transactn ibft business with the Banks as a matter of coursa. They are, there- fore, at once the great depositories of the mono? capital of th^ country,* and the source from whence the aui^pUet of it are drawn." The money lodj^ei with the Scotch IS.inks is all payable on demand, or at a short notice. But a Bank, it must be observed, could n»t borrow to any extent on such terms, unless it had the power of lending on nearly similar conditions. It is only the medium between the bor- rower and the lender, and it must be able to lend or employ the money upan the same terms as it borrows it. If it stipulates to pay the Mo- ney it borrows whenever called upon, it must be able to racal its loans with nearly equal facility. This the Scotch Banks can do. ' There is a densand for money re- giTlarly occurring, every week throughout the year upon Bills at short dates, which the Banks discount. These Bills are likevi^-e weekly •fallins; due, so that as they lend money outoa one hand, it comes in o« the other. But when called upon unexpectedly, to repay money depo- sited with them they do not lend out the same weekly amount upon Bills as usual. They curtail their loans in proportion as their de- posits are withdrawn. They consequently suffer no inconvenienss themselves, whatever their borrowing customers may do, fro.Ti the mo- ney being taken out of their bands. They likewise employ part of the money deposited with them in pur- chasing Government securities, which they can always turn into monf^y at a moments notice. By these means they are enabled to make in- terest of money from week to week, and sometimes even from day to day. So that they can take money, and calculate upon making intjr- est of it for the shortest pariods. » But our Banks cannot lend and therefore cannot borrow on thosa principles. We have not a regular succession of Bills founded upon commercial and manufacturieg transactions occurring throughout (he * There «re tliirtv-two Ranking Comnaoies in Srotlanrl: xnrl it i» romput^rl Iiy tlie Rankers themsolvp.ft, thflt the money depnsiteH with them, t^ die Public, i« corv- • iderahly alwve 20 rnillioni.— Nipte to 5th Edition. } » J5 V'hi..hfhPvr. 1. • •'^i''^/ ^^^'^fpt at their o\fn couvenience, and customers, "'lercii *od that of their The only moner which eur Banks at present hiT. th« n. r lending m this m-^nn^.r; j • j ^ I'reseni naTa the power of •in.«, and 1.; Zl TV .7 "^ ""'""' ''"= ""' "> "^''^y =" "->' Ih. 1 tier „ c ,,, ' '.T "'■ ""■' "'"' " " «"'-» »™-.t of I,ro„erTr .^'"' »"■»""« 'I'^y ""7 likewi« |.„d as .bey thi„k :s:: • :: :;:;,t;r "^^ "'-, - -^ " '''-- -'--• Capital o» 11,. . v °' ''°"'''"'"' "'"' "'« '"""=■"'1 "'«'•'= "for |.re.enl. ' ""'' "" "">' "•"^'' »' "<« » •!.= ca.c .t o J 1 , io„.in.r with th» expense of foreclosure ihould it orow »cc.«ar, ,vu„ all .„e oil™ c-os, incident, to whi.U ™.r„!les .,. «uVcl. J'""ot,thoreror.i„tl,e„,y„f„„,,,,,„/,tT'f""7 ti-uuiertst ol a iJank to lend money ia small I IS jsiims upon such security with us, not only musl the r^tc of interest be higher, hut the nature of the security must be rv hdered more simple aud less troublesome than mortgages are in general. On tl\e other hand the proprietor of good Land in a goo J ftituatioii would willingly pay more than six per cent for Capifal, rather Uian not have it. Two or tliree pounds additional per anniiin is Mothino; com- pared "to the advantage of obtaining Capital siifiicietjt to give effect to his industry and valu«; to his lar/d. • . ■ i. : • ■ . *■ • Now, leaving the law of usury as it stands, the only mode of advan- cing money at a higher rate of interest than six per cent is for the party borrowing it to transfer his property to the lender and take k pcfp -'tual lease of U at th«; interest agreed u^jon. In the Colonies, where the regular payment of the int«rest could net "be depended upon, nothing but a .summary povv«r of ejectoneot equal ta that which a landlord possesses, would be sutVicient for the niort^affq even if the usury laws vTere done away. The party advanciBsy th? money should be put neither to exnence nor trouble in transferrin* the lease to a person willing to perform the obligations of it, should the party who has obtained the money fail to do so. This is the onlv prin- ciple on which money could b« advanced with us at alt aii land la SKiall sums. ' • * It is therefore the only means uader the law, as it now stands, to be devised, by which there is any chance of a person ohtaioing roooey on t\'^ security of Land, however well he might be enabled to employ it, and however able and willing he might be to give such a rate of in- terest as would induce parties to let him have the money he wants. la new Countries, where Capital is in great request, and the security fiot of that kind which exists in Countries more advanced in wealth and population, usury laws evidently retard thtf prosperity of the Country, by preventing the influx of Capital into it. People can better afford to give a Idige interest for a small sum than for a large one, and can better afford to give ten per cent in America than five per cent in !England. Whereas a person who lends a Hundred Pounds in the Woods of America must evidently have a much larger interest to in- duce him to do so, than if he were lending ten Thousand Pounds upon estates of ample value in l^ngland. The iinertst paid him must ncl 14 insref/ C9mperKat« hlio for tbt titc of Lis money, but also f»r the addii tional risk and trouble of the trtnsattioD. This the usuary laws do not allow & person to pay. They therefore deprive him cf the means of obtaining money, though he might be very well able to afford, and most anxious to give, a siaTjciont interest to induce parties to lend hiin it. fhc* mode fingg;t>sto(!, however, avoids this injurious law and leatps the borrower an-l the lender to deal upon such terma as may b* lomid mulually agreeable to their respective in- terests, Nor is it of any importance to the general prosperity of the Country trhoth'T a person ^ofs Capita! at less than its real value to hira or not provided ho 7 money wouM bensfit some while the party who advanced it, if he did net get his interest regularly paid woald eject th: spend- thrift t9 whom he had advanced the money, and gat some mon indus- trious indivi^luais to tak:i his place. The property would he improved by the change of liind-;, and the idle proprietor in a Country where thore is plen(y of employment would be compelled by necessity to work farwag^s. This wojld be beneficial to the community, and whcra wages are good the coaditiin of thwing, and if they lend for long periods they must be able to borronr for long periods. The proper business of a Bank is to be the medium between the borrower and the lender, and having pointed cut the way in which money may niib advantage b'5 lent for long pc- 15 riotis, it rtir(?y would be saved and placed with them which is noit squandered. There is nothinj iuduces people so much to save money as a safe and toiiVGnieiit place of deposit where interest can be had lor it. This has been proved by the Savmj Banks of England, whea millions have been deposited by working men that would otherwis,* lave been spent. The circulation of these notes might b« render' J ialso much more extensive by making the interest on them payable in LchdoH at the optica of the holder. They would then frequently be sent to Knglaiid either as a secuiity or as a remittance^ and inight even become ii negociable security in that Country. In advancing money on land, on the principle pointed out, t!»e only additional expn^ice the Banks would be put to would be that of having a Surveyor to value ttie property on which loans were to be made, and looking after thi* interest in case of its not being regularly paid. This bight perhaps freciueiitly occur, but if the money were judiciously ad- Vaccexl the Bauks cuuhi suffer no loss; , The iiankj hovvevor, generally speaking, must be regularly, paid. The Lund of any defaulter, after a reasonable indulgence, would have to be trausterred to other parties. But these, if the property were v/orth the rent, there would be no difficulty in finding. T.'ouble would be the Oidy loss, and this would fall upon the Surveyor. He would go J-ound the Country once or twice a year, and in his tour would look at and value the property upon which loans were wanted — determine Vhat was to be done with those who failed to make their regular pay- tnents and negotiate with thosd who wished to take any land that had fallen Into thi hands of the Bank. A Surveyor would thus be the tnly additional expence consequent upon this system of loans, which, care bein^ takes not to advance upon any property above Us value, faw,ht be carried to a great extent without any difiiculty. : S:.-^- iling all the these bills, particularly 112 of. tbes do with it. But the rent could not be paid without industry tho^igli easily paid with it. Besides this it may be observed that the Baidv* will by this system make moi.ey mors plontiful than heretofore, and thereby furnish the means themselves b;r which the payment of the rents m meney will be facilitated. We havethu5 pointed out a principle ur,oD which our Baiks might deal m Capital, and become the medium, between the borrowers and the lenders for long periods, presuming the lenders to be parties resi- dent m the Celonies themselves. But there is another plan by which the Banks might obtain money upon perhaps easier terms, or at all events to a greater extent, were they to make the necessary ar- rangements for that purpose, and that is, by borrowing it in £nglaad. In England Capital is superabundant, and the rate of interest low at an instance of it the East India Company are enabled to borrotr money upon their bonds at 3 per cent* that is, upon their promissory notes cr securities transferable from hand to hand, the interest of which the Cempany stipulates to pay, but not the principal; the same kind of noje, in short, which we bare lecommendcd our Banks to issue. Tfce lecurity af the East India Company is of course greater in the estimation of the British Public than any of our Banks can ofler. But there can be little doubt that if the credit our ]3aiiks were pro- perly established in England, and the interest paid there, they would be able to raise money upon their notes, or Bonds, at 5 per cent at most, but probably at a ikucIj lower rate. Notr, to obtaia this credit the British Public inust be assured of * "^^.^ ^'"* '"''''"^ Compnnjr <\](\ (jivc 1 ppr cent, hut are now enuhlcJ to olitain mni.ev af r. pur rent, and guve notice some short time ago tinu tliev would \,uy ott t1»« l.ond.- on wliidi the jj;ive i |K;r cent (wiiich el.ey Jiad the power cf doHt", linleM the helders cf tbein would f^ku a^tr cciit wliich the/ geucrallv did. n I 1 tliotigh might it ia VJ two things i first thai the uUImiitc security is arnj-!c; an-J next tiat lUa interest will he regularly paid. - . ,.• To randvT thft secuflty ample, *ho Kaii!vS must possess iar<.:i? Oa;)i» lals— a Capital of 250,000 dollars (£.34, ItJG 13 C) f'i* ttisianr** it may easily !)e conceiveJ, would not be fcuflicicnt to establish a credit in LoDiloii. The Capitals of our Hanks, which do rM m gnneral, wc Leliove, exceed that ainount, consecjuentiy would have ti> 02 en- larged. . It would not, lowcTcr, be necessary that this should hfl dnnc hy an advance of cash. If the additional Capital were subscribed in Cash in the first instance, it must be lent out upon mortgage in the next. We have no other way in which a large Capital could be safrly em- ployed. ^ The Capital might therefore be enlarged by a suhscrijitioa ia securities at once. Instead of the shareholders paying Cash, thpy might give security for thv- araouot, the laaieas »f they' had paid »p tlwj amount and burro;Yed it again. A million of dollars (£216, 666 IS 4) is probably th-^ least Capi- tal which a Bank should possess in America, in ord«r to ©btain credit in London. The larger the Capital, however, th» greater would be th8 coiifiJence of the Bntisb Public, and the more favourable, consf-quent. ly, would be the terms on which money would be obtained, liut as- suming 1,000,000 dollars to be sufficient, we would suggest that the Banks should raise their Capitals to that amount by calling upon their Aarcholdcrs to lodge securities, in proportion to tho shares tii.7 res^ pectively held, to the extent required to make up that sum. As they are in gensral men of property, they would not it is presumed, hav« mnch difficulty in obeying such a call, and, the secuiitiL'S being j.roper- ly taken, the security cfiercd to the Publi;: would be as complete as i£ the Mrhole had beer* advanced in Cash. But it must also be observed, that as the holders of fiC Bi;!s, upon which the nioiu-y was borrowed could net dtnuind poy- • ment of theni and would be in a worse situation, in that r.'SjM'ct, tliaii the other creditors of the IJahks, especial provision should b« tmula for their safety over and abuve the security which the Capilal of th^j Bank afforded, or the Bills wc dd stili not po.s-ss the credit r.'- c^uisite . to l>r tbi. rurpcM, the money tLui borroired o«pht to b« .Jvarced bo hnd eie.us.nlv and (he Innd, be exclusirel; pledged for th« payment Ih ,^^;;' '"'i^^^ ^« ^««* ««'J^'' *n act of the Legislature. Erery . ep,nde.don,ht ,0 be taken, t. rrnder this class of creditors, nore especally the I^nt;,h creditors, perfecd; safe. Without this a per- manent curfidencH could never be established, nor an/ solid rrood be eipecte,?. Having made arrangements, however, which ^vill be effrc- t«7j.n that respect the next step is to convince the British Public of it. Forerta whom an account of the procecu.r.gsof the Bank ; »hould be constantly f.rni.hed, and who should a!s. cause invest:..tion to be muHe ,nto the affr.rs of the Bar,!, upon the spot a..d ta!;c such other .nea:.s as they .night deem proper to obtain a correct view at all times of Its Situation and management. It sl^uld hle,v;se be the medium through wbtchthe Bills in question trcre issued and the money borrowed, and it ought to have the power to hm.t the operations of the Bank, and even stop them altogether, «.ould.t appear at any time proper for the ultimate security of the British ir,"!ditors, and shareholders. •n.c .n.o.r.Uf Capital raised ia .. n we shouM propose to be on. m or -,rj,COO dollars* for each ». ..t raised in Amerie.. . That coniiderce, however, in foreion speculation, which prevailei t JtiSlSj ttt! 18 4 Ivaneed bo ff pajment p. Efery tors, iDore [lis a per- ' »ood be 11 be pfffc- sh Public should be le Banks. its would c well ac- in conse* IS i»f well opportwni- ' the truth I'J huve ti S8 to be srica. prevailed SI in England tw$ or three ypar* ajjri, ba? es,iortcnce«l a rsnction, .ind been succeeded by distrust in the opposite extreme, and it ivould bo dil- ficult now to obtain subscribers to any fore? iindertakmg ia which the profit was not reduced to cerlrilnt/. Hence it would b j necossarj to guarantee the British Shareholders a ccrliin prefit, sa^ per cent, to induce them to take shares. This, however, inigjit be tlons ivjtiitnit 3117 sacrifice on tha part of the existing Banks. Wa ara not iiware of the precise amount of Capital which each possesses, and of the dividends which they pay, but let us assume their Capitals to be 250,000 dollars'! each and their dividends on their Capitals to be 10 per cent.^We may ulso per- haps safely assume that if they pay 10 per cent iipoa thiir present Capitals they would be able to pay equal to 7 1-2 per cent upon ao equal amount raised in England, even witliout the additio>-:al advantaije contemplated from English connexion. The division of profits upon thi* supposition would stand thus: The profits upon tha present capital of 250,000 dollars ) at 10 per cent. ^ $25,000 The profits upon the capital raised io England 250,000 > , « -r,^ dollars, at 7 1-2 percent. \ *^»^^^ Total profit Dollars $43,750 This would be the profit made upon the capital advanced in Cash. The total capital, however, oTer which this prolit would have to be divided, would be 1,250,000 dollars; but as the English Shareholders of one fifth of the stock, would be ia as great an advance of cash as the American holders of the other four fifths, interest must ba allowed vpon Ihe Cash first, and the profits divided afterwards. We shall therefore deduct five per cent upon the capital > of 800,000 dollars m cash \ 25,000 Which will leave $18,750 ©factual profit. One half of the interest would of courrc go to the American, and the other half to the English Shareholders. But four fifths of the t £oi,KQ 13 4. 2S Actual profit would s» ta tht Englisli SliarebuWer Tiair respcctira iWiienis would coosetiucntl/ ttind tbu« AaiERi(;AN siiARcuoLnens. ^;'i"f«t Uollart 12,500 4-otbof the actual proit „ 15,000 Dollars, 27,000 Dfilag 2,o00 di^llars cr one per cent, more than they received before. BHiriSH 8.rUt;L:ilOLDCRff. Interest juara>ite»id Djllara l?,500 l-cvli*c»ftlie actual profit 3,750 Dollars 16,250 Being 5 1-2 ner cent .ipoji the Cash advanced. If th» actual Capital raised in England be equal to the actual Capi- tal raised iu America, while iho nominal Capit.il or Capitals raisc-ii bjr securities in America, give the Anoerican Shareholders the com- fiiaiid of tour fifths, of the actual profits, the A;^^orcian Shareholders can harJlj fail to gam by tlij arrangement, so long- as the profits exceed five per cent, for, u-hile t\vj British Capitalist contributes one half to the surplus profit, na on.'v gets ona fifth of if; and that the profit- must alwojs exceed fii-: vorc^'.t, un'^r tue worst of circumstances there cau be littb doubt. Banking in (he Colonies cannot be a business of risk as in Eng- land. The transactions are all small and tlie parties well known. • xnere is no opportunity of deceiving the Kank to any extent. Jf ac- eommodaticn bills be offered for discount they are known to be surh. The Banks canno' be blinded by a system of busin .s which has the appearance of being real but is not so The acu:;cness which is necessary to a Banker in England is hardly wanted with us, and Banking is proportionately safe. This is the case with even the most hazardous descri;;tion of Sank busmess, namely the lending money upon Bills. But Bank business with us cannot be done io any great ■extent, except in the way of permanent loans, or advances on real se- -f.urity, andif the plan pointed out were adopted the Capital of the -London Shareholders v7ould he advanced upon land, and the profit from. •I ed before. jal Ca{>i- U raises! ihe coni- rcholders ts exceed half to jfii" must ;es there in Eng- il known. If ac- be surli. has the which is us, and the most g monoy tiy great real se- ll of the rofit from st would \f inad« without any risk whatever, so that the 5 per cent jnio;ht be guaranteed without the remotest chance of the American Shareholder mciir.ing the least a.lditiona! risk by it, while the certaioty offiTe per cent, wjlh the prospect of considerabiy more as the business of the Banks extended and would, there is little doubt, be a sullicient inducement to the British Capitalist to lake shares i-, them, provided Ihe arrangeincuts were properly made, and he cleui ly saw he was safe io doing so. » UpoH this, indeed, the whole depends. AM the American arrange- ments should be made first, and busmess on the principles recom- mended be commenced, and successfully conducted in the (/olonies, be- fore any attempt was made to obtain the London Shareholders. They ought to see that a way was made for the employment of their Cap'*'>l before it was called for, and that they wore unit;>d to join a concc.u i-i successful operation. The money likewise borrowed in London should be borrowed very gradually. Confidence is a plant of slow growth, and requires to be reared with delicacy and caution. But if (bi Banks flouriihed, a statement ot their affairs were aiiimully published and the interest regularly paid, there can be no doubt that in time they might obtain upon reasonable terms whatever money they could profitably employ. Should however the Banks, be disposed to try the system rccom-. mended, ihey ought not to be deterred, by any fear of being thought extortionate from obtaining, in the first instance, the best interest they could in America, In the present state of property, nothing but a good interest or rent would pay for the trouble incurred. Independent of which, upon the success of the attempt, in the first instance, de- pends our obtaining larger supplies on more moderate terms hereafttir. When the attempt has succeeded, the road for the influx of Capital may be said to have been opened, and the supplies .will be obtained and maybe granted on better terms. We anticipated that if the sys- tem be carried into successful operation, money will in time be borrow- ed in London at four percent, and lent in the Colonies at five, the ex- tent of business compensating for the low .ruts of profit. But it would be no .kindness to the Country to cr-m.mence by lending money at such a rata of interest as would not yield a sufficient profit to iudura perse- verance in the attempt. There is no fear of the parties who want it 24 I giving for it more than it is worth to them, and the more profifable the business is in tlie commencement, the greater the inducement to per- severance, and the better for the Country in the end. As we have before observed, the system of lending money on Land, roigbt be carried to a very great extent without puttmg the Banks to any great additional cxpence. When once the advance was made, if the party regularly paid his rent, no fjrth'^r trouble would be involved, and if he did not, i' would only be necessary to dispossess him, and dispose of the lease, to another party. In doing this, however, it may be worthy of roma.k that the London connexion of the Bank would be a great ailvantage, and might be the means of introducing a very re- ^pedable cl^^.s of settlers i.to the Colonies. The Bank would oidy Julvancc upo.. land in some degree cloured and f:t for the occupation of tiioso, who by means of their Capital, their knowledge and their in- diotiy, could turn it to good account. OffhiscL^s.^ th.-re are hundreds and thousands in England, who would b.! g',-.d to avail t'l.'mselvos of so rosp^^clable a channel, to obtain it a fair value a suitable place to emigrant to, already nttcul for their reacpticn; nnd the bank ;vouldk,ab!?m this v.ay at ouco to tenant tny pron.aty that might fail mto its hands. The security of the Bank r,'ould howover always depend upon their not advancing more money vpon any property than the Land was worth. The pror.fg derived by Ihe Bank from these loans would not be con- fi.ied merely to the difference between the interest given and the in- t« rest got. The circulation ot the Banks would be fuoportionately extended, and their other channels of business enlarged Besides Avh'.cb, if a Bank had lent, we shall say, a Hundred Pounds, and re- ceived .«=even or eight pounds a year of rent for it, this rent Avould in the cor.rse of time come to be worth more than a Hundred pounds. As money became more plentiful, and could be had on better terms, it might be worth £110 or £V20, which the Bank would charge, if the party wished to discharge the incumbrance. Things however Hnd their level, and this prospect of ultimate advan- tage would have the elFoct of lowering the rate of interest bargained tor in the first instance, and it would probably suit the party better to pay a bonus when he was rich, than a proportionately higher rent or in- terest when he was poor. ,% H "ofilabl*? the lent to per- y on Land, Banks to IS made, if le involved, hiui, and ver, it may ik would be fi very re- would oiily occupation nd thtnr in- ;land, who I, to obtain 1 for their to tenant f the Bank ore mority lot be con- ,nd the iii- artionately Besides 5, and re- ould in the ind.s. As terms, it 'ge, if the ate advan- bargained better to rent or m- Z5 The advaiitn^G to the Colonics from this influx of Capital need no: be insisted upon. The value of property generally would be increased, and trade would be extended. A person with sufncient Capital to cultivate a piece of Land, but who could not purchase it also, would be able to do so with the assistance of the Bank without diverting much of his Capital to that purpose. Any person therefore with the means of cultivatin"- land would have the power to buy it.. This would increase the demand for and consequently its value.. Men with Capital and industry live better than men wlio have nei- ther. Their consumption of manufactures — of Colonial and other pro- ,]i,ce — is increased, as is also the consumption of those they employ. This would increase the import trade.. On the other hand, the pro- duce they raised from the soil, would require exporting, after supply.ng the home market, and this would extend the export trade. It is diffi- cult to give an fiucqu'ite conception of the bcneikial elTects which are always found to attend upon the judicious application of Capital, in giving efloct to the industry, a»d improving the wealth and commerce of a Country. The elVcct must be seen in order to be understood. But all experience points out, and all intelligent persons agree in con- sidering the introduction of Capital as the most effectual means, not only of promoting the prospcriij of a Country, but of improving the con- dition of the people. In the foregoing observations we have recommended the existing Banking Establishments to adopt the pruiciples of business pointed out, and to new model themselves accordingly. But old Establishments that are doing well, are in general deshous to let well alone, anu are slow to adopt what may aj)pear speculative improvemer*^ for the public good, ct what they may conceive to be the hazard of tneir own. Should they not adopt, therefore the plans recommended, but at tlie same time should the proprietors of land, and those who take an inter- est in the general prosperity of the Colonies, be convinced that Banks on the principal pointed out would be highly beneficial, it will be for them to consider, whether it would not be worth their while to form Banks of their own, the Legislature of course giving every facility for that purjiose. £8 T$ cstablwli thei« Banks Tfoiild require rerf Kttle paid ap Capital/ If, wc shall say, upon a Capital of 1,000,000 Dollars 100,000 or trtn 50,000, were paid up, it might be suiUcicnt, the object of course bein* to rai.se Capital by the deposits of the public, and by connexion with 'England, and not by the subscription ia Cash of the shareholders in America, The Capital might also be subscribed in small shares, say of lOD Dollars each. The Cash to be paid up on such a share would only ba fire or ten Dollars, and there is hardly any land that keeps a tamil/ which is not worth a hundred. So that every man who has any land at all, and five or ten Dollars in Cash, could if he chose take a Bank thare. By this meanSi the shareholders would be distributed all over the Country. . Koxr the circulation of notes is oni of the principal sources of proCi with Banks ia the Colonies at present, and the proposed Banks havin* Stock -holders in every place, who would naturally be desirious ofprtj- ttoting their interest, in opposition to the Banks they had no share io, the proposed Banks would be able to get hold of this source of profit, and keep it in a great measure to themselves, every shareholder, th« xaomcnt he obtained a note of any other Bank, would exchange it tor a aote of his own, with some agent, or principal Shareholder, in his neigh- bourhood, who would be furnished by the Bank with a supply gf notes i(y make the exchange with, and thus these Banks would be enabled to keep the circulation in a great measure in their own hands.- This would at once pay the expence of the Establishments and secur« the'p success at the outset; and having consolidated themselves in America, they might next proceed to make arrangements in Londoa • en the principles pointed out, or upon any other principles which aigbt Jje found desirable U til parties. ^^>t i , Tm :ne, fir •• fieH ^.{ e.ip'"rin;j'* t-%A f^A f.rem-.'-tY.'uf. P«|« If. >fi l>nf 2nd p. 1 > < i : > \ ' I I'esp^rances et sur notru idunce pour e de ses par- te fioua DOS ^lemhert et les baoques le signe, eii lis lies den- fait voir les its de notre Btrangers en 1 d'c^avre et pter la Icii- stence seuie e metallique d que ie pa« jnereurs qui I temps, dit it I'aigeal, .'• Adam sage de ce nne la tra- une uation, banque, ne le terrain de 3S exposent tnque, il en prevoir ni ferait pas- ! credit des I que si la ('instrument es ne pour- Hs ayant ete ans ses cof- >' Un prince [erritoire et niultiplica* ineue pou e niultipli. remplacers in dans ses r)m4 nia ro.nmunUatl.in inset e«» dans li g.i/etlr de Q •ehoc da 13 ilect>iiil)re dernier, .i'ni observe ijn*? I« ntimer.iiiv aiij^m nte i>ii vileur amt'surequ il decline en qu«ntiu% rt qu'il •ItVliiif rn »a!(Mir a inesurtMnril augMHMteen (jiMiUite. D'ca principt' .i'ai fire l;» coiise(|UPiH;e (pie plin il y a»aitde numeraire en cirnil ition et plus Ii\ niiiin d'oeuvri; n quuntite. S'il y apour trois milliards de numeraire en France, et qu'un e>eueinent re duise cette quu.Uite de francs a 1500 millions ces 1500 mil- ions vaudroi.i auiaut que les rrois milliards pouvaient valoir." 1 an. un autre endroil Say dit -'un capital dans le sens le plus eendu se compose de tuus les capitaox des particu- liers ; et plus la nat.on est indu.trieuse et prospere, et plus son ca- p. al en^argent est peu de chose, compare avec la totalite de ses ca- pitaux. -Dans un autre endroitnotre savant dit- qu'il nous suf .r,e que le nun.era.re demeurant en cirurladon. esl borne par les besoms de la c.culat.on du pays. Dan. cette etat dechose, si I'oa tt^ZTT" '",' "' ^'"'''' ■' ''' ^ ^'^^^"t ^"- ^'«^ '-^ i"«'^^'-'t, v.hu. m.i '"' /'''''""'•^•' ^^'^"e surabondance fait haisser si valeu. maiscomnuMl n'y apointde ralsons pour que s.i valeur hanc , etou par consequent il n'y a point de surabondance, U marchand.se monnaio se ,6pand dani ces lieux-la, o el e a conserve plus de valeur, et oi, par consequent; ellerouve ^ s'echaiiger centre une nhm or.n/i,,. , .*•.- . * ccuouved eu d-dutres termite 1 ' S'^'i'i^e quai.tite de marchandises ; sit a me I eur Z'l ' '""T''' '^^'''''^' ^^ "" ^'' n.archandise We n lie ^nT'^' ' r '* '''^'"^ "'"^ "^'^"•- "" "^^^rchan.iises t^ga.e a celle qui est sortie en especes. '» «;,y lvalue la tntilir« des capitaux derAn^leterr^A rlr-Mv .,.ir • ^ e^-""'- »a totalite capital. Colquhou'd; ,». ZT ,*"" '" '-'"r l'"''« '''= »"» «rovu,c.« ,1,, r"!l:..,!l .. '."If'. ^'.""'"'Uie .lu'il d„„„. d„ deux , . . -. V... 1 ^.igleterre. • ' Je vais manwenant tacher d'apprecier et ce nu'il v -, ,?»• f •I bondance on line iiunime j^ineiite en iae e» fa- apour trois eiieiuent re i 1500 miU mt valoir. le sens [^ des particu- plus son ca- te (leses cu- 'il nous suf" ornc par Its :hoHe, si I'ou u de la mar- > cet instant, it haisser sa ue sfi valeur ots de con- londuMCc, U oil elle a lie trouve a, rchundises ; liircJiandisea larctiandises 3 la total ite t millions de rculaient e« I'ont porte it-a-diie lii it qu' a dix- rtie de son ne des deux <. toutes les luatre cent 300,000/. : aiiuoncerait iveau pays, d'incertaiti de citer au sujet dii numeraire n^cesaaire k in circulation. Say dit qu( teurs nretendent qu'il s'elere au cinquieme des produits o le des au- .^»., nretendent qu'il s'elere au cinquieme (Jes produits ordinaires d'une nation, tandis que d'autres pretendent qu'il ne ?a pas a uu trBntieme,ce qui fait une difference de six 4 un, II croit cepen- da»it que de porter cette evaluation du numeraire en circulation au cinquieme des produits annuels est fort au dessus de la verite, peut*etre que de porter cette evaluation au trentieme des produits annuels est fort au dessous de la verite, Mais quand il affinne ce dont tout le monde convient, que plus une nation est industrieuse et prospere et plus son capital en argent compare ave.i la totalit<5 de ses capitaux, est peude chose, il me semble que pour la solution de cette grande question,queIle est U quantite du numeraire neces- saire a la circulation dans chaque pays et surtout dans ce\ui-ci, il nous t'audrait des tableaui de statistique qui nous presenteraient un t'tat precis des capitaux et des genres d'industrie des principaux peuples commers prosperdt beuucoup Jiius qu a present. # . » t- p'apres le tableau cles banques de ce pays donnee dans la Se 0.r ^^''-'f emble en 1827 les capitaux verses dans les banques de Quebec, de Montreal, et du Canada, s'elevaient a se 231,500, cequi offnra.t en capital un fictif ou de billets sans valeur intrin.6- q..e un numeraire fictif de £ 694,500, si vous ajoutez a ce num^- raire circulant ces additions que nous demande la banque de Que- bec, una noufeJIe banque a Montreal e' une autre dans les Town- ships, sans compter le double de la circulation des dep6ts dans ces banques,yous formera un Capital de plus d'un million de numeraire hctif en c.rcu ation, qui menacer toutes nos banque du danger mmmentdebanqueroutes, et qui paralizer toutes nos exporta- tion enAngleterre en les rendant absolument ruineuses pournos commer^ans. D'apres les a, banquea 231,500, intrinse« :e iiume* de Que- 3S Town- dans ces u in eraire u danger exporta- pour no8 le je pria lent un« 'exporU- serve au« un grand ma pet* i signale edit que exporta* ce pays, ndicator « du 21 Janvier, 1831 *' scarcity of Spanish pistareens,** !.ii dis- |rarition des scUelliugs,cefle grande portion de noire numeraire deviendra bien rare d'apre?i les speculations de quelque messieurs des Etats Unis qui les achetent autant quMl en peuvent troufer pour les transporter dans les lies Espagnoles et |)arti- culierement a Malaga ; ou ces pieces sont a. cinquante par cent d'une plus grande valeur que dans le Bas Canada. Un individu, dit-on en u exporte d'ici jusqu'au montant de j^lOOO. Nous esperons que la legislature s'empressera de reniedier au plutot a ce mal, noy« sonimes, iuformes, dit cet estimable editeur, qu'ils se procurent ces pieces d'argent en payant una prime de cinq par cent : quant au profit de 50 par cent, il est perniis d'avoir sesdoutes.A quelle etrange absurdite ne conduit pas le sys« feme de banque adopte en cepays. D'abord on perniel a no* l»anquiers d'acaparer tous les profits de toua les genres de com- merce est et rcngoutmsnt de iios maicliand si deplorable qu'ilb ne voyent pas qu'ils ne font que glaner apres que les ban- ques ont fait le choix des speculations les plus lucratives, etcela eans rcoponsabilite pour leurs billets en circulation,en sorte qu'a. vec des f aleurs fictives et perissables, Us recueillent la realite des branches les plus lucratives du commerce. Une autre abr^urdiie c'est que tant de personnes [excepte dans les campagne^ ] ne font aucune difference entre ces papiera et I'or et I'argent. Ce n'est pas par un pur caprice que dans tous les siecles on a attache une si grande valeur a ces metaux precieux. Long temps avant I'usage des monnaies, on les iravaillait avec le plus grand soin pour en faire i'ornement des temples, des palais et des personnes des souverains et des plus riches individus. Que I'on juge de I'^clat que produi&ait aux yeux du t ulgaire de ces temps recules par I'impression qu'ils produisent encore de nos jours. Lors que dans des siecles moins recules ou invenia enlin le numeraire metallique pour faciliter les^changes en quoi consiste toutle commerce, les metaux precieux qui captivaient depuis tant de siecles les affections du genre hu- main, furent heureusement employes i etre la matiere dc liv i- naies, a raiaon de leur aptitude ii se preter aux polds ej aux formes. Pour inspirer plus de confiance, le droit d'en determiner ie poids, la forme et la valeur, fut reserfe aux sou?erains, et c'est encore en Angleterre que ce droit forme une des prerogatives du Roi. Par quel etrange bouleversement de loutes les idees depuis long terups etablies a juste litre, allons-nous permettre a quehpies individus sans responsabilitc,de battre,qu'on permette I'expressi jn, une raonnaie de papier, au prejudice de la prerogative royale ; papier qui chasse evidemmenl le numeraire metallique, tout ceU en tftfeur de banquiers iion responsables, pouivu qu'ils se rcn. 8 ferment dam certaines formes Infinimciit trop etendues ? comme si • avecquelques rames dc papier on pouvait aseoi. sur une base solide \ la richesse des nations. C'est certainemeut preparer 4 plaisiria I toine des families et par consequent du pays, car comme je I'ai obserre a plusieurs reprises dans mes communicaiions dans la Ga- ! iicHe de Quebee, tous les papiers-monnaies ou billets de confiance < jaHqu*4 present ont fait banqueroute. N'est-ce pas preparer 4 ce "^ pajrs un avenir desastreus, un nouvel ^tat de barbarie I ANTI.BANQUi:.. (lups ? comme si r une base solide arer 4 plaisir la r comme je I'ai ions duos la Ga- els de confiance )a9 preparer 4 ce irie i \ BANQUb. j