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Photographic
Sciences
Corporation
23 WEST MAIN STREET
WEBSTER, N.Y. 14580
(716) 872-4503
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A LETTER
RBLATIVB TO
BANKING INSTITUTIONF
'•«*%ll^».'fV«W*<*i«S«1J»*.««*^Jk- -
IN CANADA :
Bt MAURICE MASK, Esquire.
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TO WHICH IS ADDED,
CHIEF JUSTICE SEWELL":^
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LETTER
TO A FRIEND IN NOVA^SCOTIA
■■ 4- ■
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RKLATIVK TO
BANKING INSTITUTIONS -
ANI> OTHER
Joint stock, companies -
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CANADA :
Bt MAURICE MASK, EsauiRi* -
Hk nlger esi; hunc tu^ Romanes care/o.-^Horace*
I
MONTREAL 1 *-
IPRINTEO BY J4M£S BROWX«
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A LETTER TO A FRIEND IN NOVA^SCOTIA.
I
Dear Sir, , ^
IN asking my opinion relative to Banking
associations ia the Canadas, and particularly as to tliose
of this city, I fear you have impoed a task upon me
which I shall not be able to discharge much to iny own
satisfaction, or to yours, within the compass of a reasona-
ble letter ; but as far as I am able to judge of their ten-
dency, operation, and legality, and as far as I h.ve been
informed of their practices you are welcome to all I can
tell you. If in your province, the evil consequences
that have ensued in this, from precipitancy, self-suffi-
ciency and avarice, in the manngtment of those institu-
tions, can be eschewed from our example, it may be
recorded as the principal if not the only good that the
Banks in Citnada have produced.
That banking establishments may be rendered emi-
nently useful in all commerci.l countries, when under
proper management, and sufficiently under the surveil.
lance of the mercantile interest and of the government) not to
be able to assume to dictate to either,) cannot be denied,
whilst on the other hand they may, if conducted on con-
trary principles, be productive of incalculable evil, and
become what I think I shall succeed in proving ours to
be both in law and in farr />«;M«t«« ^^.i ^ .1,1,,. „...•
v
The evil* they have occasioned and msy produce wrll
not be removed by the acts of Incorporation that have
been applied for to our Legislature ; they might be in
part remedied by the banks being bound hand and foot
as it were, and by their mode of transacting business
being regulated by an act of the Legislature, entering
into the varic i minutiae of their operations, for which
■n act would be required like the Arabian Tales of one
thousand and one sections ; but the very putting of any
kind of trammels on such operations must paralyze them
nearly into a state of annihilation, / The main objection
is to the very essence of them, that is to the association
of a number of mercantile individuals for the purpose of-
monopolizing all the money and exchange bysines-; of
the country, and controuling the whole remainder of
the trading community. «• Reform it altogether" i$ the
only way. Put the laws in execution for their suppres-
sion and hold out encouragement for individuals or part-
nerships of from two to six persons (to which number
the British laws have wisely restricted all private bank-
ing societies) to establish banks upon the same princi-
pies as the country bankers in England, and priyatfi
bankers in London.
In ^ new country like this, some danger wa? to be ap-
prehended in establishing associated banks, from it^
throwing into our circulating medium several hundred
thousand pounds more than existed before, being just sq
much more than had been previously found sufficient
for the ^an^s of trade. Nevertheless, thanks to the
operations of our banks we have npw less than the u-^ual
and requisite amount of circulating medium ; for specie
l^as in a gr^at treasure disappeared, ^4 the ^atyral ti-
—nmmmmm
' produce will
ion that have
' might be in
laud and foot
:ing business
ire, entering
IS, for which
1 ales of one
atting of any
aralyze them
lain objection
e association
le purpose of-
bysincs"! of
emainder of
?ther" i$ the
leir Fuppres-
luals or part-
lich number
rivate bank-
same princi-
and private
^a« to be ap-
s, from itsi
ral hundred
eing just so
d sufficient
nks to the
n the u«ual
i for sppcie
ijiatyral ti-
■lidity and prejudices of the Cinadian population, added
to the equivocal nature of our bank bills, and the facili-
ty with which they have been counterfeited, prevent
bank paper as a substitute for specie from circulating
»ny where but in the precinct? of Montreal and Qiebec.
Whilst the banks were ent^aged in putting thfir notes
in circulation, they were equal y husieJ in purcha<:ing
up our specie, and sending it to a foreign Tijrket. Plow
this will operate in the eni! I do no- know, perhaps the
country heing now pretty well drained of Spanish dollars
«nd Ainerican gold, (the sp^'cies of coin ihpy preferred
to trade in,) and the demand for dollars having for the
present decreased in the United States, the evil may
cure itself } unless they should discover that jonrie other
description of specie will bear a premium in the States
*nd fall to exporting it ; in which case, the J ord have
mercy upon us ! !* This specie tr.ule raised at one time
a pretty hubbub aniong«t us. A knowing one aware
that the French half crowns had fallen ten per cent, in
value in the United States, started off and brought %
cargo of them to Canada where they retained and still
eetain their original legi^lattv value of 2s. 9(1. Halifax. /
These he paid into the batiks an J the amount was pl.ced
to the credit of his account, .v »ich he then drew out in
checks in the usual fornvand thus converted them inte
othe-r specie. The bank dirrctor? having discc ered
that he had got the weathsr-gige of them, and being
averse to competition in ihe specie trade, and mortal
• Since the above was written guineas and every ipecies of
heivy gold have become objects of bpeciilation. In a country
h.iving no mint of its own and where the coins of othtr countriet
jUone circulate, the «»me law which mako any coin current
atigttt to f [ohihit iti being dealt in a* aMrchaiMltfte.
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enemJtf to the maxim " live and let live," then adopted
the Illegal resolution of refusing to receive the half
crowns at their legal rate. Now came the ««hurly
burly." They made a bold push at once, condemning
this species of coin as nothing but old silver and refused
to receive or pay them. It was nothing to them that
they had been made a legal tender by an act of the
Provincial Parliament. Their High Mightinesses seem-
ed to view it as derogatory to their dignity to be bound
by any such enactment ; and as their original associa.
tion was contrary to law, they appeared to consider
themselves above the law in acting under it. This was
followed by a puzzling, tantalising, contradictory con-
duct between the banks— one would not receive the half
crowns as a deposit— the other would not take them in
payment of bills due to them— one would receive them
in payment but « did not like them"— the other would
not receive them until tendered in due legal form by a
notary public, whose august presence (strange to tell)
had a greater influence on them than the law of the
land. A legal decision put an end to the question as to
the value at which half crowns were to pass ; but this
childish game was carried on till it produced an open
rupture between cur two banks. The smothered flame
of jealous rivalsb p which had been gendered from the
time when a second bank was talked of, burst out and
in the arrogance of seniority, and reputed greater wealth
and influence, one bank refused to take the bills of the
other. This was a scheme the effects of which, by cut-
ting off the nose to be revenged on the face " there
needed no ghost come from the grave to tell us." The
bank whose bills were thus stigmatised, collected all
those of the other, on which they could lay their hands,
put ihetr own bills into circulation in their place, and
then in teal of settling the bahnce at stated times be-
tween the two bank^, as wis before customary, when
probably only a compantive small amount would be due
from one to the other, the senior b.mk had to pay all
their nofe^ which the other htld in hard cash. Had
this magnanimoii«! plan be'm carried on for a short time
longtT it would have drained the vaults of one bank of
all their specie, and extensively circulated the bills of
the oth«»r. But, would you believe it my dear Sir ?
such was the petulent animosity with which this helium
Bancorum was carried on, that when this wise measure re-
coiled upon the deviser-', a kind of tacit understanding,
little sliort of a conspiracy, was entered into by jome of
the directors of one bank (mark, not all) not to make
any payment to any person concerned with, or keeping
cash at, the nther bank, in the usual way by checks oa
their own bank, by which their bills or s,)ecie would get
into their opponent's hands, but to pay them in the bank
bills of the other bank, a quantity of rhich they oro-
cured and hoarded up for that special ourpose !
Such was the first memorable fracas betweeii these
rival institutions. It is now over, and tranquility is re-
stored to the moneyed public, but at the expense of a
good deal of trouble and inconvenience at the time.
Thus relation will give you some idea of the talents
of our bank directors as such j but independent of this,
their situations and occupatit ns in life render them ill
qualified to act in that capacity. Do not conclude frota
r\is that I mean any imputation against those gent'femen,
in any other station than in their official **?ts at the
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board of Directors* They are all respectable, «« all tio-
nourablc men," and men to whom the country is much
indebted in various degrees, but not as bank directors.
They are, with few exceptions, all mercmtile men and
engaged in various commercial pursuits, which is alone>
be their talents what they may, incompatible with the
impartiti discharge oF theii* duty as b»nk dii'ectorst
They assemble in secret conclave twice a Week, the bills
sent in for Jiscount are presented before them, they thus
get acquainted wirh the mom yed transactions of all wh()
apply, and this united with the ihformatioh they get ai
to the other p.irrs of the business of the applicants from
their counting house and shop intercourse, totahy des-
troys that secrecy which has been aptly termed " the
soul of business." This puts every man who stands in
need of an accoiMnodation by the banks, xmder contri-
bution to their gooJ will, and may place him at the mer-
cy, and subject him to the whims or caprice, of a compe*.
titor in the same trade. It has been said (but I do not
vouch for the truth of it,) that the credit and circum-
stances of men are as freely discussed at these meetings
as a piece of scandal at the tea table ol an old maid.
There is a tacit under«tan ling amongst themselves, that
whatever pcsses in the director's room is sui rosa^ but out
it comes by some means or other, and if the unfortunate
fellow whose bill has been rejected, does not hear of it
from some good natured friend to whom a director has
told it as a great secret, he will soon discover it from the
looks and demeanour of the first director he goes to
make a purchase from, unless he carries the cash in his
hand. It is said moreover that from the mutual hostili*
ty of the lianks if you look into the black book (i. «.
1]. S a book in which the names of persons whose notes are
^
decreed mt to be discounted are entered) of the on«
bank , you will find k filled with the adherents and
friends of the other and vice versa. Nay, not only ia
the note of hand of such a person stamped with disgrace^
but even it is saia if a bill with undoubted names, narne^
of friends and customers of the bank sitting in judg-
ment, comes before them, if it be contaminated by ati
endorser who belongs to the other party away with it-^
it is consigned to reprobation. The bank directors be-
ing engaged deeply in commerce • 7 themselves occa-
sionally require discounts from the uanfcs. It has beea
said that when an application for perhaps a large suni
has been made by one of them, the rest do not like to
refuse, as it may happen that he may have to serve some
of them a similar good turn at a future day. The di. .
rector in question gets it ; the amount he requires being *
hrge, swallows up all the funds the bank had for the
purposes of discount that day, and many demands made
for smaller sums are declined, and people equally id
their respective lines deserving of credit with him, have
their bill* thrmvn out, their views disappointed, and
perhaps from inability to meet » present pressing de-
mand, thetr credit irrecoverably shaken ; and all because
they happen not to be bank director? or rather because
they who are so are engaged in commercial transaction*.
On the same principle of « claw me, and I'll claw thee'»
it is even said, that when from some explained or unex- \
plained motive, one director is desirous of having a parw r
ticular name put on the black list, his co-asse^ors do!
not object, trusting that when they have any avowable ^
or unavowable cause to desire the same thing, they wiU
find an equally compliant board. Nor is it any merit in
a person so black-balled that he has oever ha4 a note
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protested nor ever suffered a creditor to ask fwicp for
his money, nor ever required one day's extension <{
time ; if the fiat has gone forth, he is cast cut from the
hallowed sanctuary of bank favorites, and it is decreed
that " there is no health in him."
if
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Thus you see, this clashing of interests and union of
duties whilst it produces disappointments to others draws
together the parties themselves in closser bonds. It has
been alledged (for what will not scandal say ?) that some
of the directors (who by their articles of association
must be stock-holders) have got bills discounted, and
had cash lent on the credit of the stock they held. In
such a case do you think they were stock-holders ? or
men of straw ? Another evil which both affects the pros-
perity of the bnnks, and the convenience of the public,
arising from »he narrow prejudices of our bank directors,
is, that they have foolishly made it a rule not to discount
bills for, or have any dealings beyond the receiving depo-
sits, with persons not in trade* An ounce of knowledge
and experience would have told them, that far the larg-
est and best customers, of all banks and bankers, are
people not in trade, landholders and others; besides hoyw
absurd to suppose that none but persons in trade have
occasion to draw, accept on endorse bills, that A becaiise
he lives in the country, and keeps neither store nor
counting house, u less solvent than B, who sells i?.pe by
the yard or sugar by the pound \ \
* A cinnilar regulation exists respecting gentlemen rf the hw.
But foi this there may be some re;isoB being concious of the ille-
gality of th( 8c institutions, thcro might he nome risk in theit
soming in contact with men who practice Uw.
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These you will perceive, are a few of the disadvanta-
ges ariHing from mercantile men being bank directors,
and many others may occur equally injurious to the in-
stitutions and the public. It is usunl vrhenever any pro-
posal is made in parliament, tending to tie up the hands
of ministry to curtail the power of the judges or officers
of state, or even to restrain the royal prerogature to pre-
mise that the present ministers, judges or sovereign as
the case may be, are all " good men and true," but that
such restraints are necessary to guard against the future
abuse of power, and this salvo is always taken as it is
meant, as words of course ; so in the instance under
contemplation I beg to declare that the present men are
all just and true, wellmeaning, and though forming a
defective and imbecile board, yet not individually or wil-
fully blameworthy. But who knows how soon an avari-
cious or unprincipled character may cre<?p in. Such a
man would, if he knew it was to make a fortunate
speculation, prevent another from getting the loan of a
little money for the purpose, rise from the director's
board and go and make the purchase himself. Such
things I say may happen and ought to be guarded against.
In the present state of this country, and in that ia
which it must necessarily be for some years to come, the
demand for foreign articles will exceed the value we can
export to pay for them. The difference must be remit-
ted in bills of exchange. Whatever will encrease the
premium on these bills ought to be guarded against as
it still encreases the balance of trade against the country.
As our banks have acted they have encreased the pre-
mium considerably beyond its natural rate. When
government wanted money in former times, bills were
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generally at a Ji<ico>inf, because few were making remit-
tances in proportion to the amount neccssiiry to pay the
military establishment. Since the banks have laid hold
of this branch, bills on England have invariably brought
a premium, and will continue to do so. The Commis-
sary General when in want of money advertises govern-
ment bills for sale. The banks who have the command
of cash, give in their oftl-rs, and a bargain is closed on
the most f^jvourable terms they can. By this means
and by having the sale of the bulk of the bills which the
directors (the chief private drawers) have to pa^s, thry
become the holders of almost all the disposeable ex-
change, and merchants when they have to make a renir-
tance, must purchase of them at the premium they
choose to exact. In all cases the banks will demand a
profit in addition to what it would have cost the remittor
had he bought it at the first hand, had not the banks
stepped forward and forestalled the market. I believe
there are instances in whlcli the banks on finding ex-
change brought a higher price in the United States have
carried it there for sale ; so that the Canada merchant
had to pay not only the price exchange brought her-,
but also the highest rate which could be procured for it
at New- York or Boston.
Trading in specie (not the current coin of the conn- '
try) is undoubtedly a legitimate pursuit for bankers,
though in the mother country very few besides the bank
of England purchase and sell bullion. AUhough there
too, no public banks, and very few private ones, meddle
with foreign exchanges, bills of exchange are equally a
fair object for banking operations ; but ir is the Jewish
traffic in the circulating medium, the abuse of these ^ur-
tuits in forestalling, monopoliiing, anJ controuliog the
transactions m them, whicli would otherwise be as it
vrere ft* mtura^ and the system which our banks have
prartisvd with the vie*«r of enriching the few it the ex-
pense of the many, which have tended in the words of
an act of Parliament I shall presently have occasion to
il'tote, to the common grievance, prejudice^ atti inconvenienct
of His Majesty's subjects, or gfeat $mmhers of ihim^ in their
f'-Oiif, commerce^ exJtangCf ami other iaivful affairu
Ir will appear singular to you that schemes carried on
in this way should ever be countenanced by the public,
or thit they should ever have attained the credit and
conscqiunce requisite to form any thing in the shape of
.1 banking establiohment. 'J'he first may be accounted
for fn)ni the general embarrassment which prevailed,
'^nd the deceptive liberality of the banks in the outset,,
which drew many of the unwary into their books, who
h;ive never yet been able to extricate themselves. Such
persons being still under the weight of their power, pre-
icr being quiet, as they know they cannot with impunity
either oppose or expose their conduct To their first
establishment many things concurred. Monied men
^ho saw and felt the depressed and declining state of
commerce, were anxious to embark their capitals in any-
undertaking whence a reasonable recompence could be
expected, and they did not trouble themselves to enquire
how that return was to be made. In this way they rea-
dily grasped at the idea of instituting banks, as an ob-
ject which had the chance of meeting their expectations.
'I'he designing and ambitious saw in them the means or
the contingency of becoming personally the masters of
their neighbours' «ecrets and trade, by those means of
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which a glimpse has before been given. The Indoleflt
orthose who had more profitable wnys of employing their
clerks than in counting quarter dollars and York shil-
lings, saw that by the banks they would have their la-
bours abridged and their expenses curtailed. The needy-
looked forward to liber.-.l discounts and abundant ?ccom*
modation. These motives operated with some, \vith
others of a cautious temper a different or additional in-
ducement was required, to reconcile them to the esta-
blishment of banks. They knew that one effect of the
want of a charter was ta make the stockholders liable
for the whole debts of the bank to the whole amount of
private property they might have, and as no charter of
incorporation was obtainable,* the fear of involving
themselves beyond the amount of their shares, should
any untoward accident happen to the banks, prevented
many from readily joining in the scheme. To reconcile
these people, and (as they thought er alleged) for their
own safety, the more zealous advocates for a bank pro-
posed one of the articles of association, by which «» the
♦• joint stock shall alone be responsible for the debts and
" engagements of the company, and that no person who
'*^ shall or may deal with the company, er to whom they
• The bills in'roduced in the House of Assembly in the set-
sionsof 1817-18, and also those m the spssion of 1820-21, for
the incorporation of the Lower-Canada banks, though thfy pas-
£cd the Legislative Council, have nnet the fate of being reserved
for his Majesty's approbation. In this WHy the bills of 1817-l»
have been allowed to die the dtalh of oblivion, and the same
fate may be predicted of the more recent bills. A strong pro-
test, it ij said, wag cntmd against them in the Council by tfce
fust law authority in the country, the Chief Justice of the Pro.
wince.
15
« shall or may become in anywise indebted, shall on any
" pretence whatever have recourse against the separate
" property of any present or future member of the com-
*♦ pany, or against their persons, further than may be
" necessary to secure the faithful application of the funds
<* thereof to the purposes to which by these presents
«• they are liable. But all persons accepting «ny bond,
*« bill, note, or other contract of this company, signed
»' by the president and countersigned or attested by the
" cashier of the company for the time being, or dealing
" with it in any other manner whatsoever, thereby re-
" spectively giv» credit to the said joint stock or pro-
«« perty of the said company, and thereby respectively
^' disavow having recourse, on any pretence whatever,
*< to the person or separate property of any present or
•« future member of the company, except as before men-
** tioned." This article then goes on to dictate to the
Courts of law, and says that " all suits to be brought
" against the company shall be brought ngainst the
"president for the time being," and « in case of any
" suit at law, the president for the time being shall
" have full power in his own name, and in behalf of the
« company to prosecute to judgment and execution,"
<:oncluding, in the face of common sense and statute
law, " it being expressly understood that all persons
«* dealing with the said company agree to these terms,
" and are to be bound thereby." Absurd and illegal as
this article is, the next exceeds it in absurdity and ille-
gality. By it " for the information of all persons who
*< may transact business with, or in any manner give
« credit to the company, every bond, bill, note, or other
" instrument or contract, by the effect or terms of which
" the company may be charged or held liable for the
'! I
1(1
•♦payment Of money, shall specially dechre. that fnt.
mm shall be made out of the joint funds of the co^aZ,
according to the present articles of association, and L
«a/W.. " And it is declared « that no en^.agen.ent
« can be legally made in the name of the company un.
•ess It contain a limitation or restriction to the dF ct
« above recited, and that the company expressly di.avo.^
all respon.,biIi,y for any debt or engagement which
mayhemade.ntheirn.nne. not containing a limitation
or restriction to thjieffect aforesaid."
It is a maxim 'n law ( md those wl^ deny maxims
cannot be argued with) that no per.on can bind himself
to do any thing contrary ta law, and that no agreement
or part of an agreement, or contract, that is contrary ,o
raw can be yalid, but is from that circumstance utterly
iroid and of no force agamst either party. Now, borh
By the common and written law of England, and by the
Cvil law, on which the French laws are founded, every
person concerned in an undertaking is liable for the full
extent of that undertaking, and for all the claims that
may be made upon it. So says likewise the /.;. mercatori,
or custom of merchant., and the laws and usager reluivr^
to trade m Holland, and of the Hanse towns. To fancy'
therefore, that such clauses as have been introduced into
the articles of association of the Canada banks, which
are contrary to law, could be binding either upon the^e
companies, or upon any one who had a claim upon them,
seems preposterous. A man may certainly in some cases,
s.gn and be bound by a defeasance of his own rights,
and the bank-cu.tomers who have signed the agreement
inserted m their bank-books, as is practised here, to
abide by those article* of association which I have been
A t
I
1*
quoting may protjaKly be held to the tenor o* them : but
nothing upon earth could extend this to the holders of
bank bilU, who could not, supposing even the articles in
question to be unobjectionable in point of legality, by
Any latitude of construction be converted mto t>ersonf
dtaling with th compaty.
Bb this as It may, in pursuance of those sage articles
of association a chiuse was inserted in the bank-bills, af
a aalvo specifying that the bills are to be paid ««<»«/ of the
joint funds of the association, and no other," implying that
the private property of the stockholders was not answer-
able for the payment of the bills they might issue; and
that on an emergency they might evade the payment of
the bills by the simple answer that « there are no funds
belonging to the association." That such an answer is
not an impossible one, however weahhy the individuals
may be who compose the banks, or in whatever hi^h de-
gree of credit the banks may stand with the public will
be evident from the following supposed case. Should,
at a time of war with the United States, an actual inva-
sion of the Province take place : and, under thp fear o^
the vaults being robbed by the 6neray, suppose a general
meeting of the directors resolve that each shareholder
should be allowed to withdraw from the banks either the
whole or a part of hjs c;apiral paid in. and that the sharer
holders did 80. and carried off each his quantum of spe-
cie i then there virould be the answer ready, ♦« there are
"no joint funds of the association in the chest." and as
the stocholderj do not consider themselves liable for the
debts of the bank, tiie holders of bankbiUs might go
waistle. * •
, To return to my narrative, this evasive anJ nmbigt,-
ous clau^e ha.l ho^vcvcr the dosireu effect. It lulled the
doubt.r.g ,nto security and raised the desire for hnnkinp.
so rhat all ran full tilt in favour of the erection of banks
upon the.e preposterous principles. The "Vtill small
voue " of reason was not heard, or was drowned by cla.-
tnour atid bold assertion-.he necessary number of shares
to enn ,le them to commence operations was soon sub-
jcnbcd and their fan.ou. nates made their appearance.
Here aga.n they were met by the genius of commercial
law wl,o plumply told them that according to the rcutun,e
^^ ^/My (generally received as the law of exchange
^^rot.ghout the commercial world) and to the lr.w of
?"filand as established by precedent and analogy, no biU
or note containing any species of condition, clause or
prov,.o, or which was any other than an absolute uncon-
^monal and peremptory warrant or engagement to pay
a specfic sun. ot money, at a specific time and to a sne-
C'fic party, <:o„ld be considered as a bill or note accord-
inp: to the rustom of merchants, or within the meanin.
^Li!; ^ ^V7"^' "'^'"^ to bills of exchange J
and they mundated the country with a r.or:strous .orgrL
ywnlous ahort,.n of la.k ^aper, totally unlcncwn before,
not exprcssmg even the essenwal averment of .-value
process, lou will have head of the opfnion delivered,
some t.n,e ago .n Court h.re, from which it appears this
tlnuse relative ^ the jo.nt funds of the association is a
• There is moreover a Provincial ordinance which directs that
bjIUo nndcr it val.d. Their Utcx bi,i» a..,^ Jl^LZ
19
■:u\
mere nrce. Each and every stockhoIJtfr and every
man who can be proved to have been one, and who hav
nor given public intimation of his ceasing to be so, ac-
cording to the law and practice in such cases, is Uable
for the due payment of these bills to the last shilling of
property he possesses. It is true that in the legal quei-
tions that have hitherto arisen in which th^i merits of
the bills of our banks have been involved, no 4ecision
has taken place, as to the moJe in which the am«'jnt
might be recoverable from the bank or from the stock-
holders; nor as to the real validity of them as notes or
bills (that they are a security for money is no', denied,
but so are many thing<! that are not valid as bills; those
vital questions having been blinked at, as there were al-
ways other points on which the decisipns could turn so
as to avoid them But if it ever comes to issue and it is
most likely to do so in criminal* cases, I will venture to.
predict that thesr notes would be solemnly declared to
possess no more intrinsic value than that of the paper
and the ink, and to be nothing more at best than very
ill designed engraving* of about the value of penny cuts
printed for the amusement of children.
It is the invariable practice of all banking institutions
in the mother country, that whenever a forgery is com-
* The prosecutions which the Bank? have instituted against
the uttcrcri of the counteifcits of their famous notes, have all
CD J(id as yet in indictments for misdcmeaner*. in obtaining mom y
or effects undfr false pretences. If they would but have the
courage to bring one capital iacljctment against either a forutr or
ulterer of their mongrel bills, tl^ey wouid probably be convinced
from the result of such a prosecution, that th.ir paper in merely
paper, and that waste paper too but they dont wish to risk the;
<;uL-tf':iun.
no
mitted on any of th?ir plate.-they immediately give
ll»< ^bl.t notice ofit— call in M the notes of that plate
they .may have m circulation—and put an end to the in.
jurious consequences which might result both to the
public and themselves from more of such counterfeit
ilotes getting abroad by condemning the plate— with our
Banks the practice is different .—Although several for.
genes have been committed, there is no word of can-
celhng the plates so forged nor of cahing in these notes.
When ever any person, who gets such a forged note on
presenting it at the Bank, the word counterfeit is writ-
ten or stamped upon it apd the holder must pocket the
affront without even the proper means being used to
Fotect him against a sinjilar loss.
Fr6m the unacknowledged con' riousness of these cir-
cumstances, no doubt arises in a groat measure the anx-
iety that i3 evinced to get acts of incorporation as the
only means of self-preservation. How far such acts
when obtained may operate to salve the sore places, or
to cure the radical defects in the constitution of these
associations 5 and in how far the provincial government
even may have the pov/er of complying with these wish-
^-s will best appear from the following abstracts from the
acts of the British Parliament referable to this suDJer;
^ You know my way, to read a little of every thii, . ,.,
»t romes before me, at my leisure moments. Sometime^
logic, sometimes history, sometimes a little law, and the
foi!/>^';ng which lately occurred in the course of mf
ftwn;. s^"j readmg (as ^ noble Lord used to say,>I thinfc
appbcait <o yoi:;; t|uerie«.
t
t
I
J
d
u
C
e
c
/^
ft
U Act 6, Georg. I cap. 1», which i.by M Ceore.
U. cap. 37, c*ic»a«d 10 America enacts » follow,, virf
i^ -AHDa,hreas it is notorious tknt uverai undertaking,
•rpry..:. of different ki.ds have bt»n puUici^ contrived W
rrrctued or attempted to be practised within M. citu .f Un^
don .nd other parts of this kir,gdon,, as niso in IreJd. anS
other h.s Mnjestff's dominions, kvbich manifestlu tend to the
coMMoy CMiErANc,, PREJUDICE A A iLoyrsyf,
MNCE of great numbers of y.ur Mnj^st^s su^ects in their
trade and commerce and other tt^ir affairs : and the personr
^ho contr,ve or attempt such d^gerons snd mischievZ un.
dertahngs "r projects under false pretences of pnilic good, d,
presume according to tl.ir o^n devices and scheme: to open
hook- for pubUc subscriptions and dra^ in many un^^aryL.
sons to subscnbe theresn towards raising greas sums ofmZs,
thereupon the subscribers or claimants under rhem do pJl
^^/i proportions thereof, and such proportions in the JLl
^amount to very large sums., which dangerous or ^is-
ch^evous undertakmgs or projects do relate to several
fisher.es a»d other affurs. wherein the trade, co^mer^c
and welfare of your Majesty's subjects or great number!
cases th ,,,j undertakers or subscribers have presumed to Z
a fthey ^cre corporate bodies, and have pretended to make
legal au^honty .uhcr by Act of Parliament or In, any Chartfr
from the Cro^, fir sodding, and in some cases the un-
dert^kers or subscribers have acted or pretended to act
under aome charter or charters formerly granted by tht
Crown for some particular or special purposes thereh!
expressed but have u.ed or endeavoured' to'^se the m^
Charters for raising joint stock, and fr . «^;n„ J! "'^
?•? ;'
:i
I
22
ar »ss\ffnmevif, or pretendea transfers or assfgnmcnu
for their own private lucrr, which were never ini ended
or designed by the s.im? charters respcctivrly; and in
some cases the undertakers or subscribers have aaed
under some obsolete charter or charters, aUhough tiie
same became void or voidable by non user or abuser, or
for want of making lawful elections wliich were neces'sary
for the continuance thereof; arj mamj other unnvarrauU
able practices (tno many to enumerate) Lve been and dailij
are, and mny lureafter be contrived, ut on foct or proceeded-
upon to tlie ruin and destruction of many of your Myaty'r
good subjects if a timely remedy be not provided .• Jnd nvliero-
as it is become absolutely neceuary. t/mt all public under, akingt
and attempts tending loth common grievance, prfjudice.
AND INCONVENIENCE cf your Majesty' s subjects in general
or great numbers of them tn their trade, commerce or other
lawful a fun, be effectually suppressed and reUraimdfor tki
juture by suitable and adequate punUimeHts for that purpose
to be uicertained and estabhshed. Now for suppressing such
Mischievous and dangerous undertakings and attenpts, and
preventing the like for the future. May it please your most
excellent Majesty, &c. that it may be enacted, and be it
enacted, Sec That all and every the undertakings and at-
Umpt: described as aforesaid, and all otber public undertake
wgs and attempts tending to th common grievance, pre-
judice AND INCONVENIENCE of his Majesty'; subjects or
great numbers of ihtm in thir trade, commerce or other law^
ful affairs, a,iJ all puillc subscriptions, receipts, payments,
ass,gMwen/s, transfers, pretended assignments and tranfets,
and all other matters and things nvJiatsoever fr furthering,
countenancing or proceeding in any such undertaking or aL
tempt, and more particularly the actitig or presuming to act
fii a corporate body or bodies, the raising or pretending to raise
28
transftrable stot^k or stocks, tlte transferring or pretending 1m
transfer or assign any share or shares in such slock or stocks,
fwiihsut legal authority dlhtr by act of Parliament, or by any
charter from the Crown to warrant such acting as n body cor-
porate or to raise such transferable stock or stockr, or io trans-
Jer shares therein, and all acting or pretendin'g to act un-
der any charter fornieriy granted from the Crown for
particular or speci il purposes therein exiwesscd by per-
sons wl»o do or shall use or endeavour to use the same
charters for raising a c.ipltal stock or for making trans-
fers or assignments or pretended transfers or assign-
ments of such stock not intended or designed by such
charter to be raised or transferred, and nil acting or pre*
ti?nding to act under any obsolete charter, become void
«r voidable by non user or abuser, or for want of mak-
ing Invful elections which were necessary to continue
the corporation thereby intended fhall forever bb
CEEMtiD TO BE ILLEGAL AND VOID, and iliall not be prac-
tised or in any way put in execution*
$ 19. And be it further enacted, &c. That all such un-
lawful undertakings or attempts so tending to the com-
mon GRIEVANCE, PRKJUDICE AND INCONVENIENCE c/ //;V
Majesty's subjects er a great number of thm in tlieir trade,
commerce or other lawful affairs, and the making or taking
■any subscriptions for that purpose, the receiving or paying
an^iay money upon suc^i subscriptions, the mak-ng or accejiting
rfany assignment or transfer or pretended assigmunt or trans-
fer of any share or shares upon any subscription, and all
AND EVERY OTHER MATTER AND THING WHATSOEVER
FOR fURTHERING COUNTENANCING OR PROCEEDING IM
ANY SUCH UNLAWFUL UNDERTAKING Oil ATTEMPT,
and more particularly the presuming or pretending to actms
IM-
I! '
1 '
u
11
I
ill
J 'It: 11
hii
«4
ffrporate Ifody orio raise a transfer alle stock or storls, or ta
9tahe trani/ers or assignments of any share or shares therein
%oiihout such legal authority as aforesaid, and all acting or
pretending to act under any charter formerly granted
from the Crown for any particular or special purposes
therein expressed, by persons making or endeavouring
to make use of such charter for any such other purpose
not thereby intended ; and all acting or pretending to
act under any such obselefe charter as is before describ-
«d i attd every of them shall be deemed to be a public nui-
MNCE ANO NUISANCES, and th^ same and all causes, matter/
and things relating thereto, and every of them, shall for ever
hereafter be examined, heard, tried, and determined as com-
mon NUtSANCES, and are to be examined, heard, tried, and
determined by vr according to the law of this realm, and all
offenders tfierein being thereof lanvfully convicted upon infer,
motion or indictment, in any cf His Majesty's Courts of Re-
ard at Westminster, or in Edinburgh, or in Dublin, shall
be liable to such fines, penalties and punishments ivhereunta
persons convtcteu for COUUOH AND PUBLIC NUISANCES or^
*/ aw/ of the lanvs xind statutes xf this realm subject and lia.
ble : and moreover shall incur and sustain any further pains,
pemlties and forfeit ures as vsere ordained and provided by the
statute ofPrsvision and Proemdnire made in the sixteenth
year of the reign sf King Richard II.
i 20. And be it further enacted that if any merchant
or trader shaU suffer any particular damage in his, her
or their trade, commerce or other lawful affairs, by oc-
caiion or means of any undertaking or attempt, matter
or thmg, by this act declared to be unlawful and will sue
to be relieved therein, then and in every such case such
merxiuw or trader slwli and m^ have his or their re-
25
medy fbr the same, by an action or actions to be ground^
cd upon this statute, against the persons, societies, or
partnerships, or any of them, who contrary to this act
shall be engaged or interested in any siich unlawful un-
dertaking or attempt j and every such action or actions
shall be heard and determined in any of His Majesty's
Courts of Record aforesaid, wherein no assien, protec-
tion, wager of law, or more than an imparlance shall be
granted or allowed j and in every isuch action the plain-
tiff shall and may recover treble damages with fuO cost j of
suit.
By Sect 21. Anybrdker bargaining, selling, buying
or purchasing, or agreeing for the bargaining, selling,
buying or purchasing any share or interest in such utt.
dertafcings, or any stock or pretended stock, of such un-
dertakers, shall be incapable of acting as a broker for the
futuret and shall forfeit 5001. one moiety to the King and tht
other id the informer.
tltre strong enactments to form part of the act which
established two Insurance Companies 5n London i let us
now see what induced the Legislature specially to extend
this law to the Colonies, although even without that ex-
tension the act seems by the words " other His Majesty's
dominions," to have cbntemplated all the territories be-
fenging to the Crown of Great-Britain.
The Hth of George 11. cap. 37, is entitled jin act
for restraining and preventing several unwarrantable schemej
and undertakings in His Majesty's Colonies and Plantation
in America. The preamble recites verbatim the ISth^
\ I9th and 20th seaions of the preceding statute i and
D
I .
^:
ill
I
26
then as If the act was made in 1818 instead of 1740,
and had been occasioned by the banking associations in
this country, it proceeds thus : " and wfiereas persons have
presumed to publish in America a schtme for supplying a pre-
tended want of medium in trade by setting up a bank on land
security, the stock of such bank to be raised by public subscrip.
iion for large sums of money whereof small sums -were from
Ume to time to be paid in and by the particular subscribers
and to be managed by directors, treasurer and other officer s^
and dividends to be made as therein mentioned j and the said
company of subscribers were to promise to rtceive the
bills which tht y should issue for and as so much lawful
money as should be therein respectfully mentioned in all
payments, trade and business ; and after the expiration
cf twenty years to pay the possessor the x-alue thereof in
manufactures ; and sundry other schemes , societies, pa tr.er-
ships or companies have been and may he set on foot in Ameri-
ca for the purpose of raising public stock or banks And
UNLAWFULLY ISSUING LARGE QUANTITIES OF NOTES OH
5ILLS THERE contrary to the true intent and meaning of tlie
said recited act ; and whereas doubt, have arisen wlutlur the
said recited act doth extend to, or can be extctuttd in His
Majesty s dominions, colonies, and plantations in America, in
regard that tlu information or indictment against the (fftndtrs
tkrein mentioned, and tike wise tlie actions to be grounded upon
that act and thereby given to the merc/uint or trader who should
suffer any particular damage were appointed to he heard and
ddeymimJ in some of His Majesty's Courts of Record ai
Westminster or in hdinhmgh or in Dublin, so that the said
act withouS further explanation or amendment may not be suf-
ficient to suppress and prevent THE MiscHlEVOUi and dan-
gerous UNDERTAKINGS AND ATTEMPTS tlicrtin nitntion-
'dt and tJureby designed to be pi evented and suppressed ,• For
^
27
Tecoedy whereof may it please your Most Excellent Ma-
jesty, that it may be declared and enacted, and be it de-
clared and enacted, &c. Tkit the fciid reaied uct^ and ali
and singular the paragraphs , clauses and expressions therein
• contained for suppressing^ restraining or puniJiing the extra-
vagant or unwarrantable practices therein mentioned^ DID
B'), AND SHALL EXTEND TO, AND ARE AND SHALL BE
IN FORCE AND CARRIED INTO EXECUTION IN ALL AND
EVERY HIS majesty's DOMINIONS, COLONIES AND PLAN-
TATIONS IN Ameuica, and all and every the undertakingSy
attempts y *natters and things in the said recited act mentioned
or described and prohibited to be acted, done, attempted, endea-
voured or proceeded upon within the city of London and other
parts of this Kingdom, as also in Ireland or other His Ma-
jesttfs dominions, AND ALL OTHER THE UNDERTAK-
INGS, ATTEMPTS, MATTERS AND THINGS HEREIN
BEFORE MENTIONED OR DESCRIBED, ARE AND SHALL
' HE DEEMED TO BE ILLEGAL AND VOID IN HIS
MAJRSTH's dominions, colonies and plantations ALSO,
and shall not there be practised or in any wise put in execu-
tion ; and that all offenders agaimt the said recited or this
present act, being thereof lawfully convicted upon information
or indictment in any of His Majesty's dominion, colonies or
plantations in America, shall be liable to such and the like fines,
penalties and puniJiments whereunio penons convicted in
Great Britain for common nuisancls, are by any of the
laws or statutes of this realm iubject or liable and moreover
shall incur and sustain any further pc'ns, penalties and for-
feitures, as were ordained and provided by the statute of pro-
%'uion and proemunire* made in the sixteentn year of tlte
* The statute of Proemunire ordains that all who incur the
piiut and penalties thereof shall be put out of the King's pioltc-
i.^
reign rf King Richard the second; and thai if amj merrhauJ
or trader hath suffered or shall suffer amj particular damage
in hisf her or their trade, commerce, exchange or
OTHER LAWFUL AFFAIRS, by occasion or means of any un-
dertaking or attempt^ matter or thing carried on^ attempttd
or done in America^ and by this or the said recited act declar-
ed to he illegal^ and will sue to be relieved therein^ then and
in every such case, such merchant, trader or other person shall
and may have his, her or tlieir remedy for the same by any
action or suit grounded upon this act against the respective
persons, societies or partnerships or agaimt any one oa
WORE OP THE PERSONS WHO CONTRARY TO THIS ACT HAVB,
OR HATH BEEN, OR SHALL BE ENGAGED OR INTERB.STED
W ANY SUCH UNLAWFUL UNDERTAKING OR ATTEMPT,
and every such action or suit (for -what hath been or shall be
so undertaken, carried on, attempted or done in America,)
shall be heard and determined in any of His Majesty's Courts
vf Record within any of His Majesty's dominions, colonies Qr
plantations in America, and in every such action and suit the
plaintiff (in case he or she recover) may and shall recover
TREBLE DAMAGES WITH FULL COSTS OF SUIT.
r
$ 2. And be it further enacted, &c. That all and every
person and persons ivJtatsoever, who shall be possessed of or
entitled to any promissory noU or notes, bill or bills which have
been or shall be issued by any such societies, partnerships or
tron an ' ror ever thereafter be incapacitated from holding an7
-office of trust or emolument, shall forfeit all their property to the
King and shall moreover be imprisoned during life, with the se-
vere addition that the King shall not have the power of pardoning
them. The highly penal nature of this statute has rendered it
nearly a dead letter, but no law can be said to be ohselete, aB
which is not repealed it 'n force.
2t)
t0ttijjanies of persons in America shall and are hrefy emptm-
tred to commence or bring at any time hereafter his, her or
their action or suit in any Court of Record in any of His Ma-
jesty's domimofts, colonies or plantations in y^merica against
the respective persons^ societies, partnerships and companies
who have or sfiall issue ,uch notes or bills, or against any one
or more of the persons who have been within tJie space of six
years last past, or shall be hereafter engaged or interested in
any such unlawful undertaking or attempt, or who shall have
signed suck note or notes, bill or bills, in order to recover pre.
tent paymeut in lawful money of the full sum nventioned or ex-
pressed in such note or bill, to which payment every such
PERSON IS HEREBY DECLARED TO BE PERSONALLY LU-
BLE, and in such action or suits the pbiatif or plaintiffs
shall recover and have judgement for immediate payment fy
the defendant or defendants in lawful money of the full sum
mentioned in such note or bill together with lawful interest for
the same, from the day of the date of stuh note or bill with
full costs of suit, though the time limited for payme«
according to the tenor of such note or bill shaU not be
come or pastw
§ 3. Provided always that nothing herein siall extend or
ie construed to extend to inflict any of the fines, pains, penaU
ties, forfeitures, punishments or treble damages afhresaid upon
any person or persons whatsoever, who Jiave or hath attempt-
ed, promoted, undertaken, assisted or carried on in America
any of the matters^ or things declared to be illegal and void ly
$his or the said recited act, if such person or persons does on
do within ten days after demand made pay and discharge such
sum or sums of money respectively as shall be secured or madt
payable by such note or notes, bill er bills. And desist
30
FROM. GIVE UP, REI INQUISH AND WHOLLY FOR BEAR
TO ACT FURTHER IN ANY SORT D.RECTLY OR INDI
RECTLY LV ANY SUCH M4TTKR OR THING ON OR
BEFORE THE TWENTY-NINTH DAY OF SEPTEMBER
ONE THOUSAND SEVEN HUNDRED AND FORTY ONe'.
any thing herein contained to the contrary notwith-*
standing.
These sets I think speak for themselves. There
wouKi not be wanting in England qui tam atfornies to
bring actions and make their fortunes by penahies or
compromises were such nice sauces erected there. You
will perceive they apply equally to other joint s ock
companies, and would affect the Fire Insurance compa-
ry as well as the banks ; but your queries having been
confined to the latter I will not lengthen this epistle, al-
ready too long, by any observations on the former,
though many both with regard to their constitution and
the mode in which they have been conducted occur to
me as do likewise several relative to the /« ^.a«/ Savings
Bank here which has already so widely departed from
the principles it set out with, and which form the basis of
the parent institution of the same denomination at home.
I will conclude by expressing my hopes that from the
delineation here given, the wise heads with vou may
avoid the rocks on which our wise acres here split, and
may be warned in the words of Horace,
Hie niger e^t ; hunc tu, Romane, mw/o.— Horace.
I remain. Dear Sir,
Your obdt. servant,
MAURICE MASK.
Montreal, 6th January, 1822.
^
31
i:j:tract from the Journals of the l.eghht'tve
Council, 2 Geo. IV. ^th March, 1821.
PROTEST
Of the Honourable Chief Justice against the passing of
the Bills for the Incorporation of the Bank of Ca-
nada, Quebec Bank, Montreal Bank, and Quebec
Fire Insurance Company.
I. Because this Bill proposes to incorporate a Com.
pany of private Bankers, which as such, has existed
for two years, in Quebec, and thus constituting them a
I'ubhc body to exempt the copartners of that company,
contrary to the general principle of law in this respect,
fro;n all respon^ility for the debts of their copartnership
btyond the amount of thj stock which they respectively
posses.; which provisions of the bill are repugnant to the
British Statutes 6ih Geo. I. cap. 18, and Uth Geo. II
cap, 37— and consequently void under and by virtue of
the British Statute 7 and 8 Will. III. cap. 22 Section 9.
rhese several Statutes having been introduced into this
1 rovince, and especially declared to be law therein by the
last clause of the U Geo. III. cap. 83, commonly called,
the Quebec Act.
11. Because as the above-mentioned Statute C Geo. I.
cap. 18, was intended by the Imperial Legislature at the
time « was passed, to extend and to be in force as law
in the British American colonies (as is declared by the
1st Section of the Uth Geo. II. cap. 37. which enacts.
^'Ihat itdiJ, doth and shall extend to all of them,")
It was as. I cohceive, the policy and the intention of
the Law g.ver, w exclude the Coiouial Governments
3^
Aom ail Interference in the establishment of any public
commeraal companies of the description conteinplated
by the Statute, and therefor, in the 18eh Section, we
find .t enacted. "That the acting or presuming to at a!
a corporate body or bodies, the raising or pretending
to raise transferable stock or stocks ; the transferring
«1 ?p / *""''°'''' '^'^^'^^ /egai authority either hy
Act of Parltament or by any Uiarter from the Cro-wn to
warr t , ^^^^^ cor^rate. or to raise
u h transfcrrable stock or stocks, or, to transfer
shares therein, .hall, for ever be deemed to be illegal
-avoid, and shall not be practised, or in any wL
"put .n execution." And as an Act of a Colonial Le-
gislature .s not an Act of Parliament, within the mean-
Impenal Parliament being therein too plainly intended
to require comment, (nor a Charter from the Crown) a
Charter of Incorporation passed under the Great Seal of
England and derived from the sole authority of the Sov-
ereign. be.ng as plainly intended by the Statute in con-
rad.stinct.on to an Act derived from the joint power of
he Imperial Parliament. It necessarily follows, that.
Acting as a corporate body and raising and transfer,
"ring stock," under the presumed authority of this
Bill. (If It were passed) would be acting as a corporate
body and ra„mg and transferring stock, without legal
authority either by Act of Parliament or . any Char^
from the Crown to warrant such acting, &c. "And
17^1 "^"'' '" ''''''' '"^ ^°'^" Consequently,
every attempt to give such authority by an Act of thS
Frovmclal Legislature, mus^ be equally illegal and equal.
»y void, under the 6ti, Geo. I. cap. 18, and the 7 & B
33 '
Will. III. cap. 22, Section 9. And we sepm ♦« i
.icuUH, Cled upon ,o „fni„ fro. s: h T. ''.'Tr
«u« ,he .8,h Secion of .ha Su.u.e O.h g"o7 can"
0. !,a,e„ac.ed. That wha, it pr„hibi„, <• Shall „„,T
" o'y wuf be put in execution."
re'LtT: ''',"°'- ''°t' """'' "« "'"'-""i -"•
.Tr„ . n ! T ""°" "' "« S'«Me C,h Geo. I. cap
, ' «, .0 " Banks" in the colonies they are effectually r!'
«ated ,n the prean,ble) i, among other matters dechr d
"Stiet '"""' ''" """'""'" "•= «'"Wish„,e„ of
0° s'IpT".!''''':' »-°-P-iesforthe purpo .
o^ r ,„„g Pubhc Stocks .r £.„*,, and unlawful is,„.
ng large <,„an„ties of Notes or A* ,W, contrlT^o
hetrue ,n«n. and meaning of the 6.h of Geo. I. cVp
.^n all aid '" !t"". '"'' "' ""'"i '■"'> """"on
•• nd Plantation"- ; ^'''"''' "•""'"'°'"- C-'onies
•• erv thf 7 M" '^'"'"" ' -^""^ "■">« "" "nd ev.
"reTitM a" :^n':"^^ ""?" """ "-■"«=• "> "•» said
tcciiea Act mentioned or descnhoH n»,^ i -i.- .
« be arfp,? ,1 uescnoed and prohibited to
;:- Kingdom, as ais'or:.::rd:\r„t:rL^^^
" empts Zr™' !, "."." °" ""^ '"e undertakings, at.
•• deTcr bed ":: '.'""«' ■""'" W.re.me„,ioned or
descr bed, are and shall be deemed ,„ be illegal and
"tain? : ""'""'' '^'■■"'"'°-- Colonies anf Plan'
mtons .n Amenca. also, and shall not &„ be prac.
tised, or « anj, wm put in cxeMion."
J. J
34
'• '/•
IV. Becau« ,he proposed clauw of ihi. Bill, wit,!, i.
•h p boyond ,h. ,„„„„, of ,h. «ock which ,h„ ""
r«P«..,.ly p„3s«., i. aU. equally rep„g„.r.„7.
pro.„,o™ of .h. U.h Ceo. „. cap's:.",*, ^ ^ t
0,0. 1, cap 6. Ina,much a, if ,hey are no. er„„d .
wants support) i, confirmed by thTrLontef ^ i "
(Signed)
;^/.,S|^L, Speaker.
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