New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-04
CANADA.
BANKERS AND FINANCIERS OF CANADA.
C,,,sssopdepce Of The N. Y. Tribune

BANKERS AND FINANCIERS OF CANADA.
Correspondents Of The N. z. Tribune.
TORONTO, Friday, Oct. 80, 1857.
am really glad that Governor King has not con-
yened an extra session Of your State Legislature
TO encourage bankruptcy and bad faith, aud that
our banks are still paying specie 1t 10 really an
affecting spectacle your generalsu'pension scheme
young nation OF twenty four millions of souls, in
a country the most favorable for successful indus
try, mainly bankrupt (the Federal authorities ex-
cepted) and involving in its Encouragement, not
only its own people, bat the Inhabitants Of other
countries. would much prefer our being reduced
to barter in Canada rather than that we should
sanction currency not exchaDgeable for or repre-.
sentjpg gold and silver. What mOnstrOus tyranny
il il that bank directors have the power OF ncreas
ing or Iessening the value Of property by making
irresponsible paper the standard Of value With
you there is a pledge Of State or United States
stocks Here the bank that has received interest
for millions of paper that cost it almost nothing du-
ring twenty years, prepares, On the twenty-irst
year, to suspend. There's no remedy-no pledge.
The stock Of the Bank Of Upper Canada, the chief
treasury of the Canada Government, was sold for
lG2 short time since. IL is now offered for so.
Wars in Russia, Persia, China and India, and
wild speculaiOns IN An erican lands, railways and
merchandise, through haste u be rich are exhibit
ing the weak points Of the financial system Of this
continent. Such usury as s now paid here must
speedily prove ruinous 10 our merchants, of whom
Gin Canada) the larger number in real dificulty
usury and extOrOn assuredly not tutors of agri
culture; and now that your 800 banks have be-
come bankrupt who shall tell the value Of paper
she kels issued from eco minis
i was present when your State Constitution Of
1876 YVES considered and adopted-a careful, inter-
- LII.
their Oaths to uphold it How to reconcile the
sttutional provision regarding banks which do not
meet their obligations with the recent meeting of the
Judges at New. York seems difficult.
When banks are unable TO pay their debts when
due, in gold and silver, are they not bankruptsl
When able to pay, and unwilling, they not fraud
ulent bankruptsl But, as John Randolph said in
Congress. forty years since, man might as vel
attack Gibraltar with pocketpistOl as attempt to
cbecl their proceedings, legal or Illegal.
With year after year OF prosperous haryests and
high prices, we Canadians have been getting deeper
and deeper in debt 10 Europe, our banks will be
embarrassed for money few weeks hence, when
more commercial paper comes due and goes under
protest Lumber, the great staple Of Lower Can.
ada, has been falling fast in value aimee August and
the sale is very dull although GOO 600 tuns OF ahip-
pug have reached Quebec this year against 10000
last year.,
hear Of no ships 20 be built there during next
Winter; many persons here are out Of employ. An
ill-tined circular to Europe by Mr. VankoughBet,
an inexperienced person, recently placed over our
Immigration Depaitnen is causing some suffering
in Canada
The difference between bank paper and spee,
may not become conspicuous just yet in New York
and Boston, but when it does our banks will be
besieged for specie. The Bank Of England became
krupt-suipended in 1897, the specie in the bank
having fallen in 1856 10 ten million dollars; but up
to ls0O, inclusive, the price Of an ounce of gold
rem aired at f3 lie. l0id, as again in 1921, when