TABLE OF CONTENTS §7.-Establishment of the Bank of Upper Canada......... 53 §8.-The "Pretended” Bank of Upper Canada at Kingston 58 $9.-Economic and Political Environment of the Bank... 61 $10.-A Period of Expansion, 1830-1837.................. §11.-Imperial Regulation of Colonial Bank Charters.. CHAPTER IV.-PROVINCE OF CANADA, 1841-1850 §17.-The Bank of Issue Proposed by Lord Sydenham 109 $18.-The Legislation of 1841 and 1843... 124 128 §27.-Repeal of the Act to Establish Freedom of Banking, §41.-The "Act respecting Banks and Banking," 1870...... 254 §42.-The "Act relating to Banks and Banking," 1871. ... CHAPTER VIII.--BANKING UNDER THE CONFEDERATION, 1867-89 APPENDICES I.-Table showing the Grand Totals of the Liabilities and Assets of the Chartered Banks of the Dominion of Canada as reported to the Government, on the 30th June, 1867; the 31st December, 1868–1893; and the 30th June, 1894....... 459 II.-Sundry Items of the Statements of Liabilities and Assets furnished to the Department of Finance for the last jurid- ical days of the months ending the 31st December, 1890- 1893, and the 30th June, 1894, by Chartered Banks of the III.-Table showing Grand Total of Notes in Circulation at the end of each Calendar Month, January, 1879, to June, 1894 470 UNIVERSIT The Canadian Banking System, 1817-1890 CHAPTER I INTRODUCTION THE economic character of banking transactions varies little, wherever they may be concluded. To perform the functions of discount, deposit and note issue, to exchange rights to demand money for money, money for rights to demand it, and rights to demand money for other rights to demand it— from one point of view, that is the whole of banking: Banking systems differ, not so much in the character of their economic services, as in the degree of perfection with which those services are performed, the methods of accomplishing them, the principles on which banks are organized, the powers confirmed to banks by statute, and the obligations and restrictions imposed upon them-the manner and completeness, in short, of the fulfilment of banking functions. Where, as in the territory which forms the present Dominion of Canada, banking has been subject to special enactments, since the time, practically, of its first introduction, it is possible to find in the statutes, or to infer from them, a tolerably accurate idea of that complex of business methods, principles of organization and legislative regulations which make up a system of banking. The purpose, therefore, of this investigation will be to trace the course of Canadian |