October 22, 1867
CLOSURE OF THE COMMERCIAL BANK
The closure of the Commercial Bank comes following the refusal of the other banks to lend it any assistance.
R. J. Cartwright, President of the Commercial Bank released the following statement yesterday:
The Directors of the Commercial Bank of Canada deeply regret that owing to the continued drain upon the resources of the Bank by the withdrawal of deposits, and their inability to obtain adequate assistance from any source, they have been compelled to determine upon a suspension of specie payments. The Directors, notwithstanding this untoward event, have every reason to adhere to their former opinion, that all claims against the Bank will be satisfied in full, and a surplus realised for the shareholders to which end their utmost efforts will be directed.
The bank had sought assistance from the other Canadian banks in the amount of $750,000. The request was denied following a meeting of bank managers in Montreal.
The Commercial Bank is hobbled largely thanks to a $1,500,000 loan made to the Detroit & Milwaukee Railway some years ago, a loan that has grown to $1,800,000. The loan has not been defaulted but neither has it been repaid beyond the interest owing.
The result of the banks affairs is a quiet run over the last several weeks which coupled with the denial of aid forced the closure of the bank's doors.
SPEAKER OF THE HOUSE OF COMMONS
It is rumoured that Hon. James Cockburn (West Northumberland, Conservative) will be the Government candidate for the speakership of the House of Commons. J. Hillyard Cameron (Peel, Conservative) is also considered a possibility save for his lack of popularity amongst Catholics.
It is expected a French Canadian will be named as Speaker of the Senate.
SUPPLE HANGS ON
John Supple (North Renfrew, Conservative) has refused to resign his seat in the Ontario Legislature in favour of Hon. Stephen Richards (Crown Lands Commissioner) who was defeated during the recent elections.
Richards is expected to remain in the cabinet but he will not likely find a seat in the Legislature before its first meeting on November 4.
FROZEN WINE IN WISCONSIN
A Wisconsin wine maker reports that wine he has made from grapes that ended up frozen last fall has produced a wine “one hundred per cent better” than that produced from grapes that were not first frozen.
WHAT TO CALL PROVINCIAL POLITICIANS
An unanticipated consequence of the choice of a federated union for the Dominion is confusion over the legislative designation of the members of local legislatures. The Canadian politicians were, until recently, styled members of the Provincial Parliament, or MPPs. With the unification of the various provinces under the Dominion, itself governed by a Parliament, debate has arisen whether or not the provinces can be said to have parliaments themselves. Indeed, the local legislatures have been styled “Legislative Assemblies” suggesting that the designation “member of the legislative assembly” or MLA is more appropriate.
This is the position taken by the Ottawa Times.
The Toronto Telegraph prefers MPP but sees the case for MLA and wishes an official decision be published in the Gazette. This, the Citizen says is not possible because the office is “conferred by the people, not by the favor of the Crown.”
It being an uncomplicated matter we expect it to be resolved quickly.
LIBRARY OF PARLIAMENT
The Library of Parliament has suspended the loan of all materials to the public until further notice and requests that all items currently on loan be returned.
MILITIA ARMS
The government has taken possession of and distributed to the militia in Ontario and Québec the 30,000 breech-loading Snider Enfield rifles alluded to back in July.
GALE STRIKES LABRADOR
A gale is said to have struck Labrador on October 9th, killing 49 and destroying some 30 boats and large amounts of property, leaving 1,000 destitute. Steamers have recently left St. John’s bearing relief.