October 24, 1867
COLLAPSE OF THE COMMERCIAL BANK
There are reports in Montreal that the money markets have tightened as a consequence of the closure of the Commercial Bank.
The Minister of Finance, Hon. Alexander Galt remains in Montreal after having traveled there with Commercial Bank President R. J. Cartwright in the hopes of helping Cartwright obtain a loan from the Montreal Bank.
A report from the Montreal Gazette suggests that previous reports on the demise of the Commercial have been incorrect. They report
- That Edward King, General Manager of the Bank of Montreal was quite willing to advance funds to the Commercial Bank and proposed that his Bank and the Bank of British North America should supply the Commercial with the money required (on a division of two-thirds and one-third, respectively) provided the money was guaranteed and secured by the Commercial Bank.
- When this proposal was rejected by the Ontario banks, Mr. King departed the meeting, declining to take part in any other arrangement.
- It was then proposed that each bank loan the Commercial Bank enough funds, in proportion to its capital, so that the money required was provided. This proposal was rejected by the bank presidents on the grounds that the security offered — Detroit and Milwaukee Railroad bonds — were no security at all.
The Montreal Herald reports that Commercial Bank stockholders include the Church of Scotland in Canada (stock valued at $126,400), the Queen’s College Fund of the Church of Scotland in Canada (stock valued at $32,000), and the City of Kingston, Ontario (stock valued at $25,000).
SPEAKERSHIP OF THE SENATE
It is reported on authority that Hon. Joseph-Édouard Cauchon is to be appointed Speaker of the Senate. Readers will recall that M. Cauchon, who was recently acclaimed as the MP for Montmorency, attracts controversy wherever he goes.
Back in July, Cauchon was tapped to be premier of Québec but had to resign after his chosen cabinet ministers refused to serve alongside him.
Cauchon’s recent acclamation is owing to the alleged kidnapping of Ferdinand Lefrancois, who desired to oppose Cauchon in the Montmorency constituency.
Given that Cauchon is not currently a Senator and there are no vacancies in the Upper House there have been several attempts to create one. To date, Senators Ulric Joseph Tessier and Joseph Noel Bosse have refused to step aside.
Senator Louis Auguste Oliver is to be offered the Judgeship of Kamouraska. If he accepts, Cauchon’s vacancy will have been found.
It bears noting that the Dominion government is seeking to accrue to itself the appointment of all judges in country, a power that appears by any fair reading of the British North America Act to belong to provincial jurisdiction. We see now that the usurpation of the provincial power will be a useful aid in the apportioning of patronage.
GOVERNMENT EMPLOYEES TO RECORD WORK TIME
The Government is set to introduce an English practice requiring government employees to sign in and out at the start and end of their work day, recording the time they arrive and leave each day. The “register of habits” will be the basis for promotions.
QUEBEC TIMBER DUTY
The Government of Québec is said to be considering a tax on timber leaving the province on the belief that fortunes are being made while the provinces forests are denuded. The government hopes a duty will curb the disappearance of the forests and also stimulate the import market.
PARLIAMENTARY GAS
The Ottawa Gas Company appears to be making good on the terms of its renewed contract to provide the parliamentary gas at the Ottawa Public Buildings as it has been observed beginning the laying of the independent gas line cited in the contract.
GOVERNMENT APPOINTMENTS
The Government has made the following appointments:
Clerk of the Senate: John Fennings Taylor Sr.
Clerk of the House of Commons: William Burns Lindsay, Jr.
Gentleman Usher of the Black Rod: René Kimber
Sergeant-at-Arms: Lieutenant Colonel Donald William MacDonnell
Mr. Lindsay and Colonel MacDonnell continue in the roles they held in the Legislative Assembly of the Province of Canada.