October 29, 1867

CABINET REVOLT SAID TO BE BREWING

The cabinet has been meeting for the past several days, including Sunday, to discuss the the financial difficulties occasioned by the collapse of the Commercial Bank.

The Government is hoping to calm anxiousness about the soundness of the remaining Dominion banks. They have committed to accepting the notes of all banks (save the the Commercial and Upper Canada), offering a vote of confidence that none of the banks are at risk of the Commercial’s fate. At the same time, there is some discussion that the Commercial may soon reopen its doors. An informal meeting is being held in Montreal today that may offer a solution to that bank’s difficulties.

Despite this, the Globe reports that several members of the cabinet are upset with the way Hon. Alexander Galt is handling the govenrment’s financial policies. Some are said to be so upset that they are considering resigning.