Volume 2 - ElectricCanadian.com

400 HISTORY OF THE BANKfor by the revised statement showed considerable overlappingand a lack of consistency with items in other sections of theThese discrepancies, however, were adjusted in thecharter.course of time.During the same session, as already stated, the Bankof Upper Canada obtained the desired power to increase itscapital to the amount originally provided for in the Act ofIncorporation, namely, 200,000. The greater part of thisAct 1was concerned with the necessary provisions for makingthe subscriptions to the new stock conform to the requirementsof the original stock in calls, votes, dividends andother details.It included also all the new features introducedinto the charter of the Commercial Bank. Although theseActs had not been reserved by the Governor for the significationof the Royal pleasure, yet the officials of the BritishTreasury, in an excess of zeal, stimulated by the vigorousprotests of William Lyon Mackenzie and the politicalopponents of the Bank of Upper Canada, at first decided todisallow them, in order, as was said, to enforce certainrequirements which were deemed to be in the interest of soundbanking. Numerous petitions from Canadian merchants andstrenuous remonstrances on the part of both branches of thelegislature, accompanied by strong representations from theProvincial Government, finally induced the Home Governmentto refrain from such drastic action. At the same timethe Province was given to understand that no further Actsrelating to banking would receive the Royal assent unlessthey conformed to the requirements in question, which were,briefly:1. Suspension of cash payments for sixty daysforfeiture of the charter.to result in2. Notes issued at any branch to be redeemable both atthat branch and at the head office, although not atany other branch.** Wm. IV (2nd session). 1832, c. x.