Volume 2 - ElectricCanadian.com

442 HISTORY OF THE BANKif the Government really insisted upon it, but its fate in theSenate was considered more doubtful, as under the efficientleadership of such men as Senator McMaster, president of theyoung but rapidly rising Canadian Bank of Commerce, themembers of the Upper House were not so likely to fall into line,should the Government force it to a vote. During the previousyear, 1868, the Senate had appointed a committee to obtainevidence on the subject from a variety of sources, and thereport of this committee severely condemned any interferenceon the part of the Government with the note issues of thebanks. While the other sections of the Dominion were dividedin their opinion, the opposition from Ontario proved so strongand so united that the Government in the end withdrew itsresolutions, promising to allow another year for a more thoroughdiscussion of the subject.Shortly afterwards, Mr. Rose inhis turn abandoned the task of determining the fate of theCanadian banking system, and Sir Francis Hincks, opportunelyreturning to Canada on a visit, was persuaded to come to therescue of the Government by taking the post of Minister ofFinance. At this time also, Mr. King retired from the presidencyof the Bank of Montreal. Although Sir FrancisHincks was known to favour the principle of an exclusivegovernment note issue, he had not been required to commithimself in the controversies which had previously raged, anddetermined to bring forward only such banking measures aswould meet the wishes of the majority of the banks. Hetherefore entered into negotiations with the leaders of bankingopinion in all parts of the Dominion.Early in the session of 1870 he presented his resolutionsto Parliament. His thorough familiarity with the essentialprinciples of banking and currency caused his views andarguments to command respect. Moreover, he adopted avery conciliatory attitude, and kept in touch with the mostinfluential representatives of the banks. He thus managedto pilot his measures safely through Parliament with a minimumof opposition, and at the close of the session they