Volume 2 - ElectricCanadian.com

456 HISTORY OF THE BANKWhen this attitude became known to the general body ofCanadian bankers, mutual consultations took place, whichresulted in a general conference at Montreal on January 11,1890, attended by representatives of almost all the banks.At this conference strong protests were made against certainof the radical changes which were understood to be under consideration,and it was arranged that a deputation should waiton the Minister of Finance to learn the exact nature of hisproposals and to present their side of the case.A thoroughly representative delegation met the Ministerof Finance on January 25. In reply to the request for informationas to the changes which the Government proposed tomake in the Bank Act, the Minister declined to commit himselfor the Cabinet to a definite statement, but intimated thathe would be pleased to have the views of the bankers. Hementioned, however, a number of points which had apparentlybeen engaging his attention: First, the advisability of makingthe operation of the Bank Act permanent, instead of leavingit subject to a decennial revision; secondly, the best meansfor insuring the currency of all bank-notes at par throughoutthe Dominion; thirdly, the question as to whether the noteissues of the banks were already sufficiently secured toguarantee their circulation at par, even in the case of thesuspension or winding up of the issuing bank; fourthly, thewisdom of placing further restrictions on the maximum noteissue of the banks so as to narrow the margin between theauthorized and the actual note issue; fifthly, whether thereshould be prescribed a minimum reserve of specie andDominion notes bearing a fixed proportion to the liabilitiesof the banks; and sixthly, whether any further precautionsshould be taken in connection with the establishment of newbanks. The Minister suggested that the consideration ofminor details might be left until the bill came down.Most of the matters alluded to by the Minister of Fiiumrchad already been considered by the bankers, and certainmembers of the delegation had been specially selected to deal