Volume 2 - ElectricCanadian.com

32 HISTORY OF THE BANKafterwards for many years general manager of the MerchantsBank of Canada, but at that time connected with the Bankof Toronto, and a strong champion of the "western" banks."His zeal and ability in contending for the old system ofbanking, with some amendments, does him infinite credit,"writes Mr. McMaster. The allusion is of course to the systemof chartered banks possessing the privileges of establishingbranches and of issuing a bank-note currency, of which theSenator was a strong supporter. He was, however, resolvednot to commit The Canadian Bank of Commerce to anyposition until its own legislative business had been settled, anddeclined to preside over a meeting of bankers held on May 1to discuss the Government's banking measure. "The mostprominent in the movement," he writes, "urged me stronglyto occupy the chair on the occasion, which I refused. I,however, thought it advisable to attend the meeting, butdeclined being a party to its action on the grounds that Icould not think of incurring the responsibility ofacting forthe Bank of Commerce with reference to the business underdiscussion, or any other matter, without first consulting mycolleagues, the directors, and at the same time stated that Iregarded the meeting as being premature, and thought itwould have appeared more judicious and business-like to havedeferred action until the government scheme was developed."Others, including Senator Benson, 1took a similar view, butthe greater number of those present were in favour of immediateaction and a presentation of resolutions to the Hon. Mr. Rose.Senator McMaster withdrew from the meeting, "in order tobe relieved from declining to be one of the deputation." Heconsidered that The Canadian Bank of Commerce should notinterfere, but should wait quietly until the government scheme1 The Hon. James Rea Benson (1807-85) was engaged for many years in milling andshipping, and did much by his various enterprises to build up St. Catharines. He wasmade a member of the Legislative Council of Canada in 1867 and, after Confederation,was elected to the House of Commons. In 1868 he was called to the Senate. Formany years he was president of the Niagara District Bank, and after its amalgamationwith the Imperial Bank of Canada, he became a director of the latter bank.