Volume 2 - ElectricCanadian.com

44 HISTORY OF THE BANKCanada banks, moved two amendments in the interest and atthe special request of King, but fortunately they were rejectedby large majorities. It took all the ingenuity I was masterof, to keep some of the Liberal party rightin these votes.Very high authority cautions us against putting our faith inprinces, but the warning should have extended to members ofParliament." Nevertheless the "Act respecting Banks andBanking" passed safely through the House of Commons onApril 5, 1870, was ratified by the Senate on April 12, andreceived the Royal assent on May 12.A circumstance which no doubt contributed to the disgustof Senator McMaster was that his Canadian Bank of Commercelegislation was meanwhile hanging fire. Though zealous forthe adoption of the general banking measure, he was notforgetful of his own bill, which provided for the amalgamationof the Gore Bank and the increase of the capital of TheCanadian Bank of Commerce to three million dollars. OnMarch 18 he reports success in his efforts to get the BankingCommittee of the House of Commons to meet, in order thatthey might take it up. "King," he writes, "had been inMontreal for some days, but isexpected here this eveningagain, and I was most anxious to get our bill through committeeprevious to his return, which could not have been managedin any other way than through Sir Francis, who is chairman.The bill as amended will be reported to the House this evening,but no measure of the kind will be allowed to go through anyadditional stages until the government bill is passed." Healso says that he is somewhat embarrassed over the proposedincrease in capital. The government resolutions as originallyintroduced had contemplated providing for such increases infuture, but the clause had been dropped. Just before "theCommittee met, Macpherson, with whom I have co-operatedin banking matters generally, gaveit as his decided opinionthat we should, if possible, get the power to increase our stockto four instead of three millions of dollars. In view of thefact that the provisions of our amended charter of last year