No Federal Reserve System has Canada. Nor has she thousands of small banks like the U.S. Instead she has but eleven big banks with 3,500 branches scattered the breadth of the country.
Half a century ago, Canada passed a law requiring that her banking statutes should be inspected and overhauled every ten years. They were so overhauled in 1880, 1890, 1900, 1913, 1923. Due again to be revised this year, they were fuller than ever before of political dynamite. Battered by Depression, Canada was ripe for change. Her prairie provinces, after years of...