CANADIAN SILVER DOLLARS
Dollar Distribution and the Bank of Canada
Creation of the present institution began in 1934, but the first issue of notes was made in 1935. Since the dollars and the new type of notes came in the same year, it makes a date convenient and easy to remember. Chartered bank currency was gradually withdrawn and finally terminated at the end of 1949.
The Bank of Canada has three main functions. Firstly, it acts as the fiscal agent of the Government of Canada with respect to the management of the public debt. Secondly, it issues notes payable to the bearer on demand; that is, puts out paper currency. Thirdly, it maintains reserves as security for outstanding notes and deposit liabilities, the major portion of such reserves being provided by the Canadian chartered banks.
The
Bank of Canada does not engage in the ordinary banking activities, services of
this kind being provided by the chartered banks. It occupies the position of a
central bank which exercises control over the chartered banks and the monetary
system in general. Finally, it maintains branches or agencies which extend
throughout the Dominion. It is a bank which acts for banks. These things being
true, the Bank of Canada is very much the same thing as the Federal Reserve of
the
Until I knew better, I assumed that the Mint Reports on dollars of the first series (1935-1939) would show how they were distributed among the various provinces. Greatly to my chagrin, such was not the case. As a result of this, we have some rather curtailed statistics on this point. The absence of such figures being noted, letters were directed to the Bank of Canada and the Mint, but they proved of no avail. Both agencies informed me that they had no figures of such kind.
One
minor source of trouble, until I got used to it, centres about the difference
between St. John and St. John's. St. John, in the
Generally
speaking, but not invariably, the largest city in any given province is the one
to which the dollars will be sent and is usually the capital. However, Edmonton
is larger than
Previous
mention has been made of the fact that the issue of dollars is based upon public
demand. Had the first issue of the coins proved unpopular, or been given an
apathetic reception, there is some reason to suppose that they might have been
discontinued. But they did prove popular and therefore the coinage continued.
The Mint responds to the requests of the Bank of Canada and this agency in turn
responds to the requests of the chartered banks.
Newfoundland's very low figure of dollar demand indicates that she neither uses nor cares a
great deal about the coins. Her low population figure is another factor, the
same being true of
Ottawa
shows one peculiarity in her dollar figures which makes her very nearly unique,
the same thing being true of
Despite the fact that they are missing, it is possible to arrive at a fair idea concerning the figures for the dollars of the first series. This may be done by taking the figures for the first five years of the second series and then applying the percentages which they show to those of the first. Admittedly, my submitted figures are not the best, but they should be not too far short of the truth.
The total number of 2,429,432 dollars for the first series (1935-39) is not very large. The figure of 909,210 (1945-1948) for the second five years of the second series is small and indicates that there was a decided interest in a great many things other than the dollars. The figures for both groups that are compared include one commemorative. Reasonable enough is the supposition that the intervention of the second World War did something to discourage interest. My estimate of the missing years, included among the tables of this category, makes no attempt at a year by year guess, something that would clearly be impossible.
We
may suppose that
More interesting perhaps than any of the regular figures is the sundry persons item, referred to a number of times previously. It is interesting because it is a clear reflection of public interest and makes possible a forecast of the future. Its fluctuations are not too great and are readily understandable.
Well to realize at all times is the treacherous nature of statistics. When used to prove a case of any kind they should often be subjected to a scrutiny of particular care. Indeed, statistics lend themselves to many purposes and can easily be used in such a way as to lead to highly erroneous conclusion.
British Columbia
requested an unprecedented number of dollars in 1958 and it is perfectly
obvious why she did so. To suppose on the strength of one such figure that she
would keep on doing the same thing would argue a painful lack of good sense. Her
1959 request is quite likely to be a small one. On the other hand, with plenty
of statistical evidence before us, we can easily predict what will be true of Charlottetown
and
Calgary
made a request for the totem pole dollars of such size as to be wholly out of
line with those of other years. Why? The best supposition would be something to
the effect that
On the strength of the actually known and published figures in the Mint Reports, Vancouver is only topped by Toronto in the total number of dollars received, a thing which we have no reason to believe really true. This is only another illustration of the misleading character of incomplete statistics.
Had enquiry about the matter been made from the very beginning, we should have had the dollar distribution for the first series. Unfortunately, nobody cared a great deal at that time and so we simply don't have them. To me at least, it is a matter of sincere regret.
Dollar
distribution outside the Dominion is not quite the mystery that it might appear.
On the basis of logic,
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Changes last made on: 01/14/07
