Graham Towers
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 Graham Towers    (central banker) | |
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| Born | Graham Ford Towers 29 September 1897 Montreal, Quebec |
| Died | 4 December 1975 (Age 78) Ottawa, Ontario |
| Alma mater | McGill University |
First Governor of the Bank of Canada. Unintentionally revealed how banking works.
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Graham Towers was the first Governor of the Bank of Canada from 1934 to 1954.
Activities
He provided evidence for the Canadian Government's Standing Committee on Banking and Commerce,[1] in 1939 and revealed much about the way banking works in Canada.
In one exchange with Gerry McGeer when asked "Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?", he is quoted as replying "If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament".[2]
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References
- ↑ Minutes of Evidence Standing Committee on Banking and Commerce May 3 1939 p283 Canada is on a 'fiat money system'; p284 money created by parliament is as powerful as gold for domestic purposes
- ↑ http://www.michaeljournal.org/appenE.htm Graham Towers - About the Bank; (Standing Committee on Banking and Commerce, Minutes of Proceedings and Evidence Respecting the Bank of Canada, Ottawa, J.O. Patenaude, I.S.O., Printer to the King's Most Excellent Majesty, 1939.)
