Graham Towers

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Person.png Graham Towers  Rdf-icon.png
(central banker)
BornGraham Ford Towers
1897-09-29
Montreal, Quebec
Died1975-12-04 (Age 78)
Ottawa, Ontario
Alma materMcGill University

Employment.png Governor of the Bank of Canada Wikipedia-icon.png

In office
September 8, 1934 - December 31, 1954

Graham Towers 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.[2] In one exchange with Gerry McGeer he is quoted as saying "If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament" 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?".



References

  1. 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
  2. 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.)


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