SOCIAL CREDIT

Grey River Argus, 7 August 1937, Page 5

SOCIAL CREDIT

Alberta’s Plan [Aust. & N.Z. Cable Assn.J EDMONTON, August 5. A constitutional struggle has begun over Mr. Aberhart’s bill to control banks. The bill provides for 500 dollars licenses for all financial institutions, with five dollars for all employees except the Bank of Canada. A special Credit Board will control licenses, and have power to retuse or cancel. Trust, loan and insurance companies are included. Licenses will be granted only after pledges are given not to disturb the property rights of any citizen in Alberta. A supplementary Act closes the Alberta courts to any action involving the constitutionality of the Alberta Statutes. Financiers are considering making a demand on Ottawa to disallow the Act, and will appeal to the Supreme Court of Canada to declare it ultra vires. They will demand that the Lieutenant Governor shall refuse to sign it, under the British North America Act, that banking measures are reserved for the Dominion Government.