A documentary series inspired by the work of Joe Martin, author of the published book ”From Wall Street to Bay Street: A Comparative History of the Financial Systems of the US and Canada.” WNED PBS distributed our first documentary in the series, carried by over 85% of PBS stations and broadcast nationally across the United States.
The series takes a closer look at the history of the financial systems of these close North American neighbours and provides exciting insights into banking in both countries, which may help avoid the next financial panic. Canada and the United States are, in reality, financial brothers. The basis of both financial systems was laid by the revolutionary founding father – Alexander Hamilton. In a sense, he was the ‘father’ of banking in both countries. Canada built its banking system on the Hamiltonian model and never departed from its Hamiltonian roots. The United States, however, turned its back on Hamilton’s Bank of the US in the 18th century. As ‘brother’ economies, there are many similarities between both systems.
A New Chapter
This episode of 'From Wall Street to Bay Street' examines the financial systems of the United States and Canada during the American Civil War and the creation of Canada. These pivotal events deeply impacted the basis for both economic systems. This is a compelling follow-up film to 'From Wall Street to Bay Street.’ The documentary examines civil war economics, the contrast between Jacksonian banking and the central monetary control of Lincoln's government that significantly contributed to the North's Victory. In contrast, the film will also focus on Canada’s evolutionary banking system around the time of the Canadian Confederation and how it impacted and was impacted by the United States during the War. The film is another study of how these two great financial systems differ and sometimes parallel.
Historic Story
This documentary explores the importance of national currency during the American Civil War and Canada's newly formed government. The film will outline the strength of a central currency and its impact on warfare economics and reflects on modern wars like the current one in Ukraine.
The National Banking Act of 1863, was a far-reaching financial reform which authorized the government to charter a new system of banks, which would be required to purchase federal bonds, thus helping to finance the war. The law’s official name was An Act to Provide a National Currency — essential to a modern nation-state. The film traces the desire for a national currency which began in British North America. In the United States, President Andrew Jackson stopped this economic advancement and interstate banking, which contributed to the loss of the War of 1812 and had many repercussions that can still be felt today. However, a national currency was eventually adopted by Salmon Chase, with input from Alexander Galt, Minister of Finance of the Province of Canada. This forward-thinking move significantly contributed to the North winning the Civil War and caused economic ripples that impacted modern economics. North of the border, the British North American Colonies came together in 1867 to form the Dominion of Canada. The Jacksonian model of small local banks was rejected in favour of sizeable multi-branch banks that spanned the continent. These decisions significantly impacted how these two national siblings have faced the crises and booms throughout the modern economic history of North America.
The film features interviews with an impressive list of experts, including a former secretary of the treasury and a former Canadian Minister of finance, bank CEOs, academics, and other business writers and leaders.
• Conrad Black
• The Right Honorable Paul Martin
• Charlie Baillie
• John Crow
• Dominic D’Alessandro
• Patrice Dutil
• Tony Fell
• Hal Jackman
• Helen Sinclair
• Dick Sylla
• Rod McQueen
• Sir George Bain
• Bob Macintosh
• Joe Martin
• Richard Nesbitt
• Robert Wright
• Darren Karn
• David Laidley
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