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Le Dollar Canadien : Une Perspective Historique James Powell Copy of James Powell Book Fr.Qxd 2/7/2006 3:03 PM Page 2 cover_history_book_2005_fr.qxd 2/7/2006 3:42 PM Page 1 BANQUE DU CANADA L’histoire de la monnaie canadienne apporte un éclairage unique sur la croissance et le développement de notre économie et de notre nation. Dans le présent ouvrage, James Powell retrace l’évolution de la monnaie canadienne, de ses origines, qui remontent à l’époque précoloniale, à LE DOLLAR CANADIEN : nos jours. Ce faisant, il met en relief le chaos monétaire ayant caractérisé les débuts de la colonisation ainsi que les une perspective historique répercussions qu’ont eues les deux guerres mondiales et la grande dépression. L’auteur fait également la chronique des hauts et des bas qu’a connus notre dollar sur une période de presque 150 ans et examine la relation entre celui-ci et son pendant américain. Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 1 Le dollar canadien : une perspective historique James Powell Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 2 La présente publication est aussi disponible en anglais. This publication is also available in English. Décembre 2005 ISBN 0-660-97104-6 Numéro de catalogue FB2-14/2005F Imprimé au Canada sur papier recyclé Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 3 Table des matières Remerciements .................................. i Les taux de change fixes et le contrôle des changes au Canada (1939-1950) ............. 61 Introduction .................................... ii Un dollar canadien flottant (1950-1962) ......... 70 Les Premières nations (vers 1600-1850) .......... 1 Le retour à un taux de change fixe La Nouvelle-France (vers 1600-1770) ............ 4 (1962-1970) ................................... 75 Les colonies britanniques en Amérique du Nord : Le retour au taux flottant période antérieure à 1841 ...................... 12 (juin 1970 à ce jour) ............................ 81 Les réformes monétaires (1841-1871) ........... 23 Conclusion .................................... 97 Le dollar canadien sous le régime Annexe A : Le pouvoir d’achat de l’étalon-or (1854-1914) ...................... 37 du dollar canadien ............................ 100 La suspension de l’étalon-or Annexe B : Monnaies parallèles ................ 104 au Canada (1914-1926) ......................... 42 Annexe C : Graphiques ....................... 109 Un retour de courte durée à l’étalon-or (1926-1931) ....................... 47 Bibliographie ................................. 111 La Grande Dépression et la création Index ........................................ 117 de la Banque du Canada (1930-1939) ........... 51 Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 5 Remerciements De nombreuses personnes ont contribué à Canada. Lisette Lacroix, Joan Teske, Judy Jones et la réalisation de cette deuxième édition. J’aimerais Taha Jamal m’ont prêté un concours inestimable en témoigner ma gratitude à Mike Bordo, à matière de recherche et d’assistance technique. Pierre Duguay, à Tiff Macklem, à John Murray et L’excellente version française de l’ouvrage a été à Larry Schembri, dont les observations et les sug- établie par Denyse Simard-Ebert, avec le soutien gestions m’ont été fort utiles. Je remercie tout de ses collègues du Service de traduction, et a été spécialement Paul Berry, conservateur en chef de vérifiée par René Lalonde et Sylvie Morin. la Collection nationale de monnaies, pour ses commentaires et sa participation au choix des pièces Finalement, je me dois d’adresser des qui ont servi à illustrer le présent document; c’est remerciements sincères au Service de rédaction, qui également lui qui s’est occupé de la rédaction des a réussi le tour de force de mener à bien le présent légendes de photos. Merci aussi au personnel du projet dans un délai très bref. Jill Moxley et Musée de la monnaie, notamment David Bergeron, Lea-Anne Solomonian, avec l’appui d’Eddy Cavé et Rebecca Renner, Lisa Craig et Gord Carter, qui ont de Glen Keenleyside, ont revu l’ensemble du travaillé avec Paul à me fournir d’excellentes manuscrit. Michelle Beauchamp s’est chargée, avec illustrations. Certaines des caricatures qui figurent beaucoup de créativité, de la mise en page, tandis dans l’ouvrage n’auraient pu être obtenues et repro- que Maura Brown a préparé un index exhaustif. La duites sans les efforts de Jennifer Devine et de coordination des diverses étapes du processus a été Debbie Brentnell, de Bibliothèque et Archives assurée par Darlene Fougere. James Powell Le dollar canadien : une perspective historique i Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 6 Introduction L’histoire de la monnaie canadienne apporte également sur les forces ayant mené, au XIXe siècle, un éclairage unique sur la croissance et le dévelop- à l’adoption du dollar plutôt que de la livre comme pement de notre économie et de notre nation. Le monnaie nationale ainsi que sur les facteurs qui ont présent ouvrage, qui est une version étoffée d’un incité le Canada à passer du régime de l’étalon-or texte publié il y a quelques années, également dans les années 1920 au système de Bretton Woods intitulé Le dollar canadien : une perspective historique, fondé sur des taux de change fixes dans les années retrace l’évolution de la monnaie canadienne, de ses 1940, puis à un régime de taux de change flottants origines, qui remontent à l’époque précoloniale, à en 1970. nos jours. Le chaos monétaire ayant caractérisé les débuts de la colonisation française et britannique, Finalement, pour souligner le 70e anniver- les changements radicaux entraînés par la proclama- saire de la création de la Banque du Canada en tion de la Confédération en 1867 ainsi que les 1935, au cœur de la Grande Dépression, l’ouvrage répercussions des deux guerres mondiales et de la rappelle les débuts de la banque centrale et décrit grande dépression y sont notamment mis en relief. sa quête d’une politique monétaire qui favorise la prospérité économique et financière du pays. Les L’ouvrage fait la chronique des hauts et des stratégies de la Banque ont évolué au fil des ans, bas qu’a connus notre monnaie sur une période de mais l’objectif est demeuré le même, c’est-à-dire presque 150 ans et examine la relation entre le dollar préserver la confiance dans la valeur de la monnaie canadien et son pendant américain. Il se penche en réalisant et en maintenant la stabilité des prix. ii Le dollar canadien : une perspective historique Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 7 Les Premières Ceinture de wampum e nations Dès le XVII siècle, les peuples autochtones du nord-est de l’Amérique du Nord se servirent de ceintures de wampum pour témoigner 1 d’événements importants. Comme il y avait une pénurie de pièces de mon- (vers 1600-1850) naie, les colons se mirent à utiliser les wampums comme moyen d’échange. Le terme « Canada » est réputé provenir de coquillage, et ce, malgré l’arrivée des outils du terme iroquois-huron « kanata », qui signifie européens au XVIIe siècle. Selon un auteur, il « village » ou « peuplement ». Il est donc pertinent fallait 119 jours pour confectionner une ceinture de de commencer l’histoire du dollar canadien en 5 000 perles (Lainey, 2004, p. 18). Les ceintures et parlant de la « monnaie » qu’utilisaient les Premières les cordons faits de perles violacées avaient environ nations2. Les peuples autochtones établis dans la deux fois plus de valeur que ceux constitués de partie orientale de l’Amérique du Nord accordaient perles blanches, car les coquillages foncés étaient une grande valeur à des ceintures et cordons beaucoup plus difficiles à façonner. composés de perles façonnées à même les coquillages blanchâtres ou violacés qu’on trouvait On associe tout particulièrement les sur la côte Est. Les premiers colons anglais nom- wampums aux nations iroquoises, et ces objets maient ces articles « wampums », du mot occupent une place importante dans les légendes algonquien « wampumpeag ». Quant aux colons entourant la formation de la Confédération français, ils appelaient ces perles « porcelaines ». iroquoise. Jacques Cartier et Samuel de Champlain ont relaté, au XVIe siècle et au début du Les objets de wampum avaient beaucoup XVIIe siècle respectivement, l’utilisation des perles de valeur en raison notamment du degré de diffi- de coquillage par les peuples autochtones des rives culté que présentait la fabrication des perles du fleuve Saint-Laurent. 1. Section s’inspirant fortement des travaux de Lainey (2004) et de Karklins (1992) 2. Tout ce qui est utilisé comme moyen d’échange pour l’achat de biens et de services peut tenir lieu de monnaie. La monnaie constitue également une réserve de valeur et une unité de compte. Le dollar canadien : une perspective historique 1 Copy of James_Powell_book_fr.qxd 2/7/2006 3:03 PM Page 8 Les premiers arrivants européens considé- Même si les wampums représentaient un raient les wampums comme un type de monnaie. moyen d’échange utile, leur signification aux Selon un observateur du milieu du XVIIe siècle : yeux des peuples autochtones de la partie orientale de l’Amérique du Nord transcendait de beaucoup Ils utilisent comme monnaie d’échange certains le rôle monétaire. Les wampums revêtaient une petits os faits de nacre ou de coquillages que l’on trouve au bord de la mer; ils percent un trou dans le importante valeur symbolique et rituelle. Dans une milieu de ces petits os et ils les glissent sur un fil, ou société qui ne connaissait pas l’écriture, l’échange ils en font des ceintures larges comme la main ou de wampums aidait à transmettre des messages et davantage qu’ils se passent autour du cou ou du corps. permettait aux nations amérindiennes de sceller des Ils ont également les oreilles percées en plusieurs traités entre elles et avec les Européens. On échan- endroits, et là aussi ils en suspendent. Ils accordent geait aussi des wampums à l’occasion de mariages autant de valeur à ces petits os que bien des et de funérailles, et on les utilisait dans les pratiques chrétiens le font à l’or, à l’argent et aux perles.
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