The Hemisphere: The Coyne Affair

The Tory government of Canada last week fired the man responsible for the country's tight-money policy. But he refused to go. In a move unprecedented in Canadian history, suave, scholarly James Coyne, 50, governor of the Bank of Canada and manager of the country's money supply for 6½ years, announced that "the Minister of Finance on behalf of the government requested that I resign at once."

Coyne's position is somewhat analagous to the chairman of the U.S. Federal Reserve Board, in a government job that is meant to be independent enough to act as a check on injudicious political tampering with finances....

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