Stevens, Honourable H.H.
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An assembly of fats upon which intelligent men may profitably ponder, and form conclusions which might be helpful in these times of financial stress and strain. Reference to the McMillan Commission, appointed by the British Government a year and a half ago. Some words from the report of that Commission. The issue of supplies over consumption and the fact that two-thirds of the human race are in dire need of those things which the other third have in such abundance that they do not know how to dispose of them. Ways in which the saying "trade is just barter" is no longer so. Money as the medium by which an individual or corporation can dispose of something of value, temporarily postponing its replacement by another article, recognizing in the money the equivalent of goods or property which may readily be obtained in exchange for this money. The necessity of money in the exchange of goods between either individuals or countries. The need for confidence in a monetary system by those who are handling it in trade. A brief history of money and how it has been represented in the past. The precarious character of a fiduciary currency. A few words about the gold standard. Essentials for the gold standard to be effective. Some examples of the failure of the gold standard at the present time, as taken from the McMillan Report. Brief reference to the prices of commodities. The visible supply of gold. The production of gold, with dollar figures. Problems being encountered with the gold standard. The relation of silver in trade, particularly to trade in the Orient. The value of silver. The difficulty of selling the productions of the West. The need of goods in the Far East. The purchasing power of the East. The economic and social chaos of India and China in large measure attributable to the decline in the value of silver, and how that is so. Some conclusions about the role of gold and silver. The use of gold and silver throughout history. How silver became a mere commodity. Concluding on a note of hope and optimism. Some suggestions as to how restoring silver to its ancient position as a companion to gold can relieve many of the economic problems the world is facing. Opening up markets. The speaker's confidence in Canada's future, and in the British Empire's good judgment and wisdom of her leaders.