February 3, 1905

LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

I understand that is expected-ujmn this point I speak under correction, as I am not perfectly sure, -that on the coin we make for the British public we make some profit. As to that, as I said, I speak under correction.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

Of course I believe fully what my right hon. friend says, but I would ask if there is an arrangement with the British government to tlilit effect ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB
CON
CON
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

Our money is different from the English money; we have no pound or sovereign here? Will the mint here make the $5 gold pieces as in the United States ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

And when they coin English coin it will be English pounds ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

Yes. We shall coin here Canadian dollars, $5 pieces, $10 pieces and $20 pieces in gold and we shall coin also the British sovereign.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

I do not expect that we will coin English silver, although we have the power to do so.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
L-C

Samuel Hughes

Liberal-Conservative

Mr. SAM HUGHES.

Is there not a branch of the Royal Mint in Australia ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

I cannot speak positively as to that.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON

George Eulas Foster

Conservative (1867-1942)

Mr. FOSTER.

Yes there is. If this mint coins English sovereigns, which the English government of course guarantee to be of a certain fineness and value, will they take that coinage simply from our own management here or will they insist on having supervision as well ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

I understand they will Insist on having supervision as well.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON

George Eulas Foster

Conservative (1867-1942)

Mr. FOSTER.

We have not yet got very clearly even after the speech from the hon. gentleman from British Columbia (Mr. Macpherson), and I wish we could get a little more clearly, information as to just what effect this mint is going to exert upon the production of gold into this country. The hon. member for British Columbia (Mr. Macpherson) seemed to have the idea that we are going to buy all the gold that comes from the earth. If we do that how are we going to dispose of it ? After ail, gold in a sense is an article of merchandise, just the same ns the barnyard hog of which my hon. friend thought so little. Will we have some coining arrangement to attach to the ear of the barnyard hog to give him currency ? A great deal of generalities are talked regarding this subject, but we cannot get any very explicit explanation. In the first place it is going to Involve us in very large expense. When this first became a matter of real agitation in this country, if I understand rightly, the present Minister of Finance declared himself as opposed to it. Then the-idea was advanced that it would be a good thing to have a Canadian coinage for patriotic reasons, and I think a good deal of weight should be attached to that sentiment.

The idea then was that it was to be an. inexpensive operation. Well, we have the old difficulty again, that an idea is made operative by a statement of cost which is

reasonable, and afterwards It comes out that the cost runs away up above the original estimate. Here is an institution which, when built and manned, will cost at least $450,000. That is 'a good deal of money to pay; but that is not all, for there will be current expenditure as well. My right hon. friend knows that we make a round lot of money on our coinage by having it coined in the British mint. It is quite possible to have Canadian $10 or $5 pieces coined, with the Canadian maple leaf and beaver on them, instead of the head of the English King or the American eagle, if we desire it; and to have that circulated in Canada, and to require the banks to keep it. It would have been jiossible to have got all that and to have made an absolute profit on the transaction. But surely no one can argue that because you have a mint here, you are going to dispossess Seattle or any other United States coast town of the advantage which it has got largely from being the pioneer of that great movement towards the Yukon. The miner of the Yukon sells his gold as an article of merchandise; he can sell it in the United States or in Canada, and he will sell it in both countries, some in one and some in the other. But with an accumulation of gold production of $20,000,000. then $40,000,000, later $60,000,000. this mint cannot be a great receiving and buying centre which will absorb all that. Then what will you do with it? All the coinage we can use in the country is what the banks need. If we make it a condition that they shall take our own coinage, you can have some circulation of gold. But our people are very strongly predisposed to the circulation of bank bills, and they would put their gold very quickly into the banks and take out the bills for circulation. Then, my hon. friend knows that gold circulation is the most expensive circulation. It wears, and wears easily. In Great Britain, where gold goes into general circulation, the annual loss is enormous. Then, what*are you going to do? The argument comes down to this, that we are going to pay pretty roundly for the sake of having a mint and coinage of our own. There may be something in that, and I am not going to controvert the views of my hon. friend on that point. The thing may have to come, and this may be the time for it. But we are greatly in want of many practical things in this country, and when we had to take half a million dollars from these pressing wants and put it into what is after all an ornament, with perhaps some slight advantage to Canada, I think it was a fair question whether we should have gone into this immense expenditure at the present time, or whether we could not have used our money to better advantage, at the same time having our gold coinage, which we could have got from London, just as London is going to take their gold coinage from us. Our coinage will go only so far as its

reputation is established, and it will take time to make a Canadian stamped gold coin current in countries far distant from us. I imagine that supervision must come from Great Britain joined with our own, in order to impress widely the value of our coinage. But we might as well get rid of a great many of these floating notions that our mint is going to make our cities spring up like magic or provide a buying place for all the gold we produce.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

I have no fault to find with the way in which my hon. friend has discussed this question. I think I would agree with him on almost everything he has said. But there is another aspect of the question. Nobody expects that the establishment of the mint will take all our output of gold. But the fact that we have a mint in Canada is bound to help the trade of Canada and to bring to Canada a trade which to-day goes to the United States. The miner in the Yukon or in British Columbia produces from the bowels of the earth many ounces of gold, and he has to find a market for it. He cannot find a market in Canada. At the present time every ounce of the $20.000,000 which is produced by Canadian miners from the soil has to go to Seattle. It cannot find a market anywhere else.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

I understand that the Canadian Bank of Commerce is the authorized bank of the government there, and why should not this bank take the gold dust from the miners and as a matter of patriotism send it to England to have it coined into Canadian gold pieces and English gold pieces?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
LIB

Romuald-Charlemagne Laurier

Liberal

Sir WILFRID LAURIER.

For this reason, that the Canadian Bank of Commerce, which has an establishment in Dawson city, takes the gold for commerce, and will sell it at the greatest profit; and the Bank of Commerce and all the other banks on the Pacific coast find it to their advantage to send the gold to their nearest market, which is Seattle or San Francisco, where it is bought and turned into coin. The gold must find its way to some mint.

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink
CON

Joseph Gédéon Horace Bergeron

Conservative (1867-1942)

Mr. BERGERON.

Will they send it here ?

Topic:   SUPPLY.
Subtopic:   FEBKUAKY C, 1905
Permalink

February 3, 1905