I take it, Mr. Speaker, that even although a man should go to sleep for twenty or thirty years, if money is as stable as we have been informed it is, his money would be there when he awoke. That is the point. To-day his money has vanished. If money is as unstable as that, we need to know what group of people is sending money up or down in value. I should like to quote another paragraph for the benefit of my hon. friend from a pamphlet by Professor Irving Fisher entitled "Ethics in the Monetary System." This is along the very lines that he gave us before the Banking and Commerce committee three years ago. Professor Fisher altogether exonerates any individual from responsibility for the vanishing of these dollars, but he points out that the dollars do vanish and that the system is responsible.
The robber dollar does the stealing, the social injustice. The extent of this subtle robbing is prodigious. Professor W. I. King, one of the best statisticians I know, when appearing in favour of a bill in congress on this subject a year or so ago, said that as nearly as he could reckon it, there had been a sort of pocket-picking to the tune of forty billions of dollars in the United States during the last half dozen years. What would we in America do if we realized that fact to-day? Supposing there had been a forty billion dollar robbery, or a (tenth
National Banking System
thereof, a four billion dollar robbery, such a robbery would be on the front page of every newspaper. And yet a forty billion dollar robbery, which you could not personify and localize, and which is due to our unstable monetary system, is something which as such we do not think anything about, because we do not realize it.
Subtopic: NATIONAL SYSTEM OF BANKING