May 15, 1939

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

The hon. member cannot discuss it.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I cannot even refer to any evidence given in a committee?

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

It cannot be discussed.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

We shall have to leave that until such time as the report of the committee is before the house. There may not be an opportunity this year, but there will be next year.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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CON

Charles-Philippe Beaubien

Conservative (1867-1942)

Mr. BEAUBIEN:

You will not be here.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

My hon. friend says I will not be here.

. 'Mr- DUNNING: He has great confidence in the common sense of the people of Calgary.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

He reminds me of the rest of the transients; he is just here for a little while, and if there is an election in the fall I shall miss his smiling face and happy manner in the next parliament. But I will send him, free of charge, a copy of Hansard containing my speeches if he will only drop me a line.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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CON

Charles-Philippe Beaubien

Conservative (1867-1942)

Mr. BEAUBIEN:

Your photograph would be more interesting than your speeches.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I shall be happy to send him that, too.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

But you could not send that free.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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?

Thomas Miller Bell

Mr. COLD WELL:

That will come out of the dividend.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I hope the Minister of Finance will explain to the house the fundamental changes in the financial policy of this country that have been made since the Liberal administration came into office, and point out the effects of the easy money policy.

I remember a statement made by the hon. member for Vancouver-Burrard (Mr. Mc-Geer), who said that the central bank was only a filling station-and I think he was absolutely right-issuing money as the banks needed it and withdrawing it when they did not need it. It is a little game of put and take, or as the hon. member said, a filling station for the commercial banks. I should like to have a little more light on this whole question of the Canadian banks.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

You need it all right.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

Not only do I need it, but there are many others in the country who need it.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Daniel (Dan) McIvor

Liberal

Mr. McIVOR:

Mr. Speaker, I should like to ask the hon. member a question, if I may. Are we to have all this stuff again so early on Monday morning?

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I sat down, assuming a question was to be asked. If the hon. member has an intelligent question to ask I am prepared to answer, but I can see none in his remark. I believe the hon. member is one of those who are in need of a little light on money matters.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Daniel (Dan) McIvor

Liberal

Mr. McIVOR:

I have heard the hon. member speak very often; if he can give me any light I shall be glad to have it, but I have not got it yet.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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LIB

Walter Edward Foster (Speaker of the Senate)

Liberal

Mr SPEAKER:

Order.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

If my hon. friend will lead back in Hansard he will find the speeches which have been made by members of this group on the $750,000,000 resolution, and he will find the replies of the Minister of Finance to our questions-that is, the ones he answered. He will also find our amendments,, which were declared out of order, and if he goes back far enough he will find the promises made by the Liberal party that they would issue money and credit in terms of public need. We have never had any adequate explanation from any Liberal in the house of just how the Liberal government intended to carry out that policy. I am still waiting for an explanation; none has been given. What did the leaders of the Liberal party mean when they said that they would issue currency and credit in terms of private and public need. Perhaps I should not have used the word "need"; I should have said "requirement," because there was quite a discussion in the house whether the Prime Minister used the word "need" or "requirement." The people of Canada, I and others are all anxious to hear the detailed plan of the Liberal government to abolish poverty in this country as was promised by the Prime Minister, and just what effect this easy money policy has had, and just what the Bank of Canada is doing for the people of Canadh- or are they just lackeys for the commercial banks? Are they continuing the policy of restricting credit and permitting the destruction of money by the commercial banks in times of depression, or has the central bank control over the entire money system of this country. We should like to be shown whether we are right or wrong. If we are right, we expect to receive the support of intelligent members of parliament.

Loan of &750,000,000.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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SC

Walter Frederick Kuhl

Social Credit

Mr. W. F. KUHL (Jasper-Edson):

Mr. Speaker, there seems to be a certain amount of resentment on the part of several hon. members because of the emphasis we in this *corner are placing on the subject of money. Personally I do not think that resentment is in the least justified. Surely all hon. members and the people of the country at large must realize by now that the major obstacle in dealing with our problems is the present monetary policy. Personally I am not going to indulge in undue repetition of material that has already been placed on Hansard. I shall rather endeavour to say a few things that have not been said thus far.

I am convinced that there is no more important subject which can be discussed in this house or in any parliament in any country of the world than monetary policy. Every phase of our national life, every activity in which we indulge privately or publicly depends absolutely upon the medium of exchange. What is the use of talking about trade or public works or any form of enterprise if you have not at your command an adequate financial system? You can accomplish nothing in this world unless you have an adequate monetary policy. Everything we do, every phase of our activities, depends on the use *of the medium of exchange, and if that medium of exchange and the policy under which it is issued does not conform to or is not in harmony with what we are trying to do, we can never attain our objectives. We are not living in a barter age in which we can swap goods for goods. That day has gone by.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES AND FOR GENERAL PURPOSES
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May 15, 1939