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 '/.■ 
 
 TBQ ONZ.T PBBMANBNT BBMB- 
 ST FOR CANADA IN MONBT 
 BSATTBRS. 
 
 [To the Editor of the Spectator.] 
 
 Hamilton, Oot. 18, 1867. 
 Sib,— We wera Uoght experienoe in 188? 
 on this monetary qaeation, bnt men in pover 
 seemed disposed to disregard it. We former- 
 ly saw that, in ■nob a time, onr banks oannot 
 issne while threatened by the existing posi- 
 tion of money matters in the adjoining States; 
 and the obvions resalts of this must be, that 
 the farmers eannot sell their wheat, and that 
 the merohaDts(eT«n if snstained by the Banks) 
 oannot remit any money abroad. The onro 
 of this dreadful state of things is very simple, 
 and it should without delay be applied either 
 by one hand or by another, thb notxs of thx 
 
 OHABT iK> BA^KS (KMO^M BY BTBST ONB TO BB 
 THB BBLJ^SBOUBITTIN TBB OOUNTBT) SHOULD BB 
 MADX A LBQAL TBNDBB TO THB BXTXNT THB/ HATB 
 
 BFBOiB, OB OAN GBT IT. As this speoie would be 
 held against these particular notes, there 
 oould not be the shadow of^inseourity to the 
 holders of them. 
 
 If GoTernment oannot or will not take the 
 responnibility of th.3 measure until Parlia- 
 ment mutt, let them not delay a single day 
 in calling Parliament togetber.as was done in 
 1887. This is their obvious duty, and if they 
 fail to do it, the Ministere must not only fall 
 with the country, but forever retain the feel- 
 ing of having been mainly instrumental in the 
 eonntry's ruin. 
 
 As to a permanent remedy in money mat- 
 ters, I published last Spring, when Parliament 
 was in seision, the draft of an Act which I 
 think would be what is wanted; and as 
 many will take the trouble to read and sup- 
 port this now, who formerly saw no necessity 
 for it, yon will probably republish it at the 
 •nd of this letter. There has always been a 
 neeesoity for such a change as I propcse ; for 
 at all times cmdbb oob pbbsbnt diabohoal 
 araTBK thb lbait pkoc^bbitt if, thb uuib- 
 
 WATB OADSB OF ADVBBSITT. This COU be 
 
 shewn by a very simple illustration. We 
 shall suppose all the commodities in the 
 eoantry at a low uniform price, vimaa 
 
 IB NBOBSSABILT THB 8TATB OF THIN08 UNDXB OtJB 
 
 PBBSBNT gysTBif ; and we shall assume that 
 price to be ONB SHiLUNG. But prosperity a;-- 
 rives among us in^lhe shape of two bidders 
 for our wheat, and other native commodities, 
 where formerly there was bnt one ; and these 
 rise in prjae— say from Is. to Is. 8d. In look- 
 ing fop •» arti^ls tr **V* ?nr tK,s TisT-.V «.,i— 
 held by him, the foreigner, or foreign nier- 
 obant, asks the question— are all oommodities 
 thus enhaneed in price t He finds that there 
 is one article, vis: specie, which the law most 
 ignorantly savea from rise in price, thus 
 .-«4.H..Mag In the most atrocious ■vray the 
 law of supply and demand. The for- 
 eigner of course takes specie or Bills of 
 Exchange, and, to bring back this article 
 (whioh the law has ma<ie the basis of all bank- 
 ing and confidence) all our native labor or 
 
 mofet fatal in practice or operation to the in- 
 dustry of the province, saorifioing its home 
 trade and labor whioh are n«c«««tti««, to for- 
 eign trade and imported labor, which are only 
 IN0IDKNT8 — our past legislation having com- 
 mitted an obvious contradiction, as well as 
 the grossest blunder, in making money synon- 
 ymous with a fixed quantity of Gold, seeing 
 that though able to fix the price of the latter, 
 no legislation can fix either the value of Gold 
 or the value of money— so that by our legis- 
 lation, in fixing a price on Gold.we have vio- 
 lated the law of sv riply and demand,tbe only 
 true regulator of prices, to give the foreign 
 exporter the commodity gold at a low foreign 
 price, whatever ma^ be its value, either as 
 
 Gold or as money in this province thus 
 
 preventing him purchasing any article of 
 Canadian industry and produce unless at 
 an equally low unremunerative price, and 
 to give the foreign importer in the same way 
 (from Lis being able to get a certain weight of 
 Gold for the Bank note received in payment 
 of his wares) an unjust advantage over the 
 provincial manufacturer of the same article — 
 to the extent that he gets his gold or exchange 
 at a figure less than tne natural value thereof 
 in Canada, the Canadian manufacturer having 
 to buy bis labor and raw material at a Cana- 
 dian value : And whbbkas our greatly increas- 
 ed taxation has greatly increased, and made 
 more obviout, the hardship of the Canadian 
 farmer and manufacturer being, (by the cruel 
 operation of our money law.) prevented from 
 adding any portion of his taxes to his prices, 
 and being driven to recover these in the only 
 other way this ccn be done, viz., by taking 
 them out of his wages : And wBBBBAfc a stiU 
 further reduction of remuuaration or wages, 
 brought about through lessening of demand 
 or employment, whioh arises from the expor- 
 tation of gold, making money scarce, (the law 
 having foolishly made gold and money s , nony- 
 mous,) is shared by every man and every in- 
 terest in the province, who all find themselves 
 ruined, however great may be their property, 
 from being able to find no money — because 
 forsooth their own paternal legislature has 
 made " money'' synonymous with " gold," 
 a scarce article, and one liable to be shipped 
 off, instead of making money an emblem of no 
 use or intrinsic value, as a merchantable com- 
 modiUr, and bearing no interest, so that it 
 would remain here to preform the functions 
 for which our provincial law created it — a 
 circulation within the province, or a legal 
 life's blood to all Canadain or internal inter- 
 ests end industry — and not at all as an instru- 
 ment of ther foreign or external Trail e, all 
 which would prcctioally be attained by our 
 arranging that the states of the foreign ex- 
 changes shall be only indicated by a rise in 
 the commodity in demand. Gold, and not also 
 by a rise in money, the rise or scarcity of 
 which is destruction to all classes. And 
 WHBBKAS the faot,now explained,of the foreign 
 merchant having it in his power or option to 
 take away gold and silver at prieei fixed by 
 law, without reference to their actual value$ 
 compared to other articles in this province, 
 t«uui io tiitt uuualurai and wholly nn- 
 necsssarv or unjustifiable depression towards 
 a low foreign standard of Canada's agri- 
 cultural and other productions, as well at 
 of its native manufactures ; and wbebbas 
 the obvious remedy for this is to re-ar- 
 range that/supposing the Canadian Par of 
 exohange to be an ounce of gold for twenty 
 dollars) our paper money shall only represent 
 gold at this rate when the price of the com- 
 modity gold is at twenty dollars the ounce 
 in Canada (measured in paper money.sanotion- 
 ed and secured by the provincial parliament), 
 and shall represent less gold when the price 
 
 of sold is over tWAntu >1nlla>.a ,LnA .r..^.„ _^l,l 
 
Kxobttge, and, to bring baok this artiole '«> Canada (mewured in paper money.ianotion- 
 
 (whi«h the Uw has ma<'e the basia of all bank- *<' "<i ieonred by the prorinoial parliament), 
 
 ing and oonfidenoe) all our native labor or "f u'" "P""nt leia gold when the price 
 «•.< ._ "I i^mci IB over Xi\~ 
 
 eigner of oourse takes specie or Bills of 
 Exchange, and, to bring baok this artiole 
 (which the law has made the basis of all bank- 
 ing and confidence) all onr natiye labor or 
 oommoditiei must be reduced in price to a 
 point even below the more portable artiole — 
 specie I 
 
 If people prefer it, there is no great objec- 
 tion to specie being kept as the security of 
 the currency in the way I now suggest, as a 
 temporary measure, vis: by requiring each 
 note whieh it made allegal tender to be repre- 
 sented by specie in the Bank or Government 
 Tanlts. The only objection is that, as by the 
 act which I drafted, we mi([ht have a more 
 economical measurei by putting the specie to 
 some use. There is no time, however, at pre- 
 sent to wait to disonss this matter,', and (until 
 Parliament meets at all events,) the notes 
 made a legal tender should be secured by 
 specie. 
 
 Yours respectfully, 
 
 ISAAC BUCHANAN. 
 
 The following is the Act drafted by Mr. 
 Buchanan, to which he refers, as formerly 
 recommendad by him as a permanent mea- 
 sure for Canada. At the time of publication 
 he explained that all the details would not 
 be required on the Statute Book, but were 
 merely given by him to make clear to every 
 legislator the great principle contended for. 
 The practical operation of this measure would 
 just be the same as if specie were held for 
 every note made a legal tender. The note 
 eould not depreciate, being a legal tender, 
 and being perfectly eeonred it would always 
 eommand specie ai its Canadian price, which 
 would be in proportion to other commoditief, 
 M should always have been the case. 
 An Act to'authoriu and require the itiue of 
 Parliamentary note*, or U»vemment note$ 
 eountartigned by the Speaker or Clerk 0/ the 
 Legiilative A uetnbly, in payment of all tUmi 
 voted by Parliament, twhnotee to be a legal 
 tender m (A« Province, 
 
 Whereas, the present Money Law of Cana- 
 da, being ntteily erroneous in priooiple, is 
 
 gold at tliiB rate wiien tne price 01 ine 
 raodity gold is at twenty dollars the ounce 
 in Canada (measured in paper nioney,BBnction- 
 ed and secured by the provincial parliament), 
 and shall represent leas gold when the price 
 of gold is over twenty dollars, and more gold 
 when the price of gold is less than twenty 
 dollars : Bi it kkaotid, <bc, <&c., that in addi- 
 tion to the coins which are at present the 
 legal tend«r of Canada, and with tiie view of 
 practically dispensing with these except for 
 email change, the Qovernment of this pro- 
 vince are hereby authorized and required 
 within thr«:e months from the pauing of this 
 act, to have arrangements completed for is- 
 suing its own notes countersigned by the 
 Speaker or Clerk of the Legislative Assembly 
 (and bearing no interest) in sums, to suit the 
 public as a circulation, of one dollar up to one 
 nnndred dollars, in payment of all diaburae- 
 ments sanctioned by the provincial parliment 
 — eaid notes to be a legal tender in Canada. 
 
 XL Attd be it enacted, that, although the 
 public have sufficient security for these gov- 
 ernment notea.in the fact that they are iBsned 
 for aums owing by the public for taxes and 
 duties, and that parliament and the country 
 are responsible to the holders, it is highly 
 deairable^to provide also another permanent 
 
 ground of satisfaction and confidence, to in- 
 ividuals holding the notes, by having their 
 safety guaranteed by one or other of the 
 chartered Banks of the Province ; the Govern- 
 menc is hereby authorised, and required, to 
 lodge in one or other.of the chartered Banks 
 of Canada, for the security oi the holders of 
 theae Government notes in circulation, all 
 amounts received for taxes and dutiek — such 
 lodgments never at any«time to be less in 
 amount than the amount of said government 
 notes in circulation, 
 
 IIL And be it enacte(},,thut it shall be law- 
 ful for the government of this province, and 
 the government is hereby required, to make 
 the.atoresaid deposits in any of the chartered 
 Banks of Canada, of whose security the gov- 
 ernment has no good ground ot suspicion, 
 provided euoh Bank shall agree to allow in- 
 terest on the aame at the rate of three percent 
 per annum, and the government is further re- 
 quired to make these deposits in theae par- 
 ticular, undoubted chartered Banks in the 
 proportion thtit the cheques on, ur notes of 
 such Banks are paid to government for taxes 
 or duties ; it being left to the government to 
 use its discretion in which chartered Bank or 
 Banks to lodge other moneys not paid by 
 cheques or notes of Banks where government 
 lodges,