The More Things Change…

Officials in Toronto opened a time capsule from the Maple Leaf Gardens dating from 1931.  It contained the newspapers pictured above.

The UK (then Great Britain) famously went off the gold standard (“suspended”, says the headline, but more than 80 years later it’s still in effect).  The British government had pegged the price way too low, which as you can see caused a “run”.  Then redemption in specie is “suspended”.  Then the currency collapses in value.

Was the guy who packed that time capsule a Canadian gold-bug?

Note that the sub-headline is “Canada will maintain gold basis”, which is noteworthy because Canada didn’t have a central bank until 1933, I think.  Before then they had paper money, but it was mainly issued by private banks such as Royal Bank of Canada.  If anyone ever gets to a vacation place in Ontario called Parry Sound, on the Georgian Bay, there’s a restaurant there the name of which escapes me, but they have a fascinating display case with all kinds of bank notes from the pre-1933 era.  Very interesting stuff.

 

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