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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 10, 1970, Lethbridge, Alberta Wi'ilm-sclny, Junr 10, 1970 IHC ICTHIIRIDGE HERAtD 1J> Much Mow So Than Tory Stanfield A Canadian Patriot F.v JOHN MIKA bitter denunciation of Minister Pearson from llcra'lil OKiiwii Itnrcau finance minister's claim Jamaican holiday in a while- O'lTAWA Lost in the ono-lay-wonder welter of words over the dollar unpegging was 1 flashback that provides signi-icant insight inlo the had only faced an exchange crisis in the Dicfenbakcr days of I9C2 when the dollar harime minister in With all the fuiy of a the House so a routine vote resulted in defeat of a was closer to the prize than all but a handful knew. suppressed passion, he surprised the entire House tax bill. That imbecility brought at that very moment there was a serious run developing on the Canadian dollar a result of the U.S. balance WEST COAST payments crisis which forced Washington lo impose restrictions on the outflow of its capi- Trucklocid Sale and speed up rerjatriation of earnings by foreign subsidiar- FRESH FISH AND The two-pronged U.S. mea- hit Canada's dollar so Will Be Held that Ottawa rapidly de- its exchange reserves un- FORT WHOOP-UP they hit a dangerously-low billion and the IMF had Thursday, June 11 and Friday, June tabbed for an emergency ?42G million loan. From 1 1 a.m. to 8 election would have .so ag- the dicey situation FRESH FISH ON ICE NOW IN GOOD the Liberal government have faced a panic run just as had as the self-created plunge of Ihe dollar in giving the ptihlic guild enough to consider changing govern- ments. Bui Mr. Slanfickl apparently decided he didn't want to ruin Canada in order lo achieve power. have never talked publicly about .lhat period but the min- ister (Benson) has now referred to he lokl the House last week during an aside to his main speech. "I knew what was going on because those in charge felt 1 ought to know.'' (Later, in an interview, he said lie was briefed by Mr. Pearson and then-finance min- ister Mitchell Sharp on Ihe monetary situation but neither of them asked him not lo force an election. He made up his own mind. I "'Hie situation was very ser- he continued his aside. "The government lost, a vote of confidence in Ihc House. "If the opposition had pro- longed that debate, with con- tinued uncertainty as to the life of the government, the Cana- dian dollar would have gone down out of sight. "Without the help of the In- ternational Monetary Fund and international authorities, this government was powerless to do anything to save the Cana- dian dollar as recently as 1968." The cynical, of course, might say that Mr. Stanfield was breaking his silence now be- cause his own party position shows signs of dropping out of sight. Bill it's also possible that he could not contain his righteous wrath to see the sacrifice he made two years ago, for the I sake of principle, made mean- ingless after all by the Liberal cabinet's pi'agmalism. I "This government or a future 1 Canadian government in a y again need help it can hap- pen to any country and the cavalier, arrogant, compla- icent. partisan attitude that the minister of finance displayed (toward Hie IMF agreement) will be of little helo." His warning of course may receive just as short shrift as his sacrifice did in a town I where reverence is reserevd for those politicians who spy vole-catching visions instead of those wh'ise integrity may com- fort evei the enemy. His hair may not be curly and his political instincts may be faulty but Ihe worst that can be said' of him is that he put Canada's interests ahead of his parly. And ahead of his own. The question now is: Will he ever be forgiven for that? INSURANCE LIABILITY BONDS 9 AUTO FIRE ROSSITER AGENCIES LTD. ESTABIISHED 1911 tower Floor 5174thAve. S. Phone 327-1541 BOYS' MEN'S JACKETS JACKETS Our Regular Price 1.99 THURS. FR'- SAT. Our Regular Price TtlUPS. FBI. SAT. 1.57 2.37 Water Repellent Nylon Taffeta with attached hood! Nylon Taffeta Water Repellent! Assorted colors and sizes. Many colors and sizes. SATISFACTIONGUARANTEED OR i. Our Regular 4-6X JR. BOYS' COTTON SHORTS Half boxer cotton twill styles! Antelope, Beige, Blue. 4-6X JR. 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