The adverse exchange rates cause much wrath in Canada, and though I suspect that speculation may have much to do with augmenting the difference, there is something fundamental in our trade relations that makes a certain amount of adverse exchange inevitable at the present time. If this is not true, then we loyal Canadians have much to answer for. If the Wall Street financiers are doing a grievous wrong to Canadians every time they discount a dollar, then how about us every time we discount a pound sterling and discount it more severely than our own dollar is discounted? The most loyal Canadian in dealing with the Mother Country takes advantage of adverse exchange. Does this mean disloyalty, hatred of Great Britain, and all greed and unkindness? Certainly not. No one thinks so for a moment. It is the result of international conditions. Then may not the attitude of the United States be governed by the same international conditions? Anyway, it can hardly be an avoidable policy, adopted maliciously and on purpose to humiliate and rob us, or we would not be adopting an avoidable, malicious policy of this kind against our Mother Country. One does not need to be deep in the mysteries of finance to realize this proposition. Either we are disloyal and rapacious toward Great Britain or the Americans not wholly rapacious in exchange dealings with us. They are entitled to the benefit of a doubt. This question of exchange and the wickedness of the United States is much in the mouths of the supporters of the high tariff--so it is possible that their inability to see the truth of the situation is due more to selfish purpose than to lack of financial understanding. In the case of the press I got an impression of opinion from an American who controls or influences a great amount of publicity. I called to see him to ask if something could not be done to allay the irritation and improve the situation. With cheerful cynicism he laid bare the real situation. "To tell you the truth we are making the most of the irritation for party reasons. But the other party is just as bad as we are. I know it is rotten and even dangerous, but we are forced to do it if we want to get the floating vote." Few men in public life are so candid, but he wanted to be friendly and to save me trouble, and was talking as one public writer to another. I am thankful to him for his straight-forwardness in the matter. Now let us turn to Canada.