... an end, when a recession began in the summer of 1929" (2). In the two months before the crash, industrial production fell to an annual rate of 20%, and continued to drop well into the fall months. "By mid-November, the market had declined by a half." (2). After the crash, the Canadian monetary system was still very fragile from the resumption of the gold standard after WWI. The gold standard was an economic standard used in the 20's that backed up the value of each US dollar with its equivalent weight in gold. Meanwhile, output, prices, and savings began to sink across the country. As a result of this, policy makers felt certain that they needed to now keep their currencies in gold at all costs. Economic stability needed to be restored, and in order to do this, prices and wages needed to be cut. "Andrew Mellon, the US Treasury ...

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