According to the town's web site, it was built as a symbol "of peace and unity between the white people and the neighbouring Indian reserves".
It was erected as part of the Saskatchewan wide celebration, Home Coming '71 , to mark the centennial of a series of treaties signed with local Indian bands in 1871.
Information Source: Melanie Hnetka , Canada's Gigantic! by Henri Robideau and Here and There
Picture Source: DMY and Robert Tubbs