There's an MGM film entitled TODAY WE LIVE, released in April 1933 (probably shot within a few weeks of IF I HAD A MILLION), that features this expression in a similar context. A couple of British sailors on a torpedo boat have some kind of game going where they look for a certain kind of ship, and the first one who sights it yells "Beaver!" I never quite understood the game in the film, but perhaps "Beaver!" was just a slangy term, perhaps developed during World War One, meaning "I see it!" or "Got it!" or something like that. I can't find any internet references other to the standard definitions and the sexual slang. TODAY WE LIVE shows up on TCM from time to time -- not a bad war film for its era.
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