ONE:Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:Lower Canada was inhabited chiefly by French Canadians, speaking the French language, retaining their ancient laws, manners, and religion, wedded to old customs in agriculture, and stationary in their habits. Of its population, amounting to 890,000 in 1852, nearly three-fourths were of French origin, the remainder being composed of emigrants from Great Britain and Ireland and other countries, while in Upper Canada the number of French was under 27,000. Lower Canada, however, might have been expected to make much more rapid progress from its natural advantages in being much nearer to the seaboard of the Gulf of St. Lawrence, and being enabled to monopolise much of the ocean navigation, which terminated at Montreal. Thus, the cities of Quebec and Montreal rose quickly into importance when the Upper Province began to be settled. In 1827 the cities had each a population of above 27,000; but by the census of 1852 it was found that Quebec had a population of 42,000, and Montreal 57,000. The growth of the towns of Upper Canada was still more rapid. In 1817 Toronto, then called Little York, had only 1,200 inhabitants; in 1826 it had scarcely 1,700; but in 1836 it had risen to 10,000. Among the other principal towns of Upper Canada were Hamilton, Kingston, London, and Bytown (now called Ottawa), which grew rapidly. Situated so near Europe, and offering inexhaustible supplies of fertile and cheap land, with light taxes and a liberal government, it was natural to expect in Upper Canada a mixed population, and an analysis of the census of 1852 showed that its inhabitants were composed of people from most of the countries of Europe. The largest single element was composed of Canadians, not of French origin, upwards of half a million; the next of Irish, 176,267; then English, 82,699; Scottish, 75,811; from the United States, 43,732; Germany and Holland, 10,000. Many of those settlers emigrated from the old countries to avoid the pressure of distress. They consisted, to a large extent, of the worst paid classes of workmen, such as hand-loom weavers, that had lost employment by the introduction of machinery. Those persons were now found to be in the enjoyment of independence, as the proprietors of well-cleared and well-cultivated farms, having all the necessaries of life in abundance.
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