DEPRESSION OF TRADE. 27 



value goes into the landlord's pocket, in the latter, i.e. 

 in Ulster, it goes into the tenant's. In Canada popu- 

 lation is comparatively small and land is plentiful, there- 

 fore this fictitious value does not exist, and the immigrant 

 can acquire a freehold farm at a fair commercial price. 



It is a well-known fact that trade and commerce are not 

 in a very flourishing condition at present all over the con- 

 tinent of North America. This depression of business has 

 its origin in the wild extravagance and over-speculation 

 of Americans. The native American citizen is above 

 working for his neighbour, and considers that he is born 

 with an inherent right whether he has the capital or 

 not of setting up in business on his own account. It is 

 a free country, and he has an undoubted right to put up 

 a store and to look out for customers under his own sign- 

 board. But this course does not tend to the prosperity of 

 his country, and the evil even extends to a neighbouring 

 country, for the business relations of the United States 

 and Canada are so interwoven together that failure and 

 commercial depression in the former country are felt more 

 or less in the latter also. It is a noteworthy fact that in 

 the year 1873, 9000 Canadians returned from the United 

 States to Canada. Times of commercial depression fall 

 comparatively lightly on the latter country, where the 

 actual cost of living is less than one-half that it is in the 

 United States. The most remarkable circumstance in 

 the history of Canadian immigration, however, is the fact 

 that in the last two or three years Americans have com- 

 menced to emigrate to Canada and to settle there. 



