Part 24 (2/2)

It is, of course, of the greatest importance to emigrants that whatever capital they may possess, over the necessary expenses of the voyage, &c., should be remitted to Canada in the _safest_ and most _profitable_ manner. Both the British American Land Company and the Canada Company afford facilities to emigrants, by receiving deposits and granting letters of credit on their agents in Canada, by which the emigrants obtain the benefit of the current premium of exchange. It is unsafe and injudicious to carry out a larger amount of specie than what will defray the necessary expenses of the voyage, because a double risk is incurred,--the danger of losing, and the temptation of squandering. The emigrant, therefore, who does not choose to remit his money through either of the before-mentioned companies, should procure a letter of credit from some respectable bank in the United Kingdom on the Montreal bank.

V. CANADIAN CURRENCY.

In all the British North American colonies accounts are kept and prices are quoted in pounds, s.h.i.+llings, and pence, as in England. The accounts are contra-distinguished by calling the former currency, or Halifax currency, and the latter sterling or British sterling.

The one pound Halifax currency, or currency, as it is more commonly called, consists of four Spanish dollars. The dollar is divided into five parts--called in Spanish pistoreens--each of which is termed a s.h.i.+lling. Each of these s.h.i.+llings or pistoreens is again subdivided into twelve parts, called pence, but improperly, for there is no coin answering to any such subdivision. To meet the want a great variety of copper coins are used, comprising the old English halfpenny, the halfpenny of later coinage, the penny, the farthing, the American cent.; all and each pa.s.s as the twenty-fourth part of the pistoreen or colonial s.h.i.+lling. Pence in fact are not known, though almost anything of the copper kind will be taken as the twenty-fourth part of the pistoreen.*

[* The Americans also have their 1 s.h.i.+lling, which is the eighth part of a dollar, or 12-1/2 cents. It is no uncommon thing to hear the emigrant boast that he can get 10 s.h.i.+llings per day in New York. He knows not that a dollar, which is equal to eight of these s.h.i.+llings, is in England equivalent but to 4 s.h.i.+llings 2 pence, and that the American s.h.i.+lling is, therefore, when compared with the English s.h.i.+lling in value, only 6-1/4 pence, and consequently, that 10 s.h.i.+llings a day is, in fact, but ten 6-1/4 pence or 5 s.h.i.+llings 2-1/2 pence. This rate of payment it may be said is still great; so it is, but it is not often obtained by the labourer; when it is, it is for excessive labour, under a burning sun in sea-port towns, during the busy s.h.i.+pping season.]

At a time when the Spanish dollar, the piece of eight, as it was then called, was both finer and heavier than the coin now in circulation, its value at the mint price of silver** was found to be 4 s.h.i.+lling 6 pence sterling. Accordingly, the pound currency was fixed at 18 s.h.i.+llings sterling, and 90 pounds sterling was equal to 100 pounds currency, the rules of conversion being, _add one-ninth to sterling to obtain currency, and deduct one tenth from currency to find the sterling_. This was called the par of exchange, and was so then. So long as it continued correct, fluctuations were from a trifle above, to a trifle below par, and this fluctuation was a real _premium_ or _discount_, governed by the cost of the transportation of bullion from the one to the other side of the Atlantic, an expense which now does not exceed, and rarely equals, 2 per cent. 4 s.h.i.+lling 6 pence has long ceased to be the value of the dollar. Both the weight and purity of the coin have been reduced, until its value in the London market*** is not more than 4 s.h.i.+llings 2 pence, the pound currency being consequently reduced to 16 s.h.i.+llings 8 pence sterling and 100 pounds sterling become equivalent to 120 pounds currency, or 480 dollars, the common average rate now given for the 100 pounds sterling bill of exchange in England.

[** The mint price then coincided more nearly with the market price than at present.]

[*** It is necessary to use the market price, as the difference between the mint and the market price is 4 per cent., and as the Spanish dollar possesses no conventional value, it is only worth what it will bring as an article of traffic.]

The Government, however, still sanction, nay, will not change, the old language, so that the difference is made up by adding what is commonly termed a _premium_. The difference between the _real_ par, 4 s.h.i.+llings 2 pence, and the nominal par, 4 s.h.i.+llings 6 pence, is 4 pence or eight per cent. Thus the fluctuations, instead of being from 1 to 2 per cent.

below, to 1 or 2 per cent. above the _real_ par, are from 1 to 2 per cent. below, to 1 to 2 per cent. above 8 per cent. _premium_ as it is called on the _nominal_ par, or from 6 or 7 to 9 or 10 per cent.

_premium_ on the par. This leads to gross deception, and the emigrant in consequence is not unfrequently outrageously cheated by parties accounting to him for money obtained by sale of bills, minus this or some portion of this nominal premium. Nothing is more common than to hear the new comer boast that he has sold his bill on England for 8 per cent. premium, while in fact he has not received _par_ value. As by the above changes 100 pounds sterling is shewn to be equal to 120 currency, or 480 dollars, the rule of conversion, in the absence of a law, where no understanding to the contrary existed, should be, _add one-fifth to sterling money, and currency is obtained, or deduct one-sixth from currency, and sterling is found._ An examination of the exchanges for ten years has proved this to be correct.

VI. THE CANADA COMPANY.

The Canada Company was incorporated by royal charter and Act of Parliament in 1826. The following are extracts from the prospectus of the Company:--

”The Canada Company have lands for sale in almost every part of the province of Upper Canada, on terms which cannot fail to be highly advantageous to the emigrant, as from the Company requiring only one- fifth of the purchase-money to be paid in cash, and allowing the remainder to be divided into five annual payments, bearing interest, the settler, if industrious, is enabled to pay the balance from the produce of the land.

”The lands of the Canada Company are of three descriptions, viz.--

Scattered reserves: Blocks or tracts of land, of from 1,000 to 40,000 acres each; The Huron tract, containing upwards of 1,000,000 acres.

”_Scattered reserves_. The scattered crown reserves are lots of land of from 100 to 200 acres each, distributed through nearly every towns.h.i.+p in the province, and partaking of the soil, climate, &c., of each particular towns.h.i.+p. These lands are especially desirable for persons who may have friends settled in their neighbourhood, and can be obtained at prices varying from 8 s.h.i.+llings 9 pence to 25 s.h.i.+llings currency an acre.

”_Blocks of Land._ The blocks or tracts lie entirely in that part of the province situated to the westward of the head of Lake Ontario, and contain lands which, for soil, climate, and powers of production, are equal, and perhaps superior, to any on the continent of America. These are worthy the attention of communities of emigrants, who from country, relations.h.i.+p, religion, or any other bond, wish to settle together.

”The largest block of this kind in the Company's possession is the towns.h.i.+p of Guelph, containing upwards of 40,000 acres, of which the greater part has been already sold, and, in the s.p.a.ce of a few years only, a town has been established, containing churches, schools, stores, taverns, and mills, and where there are mechanics of every kind, and a society of a highly respectable description.

”_The Huron Territory_. This is a tract of the finest land in America, through which the Canada Company have cut two roads of upwards of 100 miles in extent, of the best description of which a new country admits.

The population there is rapidly on the increase.

”The town of G.o.derich, at the mouth of the river Maitland, on Lake Huron, is very flouris.h.i.+ng, and contains several excellent stores, or merchants' shops, in which any article usually required by a settler is to be obtained on reasonable terms. There is a good school established, which is well attended; a Church of England and a Presbyterian clergyman are appointed there; and as the churches in Upper Canada are now princ.i.p.ally supported by the voluntary subscriptions of their respective congregations, an inference may be drawn of the respectable character of the inhabitants of this settlement and the neighbourhood. The town and towns.h.i.+p of G.o.derich contain about 1,000 inhabitants; and since the steam-boat, built by the Company for the accommodation of their settlers, has commenced running between G.o.derich and Sandwich, a great increase has taken place in the trade and prosperity of the settlement.

In this tract there are four good saw-mills, three grist-mills, and in the neighbourhood of each will be found stores well supplied. And as the tract contains a million acres, the greater portion of which is open for sale, an emigrant or body of emigrants, however large, can have no difficulty in selecting eligible situations, according to their circ.u.mstances, however various they may be. The price of these lands is from 11 s.h.i.+llings 3 pence to 15 s.h.i.+llings provincial currency, or about from 11 s.h.i.+llings to 13 s.h.i.+llings 6 pence sterling per acre.”

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