tle; the
American is ever on the move. The private houses of Toronto are built,
according to the English taste and desire of exclusiveness, away from
the road, and are embowered in trees; the American, let his house be
ever so large, or his plot of ground however extensive, builds within a
few feet of the road, that he may see and know what is going on. You do
not perceive the bustle, the energy, and activity at Toronto, that you
do at Buffalo, nor the profusion of articles in the stores; but it
should be remembered that the Americans procure their articles upon
credit, whilst at Toronto they proceed more cautiously. The Englishman
builds his house and furnishes his store according to his means and fair
expectations of being able to meet his acceptances. If an American has
money sufficient to build a two-story house, he will raise it up to four
stories on speculation. We must not, on one side, be dazzled with the
effects of the credit system in America, nor yet be too hasty in
condemning it. It certainly is the occasion of much over-speculation;
but if the parties who speculate are ruined, provided the money has been
laid out, as it usually is in America, upon real property--such as
wharfs, houses, etcetera.--a new country becomes a gainer, as the
improvements are made and remain, although they fall into other hands.
And it should be further pointed out, that the Americans are justified
in their speculations from the fact, that property improved rises so
fast in value, that they are soon able to meet all claims and realise a
handsome profit. They speculate on the future; but the future with them
is not distant as it is with us, ten years in America being, as I have
before observed, equal to a century in Europe: they are therefore
warranted in so speculating. The property in Buffalo is now worth one
hundred times what it was when the first speculators commenced; for as
the country and cities become peopled, and the communication becomes
easy, so does the value of every thing increase.

Why, then, does not Toronto vie with Buffalo? Because the Canadas
cannot obtain the credit which is given to the United States, and of
which Buffalo has her portion. America has returns to make to England
in her cotton crops: Canada has nothing; for her timber would be
nothing, if it were not protected. She cannot, therefore, obtain credit
as America does. What, then, do the Canadas require, in order to become
prosperous? Capi