In 1832, when we came to Canada, a great speculation was carried on in the lands of the U.E. (or United Empire) Loyalists.  The sons and daughters of these loyalists, who had fled to Canada from the United States at the time of the revolutionary war, were entitled to free grants of lots of wild land.  Besides these, few free grants of land were made by the British Government, except those made to half-pay officers of the army and navy, and of course there was a rapid rise in their value.

Almost all the persons entitled to such grants had settled in the eastern part of the Upper Province, and as the large emigration which had commenced to Canada had chiefly flowed into the more western part of the colony, they were, in general, ignorant of the increased value of their lands, and were ready to sell them for a mere trifle.  They were bought by the speculators at from 2s. 6d. to 3s. 9d. per acre, and often for much less, and were sold again, with an enormous profit, at from 5s. to 20s., and sometimes even 40s. per acre, according to their situation.

As to personally examining these lands, it was a thing never thought of, for their price was so low that it was almost impossible to lose by the purchase.  The supply of U.E.  Loyalists’ lands, or claims for land, for a long time seemed to be almost inexhaustible; for the loyal refugees appear to have been prolific beyond all precedent, and most of those who held office at the capital of the province, or who could command a small capital, became speculators and throve prodigiously.  Many persons, during the early days of the colony, were thus enriched, without risk or labour, from the inexhaustible “quivers” of the U.E.  Loyalists.

Though the bulk of the speculators bought lands at haphazard, certain parties who found favour at the government offices managed to secure the best lands which were for sale or location, before they were exposed to fair competition at the periodical public sales in the different districts.  Thus a large portion of the wild lands in the colony were and are still held:  the absentee proprietors profiting from the increased value given to their property by the improvements of the actual settlers, while they contribute little or nothing to the cultivation of the country.  The progress of the colony has thus been retarded, and its best interests sacrificed, to gratify the insatiable cupidity of a clique who boasted the exclusive possession of all the loyalty in the country; and every independent man who dared to raise his voice against such abuses was branded as a Republican.

Mr. Q—–­ dealt largely in these “U.E.  Rights,” as they were called, and so great was the emigration in 1832 that the lands he bought at 2s. 6d. per acre he could readily sell again to emigrants and Canadians at from 5s. to 15s. per acre, according to situation and the description of purchasers he met with.  I have stated that the speculators generally buy lands at hap-hazard.  By this I mean as to the quality of the lands.  All colonists accustomed to observe the progress of settlement, and the local advantages which hasten improvement, acquire a peculiar sagacity in such matters.  Unfortunately for many old countrymen, they are generally entirely destitute of this kind of knowledge, which is only acquired by long observation and experience in colonies.