If ever wildcat flourished in a gold camp or gambling joint, and that
wildcat did not hie to Canada when the real estate boom broke loose,
the wildcat species not in evidence was too rare to be classified.
Property in small cities sold at New York and Chicago values. Suburban
lots were staked out round small towns in areas for a London or a
Paris, and the lots were sold on instalment plan to small investors,
many of whom bought in hope of resale before payments could accrue.
City taxes for these suburban improvements increased to a great burden.
Fortunes were made and lost overnight. Railroad bonds were guaranteed
plentifully enough to pave the prairie. All this applies chiefly to
city real estate. Inflation beyond investment basis never touched farm
lands; but as a prominent editor remarked, "No fool thing that ever
failed was half as improbable as the fool things that have succeeded.
Men have literally been kicked into fortunes; and the carefulest man
has often been the biggest fool by not biting till the last."
The boom, of course, burst of its own inflation; but it is worthy of
note that the year the boom collapsed immigration reached its highest
figure--four hundred thousand. Whether the boom was good or bad for
Canada is hard to determine. It left a great many fortunes in its wake
and a great many wrecks; but naturally it did for the country what
years of hope, years of dogged silent work, years of self-confidence
could not do--it jolted Canada and the world into a consciousness of
the Dominion's possibilities. It is like the true story of the finding
of coal on Vancouver Island--a miner stubbed his toe and lo, a clod of
earth split into a seam of shining worth!
Public-domain text, read in full here on John Shaqi.
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