In 1872, Winnipeg, with a sudden awakening, realized the immense future before her as the capital of the Far West. Land was quickly bought up. Large prices given and realized. Houses were built on a magnificent scale. Crowds flocked in from all parts of Canada to share in the coming prosperity, A complete collapse followed. The bubble had burst.
The meaning of a "boom" may be thus simply exemplified. A buys a piece of land from B, and pays half the price down as a first instalment. He sells to C at an increased price, who, in his turn, does ditto to D. At length B, the original seller, calls for payment. C and D are unable to meet the call, and are ruined in endeavouring to do so, and the land is thrown back on A, who is in the same position, and B has it thrown on his hands, and never having in the first place received full payment, is also ruined, for he has speculated with the money. All classes had taken part in this "wild land speculation," and all were involved in the collapse. Houses were closed (for they could not be sold, as there were no purchasers) or are only, as we now see them, partially lived in. Winnipeg is slowly recovering from this "boom," and with the youth and energy of a young city will renew her prosperity.
Passing the ruined gateway of the old Fort Garry, we appropriately come to the Hudson Bay Store. It is contained in a large block of buildings, and is a new departure in the trade once absorbed by that great and powerful fur-trading company. They first explored the country, owned it, and kept up friendly relations with the Indians. It was one of those great trading monopolies, owned by merchants, and which have done so much for the wealth and commerce of England. The Hudson Bay Company has accomplished in a minor degree for Canada, what the East India Company did for India. This shop may truly be called the Army and Navy stores of the West, for it contains everything from brocades and Paris mantles (which are bought by the squaws) furs, carpets, groceries, to Indian blankets, pipes and bead work. In this bead work the blending of colours is exquisite. At the last Louis Riel rebellion, the wholesale department outfitted and provisioned at twenty-four hours' notice, 600 soldiers for thirty days.