privilege--a great advantage to a ship-building, ship-owning
province--of the coasting trade of the United States on the same terms
which were allowed to American and British vessels on the coasts of
British North America. On the whole, however, the treaty eventually
proved of benefit to all the provinces at a time when trade required
just such a stimulus as it gave in the markets of the United States.
The aggregate interchange of commodities between the two countries
rose from an annual average of $14,230,763 in the years previous to
1854 to $33,492,754 gold currency, in the first year of its existence;
to $42,944,754 gold currency, in the second year; to $50,339,770 gold
currency in the third year; and to no less a sum than $84,070,955 at
war prices, in the thirteenth year when it was terminated by the
United States in accordance with the provision, which allowed either
party to bring it to an end after a due notice of twelve months at the
expiration of ten years or of any longer time it might remain in
force. Not only was a large and remunerative trade secured between the
United States and the provinces, but the social and friendly
intercourse of the two countries necessarily increased with the
expansion of commercial relations and the creation of common interests
between them. Old antipathies and misunderstandings disappeared under
the influence of conditions which brought these communities together
and made each of them place a higher estimate on the other's good
qualities. In short, the treaty in all respects fully realized the
expectations of Lord Elgin in working so earnestly to bring it to a
successful conclusion.

However, it pleased the politicians of the United States, in a moment
of temper, to repeal a treaty which, during its existence, gave a
balance in favour of the commercial and industrial interests of the
republic, to the value of over $95,000,000 without taking into account