We consider a one-dimensional lattice system of unbounded, real-valued spins with arbitrary strong, quadratic, finite-range interaction. We show the equivalence of correlations of the grand canonical (gce) and the canonical ensemble (ce). As a corollary we obtain that the correlations of the ce decay exponentially plus a volume correction term. Then, we use the decay of correlation to verify a conjecture that the infinite-volume Gibbs measure of the ce is unique on a one-dimensional lattice. For the equivalence of correlations, we modify a method that was recently used by the authors to show the equivalence of the ce and the gce on the level of thermodynamic functions. In this article we also show that the equivalence of the ce and the gce holds on the level of observables. One should be able to extend the methods and results to graphs with bounded degree as long as the gce has a sufficient strong decay of correlations.