Elizabeth-Town gazette. [volume] (Elizabeth-Town, N.J.) 1818-1821, 1819-07-27
From Niles's Weekly Register.
THE PAsT-THE PRESENT, AND THE
FUTURE.

4
ldients. Ii a community ,vanted money, it
had nothing to do but TO make BANK
il an individual desired it, he was only re-
quired TO sign bis name to piece OF pa
lper, provided always, the bank makers
thought he was able TO meet the obliga-
ton. Millions OH millions were daily
passed from one hand to another, without
much reality in them, save in anticipated
facilities those worth thousand dollars
fearlessly signed for tens of thousands, and
others worth ten thousand put down their
names for hundreds Of thousands. Paper
lcredit, a dictatorship or cashiership in a
bank, or father, brother, cousin or friend,
who was a director or cashier, was the
test Of responsibility. Sign away, was the
word and it was generally calculated that
one debt might be paid by the creation Of
another! The people were wiid-they
acted as If day Of reckoning never would
come. They bought plantations and
country seats: built stately houses aud
furnished them ia the most costly manner |;
had their coaches and coschmen. feasts
and tea-parties; despising industry aud
economy, and indnlging themselves in all
sorts of extravaganza. Money, so cali
led, was obtained SO easily that few felt the
value Of it, and we seldom encountered the
|disagreeabIe idea that it was not our own !!
Every thing was to be done by manage
ment by g financiering," as Jacob Barber
isays, speaking Of the " millions" which he
had passed through his hands, or, in plain
English, by causing Zone rag TO do the
business of another rag" Thousands were
striving to get to the top Of the wheel; to
lead the fashion, or rival its prodigalities.
The country had the appearance OF the
| highest prosperity. The old comfortable
farm house was converted into kitchen
for new mansion, and palaces took the
places Of cottages. In the cities, every
Thing was pelI nell, reason seemed turned
ltopsy turvy: fifteen dollars yard for
cloth for coat; nine hundred OF thou
sand dollars Tor shawl; eight or ten dol
lars for a gallon of wine, and fifty for a
bonnet; town !iouses-country houses
style--ALL OF PAPER. The sober and
discreet were thrown aside as vulgar
folks--creatures without spirit mere ami
mals-but necessary drudges, producing
something TO keep the system a-going.
Arbitrary distinctions were raised 10 So
ciety-the borrower of 100000 was a
gentleman of rank; the farmer and me-
chanic svorth 10000 was nothing; a no.
biIity was fixing itself upon us. The
lpresident of bank, OF bankrupt SO much
the better y possessed mansion more
elegant than that Of many German prin-
ces-and | am told that one merchant
who lately failed to the eastward, yet
Lives in house for which, and its iurni-
lture, he was offered 100000 in real
money, and refused it Such is faint
picture Of the past. The people. thus
placed on end, like idle boys put up
bricks in a row, looked very promising ;
but they were out of their natural order,
and stood upon sandy foundation. Pa
Iper alone, could NOT any longer do the
business for them-discount and inter
ests, with the shaving Of bank notes and
their own notes, had eaten up the sub
stance which they possessed before the
rage for signing their names operated
upon them-and one is knocking down
another at such rate as was never heard
of before. Scenes Of speculation are re-
vealed and revealing, that sober people
had no idea of. Their effect penetrates
Through all classes of society-the day
|labourer feels it, and suffers. because Mr.
Highfyer could sign his name prettily
and thereby cause his paper TO pass
Through some Of the banks! The farmer
who improved his plantation by building
a costly dwelling, on credit, is compelled
to sell both farm and dwelling to pay the
debts incurred in erecting the house -;
pipe Of wine or cashmere shawl, com
peIs some merchants to stop payment!
have heard Of one man who failed fol
more than S500,000, whose private wine
vault, as it stood at the time of his bank
ruptcy, was estimated TO have cost hin
$1,000. This is said to have happened il
the sober city Of Philadelphia. Nationa
industry has been paralized, and the bal
ance of trade against us makes mighty
amount. 1t is true, that John Bull viii
suffer severely by the latter; but in &C,
complishing the former he will be gainel
10 the end. Our manufactures must very
generally stop, unless aid is afforded then
at the next session Of Congressman tens
of thousands Of the productive classes
will be thrown into the useless and con
Stunning. Money is scarce, because SC
much Of its representative has been spen
on things that cannot be converted into
it--it wants circulation, because conf.
ldence is lost, and those who have 1t know
not how to part with it safely. The banks
resolved to pay their debts, cannot dis