The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-22
From the April knckrrhncArr,
CREDIT AND SPECULATION,
by WASHINGTON IRVING

IN the course of voyage from England, once
fell in with n convoy of some merchant ships bound
for the West indies The weather was unron.-
monty bland and the ships We'd with each other in
spreading sail to catch ligh, iivOring breeze
until their hulls "i"'"s' h'iI"-. '...'"'h Z"
cloud of canvass. The breeze went down with
me sun, ana hi, last yclIOw rays shown upon II
thousand sails, idly Tapping against the inasi4.-.
cxultcd in the beauty of the scene, argued
prosperous voyage but the veteran master of the
ship shook his head, and pronounced this halcyon
calm ''wea,hcr breeder. And so it proved. A
storm burst forth in the night the sea rourcd and
ragged and when the day broke, beheld the late
gallant convoy scattered in every direction some
dismusied, others scudding under bare poles, and
many firing signals of distress.
have since been occasionally reminded Of this
scene, by those calm, sunny seasons in the COM
mcrcial world, which ARE known by the name of
''timcs Of uncxamplad prosperity" They ARE the
sure weather breeders of traffic. Every now aud
then the world is visited by one of thcse dclusive
seasons, when ",hc credit syscm,' as ii is called
expands 10 full lnXurancc every body trusts every
body (: a bad debt il thing unhcurd of the broad
way TO certain and sudden wealth lies pain and
open and men are tempted TO dash forward
boldly, from the facility Of borrowing. Promis-
sorry notes, intcrchanged between schcming indi-
yilna's, are literally discounted at the banks,
which become so many minis to coin words into
cash aud as the supply Of words is ineNhalstib!e,
it may readily be supposed what vast amount of
proni'sory cupita is soon in circulation. Every
one now talks in thousands nothing il heard Of
but gigantic operation in trade great purchases
and sales of real property, and immense suns made
at every transfer. AL, to be sure, as vet exists
promises but the believer in promises calculates
the aggregate as solid capital, and falls back in
amazcmcnt ut the amount of public wealth, the
'unrxamp'cd state of public prosperity -
Now is the time for speculative and dreaming
or designing men. They relate their dreams and
project To the ignorant and crcdulous, dazzle them
with glorious visions, and set them madding after
shadows The example of one stimulates another;
speculation rises on speculation hubble rises ON
bubble every one he'ps with his breath to swell
the supersiruciure and adnrircs and wonders at
the magnitude of the initiation he has contributed
to produce.
Speculation is the romance Of trade, and casts
contempt upon all it, sober realities. renders the
sock lobber magician, anl the exchange =
gon ofenchaniinent. II eleyaies the merchants in
to a kind Of knight errant, or rather colnmerci
Quixotte. The SOW but sure gains of snug per-
ccniage become despcable III his eyes no ''oprr-
alton" is thought worthy of attention that does
worth following that does not promise an immediate
ortunc. she sitf musing over his ledger, with
pen behind his ear, he i Ike La N'ancha hero IN
study, dreaming over his books ofrhvalry. His dus-
~ counting house fades before his eyes, or changes
into Spanish mine he gropes AFTER diamond. or
dives after pearls. The subtcrranean garden of
Aladdin is no;ing to the realms of wealth thai,
break upon the imagination.
Could this dcluson always last, the liz, Of ner-
chant would indeed be golden dream bu, il i, as
short as il il brilliant. Let but doubt enter, aud
the "scason of unexanp'ed prosp" iy' i At an end
The coinage of words is Suddenly CENTRALIZED the
pronissory begins TO vanish into smoke pari.
succeeds, and the supersructure, built upon credit
and reared by speculation, cruib!cs to the ground
leaving scarce wreck behind.
at is such stuff n. dreams are made of
When man Of business, therefore, hears on
every side rumors of fortunes suddenly acquired.
when he sees adventures flush of paper capital,
and full Of scheme and enterprise when trade over
flows its accustomed chinneis, aud drlngrs the
country ; when he hears of new regions of COM
marcinl adventure ; of distan, marts and distant
mines, swallowing merchandise and diSgnrging gold ::
when he finds joint stock companies Of all kinds
forming railroads, canals, and loco Motive engines
sprin1ng up on every side when Id'ers suddehiy
become men Of business and dash into the gtine
Of commerce AZ they wonld into the hazards of The
faro table when he beholds the streets g'iitcring
with new rqupagrs, palaces conlured ur by the