Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-08-24

produced effects in tho body polite and
.he moral world, which it will require ma
ny years Of patient and enduring toll to
eradicate, caIami,ies that have been The
cause Of extensive individual distress. and
that have contributed mainly TO the uni
versal ldestruction Of private and public
confidence, which is so essential 10 iudi-
sidual or national prosperity.
1, viii hs remembered by many OF the
rcaderso fthis paper that the years lS36, 81
q '30 were distinguished, i'll this city par
ticulArly, by the mos, extensive and gi.
gantic operations ir what was then called
q fancy stocks Dor. by The more signiti-
cant ifnot moro euphon:ous appellnlion
Iof "calamities." lie, us glance al the
i.modns operandi by which these "sccuri-
,iss,n or Representatives Of value" were
lcfsaied, aud il will throw q little light up
on one ofiLe incipien, and most powerful
causes Of tho unexampled distress Of the
present day. The prolific brain Of the
specula,or Of the period 10 which we have
alluded readily taugh, him that the spirit
Of the ago was peculiarly social or iucor-
pornte, and that any species Of security
which bore the impress ofa corporate seal
with the imposing names Of q president
and treasurer, or the equally potent guar
antce ofa number of private associates,
men Of OF soi-dis,ant repurc for bouudlcss
estates and extensive financial talent,
could be used TO great advantage with The
credulous and unsuspecling.-For exam
pile A tract Of stony land in neiehbor-
log state, utterly valueIcss for any purpose
that the ingenuity Of man can suggest. is
purchased for small nominal considera-
ton. The purchaser comes TO this city OF
humbug and faucies, and represents 10 his
associates and through then, To The COM
muniiy, lha, be has procured the most "val-
liable granite quarry in NIL the length aud
breadth Of this great Union. An associa.
.ion is formed, probably with chartered
franchises, an office opeued, q President,
directors, secretary. treasurer, and all the
parphenelia, Of a respectable community,
With capital ad libium and iufinitu.n duly
provided. Next appears a splendid en-
graved certificate Of stock, handsomely
signed and countersisncd by the consti,u-
ted authorities, and most furmidably seal
cd with the corporate seal Of lhe associa-
tion. Thus The altar is preparcd-brins
forth the victim.
The tried and mercennry agents Of this
sluPendous fraud are sent abroad through
the country, seeking whom they may de-
your; and, prepared with certificates OF
the present value, or certain appreciation
hf the worthless stuff, and with letters OF
Introduction or recuinmeEdati ton procured
by fraud or fa!sehood or forgery. they con-
ideni!y approach :he unsuspcc,ing land.
holder. who is moved by desire Of change
or pecuniary embarrassment, or probably
by The very large amount which is offered
him, TO exchange bis valuable property,
perhaps tho happy homestead ofhi. faith
ers, or ih5 patrimony Of his wife. for the
stock Of the new corporation. lie is false
ly told .hal !. is amply secured beyond the
possibility ofloss, by a pledge Of real estate
OF almost inesiimablc value. As the de-
iiusI9e glare of the treachercus whill- l-of:,he
wisp beguiles the traveller from tho high
road into the neishboring quagmirc, so the
eli,leri0g hope of fortune lures The uasus-
pecting victim into the snares Of the
lhcar,less and dishonest speculaior. The
net is accomplished. The decd is signed,
sealed and delivered, ,,he stock Is ,ransfsr-
rcd, tho certificate passed over, she fsand
land the robbery consummaied., Property
ofinirinsic value has been exchanged fo1
that which is utterly worthless, and be
who but yesterday was happy and COM
foriablc, has been cast upon the world i'm
poverished aud hcart.broken by tho artful
designs Of band Of swindIers. This is
no fancy sketch, but true and faithful
picture of ono Of tho many dishoucs,
schemes by which the credulous property
holder or capitalist has been robbed Of his
estate or pilferred OF his money.
Ii is well known fact that very large
amounts Of such stocks as are above de-
scribed, were imposed upon the commun
nifty by every species of fnlsehood aud
Misrepresentation; that they havo since
proved to have been utterly worthless al
The tiEio Of their creation and that their
worthless character was well known TO
the official funclionarics whose names np-
peared upon the certificates, and also 10
the agents by whom they were negotiated
Many Of the individuals who were con-
cerned in these fraudulent schemes were
men OF good repule for moral honor aud
peeuniary Integrity, esteemed for their
private virtues, and in many Instances
holding high places in the temple of The
God of truth, bu, their judgements were
warped, their moral sense distorted by
the love of lucre, and they were induced
BY dishonest appeals to their cupidty 10
sacrifice every noble and manly virtue up
on the altar Of The god of Mammou.
What has been the natural, The incvi,a.
bic result, OF these operations Lc, this
qusstioG be properly considered and truly
answered, and be that runs may read 10
that answer one Of the prominent causes
OF the presen, unparalleled distress in eve
" ramifcatiou Of society. The rcsul, is
tho almos, universal destruction of private
nnd public confidence, Of Thar Trust in
the goodness Of ano,her." without which
as a COMMERCIAL nation can ever be prosper
ous, no individual or society can ever bo
truly happy.-Tbe lesson we arc taught