Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-10-23
The Bubble of 1887. 1885.

The present generation will long remember the hot
bed speculations OF 1887 and :55. spirit adverse
to making money in the usual modes, was rife through
out the land. In Cincinnati we escaped the bubble
and its explosion in great measure Miilcdtae and
JerSonriue may be said to have been safety valves
to us in this respect.
1t was a common occurrence of that period for
man who had made fortunate investments, though
owning but few hundreds the day BEFORE to be con-
sidered worth many hundreds of thousands the day
after Like all mania of the Sort the decline of these
brilliant prospects was generally rapid as their
rise. One or two individuals who understood the SUBJ
ect better and did not suffer their judgements to be
carried away into lie nipractcabe or uncertain fu-
ture, managed, however, to make hay while the sun
shone and to make it to some purpose. Let me mar
rate case of the kind.
Isaac c. Elstor, of Charlottesville, Indiana, enter
ed the section of land on which Michigan City has
since been laid off and built. The land, of course
cost trihe comparatively. He then went on to New
York, where he laid it of town plat had 1t lItho
graphed and advertised for SALE There was no decep-
ton in the This the only port on the Lake
which Indiana could have; and of course all the
power and patronage the Sta could direct to that quar-
ter it to acquire The residue of the nara
tive will give in Mr. Els own words, promising that
having understood he had laid out town there which
he yet had on hand advising him to sell while
he had chance left, for could assure him, saw
that building Tadnors in the wilderness had had their
very patiently, but with the air of man that does
not need advice, and then told me as follows;
IS / went on to New York. you know, and hard
ly got quarters in the City Hotel there, till the specu-
lators were all around me- They had seen the litho-
graphs and keen to buy, but most of them want
ed to buy on credit, or at best, pay fifth down.
told them this did suit me, for If there was money
be made by waiting for it, could afford wait
well as any others. Finally, two or three Bank D-
recors proposed to to give four hundred thousand
dollars for my city, half down. the residue In one
and two years. | replied that | vas determined not
10 sell unless l sold for cash. for if had to wait,
knew that could make more money out of 1t before
my payments came due, than any amount could get
| in the way of purchase. We talked good while,
and at last offered to sell them the undivided hall
for two hundred and fifty thousand dollars, aud the
company, finding me resoute, and fancying they could
make out of it, by keeping me still interested IN
the project accepted the last PROPOSAL and gave me
check for tina. amount | drew 1t out OF bank IN
rouleaus of American gold, packed securely, and
took it out with me to Charlottesville, where have
since built as fine house as any the State The
great body of the money is siIl as safe as the day
! got it. My wife has roll of one thousand eagles
which she claims as hers, in her own custody an6
now, my dear fellow, if never get cent for my
share of Michigan City it will never break me- Blu
/ the truth Is, this none OF your humbugs and III
| place must become of vast Importance and II hay
| no other use for the money when the company ge
tired of their purchase if they ever do shall be rea
! dy to buy back from them, at fair discount If
had not been hard money man, should have sol
principally on credit, pocketed perhaps 100000, an
] taken notes for nearly $4,000 of which
should never have received one cent But my speci
: currency notions brought me out."-Cisfs Adrert,
ser.