, 1873-07-31


adoption Of tho Federal Constitution, the bus!-
uesa afraira Of tho nation wore at sea. Each
State adopted trade regulations with Its noigh-
lors or with foreign natious according Ito its
tato. Thore vas no confidence among the busi-
noss men Of tho period. Tho value OF tho cur
ronoy Issued by the Btates and by tho old 0ontt-
mental Congress- waB virtually regulated ~ tho
the face Of tho bills, and confusion worae con.
aSnaase Snss eoad 1sasa not ss 4s sas
lion Of tho United states., adopted in 1887,
e1os. HDSn saoa hsee @ pogos sseSu" 70 " regulate
Commerce with foreign nations and among tho
several statea," gradually inspired confidence.
Commercial treatIea wore made With foreign na-
6tatos wore abolished, and the country began to
prosper. As timo rollod On and that prosperity
Increased, it turned tho hoads Of tho old Reyo-
lutionary patriots. They began to speculate
OF foreign lu1urieB werc mndo far beyond the
yaluo Of the exports tho country could mako to
pay for them; mud at tho ond OF ton yenrs, tho
whole businosH public waR forced Into liquids
donco anywhere, and very little business could
DO done till tho 'hartl pan" had boon reached.
After tue close Of tue speculative period, aud
the pooplc found themselves standing upon
forced for d''AaG' al to tlN1 work and u practice
rcouolny. Wealth ugain began slowly to
accumulate, md the domand for our products
stimulated BY the OF NP0son u Egg
Revolution had not passed away. A quarrel
arose, aud tho War Of 16l2-15 was tho result
During the war the country was prosperous to
" aa ~ s w2en aoa
again Involved the country III utter and
general ruin. As before, money, seemed to
nayo entirely forsaken tho channels Of
trade. Wllat lttlo there was in the
IN
to renppear only when confidence Was IN aomo
measure rostorod Gradually liquidation did
iss work. Careful, .portoyering toll and closo
economy began to develop tue % resources @ Of thS
BY is2G, Dewitt Clinton and lis far
saoing compeory had completed the
Eric Canal tho vast teeming West
try, try, aud for tho next ten years tho progrosB in
the population and tho wcalth Of tho nation was
truly amazing. Tho rapid rise in the nominal
valuu OF lauds everywhere and especially at tho
West, enticed thousands oyen Of the most pru-
dent business mon to invest III them. Wildcat
banks almost without number were established
in Michigan and almost oyerywhere west OF the
Allegheny Mountains. Eyorybody'a pockets
were full of bauk-billa; aud 30 generally did
attending to the duties Of the farm and the
workshop, that posatoea were imported into
New York from Ireland III 1886, and wheat from
eD1 hs b % npqes roso e n2dSf fef suSs
~ Sua . 49,; ,tata ~ th,nga c0,,ii not lnst
aud the crash of 1878 was tho bitter remedy
for the moral and commercial insanity that had
proceeded it.
Tie first two financial crises, as We havo seen,
viz; that Of l797 aud Of 1B17, ,--were due to tho
wars and tho condition Of the country that re-
suited from those wars. 49,.
aa.a13l,aI y - "a nronor to innnre rieht lero
what were tle cauBoB that produced the third
and tic fourth, the conditions that may pro
Vears r and and tie means by Which tho country may
y yoate; anu o,a;I sIo ,hn,n u,l'' - "1N'SNS 80
uou ~ 'p ,1,a t;na howoen one financial crssh
gurlns .ne ';''o NV %o atatoa cnnorai,y that
hcatis 'uH H." ,roaf,h man ;a and with them
tl'a aooo,nv inansry md prudent foresight by
t1,e e xorc;aS ~ wSc tor estatcp wero acol
nased. Iher sons ron1 aaa ges vero
sF fathers Lott on Hey leoas 1annsa out y 5 1iS
sooatva scSmes fattor them by pnraiiue
then names ~ ss n, ntnd en roaih iea
them to puage III into app1 hn oat N v5o
@ .acs ip saoy yt, utu to os n know INV to Take carc
t1ey 1oga aha ~ dva ao 1o hmsnoas " militia Too
Gossy 70 ,aat oo1,r ,rhutn orcav ~ thosc con.
1s;, 80 s,,ra ~ nrodnca nraph in the
1ra,aoi af,a;ra ~ The cdntrv Thoso are tia
tiu"uolt4 anns .e ~ - ~ nt;,orr 1onr j,nmo
1ien WY eoauuusS anaa;i o rovoitin-3 tsinv hann
~ o;y',nn,1"ta iv Tia moat carofnI ocono1ny and
80 accutula.o py ttao Ky set arat thnyasnG
tle most eheaSGso vi enn ,,ovn na' haard xsnmrt
uolars, ,o,q pi vnun anx VI 'to lard Iay'a worI
the swoa1 OF tn many 4n1a rho rin1 @ =, vt, TIKI
hammers late and earIyI,o +, eghoaE "a. aaYs 19
a ooea oer noaga pS nd ao haSo 1noi ~ oradt
na'nesa aau pton's tha ast nu
enl say, OF hiteeh years tfo tno aast ~ rahH a1i
tey a9o worm toh sTGns' toI aliara ~ mare