6 MASSACHUSETTS AGRICULTURE. 



Jay Cooke's name, which had been so honorably connected 

 "with the sale of the government bonds, and which had 

 enabled him, on the reestablishment of confidence, to secure 

 a great hold on the people, was used to found schemes which 

 were more visionary than bubbles, and as unreal as the 

 wildest dream. 



The press not only published these alluring advertisements, 

 but, from the most mercenary motives, called attention to 

 them in their editorial columns, and under the guise of 

 honest opinion, represented Northern Pacific and other 

 worthless bonds as safe investments, until thousands of 

 innocent readers, not thinking that base purposes inspired 

 these finely- written articles upon "Northern Pacific Bonds 

 secure as Governments, and yielding a much larger income," 

 put their hard-earned savings into these pieces of handsomely 

 printed paper, and discovered no fraud until the great bubble 

 became so extended and thin that it burst from its inside 

 pressure. 



Though railroad bonds are worthless ; though the legion 

 of copper and oil companies have passed so fjir into history 

 that their names are scarcely remembered ; though manu- 

 facturing stocks have greatly depreciated and many of the 

 companies become bankrupt, yo\ir fiirms have not depreciated, 

 and the quiet of your homes, if you adhere to your agricultural 

 industries, has not been disturbed. 



Among the evils yet remaining of this wild infatuation, is the 

 enormous debt which has been created, and which still remains. 



I do not refer to the government debt. That Avas a 

 necessity, is well cared for, perfectly secure, and in process 

 of gradual and certain payment. 



I do not refer to debts created by States and toAvns, in 

 providing bounties to encourage men to enlist, and to provide 

 for the families of enlisted men. This was sound political 

 economy, as it rapidly increased the strength of the govern- 

 ment, and lessened both the slaughter of men and the period 

 of the war. 



But to the rapid growth and increase of town, county. State 

 and corporation obligations, in the prosecution of improve- 

 ments which have been fostered or hastened by a spirit of 

 speculation, emulation or pride, which has fastened upon a 



