APPENDIX. 127 



fall in the price of land, and its productions, would 

 damp the ardour of cultivators, and deter men of cap- 

 ital from employing their funds in the purchase of 

 real property. This apprehension appears to be ill 

 founded. If the profits of farming have been dimin- 

 ished, so likewise have the profits of all other business; 

 so that there is no particular reason for with-holdiug 

 funds from an investment in land. We are in a state 

 of distress, which I trust, will be but temporary ; for 

 the country has great resources, and sufficient knowl- 

 edge to bring them into action. A stagnation of com- 

 merce was to be expected, on the cessation of the 

 wars in Europe.* ]5ut this stagnation is not peculiar 

 to America — she shares it in common with all the 

 world — we have indeed, particular distress, arising 

 from our own errors, on the subject of banks. An 

 immoderate issue of bank paper, aiforded an unhap- 

 py facility of borrowing. The money when borrow- 

 ed, must be made use of in some way — many of the 

 borrowers, having no good use for it, either trifled it 

 away, in unnecessary expenses, or in the purchase 



* In a letter of the late Presiilent Adams, published since the 

 delivery of this address, lie says he remembers that the like de- 

 pression of commerce, manufactures and real estate, took place 

 after the wars, which ended in 1748, 1763, and 1783. 



