128 APPENDIX. 



of land, which soon rose, nominally, to twice its 

 value. Such a state of things could not last long — 

 the delusion is past. It is to be lamented, that many- 

 good people have been the victims of this infatuation ; 

 but we must comfort ourselves with the hope, that 

 some good will result from it, if a cure is not attempted 

 by rash and violent means. As a people, we had 

 become too extravagant and too luxurious. The slow 

 but sure progress of industry was despised. Every 

 man was in haste to be rich, by some visionary pro- 

 ject, dignified with the name of speculation. But 

 we are now suifering for these follies, and by suffering, 

 we shall be purified, and brought back to better habits. 

 This will be a lasting good. Instead of desponding 

 then, let us prosecute our business with increased vi- 

 gour and economy, and we shall soon find, that al- 

 though we have fewer paper dollars, we have more 

 real wealth, and what is of much greater importance, 

 better morals, and of course more happiness. A large 

 capital is at present locked up, because the owners 

 are in doubt how to employ it. When business shall 

 ilow in decided channels, this capital will be brought 

 into activity. It is almost certain, that neither com- 

 merce, nor bank stock will be as profitable as they 

 liavc been ; so that there is a strong probability of an 

 investment of a large capital, in real estate, which, 



