No. 3. 



Morus Multicaulis and Merino Sheep. 



81 



ness far beyond a sound and healthy growth. 

 Many inf5tances mifjht be cited of very plau- 

 sible speculations, in which numerous indi- 

 viduals have been ruined both in property 

 and character; for the injurious effects of the 

 spirit of speculation on the mind, are not 

 amongst the least of its evil consequences. 

 It produces a feverish, unsettled state of mind, 

 which prevents the pursuit of a regular and 

 useful business ; for how can a man whose 

 brain is tilled with projects by which he is to 

 become suddenly possessed of his tens of thou- 

 sands, pursue a steady manual labor employ- 

 ment which will produce him little more than 

 a respectable living? 



At the present moment, when a very re- 

 markable speculation is carried on in Mul- 

 berry trees under the plausible calculation 

 that the raising of silk is to become suddenly 

 the business of the whole population of the 

 United States, it may be considered rather 

 presumptuous to call in question the propriety 

 of this speculation, and to exhibit some of its 

 probable effects. I hope, however, that the 

 right of free discussion will not be denied 

 even by those who are most deeply affected 

 with the mulberry mania. 



The pernicious effects of speculation, both 

 on the individuals engaged in it and on the 

 community, are so geperally ackrviwledged, 

 that I trust it is unnecessary to insist upon 

 them; and yet since the raging of the morus 

 mania, I have heard the monstrous doctrine 

 advanced, that if a man has money to pay for 

 what he purchases, or to discharge his bets 

 at the gaming table, he can neither be called 

 a speculator, nor a gambler. In my view, 

 there is but little difference between a specu- 

 lator and the gambler who is led on by small 

 gains or losses until he becomes so perfectly 

 infatuated, that he would venture the world, 

 if he had it, on a single cjst of the die. 



Many of the readers of the Cabinet will 

 doubtless remember the ruinous speculation 

 which followed the introduction of Merino 

 sheep, a few years ago. It was the general 

 opinion that wool was to become immediately 

 the grand staple of the country — every hill 

 and valley was to echo with the bleating of 

 sheep — every farmer was to raise the greatest 

 possible number, and beyond all doubt, sudden 

 riches were to be the portion of every inhabi- 

 tant of these fortunate states. But it was 

 only a certain kind of sheep, viz: the Merino — 

 that was to accomplish this great object — and 

 consequently the demand for them was to 

 be almost unlimited until every farmer in the 

 country became supplied. The most active 

 and enterprising individujiis wlio were caught 

 with the fever, were of C(3urse anxious to 

 secure the earliest supply, and make con- 

 tracts to pay the most extravagant prices for 

 all the merino lambs that could be furnished 



them within certain periods. The bubble, 

 however, soon burst, and ruin followed to the 

 infatuated speculators and the duped farmers. 

 Now, instead of wof)l, we are told that silk 

 is to be the grand staple of our country ; 

 every female and all the children in the land 

 are to be enga^'ed in feedmg the silk worms, 

 and reeling ihe silk; we are all to become 

 suddenly rich, and casting away our rough 

 woollen garments, and our vile cotton and 

 linen fabrics, our precious bodies are to be 

 wrapped in soft, silken folds ! And as a par- 

 ticular kind of sheep was to work the won- 

 ders of wool, so it has been discovered that 

 no kind of mulberry but the multicaulis 

 is worth planting for the purpose of raising 

 silk, notwithstanding the experience of other 

 countries to the contrary. From this great 

 discovery has resulted one of the most re- 

 markable speculations of the age. It is 

 rapidly extending amongst all classes, and in 

 my view, is assuming an alarming character. 

 We hear daily reports of individuals who 

 have made their thousands and tens of thou- 

 sands of dollars, rising suddenly from poverty 

 to wealth, and the storekeeper, the farmer, 

 the mechanic, the clerk, the teacher, are 

 ; dazzled with the golden vision, and rush from 

 ! their useful employment into the grand specu- 

 lation. What, let me seriously inquire, is to 

 i be the end of all this ? Is it not time to pause 

 and examine the foundation upon which this 

 I new Bahel is attempted to be built'! That 

 ; the raising of silk is an object of great im- 

 i portance, and also attainable in this country, 

 j will, perhaps, be generally admitted; but that 

 I it vp to be universally adopted this year or 

 ! next, and that it will be so profitable as to 

 j justify the present extravagant prices of the 

 multicaulis, is not quite so. clear. We are 

 told, indeed, that the fact of three legislatures 

 having offered a premium on all cocoons 

 raised within their several states within cer- 

 tain periods, is proof enough that the silk 

 business will be permanently and profitably 

 established. It must be recollected, however, 

 that the members of those law-making bodies 

 are men of frail judgment, like ourselves, and 

 may possibly be influenced by other motives 

 than those purely patriotic, in the exercise 

 of their legislative duties. It is well known 

 that a number of active mulberry speculators 

 were busily engaged during the last winter, 

 in boring the members of one of these legis- 

 latures, and it seems highly probable that they 

 were pretty thoroughly inoculated with the 

 mulberry fever, for it is said that afler passing 

 the premium law, many of the members hur- 

 ried home to plant mulberries and make their 

 f^irtunes — not by raising cocoons, but by sell- 

 ing trees! 



It would be prudent for those (if there are 

 any such,) who intend to plant the morus 



