388 



A. D. 1796. 



of gold and filver to the United flates of America : and it will require 

 the greateft exertions of prudence and vigilance to prevent the fudden 

 influx of money from being attended with the evils, which feem na- 

 turally to attend the polleflion of other mines. This hidden inundation 

 of nominal wealth (for guineas and dollars are but the reprefentatives 

 of real wealth) mull introduce a ftile of living, and a turn of thought, 

 utterly inconfiftent with agricultural and mercantile profperity, and de- 

 ftrudiye of the fimplicity of manners and frugal habits, which hereto- 

 fore rendered America fo refpedable in the eyes of the difcerning part 

 of Europe. It mull; raife the nominal price of provifions, and confe- 

 quently of labour, to a height incompatible with the improvement of 

 the country, and fubverfive of the incipient manufadures, many of 

 which were at this time adually deflroyed by it. And it muft intro- 

 duce, inflead of patient and perfevering indullry, a fondnefs for fpecul- 

 ation, money-jobbing*, flock-jobbing, and land-jobbing f. The wife 



* One efFeft of the foi.dnefs for money-jobbing 

 is the exctflive nultiplication of fmall banks in 

 aimoll every part of the country. 



■|- The following fpecimen of the fpirit of hnd- 

 iobbing prefents a miniature pifture of the famous 

 6outh-fca bubble, and the other impoftures of that 

 asra of infatuation. 



' Independent of the ordinary trade of the 

 ' merchants of all countries, they [the merchants 



• of Bofton3 indulge very much in fpeculation ; 

 ' and fpeculation is the favourite paffion of the 

 ' inhabitants of New-England, who generally ftcl 

 ' a more aftive dcfire than the people of the fouth 



• to acquire large and rapid fortunes ; whether 



• that difpofition be, or not, the confequence of 



• their more cnterprifing charafter. 



* But their fpeculations are not always fucccfs- 



• ful : and at this m.omciit [1797J confiderable 



• funis are about to be loft at Bolton by the fale 

 ' of the Yazzow lands in Georgia, which the 

 ' late legiflature of that ftate have thought it 



• their duty to annul. From the following 



• circumflances fome idea may be formed of the 



• cstravagarice with which the New-England 

 ' fpeculators, and particularly thofe of Bofton, 

 ' engaged in that bufinefs. The original price of 

 ' thofe lands, as I have before obferved, was about 

 ' one cent, or a hundredth part of a dollar, per 

 ' acre ; and they have been fold at Bofton fo high 

 ' as twelve, and I believe even higher. Two or 



• three agents of two of the four companies, who 

 ' had obtained thofe lands from the ftate, came to 

 ' Eofton with their title-deeds empovi-ering them 

 ' to fell. They opened a kind of office, to which 

 ' purchafcrs flocked in fuch crowds, that thofe 

 ' geritlemen, taking advantage of this inconceivable 

 ' infatuation^ raifed the price each day, often twice 



• in the day, for the purpofe of more ftrongly ex- 



• citing the general cagernefs and taking away all 



• time for rttleclion. There were fales and fub- 

 ' fkles without number. Some of them were ft- 



cured by a ftipulation of rcfponhbility on the part 

 of the fellers, who engaged to give poflelfion of 

 the lands : but few of the numerous bargains 

 were attended with this claufe ; almoft all being 

 concluded on the bai-c fecurity of the titles, with- 

 out any power of coming upon the venders. In 

 many inltances the purchafes were made partly 

 with ready money, and in all cafes with notes 

 payable at different periods. Thele notes were 

 dextcroufly put into circulation by the venders, 

 and the purchaftrs now find thcmfelves difap- 

 pointed of the lands, while a great part of their 

 notes are gone out of the polfeflion of thofe to 

 whom they liad given them. Every clafs of 

 men, even watch-makers, hair-dreffers, and me- 

 chanics of ail different defcriptions, eagerly ran 

 after this deception, in which Button has funk 

 above two millions of dollars. Some of the buy- 

 ers declare that they will not releafe their notes, 

 and have even announced their intention in the 

 public papers : but this is nothing more than a 

 menace refulting from anger and indignation. 

 The notes have, in great part, paffed into other 

 hands : they have been received by perfons wholly 

 unconneftcd with that fpeculation, and who can- 

 not be excluded from payment without a moll 

 glaring a& ot injultice, which muft materially im- 

 pair the credit of thofe who originally gave the 

 notes. The courts of juflice moreover would 

 decide againft them : and thus, after confiderable 

 trouble, they muft at laft make good the pay. 

 ments, and be content to remain dcttitute of 

 lands. 

 ' Many of th.c purchafcrs, whofe notes were not 

 gone out of the hands of the venders, have coin- 

 promifed matters with them by difcouuting the 

 notes at half their value, but in ready money, and 

 retaining their claim to the lands fo far as the 

 fellers can make it good. But this amounts to 

 a nullity ; for the original agreement will never 

 be ccnfirraed, it being a fraudulent tranfaftiort, 

 3 ♦ and 



