IV 



INTRODUCTION. 



That a commercial error has been com- 

 mitted, no one can deny ; and it must also 

 be admitted, that this error was not confined 

 to a few individuals, or to any association 

 of individuals, but like a contagious disease 

 it pervaded all classes of society ; and that 

 among the lists of Shareholders in these spe- 

 culations, were to be found the names of 

 people of the first rank, character, and edu- 

 cation in the country. 



Experience has at last been purchased at 

 a very great loss, and by it we now learn, 

 that both the formation of these Companies, 

 and their failure, have proceeded from one 

 cause — our Ignorance of the country which 

 was to be the field of the speculation. But 

 although this must be confessed, yet let it 

 also be remembered, that the error was ac- 

 companied by all the noble characteristics 

 which distinguish our country. 



