Home as Found - James Fenimore Cooper (ebook reader wifi txt) 📗
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said, it arose incidentally and as inseparable from the regular
thread of the discourse.
When in Wall street, the carriages stopped and the gentlemen
alighted. The severity of the weather kept the ladies in the chariot,
where Grace endeavoured to explain things as well as she could to her
companions.
"What are all these people running after, so intently?" inquired
Mademoiselle Viefville, the conversation being in French, but which
we shall render freely into English, for the sake of the general
reader.
"Dollars, I believe, Mademoiselle; am I right, Grace?"
"I believe you are," returned Grace, laughing, "though I know little
more of this part of the town than yourself."
"_Quelle foule_! Is that building filled with dollars, into which the
gentlemen are now entering? Its steps are crowded."
"That is the _Bourse_, Mademoiselle, and it ought to be well lined,
by the manner in which some who frequent it live. Cousin Jack and Sir
George are going into the crowd, I see."
We will leave the ladies in their seats, a few minutes, and accompany
the gentlemen on their way into the Exchange.
"I shall now show you, Sir George Templemore," said John Effingham,
"what is peculiar to this country, and what, if properly improved, it
is truly worth a journey across the ocean to see. You have been at
the Royal Exchange in London, and at the _Bourse_ of Paris, but you
have never witnessed a scene like that which I am about to introduce
you to. In Paris, you have beheld the unpleasant spectacle of women
gambling publicly in the funds; but it was in driblets, compared to
what you will see here."
While speaking, John Effingham led the way upstairs into the office
of one of the most considerable auctioneers. The walls were lined
with maps, some representing houses, some lots, some streets, some
entire towns.
"This is the focus of what Aristabulus Bragg calls the town trade,"
said John Effingham, when fairly confronted with all these wonders.
"Here, then, you may suit yourself with any species of real estate
that heart can desire. If a villa is wanted, there are a dozen. Of
farms, a hundred are in market; that is merely half-a-dozen streets;
and here are towns, of dimensions and value to suit purchasers."
"Explain this; it exceeds comprehension."
"It is simply what it professes to be. Mr. Hammer, do us the favour
to step this way. Are you selling to-day?"
"Not much, sir. Only a hundred or two lots on this island, and some
six or eight farms, with one western village."
"Can you tell us the history of this particular piece of property,
Mr. Hammer?"
"With great pleasure, Mr. Effingham; we know you to have means, and
hope you may be induced to purchase. This was the farm of old Volkert
Van Brunt, five years since, off of which he and his family had made
a livelihood for more than a century, by selling milk. Two years
since, the sons sold it to Peter Feeler for a hundred an acre; or for
the total sum of five thousand dollars. The next spring Mr. Feeler
sold it to John Search, as keen a one as we have, for twenty-five
thousand. Search sold it, at private sale, to Nathan Rise for fifty
thousand, the next week, and Rise had parted with it, to a company,
before the purchase, for a hundred and twelve thousand cash. The map
ought to be taken down, for it is now eight months since we sold it
out in lots, at auction, for the gross sum of three hundred thousand
dollars. As we have received our commission, we look at that land as
out of the market, for a time."
"Have you other property, sir, that affords the same wonderful
history of a rapid advance in value?" asked the baronet.
"These walls are covered with maps of estates in the same
predicament. Some have risen two or three thousand per cent. within
five years, and some only a few hundred. There is no calculating in
the matter, for it is all fancy."
"And on what is this enormous increase in value founded?--Does the
town extend to these fields?"
"It goes much farther, sir; that is to say, on paper. In the way of
houses, it is still some miles short of them. A good deal depends on
what you _call_ a thing, in this market. Now, if old Volkert Van
Brunt's property had been still called a farm, it would have brought
a farm price; but, as soon as it was surveyed into lots and mapped--"
"Mapped!"
"Yes, sir; brought into visible lines, with feet and inches. As soon
as it was properly mapped, it rose to its just value. We have a good
deal of the bottom of the sea that brings fair prices in consequence
of being well mapped."
Here the gentlemen expressed their sense of the auctioneer's
politeness, and retired.
"We will now go into the sales-room," said John Effingham, "where you
shall judge of the spirit, or _energy_, as it is termed, which, at
this moment, actuates this great nation."
Descending, they entered a crowd, where scores were eagerly bidding
against each other, in the fearful delusion of growing rich by
pushing a fancied value to a point still higher. One was purchasing
ragged rocks, another the bottom of rivers, a third a bog, and all on
the credit of maps. Our two observers remained some time silent
spectators of the scene.
"When I first entered that room," said John Effingham, as they left
the place, "it appeared to me to be filled with maniacs. Now, that I
have been in it several times, the impression is not much altered."
"And all those persons are hazarding their means of subsistence on
the imaginary estimate mentioned by the auctioneer?"
"They are gambling as recklessly as he who places his substance on
the cast of the die. So completely has the mania seized every one,
that the obvious truth, a truth which is as apparent as any other law
of nature, that nothing can be sustained without a foundation, is
completely overlooked, and he who should now proclaim, in this
building, principles that bitter experience will cause every man to
feel, within the next few years, would be happy if he escaped being
stoned. I have witnessed many similar excesses in the way of
speculations; but never an instance as gross, as wide-spread, and as
alarming as this."
"You apprehend serious consequences, then, from the reaction?"
"In that particular, we are better off than older nations, the youth
and real stamina of the country averting much of the danger; but I
anticipate a terrible blow, and that the day is not remote when this
town will awake to a sense of its illusion. What you see here is but
a small part of the extravagance that exists, for it pervades the
whole community, in one shape or another. Extravagant issues of
paper-money, inconsiderate credits that commence in Europe; and
extend throughout the land, and false notions as to the value of
their possessions, in men who five years since had nothing, has
completely destroyed the usual balance of things, and money has got
to be so completely the end of life, that few think of it as a means.
The history of the world, probably, cannot furnish a parallel
instance, of an extensive country that is so absolutely under this
malign influence, as is the fact with our own at this present
instant. All principles are swallowed up in the absorbing desire for
gain; national honour, permanent security, the ordinary rules of
society, law, the constitution, and every thing that is usually so
dear to men, are forgotten, or are perverted, in order to sustain
this unnatural condition of things."
"This is not only extraordinary, but it is fearful!"
"It is both. The entire community is in the situation of a man who is
in the incipient stages of an exhilarating intoxication, and who
keeps pouring down glass after glass, in the idle notion that he is
merely sustaining nature in her ordinary functions. This wide-spread
infatuation extends from the coast to the extremest frontiers of the
west; for, while there is a justifiable foundation for a good deal of
this fancied prosperity, the true is so interwoven with the false,
that none but the most observant can draw the distinction, and, as
usual, the false predominates."
"By your account, sir, the tulip mania of Holland was trifling
compared to this?"
"That was the same in principle as our own, but insignificant in
extent. Could I lead you through these streets, and let you into the
secret of the interests, hopes, infatuations and follies that prevail
in the human breast, you, as a calm spectator, would be astonished at
the manner in which your own species can be deluded. But let us move,
and something may still occur to offer an example."
"Mr. Effingham--I beg pardon--Mr. Effingham," said a very
gentlemanly-looking merchant, who was walking about the hall of the
exchange, "what do you think now of our French quarrel?"
"I have told you, Mr. Bale, all I have to say on that subject. When
in France, I wrote you that it was not the intention of the French
government to comply with the treaty; you have since seen this
opinion justified in the result; you have the declaration of the
French minister of state, that, without an apology from this
government, the money will not be paid; and I have given it as my
opinion, that the vane on yonder steeple will not turn more readily
than all this policy will be abandoned, should any thing occur in
Europe to render it necessary, or could the French ministry believe
it possible for this country to fight for a principle. These are my
opinions, in all their phases, and you may compare them with facts
and judge for yourself."
"It is all General Jackson, sir--all that monster's doings. But for
his message, Mr. Effingham, we should have had the money long ago."
"But for his message, or some equally decided step, Mr. Bale, you
would never have it."
"Ah, my dear sir, I know your intentions, but I fear you are
prejudiced against that excellent man, the King of France! Prejudice,
Mr. Effingham, is a sad innovator on justice."
Here Mr. Bale shook his head, laughed, and disappeared in the crowd,
perfectly satisfied that John Effingham was a prejudiced man, and
that he, himself, was only liberal and just.
"Now, that is a man who wants for neither abilities nor honesty, and
yet he permits his interests, and the influence of this very
speculating mania, to overshadow all his sense of right, facts plain
as noon-day, and the only principles that can rule a country in
safety."
"He apprehends war, and has no desire to believe even facts, so long
as they serve to increase the danger."
"Precisely so; for even prudence gets to be a perverted quality, when
men are living under an infatuation like that which now exists. These
men live like the fool who says there is no death."
Here the gentlemen rejoined the ladies, and the carriages drove
through a succession of narrow and crooked streets, that were lined
with warehouses filled with the products of the civilized world.
"Very much of all this is a part of the same lamentable illusion,"
said John Effingham, as the carriages made their way slowly through
the encumbered streets. "The man who sells his inland lots at a
profit, secured by credit, fancies himself enriched, and he extends
his manner of living in proportion; the boy from the country becomes
a merchant, or what is here called a merchant, and obtains a credit
in Europe a hundred times exceeding his means, and caters to these
fancied wants; and thus is every avenue of society thronged with
adventurers, the ephemera of the same wide-spread spirit of reckless
folly. Millions in value pass out of these streets, that go to feed
the vanity of those who fancy themselves wealthy, because they hold
some ideal pledges for the payment of advances in price like those
mentioned by the auctioneer, and which have some such security for
the eventual payment, as one can find in _calling_ a thing, that is
really worth a dollar, worth a hundred."
"Are the effects of this state of things apparent in your ordinary
associations?"
"In every thing. The desire to grow suddenly rich has seized on all
classes. Even women and clergymen are infected, and we exist under
the active control of the most corrupting of all influences--'the
love of money.' I should despair of the country altogether, did I not
feel certain that the disease is too violent to last, and entertain a
hope that the season of calm reflection and of repentance, that is to
follow, will be in proportion to its causes."
After taking this view of the town, the party returned to Hudson
Square, where the baronet dined, it being his intention to go to
Washington on the following day. The leave-taking in the evening was
kind and friendly; Mr. Effingham, who had a
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