The results of this system were not slow in developing themselves in
Belgium; one by one they began to strain, break, and give way; distrust
was every hour growing blacker, when the bank of Belgium, which had
been similarly formed in 1835, with a capital of twenty millions of
francs, and had encouraged the establishment of some twenty or thirty
other joint-stock speculations, with a capital of fifty millions more,
suddenly suspended payment in 1838, and universal dismay and confusion
followed; bubbles burst in all directions, those concerns which were
unsound exploded at once, and others more substantial suspended their
operations, and resorted to fresh calls and loans to enable them to
proceed. In the mean time, prices and the wages of labour had been
fluctuating like the waves of the sea under this financial tempest,
at one time raised to the highest pitch by the demand for machinery
created by such vast simultaneous exertions, and anon reduced below
a remunerative level by the ardour of their competition with each
other. Several of these companies still survive, but almost universally
struggling with the difficulties in which they have involved not only
themselves, but those private individuals whose steady and lucrative
trade they had invaded in the rage of their speculations.
From Verviers to Eupen, the Prussian frontier, the road is high and
uninteresting; it speedily leaves the charming valleys of the Vesdre
behind, and comes within sight of the ruins of Limbourg, one of the
most melancholy scenes of desolation I have seen--it stands lonely
and apart upon the summit of a rocky eminence, the remains of what
had once been a city, now a wilderness. Its rugged walls covered with
green moss, scarcely a roof visible, and the remnants of its shattered
fortifications flung, like a torn banner, across the sky. It has still,
however, a few wretched inhabitants, who are engaged in the zinc mines
in its vicinity. It seems incredible that this stranded wreck, was
once the capital of a duchy and the residence of a sovereign.
* * * * *
Public-domain text, read in full here on John Shaqi.
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