from 1835 to the crash of 1837, that the prosperity of the country was
unreal, and would end in disaster. Perhaps we can afford space for a
single specimen of his way of treating this subject; although it can
be fully appreciated only by those who are old enough to remember the
rage for land speculation which prevailed in 1836:--
"THE RICH POOR--THE POOR RICH.--'I have made $50,000 since
last January,' said one of these real-estate speculators to
a friend.
"'The dense you have,' said the other, looking up in
astonishment 'Why, last January you were not worth a
twenty-dollar bill.'
"'I know that; but I now calculate I'm worth full $50,000,
if not $60,000.'
"How have you made it?'
"'By speculating in real estate. I bought three hundred lots
at Goose Island at $150 apiece; they are now worth $400. I
would not sell them for $350 apiece, I assure you.'
"' Do you think so?'
"'Sartain. I have two hundred and fifty lots at Blockhead's
Point, worth $150 a piece; some on them are worth $200. I
have one hundred lots at Jackass Inlet, worth at least $100,
at the very lowest calculation. In short, I'm worth a hull
$60,000.'
"'Well, I'm glad to hear it. You can pay me now the $500 you
have owed me for these last four years. There's your note, I
believe,' said he, handing the speculator a worn piece of
paper that had a piece of writing upon it.
"The speculator looked blank at this. 'Oh! yes--my--now I'd
like--suppose,' but the words could not form themselves into
a perfect sentence.
"'I want the money very much,' said the other; 'I have some
payments to make to-morrow.'
"'Why, you don't want cash for it surely.'
"'Yes, but I do. You say you are worth $60,000,--surely $500
is but a trifle to pay; do let me have the cash on the nail,
if you please.'
"'Oh!--by--well--now--do tell--really, I have not got the
money at present.'
"'So you can't pay it, eh? A man worth $60,000, and can't
pay an old debt of $500?'
"'Oh! yes I can--I'll--I'll--just give you my note for it at
ninety days.'
"'The D--l you will! A man worth $60,000, and can't pay $500
for ninety days! what do you mean?'
"'Well now, my dear sir, I'm worth what I say. I can pay
you. There's my property,' spreading out half a dozen very
beautiful lithographs; 'but really I can't raise that amount
at present. Yesterday, I had to give three per cent a month
for $4,000 to save my whole fortune. I had to look out for
the mortgages. Take my note; you can get it discounted for
three per cent.'
"'No, I can't. If you will give me $250 for the debt, I
shall give the other half to pay the interest on your
mortgages.'....
Public-domain text, read in full here on John Shaqi.
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