Graham's Magazine, Vol. XXXIV, No. 4, April 1849Various
General
Graham's Magazine, Vol. XXXIV, No. 4, April 1849
Various
Literature -- Periodicals; Literature, Modern -- 19th century -- Periodicals
As for buying farms, the thing was perfectly absurd now, and Drawitwell
should have known it; for who could tell that there was not a
copper-mine under every one of them. It was not to be supposed either
that the good people of Fleeceington could keep the knowledge of such
extraordinary wealth all to themselves, and our usually quiet city was
all agog, with the wondrous stories of the extent and richness of the
mines; and to confirm its truth, Grubemout and Uptosnuff were here with
the charter, and the script elegantly engraved, and any number of
specimens, and copper-buttons confirmatory.
In a day or two a few shares were in the market at “a slight advance on
the original cost.” Capitalists had been up who thought they “knew a
thing or two”—and gudgeons began to nibble, the knowing ones among the
number. The market advanced. One, two, three, four hundred per cent. was
quickly achieved as competitors increased; and considering that the
first cost was perhaps a dollar an acre, for an unwooded, untillable,
rocky hillside, curved up and set down at a dollar per square foot as
“original cost,” the profit was tempting—the market active—ditto the
original holders. There was a fierce avidity for a stock which advanced
at such rapid strides, and the reckless became crazy, the cautious
reckless and visionary. “The Board”—knowing dogs—looked on for a while
doubtfully, but in amazement. The “Outsiders” indulged in ecstasies and
fanciful millions. Thousands were added up upon stock-books, as if they
were “trifles light as air”—_and they were_. Merchants cut the
shop—lawyers the red tape and sheep-skin—editors told the messenger
for copy to “go to the devil”—and all became “gentlemen on ’change.”
Healths were drunk “to the United Copper-Heads”—and champagne and
Havanas “suffered some.” Fun and puns flashed fast and furious—and all
this the while the great bubble rose up, expanding and beautifying as it
ascended.
It was not to be expected that a single mountain should contain all this
good luck exclusively, and in various quarters envious copper-rocks
poked their noses out, quite seductively to anxious companies, who
formed upon the spot. One gigantic intellect proposed the formation of a
company to shovel the sand off of the whole State of New Jersey, so as
to get at the substratum, at once and emphatically. Copper became
substantially the _great_ business of life—the _only_ business of the
board—the _board_ being in fact rather a small affair while _copper_
abounded.
Sharp occupied _his_ time in buying up superfluous real estate, which
seemed to have been infected by copper, and showed a disposition to
_rise_—and he was afraid it might go up and never come down again. The
conveyancers assured him that he ought to take it—like a sportsman—on
the wing, right and left. He did, and clapped a heavy mortgage on it to
keep it steady.
Public-domain text, read in full here on John Shaqi.
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