As a rule American capital was absorbed in shipping or agriculture, whence it could not be suddenly withdrawn. No stock-exchange existed, and no broker exclusively engaged in stock-jobbing, for there were few stocks. The national debt, of about eighty millions, was held abroad, or as a permanent investment at home. States and municipalities had not learned to borrow. Except for a few banks and insurance offices, turnpikes, bridges, canals, and land-companies, neither bonds nor stocks were known. The city of New York was so small as to make extravagance difficult; the Battery was a fashionable walk, Broadway a country drive, and Wall Street an uptown residence. Great accumulations of wealth had hardly begun. The Patroon was still the richest man in the State. John Jacob Astor was a fur-merchant living where the Astor House afterward stood, and had not yet begun those purchases of real estate which secured his fortune. Cornelius Vanderbilt was a boy six years old, playing about his father’s ferry-boat at Staten Island. New York city itself was what it had been for a hundred years past,--a local market. As a national capital New York made no claim to consideration. If Bostonians for a moment forgot their town-meetings, or if Virginians overcame their dislike for cities and pavements, they visited and admired, not New York, but Philadelphia. “Philadelphia,” wrote the Duc de Liancourt, “is not only the finest city in the United States, but may be deemed one of the most beautiful cities in the world.” In truth, it surpassed any of its size on either side of the Atlantic for most of the comforts and some of the elegancies of life. While Boston contained twenty-five thousand inhabitants and New York sixty thousand, the census of 1800 showed that Philadelphia was about the size of Liverpool,--a city of seventy thousand people. The repeated ravages of yellow fever roused there a regard for sanitary precautions and cleanliness; the city, well paved and partly drained, was supplied with water in wooden pipes, and was the best-lighted town in America; its market was a model, and its jail was intended also for a model,--although the first experiment proved unsuccessful, because the prisoners went mad or idiotic in solitary confinement. In and about the city flourished industries considerable for the time. The iron-works were already important; paper and gunpowder, pleasure carriages and many other manufactures, were produced on a larger scale than elsewhere in the Union. Philadelphia held the seat of government until July, 1800, and continued to hold the Bank of the United States, with its capital of ten millions, besides private banking capital to the amount of five millions more. Public spirit was more active in Pennsylvania than in New York. More roads and canals were building; a new turnpike ran from Philadelphia to Lancaster, and the great highway to Pittsburg was a more important artery of national life than was controlled by any other State.