The event proved that Campbell would have done better to accept all solid bids without regard to rate, for the government could have afforded to pay two dollars for one within a twelve-month, rather than stop payments; but Campbell was earnest to effect his loan at eighty-eight, and accordingly accepted only four million dollars besides Barker’s offer. With these four millions, with whatever part of five millions could be obtained from Barker, with interest-bearing Treasury notes limited to ten million dollars,[21] and with the receipts from taxes, the Treasury was to meet demands aggregating about forty millions for the year; for the chance was small that another loan could succeed, no matter what rate should be offered. For this desperate situation of the government New England was chiefly responsible. In pursuing their avowed object of putting an end to the war the Federalists obtained a degree of success surprising even to themselves, and explained only by general indifference toward the war and the government. No one could suppose that the New England Federalists, after seeing their object within their grasp, would desist from effecting it. They had good reason to think that between Madison’s obstinacy and their own, the national government must cease its functions,--that the States must resume their sovereign powers, provide for their own welfare, and enter into some other political compact; but they could not suppose that England would forego her advantages, or consent to any peace which should not involve the overthrow of Madison and his party. In such conditions of society morbid excitement was natural. Many examples in all periods of history could be found to illustrate every stage of a mania so common. The excitement of the time was not confined to New England. A typical American man-of-the-world was Gouverneur Morris. Cool, easy-tempered, incredulous, with convictions chiefly practical, and illusions largely rhetorical, Morris delivered an oration on the overthrow of Napoleon to a New York audience, June 29, 1814. “And thou too, Democracy! savage and wild!” began Morris’s peroration,--“thou who wouldst bring down the virtuous and wise to the level of folly and guilt! thou child of squinting envy and self-tormenting spleen! thou persecutor of the great and good!--see! though it blast thine eyeballs,--see the objects of thy deadly hate! See lawful princes surrounded by loyal subjects!... Let those who would know the idol of thy devotion seek him in the island of Elba!”