"When I first entered that room," said John Effingham, as they left the place, "it appeared to me to be filled with maniacs. Now, that I have been in it several times, the impression is not much altered." "And all those persons are hazarding their means of subsistence on the imaginary estimate mentioned by the auctioneer?" "They are gambling as recklessly as he who places his substance on the cast of the die. So completely has the mania seized every one, that the obvious truth, a truth which is as apparent as any other law of nature, that nothing can be sustained without a foundation, is completely overlooked, and he who should now proclaim, in this building, principles that bitter experience will cause every man to feel, within the next few years, would be happy if he escaped being stoned. I have witnessed many similar excesses in the way of speculations; but never an instance as gross, as wide-spread, and as alarming as this." "You apprehend serious consequences, then, from the reaction?" "In that particular, we are better off than older nations, the youth and real stamina of the country averting much of the danger; but I anticipate a terrible blow, and that the day is not remote when this town will awake to a sense of its illusion. What you see here is but a small part of the extravagance that exists, for it pervades the whole community, in one shape or another. Extravagant issues of paper-money, inconsiderate credits that commence in Europe; and extend throughout the land, and false notions as to the value of their possessions, in men who five years since had nothing, has completely destroyed the usual balance of things, and money has got to be so completely the end of life, that few think of it as a means. The history of the world, probably, cannot furnish a parallel instance, of an extensive country that is so absolutely under this malign influence, as is the fact with our own at this present instant. All principles are swallowed up in the absorbing desire for gain; national honour, permanent security, the ordinary rules of society, law, the constitution, and every thing that is usually so dear to men, are forgotten, or are perverted, in order to sustain this unnatural condition of things." "This is not only extraordinary, but it is fearful!" "It is both. The entire community is in the situation of a man who is in the incipient stages of an exhilarating intoxication, and who keeps pouring down glass after glass, in the idle notion that he is merely sustaining nature in her ordinary functions. This wide-spread infatuation extends from the coast to the extremest frontiers of the west; for, while there is a justifiable foundation for a good deal of this fancied prosperity, the true is so interwoven with the false, that none but the most observant can draw the distinction, and, as usual, the false predominates." "By your account, sir, the tulip mania of Holland was trifling compared to this?"