The occurrence of a panic fills the breasts of all these with various degrees of rejoicing. They always take a very dark view of it, and laugh contemptuously at those who consider it a "Wall-Street flurry," or ascribe it to any vice in the currency or in the banking system. Extravagant living they believe to be at the bottom of it, and, like the hard-money men, they are only surprised that it has not come sooner, and they believe most firmly that it is going to effect a sort of social revolution, and bring the world more nearly to their own ideal of what it ought to be. The amount of "rottenness" which they expect it to reveal is always enormous, and they look forward to the exposure and the general coming-down of their guilty neighbors to "the hard pan" with the keenest relish. They have long, for instance, been unable to imagine where the multitude of people who live in brown-stone houses get the money to keep them. There was something wrong about it, they felt satisfied, though they could not tell what, and when the panic comes they half fancy that the murder will out, and that there will be a great migration of fraudulent bankrupts from Fifth Avenue and its neighborhood into tenement-houses on the East and North Rivers. How Mrs. Smith, too, dressed as she did, and where Smith got the money to take her to Sharon every summer, and how Jones managed to entertain as he was doing, have often been puzzling problems, which "the crash" in the money market is at last going to solve. It is also highly gratifying to those who consider yachting a senseless amusement to reflect that the panic will probably diminish the number of yachts, and they even flatter themselves that it may stop yachting in future, and reduce the general style of living among rich young men. "We shall now," they say, "have fewer fast horses, and less champagne, and less gaudy furniture, and more honest, hard work, and plain, wholesome food." They accordingly rejoice in the panic as a means adopted by Providence to bring a gluttonous and ungodly generation to its senses, and lead it back to that state of things which is known, as "republican simplicity." The curious thing about this expectation is that it has survived innumerable disappointments without apparently losing any of its vigor. It was strong after 1837, and strong after 1857, and stronger than ever after 1861. The war was surely, people said, to bring back the golden age, when all the men were prudent, sober, and industrious, and all the women simple, modest, and homekeeping. The war did nothing of the kind. In fact, it left us more extravagant and lavish and self-indulgent than ever; yet the ancient and tough belief in the purifying influence of a stringent money market still lasts, and is at this moment cropping out in the moral department of a thousand newspapers.