It is worth while also to reflect for a moment on the results of the two plans for dealing with the crisis: the New York plan and the Philadelphia plan. When an error has been committed in this world, we always have to bear the penalty for it. If we do not like the stripes on one side we can turn and take them on the other, but when nature inflicts penalties for her broken laws we never can squirm out of the way. In this case, then, when the folly had been perpetrated the punishment had to be suffered. The only choice was whether to take it quick and heavy, or light and long. The New Yorkers chose the former way. The contraction was severe and painful while it lasted, but it was soon over. From May, 1838, the New York banks resumed and held on without further default and the New York business recovered and entered upon a new course of growth from that time. The Philadelphians took the other course. They made it easy for the debtors and waited for the storm to blow over. The consequence was that the debts increased still further. The advantage in trade over New York proved shortlived and terribly expensive, for the goods were not paid for. The confusion and distress lasted for four years longer than in New York, and the total loss was very much greater. For the last five years we have been under the same necessity as that which oppressed the country in 1837. We have been following the Philadelphia plan and I may give you my opinion that we have not been wise. I think that we might have escaped three years ago with far less loss, and might have been three years further on the road to new prosperity.