These values, of course, existed simply in the imagination; and a deed of trust upon a cloud or a mortgage upon a last year's fog would have been just as valuable. Everybody advertised, and those who were not selling goods and real estate were in the medicine line, and every rock beneath our flag was covered with advice to the unfortunate; and I have often thought that if some sincere Christian had made a pilgrimage to Sinai and climbed its venerable crags, and in a moment of devotion dropped upon his knees and raised his eyes toward heaven, the first thing that would have met his astonished gaze would in all probability have been: "St. 1860 X Plantation Bitters." Suddenly there came a crash. Jay Cooke failed, and I have heard thousands of men account for the subsequent hard times from the fact that Cooke did fail. As well might you account for the smallpox by saying that the first pustule was the cause of the disease. The failure of Jay Cooke & Co. was simply a symptom of a disease universal. No language can describe the agonies that have been endured since 1873. No language can tell the sufferings of the men that have wandered over the dreary and desolate desert of bankruptcy. Thousands and thousands supposed that they had enough, enough for their declining years, enough for wife and children, and suddenly found themselves paupers and vagrants. During all these years the bankruptcy law was in force, and whoever failed to keep his promise had simply to take the benefit of this law. As a consequence, there could be no real, solid foundation for business. Property commenced to decline; that is to say, it commenced to resume; that is to say, it began to be rated at its real instead of at its speculative value. Land is worth what it will produce, and no more. It may have speculative value, and, if the prophecy is fulfilled, the man who buys it may become rich, and if the prophecy is not fulfilled, then the land is simply worth what it will produce. Lots worth from five to ten thousand dollars apiece suddenly vanished into farms worth twenty-five dollars per acre. These lots resumed. The farms that before that time had been considered worth one hundred dollars per acre, and are now worth twenty or thirty, have simply resumed. Magnificent residences supposed to be worth one hundred thousand dollars, that can now be purchased for twenty-five thousand, they have simply resumed. The property in the United States has not fallen in value, but its real value has been ascertained. The land will produce as much as it ever would, and is as valuable to-day as it ever was; and every improvement, every invention that adds to the productiveness of the soil or to the facilities for getting that product to market, adds to the wealth of the nation.