Among the many schemes of finance that have disgraced our country, and been fruitful sources of peculation, deserving the severe censure of justice, and the ridicule of wit, there are none more prominent than the bubble of state stocks. Time was when that name had a signification of value; but a new era is now upon us, the end of which, “is not yet.” The character of our western population is one of hardy enterprise, and great intelligence in their own particular sphere; but by some strange fatuity they have overrated their credit, and in so doing, have overreached themselves. That confidence of a western man which induces him to believe that he can “whip his weight in wild cats,” is no vain boast, but the natural consequence of that hardihood, of vigor that comes of their spirit of enterprise; and it is not to be wondered at, that the thrift of their situation should inspire a similar confidence in other matters.
HOW WISE MEN HAVE BEEN DUPED.
But, until they can learn to take better care of their credit, and intrust the management of it to more skilful and experienced hands, they will never cease to be cheated and dishonored. The following detail by my venerable and facetious friend, of a negotiation for the sale of state bonds, would be true to life, if it were not too feebly described, for as I write only from recollection I find it impossible to do justice to his humor.
BUTTONING UP.
“Before,” said he, “I proceed to the story of the state bonds, I must first relate to you what changes took place in the Morrison.” As soon as the speculation detailed yesterday had ceased, and Mr. Friendly had fairly retired with his profits, the stock went down, down, down, and not a purchaser for a single share could be found at any price; and as soon as the whole class of small speculators perceived that they had been “stuck,” aware of the injury the little credit they possessed would sustain, if they were known to have met with a loss, they all shut their mouths, except, that each one pitied his neighbor; and strange as it may seem, not a man could be found in Wall-street, who confessed the ownership of a share; where three weeks before there were thousands. This is called “buttoning up,” and if any gentleman in a certain predicament was ever surprised by a bevy of ladies suddenly turning the corner, he will know something of the hurry felt, and the nonchalance assumed, on this occasion.
NICK’S TALENTS AND COURTESY.
Six months from the time when Nicholas made the loans before spoken of, he “found that the security was not worth a farthing.” If any one is surprised that he should have been so improvident of safety, they only need be told, that he is one of those men whose expansiveness of mind, and splendid talents were at home only in great things. He could grasp at millions, and sport with them as mere baubles; but the dull and dry detail of investigating trifles, was fit occupation only for meaner minds. And to the same splendid talents it was undoubtedly owing, that in passing into retirement, he was enabled to discover so much soundness and prosperity in the affairs of the U. S. Bank of Pennsylvania, when nobody else could, and that the stockholders of that institution, are so permanently fixed in an investment of a capital of 35 millions, that they will never get a dollar of it back again.
Nicholas, however, was a man of courtesy, and when on a visit to this city, condescended to call on the directors of the Morrison. The money borrowed by them, had been all expended; another instalment of interest was becoming due, and nothing provided to pay it with. He met them in the Bank parlor, with solemn faces, and like the Irishman’s owl, which he feigned to be a parrot, they spoke not, but were thinking very hard.
THE D——L NOT TO BE FEARED.
“Well gentlemen,” said he, “what is the matter?” Mr. Faintheart, always foremost to express discouragement, and always the last to aid in relief, immediately replied. Why Mr. B. the D——l is to pay, and we have no money. True, answered Nicholas, you owe me a good deal of money, but if that is all, it can no doubt be arranged.