Sometimes, it begins with a rattling noise, like the movement of specie, upon which the panic makers immediately conjure up the ghost of an earthquake, that is about to take place. Sometimes it is the price asked, or the refusal of a broker to buy a foreign bank note, for which he has no current money to give in exchange, which runs from mouth to mouth, and from hand to hand, until half the people in the town think their bank notes are worthless; and they will put them off for apothecary’s physic, rather than keep them. And sometimes it is the mere sympathy of suspicion, when every man suspects his neighbor to be in possession of some secret, which he is not. And all, or any one of these causes, is sufficient to make three fourths of the population of the town tumble over each other in fright, while the rest laugh, and scramble after the loose coppers, which they may let fall in the fray.
HOW IT WORKS.
When a panic proceeds from any matter of fact, it is commonly such as this. The bank turns away some bad customer, who then spreads a report, that the banks are “very short;” when, immediately, every one applies for twice as much as he wants. In Wall-street phrase, “The offerings become very large,” and then they all fight and jostle each other, to see who shall stand first at the counter.
These are the incipient stages, which follow the first symptoms. Its increase is only a multiplication and enlargement of the same things; but when it is at its height, there is the greatest fun and fright, frolick and fight, imaginable. But as I cannot get up a pantomime show on paper, I will only relate a few anecdotes of actual occurrence, by way of illustration.
MONSIEUR IN A FRIGHT.
In the panic of 1837, a merchant of high standing in Broad-street, was indebted to a son of Johnny Crapeau, in the sum of three thousand dollars, money deposited with him on interest. One morning, while the merchant was busily engaged in his correspondence, Johnny came in in great trepidation, and announced the object of his visit, by saying; “Monsieur, I ver much want dat moneys que vous me devez.”
Ah! I thought it was to remain, we have paid you interest for it, when it was of no use to us.
“Eh! mon Dieu! I shall lose.”
“If you are alarmed for its safety, we have no objection to paying you.”
“Sare, I must have.”