There had been occasional quarrels between the merchants and the carmen. The carmen conceived themselves injured by certain merchants. Whether they had reason for this belief or not, I cannot pretend to say. They thought this a time for revenge. Some crossed their arms, as they leaned against their carts, and refused to stir a step, unless twenty dollars a load were paid them on the spot. Some few refused to help at all. This must have been a far more deadly sorrow to the sufferers than the ruin the fire was working. One carman was very provoking when a French gentleman had not a moment to lose in saving his stock. The gentleman said coolly at last, taking out his money, "For what sum will you sell your horse and cart?" The temptation was irresistible to the carman. He named 500 dollars for his sorry hack and small vehicle, and was paid on the instant. The French gentleman saved goods to the amount of 100,000 dollars. It was a good bargain for both.
At six in the morning, when the necessary explosions had checked the fire, the gentlemen of the household I have mentioned, being completely ruined, for anything they knew to the contrary, came home; and the ladies went to bed. Some of the least interested consulted what should be done at dinner-time; whether the company in general could bear the subject; whether it was best to talk or be silent. It was a languid, sorrowful meal: the gentlemen looking haggard; their ladies anxious. The next day, they were able to talk,—to describe, to relate anecdotes, and speculate on consequences. The third day, all were nearly as cheerful as if nothing had happened: though some had lost all, and others, they knew not how much.
The report of the fire spread as news through the upper part of the city, the next morning. Some friends of mine had walked home from a visit, upwards of a mile, at eleven o'clock, and neither heard nor seen anything of the fire.
The larger proportion of the New York merchants were thus deprived at a stroke of their buildings, stocks, in many cases of all books and papers, and, lastly, of the benefit of insurance. The insurance companies were plunged in almost a general insolvency. The only relief proposed, or that could be offered, was an extension of time, without interest, to the debtors of the government for payment of bonds given to secure the duties upon goods recently imported: and this small relief could not be obtained till too late to be of much use.
Happily, the fire occurred at one of the least busy seasons of the year. The merchants could concert together for the saving of their credit: and they did it to some purpose. Their credit sustained the shock of all this confusion, uncertainty, and dismay. The conduct of the merchants who had not directly suffered, and of the banks, was admirable. They threw aside all their usual caution, and dispensed help and accommodation with the last degree of liberality. The consequence was, that not one house failed. It seems now as if the commercial credit of New York could stand any shock short of an earthquake, like that of Lisbon.
Some merchants had the unexpected pleasure of finding themselves richer than they were before. One was travelling in Europe with his lady, when the news overtook him that the hundred and fifty stores in which he had property were all burned down. He wrote that he and his lady were hastening to Havre, on their way home, where they must live in the most economical and laborious manner, to repair their fortunes. With such intentions they crossed the Atlantic; and on landing were met by the intelligence that they had become very wealthy, from their ground lots having sold for more than ground, stores, and stock, were worth before.
I saw the fifty-two acres of ruins in the following April. We traversed what had been streets, and climbed the ruins of the Exchange. The pedestal of Hamilton's statue was standing, strewed round with fragments of burnt calicoes, which people were disinterring. There was a litter of stone pannels, broken columns, and cornices. Bushels of coffee paved our way. A boy presented me with a half-fused watch-key from the cellar of what had been a jeweller's store. The blackened ruins of a church frowned over all. The most singular spectacle was a store, standing alone and unharmed, amidst the desolation. It belonged to a Jew, was fire-proof, and contained hay, not a blade of which was singed. This square-fronted, elongated, ugly building, standing obliquely, and as clean as if smoke had never touched it, had a most saucy appearance: and so it might, so many erections, equally called fire-proof, having disappeared, while it alone remained.
By the next July, the entire area was covered with new erections; and long before this, doubtless, all is to the outward eye, as if no fire had happened.
But for the testimony afforded by this event, of the substantial credit in New York, the enormous prices given for land,—the above-mentioned ground lots, for instance,—might cause a suspicion that there was much wild speculation. I trust it is not so. The eagerness for land is, however, extraordinary. A lady sold an estate in the neighbourhood of New York, for what she and her friends considered a large sum; and a few weeks after she had concluded the bargain, and soon after the destruction of eighteen millions of the wealth of the city, she found she might have obtained three times the amount for which she had sold her estate. The whole south end of the city is being rapidly turned into stores; and it is obvious that the mercantile princes of this emporium have no idea of their conquests being bounded by any circumstance short of the limits of the globe.
Is there anything to be learned here, as well as to admire? any inference to be drawn for the benefit of other nations?