«-- Notes from JWR: | Main | Odds 'n Sods: --»
Jim's Quote of the Day:
"What has been, what ever must be, the consequence of such a sudden and prodigious
inflation of the currency? Business stimulated to the most unhealthy activity;
a vast amount of over production in the mechanick arts; a vast amount of
speculation in property of every kind and name, at fictitious values; and
finally, a vast and terrifick crash, when the treacherous and unsubstantial
basis crumbles beneath the stupendous fabrick of credit, and the structure
falls to the ground, burying in its ruins thousands who exulted in the fancied
security of their elevation. Men, now-a-days, go to bed deeming themselves
rich, and wake in the morning to find themselves stripped of even the little
they really had. They count, deluded creatures! on the continued liberality
of the banks, whose persuasive entreaties seduced them into the slippery
paths of speculation. But they have now to learn that the banks cannot help
them if they would, and would not if they could. They were free enough to
lend their aid when assistance was not needed; but now, when it is indispensable
to carry out the projects which would not have been undertaken but for the
temptations they held forth, no further resources can be supplied." - William
Leggett, Plaindealer, December 10, 1837
