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Irving, Washington, 1783-1859

"The Crayon Papers"

The fever went
on, increasing in intensity as the day declined; and when the drum beat,
and the bell rang, at night, to close the exchange, there were exclamations
of impatience and despair, as if the wheel of fortune had suddenly been
stopped when about to make its luckiest evolution.
To engulf all classes in this ruinous vortex, Law now split the shares of
fifty millions of stock each into one hundred shares; thus, as in the
splitting of lottery tickets, accommodating the venture to the humblest
purse. Society was thus stirred up to its very dregs, and adventurers of
the lowest order hurried to the stock market. All honest, industrious
pursuits, and modest gains, were now despised. Wealth was to be obtained
instantly, without labor and without stint. The upper classes were as base
in their venality as the lower. The highest and most powerful nobles,
abandoning all generous pursuits and lofty aims, engaged in the vile
scuffle for gam. They were even baser than the lower classes; for some of
them, who were members of the council of the regency, abused their station
and their influence, and promoted measures by which shares rose while in
their hands, and they made immense profits.


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