Volume One—Chapter Two.

A visit, to make it agreeable to both parties, should be well timed. My appearance at New York was very much like bursting into a friend’s house with a merry face when there is a death in it—with the sudden change from levity to condolence. “Any other time most happy to see you. You find us in a very unfortunate situation.”

“Indeed I’m very—very sorry.”

Two hundred and sixty houses have already failed, and no one knows where it is to end. Suspicion, fear, and misfortune have taken possession of the city. Had I not been aware of the cause, I should have imagined that the plague was raging, and I had the description of Defoe before me.

Not a smile on one countenance among the crowd who pass and repass; hurried steps, careworn faces, rapid exchanges of salutation, or hasty communication of anticipated ruin before the sun goes down. Here two or three are gathered on one side, whispering and watching that they are not overheard; there a solitary, with his arms folded and his hat slouched, brooding over departed affluence. Mechanics, thrown out of employment, are pacing up and down with the air of famished wolves. The violent shock has been communicated, like that of electricity, through the country to a distance of hundreds of miles. Canals, railroads, and all public works, have been discontinued, and the Irish emigrant leans against his shanty, with his spade idle in his hand, and starves, as his thoughts wander back to his own Emerald Isle.

The Americans delight in the hyperbole; in fact they hardly have a metaphor without it. During this crash, when every day fifteen or twenty merchants’ names appeared in the newspapers as bankrupts, one party, not in a very good humour, was hastening down Broadway, when he was run against by another whose temper was equally unamiable. This collision roused the choler of both.

“What the devil do you mean, sir?” cried one; “I’ve a great mind to knock you into the middle of next week.”

This occurring on a Saturday, the wrath of the other was checked by the recollection of how very favourable such a blow would be to his present circumstances.

“Will you! by heavens, then pray do; it’s just the thing I want, for how else I am to get over next Monday and the acceptances I must take up, is more than I can tell.”

All the banks have stopped payment in specie, and there is not a dollar to be had. I walked down Wall Street, and had a convincing proof of the great demand for money, for somebody picked my pocket.

The militia are under arms, as riots are expected. The banks in the country and other towns have followed the example of New York, and thus has General Jackson’s currency bill been repealed without the aid of Congress. Affairs are now at their worst, and now that such is the case, the New Yorkers appear to recover their spirits. One of the newspapers humorously observes—“All Broadway is like unto a new-made widow, and don’t know whether to laugh or cry.” There certainly is a very remarkable energy in the American disposition; if they fall, they bound up again. Somebody has observed that the New York merchants are of that elastic nature, that, when fit for nothing else, they might be converted into coach springs, and such really appears to be their character.

Nobody refuses to take the paper of the New York banks, although they virtually have stopped payment;—they never refuse anything in New York;—but nobody will give specie in change, and great distress is occasioned by this want of a circulating medium. Some of the shopkeepers told me that they had been obliged to turn away a hundred dollars a-day, and many a Southerner, who has come up with a large supply of southern notes, has found himself a pauper, and has been indebted to a friend for a few dollars in specie to get home again.

The radicals here, for there are radicals, it appears, in a democracy—

“In the lowest depth, a lower deep—”

are very loud in their complaints. I was watching the swarming multitude in Wall Street this morning, when one of these fellows was declaiming against the banks for stopping specie payments, and “robbing a poor man in such a willanous manner,” when one of the merchants, who appeared to know his customer, said to him—“Well, as you say, it is hard for a poor fellow like you not to be able to get dollars for his notes; hand them out, and I’ll give you specie for them myself!” The blackguard had not a cent in his pocket, and walked away looking very foolish. He reminded me of a little chimney-sweeper at the Tower Hamlets election, asking—“Vot vos my hopinions about primaginitur?”—a very important point to him certainly, he having no parents, and having been brought up by the parish.

I was in a store when a thorough-bred democrat walked in: he talked loud, and voluntarily gave it as his opinion that all this distress was the very best thing that could have happened to the country, as America would now keep all the specie and pay her English creditors with bankruptcies. There always appears to me to be a great want of moral principle in all radicals; indeed, the levelling principles of radicalism are adverse to the sacred rights of meum et tuum. At Philadelphia the ultra-democrats have held a large public meeting, at which one of the first resolutions brought forward and agreed to was—“That they did not owe one farthing to the English people.”

“They may say the times are bad,” said a young American to me, “but I think that they are excellent. A twenty