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That this part of the adventure, depending for its success on a prudent and fortunate management of various sales and resales in the course of a circuitous voyage, and being exposed to such risk both of sea and enemy that all private traders had declined to be concerned in it, was particularly unfit for a great trading company, and could not be undertaken on their account with any rational prospect of advantage.
"On 'change," when the gong struck announcing the close of the day's business, a company of young men, known as "settlement clerks," after a system borrowed from London, gathered in the center of the room and compared or gathered the various trades of the day in a ring, thus eliminating all those sales and resales between certain firms which naturally canceled each other.
"Men of Wall Street, it is impossible to prevent the repetition of those acts by which in five years I have accumulated a billion dollars, impossible so long as a short sale or a repurchase and resale, is allowed. When short sales, and repurchases and resales, are made impossible, stock speculation will be dead.
There are no statistics of the value of the property after 1842, though in April of 1843 Padre Jimeno reports 2382 cattle, 529 horses, 2299 sheep, 220 mules and 18 asses, 1032 fruit trees and 11,907 vines. In November of that same year the bishop appointed Presbyter, Resales, since which time the Mission has been the regular parish church of the city.
By this you will perceive that the resales of lots prescribed by an act of the last session of Congress did not produce a sufficiency to pay the debt to Maryland to which they are appropriated, and as it was evident that the sums necessary for the interest and installments due to that State could not be produced by a sale of the other public lots without an unwarrantable sacrifice of the property, the deficiencies were of necessity drawn from the Treasury of the United States.
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