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Updated: May 6, 2025


With the subsidence of alarm, the causes of alarm also subsided, the recuperative powers of the country reasserted themselves, as during the great war, and the heart-breaking anxieties of 1825-26 were ignored, if not forgotten, in the political excitement of 1827. The budgets of 1823-26 indeed mark a memorable advance in financial reform, which the commercial panic of 1825 scarcely interrupted.

This winter of 1825-26 Cooper and his family made their home at 345 Greenwich Street, not many steps from 92 Hudson Street, where lived the poet William Cullen Bryant, who often went around the corner for a walk with his friend.

But his little craft must have needed skillful piloting, for his family increased rapidly during the disastrous years between 1816 and 1832; so disastrous that in 1825-26 the Bank of England was obliged to authorize the Chamber of Commerce to make loans to individuals carrying on large works of from £500 to £10,000.

Finally in 1838 France recognized the independence of the republic and the indemnity was reduced to twelve million dollars. Even this was a large burden for Hayti, and the payment of it for years crippled the island. The United States and Great Britain in 1825-26 recognized the independence of Hayti.

We must now look back a little, so as to give a brief sketch of Scott's domestic life, from his marriage until the publication of The Lay of the Last Minstrel, which, with that of Waverley and the crash of 1825-26, supplies the three turning-points of his career.

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