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Updated: May 24, 2025
Suffice it to say that the events were generally similar to those already recounted stock-market corners, over-issues of bonds and stocks, injunctions, court orders, arrests, legislative bribes. Less than a week after his election Jay Gould frankly announced that the company had just issued $10,000,000 of convertible bonds and that a third of these had already been converted into stock.
Production was carried on almost entirely by slave-labour; interchange of commodities was the business of the masters, and commerce was in those days simple. Banks, insurance companies, brokers' boards, all these complex instruments of Mammon were as yet unthought of. There was no Wall Street in ancient Athens; there were no great failures, no commercial panics, no over-issues of stock.
There was nothing said about monopoly, not a word about speculation, not a word about over-issues of paper, to pay for the lands. All was prosperous, all was full of evidence of a wise administration of government, all was joy and triumph. But the idea of a deposit or distribution of the surplus money with the people suddenly damped this effervescing happiness.
This we believe to be an outline of the history of all our commercial catastrophes, stripped of those local and incidental circumstances which vary from time to time: over-issues of money, speculative prosperity, all the world getting rich in the most agreeable manner, fairy palaces rising on all sides, without the sound of trowel or hammer; then, the day of adjustment, the rapid contraction of the currency, all the world getting poor in the most drastic and disagreeable manner, and those fairy palaces, which rose under our very eyelids over-night, vanishing, like the palace of Aladdin from the vision of the Grand-Seignior after he awoke in the morning.
The effects of an extension of bank credits and over-issues of bank paper have been strikingly illustrated in the sales of the public lands. From the returns made by the various registers and receivers in the early part of last summer it was perceived that the receipts arising from the sales of the public lands were increasing to an unprecedented amount.
The effects of an extension of bank credits and over-issues of bank paper have been strikingly illustrated in the sales of the public lands. From the returns made by the various registers and receivers in the early part of last summer it was perceived that the receipts arising from the sales of the public lands were increasing to an unprecedented amount.
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