707. BANKS, Failures of.—[further continued] .
The crush will be tremendous;
very different from that brought
on by our paper money. That rose and fell
so gradually that it kept all on their guard,
and affected severely only early or longwinded
contracts. Here the contract of yesterday
crushes in an instant the one or the other
party. The banks stopping payment suddenly,
all their mercantile and city debtors do the
same; and all, in short, except those in the
country, who, possessing property, will be
good in the end. But this resource will not
enable them to pay a cent on the dollar.—
To Thomas Cooper. Washington ed. vi, 381.
(M.
Sep. 1814)
