6336. PANICS, Paper money and.—
At
length our paper bubble is burst. The failure
of Duer, in New York, soon brought on others,
and these still more, like nine pins knocking
one another down, till at that place the bankruptcy
is become general. Every man concerned
in paper being broke, and most of the
tradesmen and farmers, who had been laying
down money, having been tempted by these
speculators to lend it to them at an interest of
from 3 to 6 per cent. a month, have lost the
whole.—
To T. M. Randolph.
Ford ed., v, 509.
(Pa.,
1792)
See Paper Money.
