708. BANKS, Failures of.—[further continued].
The paper interest is now defunct. Their gossamer castles are dissolved,
and they can no longer impede and
overawe the salutary measures of the government.
Their paper was received on a belief
that it was cash on demand. Themselves
have declared it was nothing, and such
scenes are now to take place as will open the
eyes of credulity and of insanity itself to the
dangers of a paper medium, abandoned to
the discretion of avarice and of swindlers. It
is impossible not to deplore our past follies,
and their present consequences, but let them
at least be warnings against like follies in
future.—
To Thomas Cooper. Washington ed. vi, 382.
(M.
Sep. 1814)
