not a log hut within a mile of the pretended city. Lots in these visionary cities were eagerly purchased, increased daily in value, and afforded a fine harvest to those who took advantage of the credulity of others. One man would buy a lot with extensive water privileges, and, upon going to examine it, would find those privileges rather too extensive, the whole lot being under water. Even after the crisis, there was a man still going about who made a good livelihood by setting up his plan of a city, the lots of which he sold by public auction, on condition of one dollar being paid down to secure the purchase, if approved of. The mania had not yet subsided, and many paid down their dollar upon their purchase of a lot. This was all he required. He went to the next town, and sold the same lots over and over again.
To check this madness of speculation, was one reason why an act of Congress was passed, obliging all purchasers of government lands to pay in specie. Nevertheless, government received nine or ten millions in specie after the bill passed. Now, when it is considered what a large portion of the capital drawn from England was applied to these wild speculations—sums which, when they were required, could not be realised, as, when the crisis occurred, property thus purchased immediately fell to about one-tenth of what was paid for it—it will be clearly seen that, from this unfortunate mania, a great portion of the present distress must have arisen.
The attempt of General Jackson and his successors, to introduce a specie currency into a country which exists upon credit, was an act of folly, and has ended in complete failure.4 A few weeks after he had issued from the Mint a large coinage of gold, there was hardly an eagle to be seen, and the metal might almost as well have remained in the mine from whence it had been extracted. It was still in the country, but had all been absorbed by the agriculturists; and such will ever be the case in a widely extended agricultural country. The farmers, principally Dutch, live upon a portion of their produce and sell the rest. Formerly they were content with bank bills or Mexican dollars, which they laid by for a rainy day, and they remained locked up for years before they were required. When the gold was issued, it was eagerly collected by these people, as more convenient, and laid by, by the farmers’ wives, in the foot of an old worsted stocking, where the major part of it will remain. And thus has the famous gold-currency bill been upset by the hoarding propensities of a parcel of old women.5
Volume One—Chapter Three
Fifty years ago, New York was little more than a village; now, it is a fine city with three hundred thousand inhabitants. I have never seen any city so admirably adapted for commerce. It is built upon a narrow island, between Long Island Sound and the Hudson River, Broadway running up it like the vertebrae of some huge animal, and the other streets diverging from it at right angles, like the ribs; each street running to the river, and presenting to the view a forest of masts.
There are some fine buildings in this city, but not many. Astor House, although of simple architecture, is, perhaps, the grandest mass; and next to that, is the City Hall, though in architecture very indifferent. In the large room of the latter are some interesting pictures and busts of the presidents, mayors of the city, and naval and military officers, who have received the thanks of Congress and the freedom of the city. Some are very fair specimens of art: the most spirited is that of Commodore Perry, leaving his sinking vessel, in the combat on the Lakes, to hoist his flag on board of another ship. Decatur’s portrait is also very fine. Pity that such a man should have been sacrificed in a foolish duel!
At the corner of many of the squares, or blocks of buildings, as they are termed here, is erected a very high mast, with a cap of liberty upon the top. The only idea we have of the cap of liberty is, the bonnet rouge of the French; but the Americans will not copy the French, although they will the English; so they have a cap of their own, which (begging their pardon), with its gaudy colours and gilding, looks more like a fool’s cap than any thing else.
New York is not equal to London, nor Broadway to Regent Street, although the Americans would compare them. Still, New York is very superior to most of our provincial towns, and, to a man who can exist out of London, Broadway will do very well for a lounge—being wide, three miles long, and the upper part composed of very handsome houses; besides which, it may almost challenge Regent Street for pretty faces, except on Sundays. (On Sundays the coloured population take possession of Broadway.) Many of the shops, or stores, as they are here called, (for in this land of equality nobody keeps a shop), have already been fitted up with large plate-glass fronts, similar to those in London, and but for the depression which has taken place, many more would have followed the example.
Among the few discrepancies observable between this city and London, are the undertakers’ shops. In England they are all wooden windows below and scutcheons above; planks and shavings within—in fact, mere workshops. Here they are different: they have large glass fronts, like a millinery or cut-glass shop with us, and the shop runs back thirty or forty feet, its sides being filled with coffins standing on end, mahogany and French polished. Therein you may select as you please, from the seven feet to receive the well-grown adult, to the tiny receptacle of what Burns calls, “Wee unchristened babe.” I have, however, never heard of any one choosing their own coffin; they generally leave it to their relatives to perform that office.
I may here remark, that the Americans are sensible enough not to throw away so much money in funerals as we do; still it appears strange to an Englishman to see the open hearse containing the body, drawn by only one horse, while the carriages which follow are drawn by two: to be sure, the carriages generally contain six individuals, while the hearse is a sulky, and carries but one.
The New York tradesmen do all they can, as the English do, to attract the notice of the public by hand-bills, placards, advertisements, etcetera; but in one point they have gone a-head of us. Placards, etcetera, may be read by those who look upwards or straight-forward, or to the right or to the left; but there are some people who walk with their eyes to the ground, and consequently see nothing. The New Yorkers have provided for this contingency, by having large marble tablets, like horizontal tomb-stones, let into the flag pavements of the trottoir in front of their shops, on which is engraven in duplicate, turning both ways, their names and business; so, whether you walk up or down Broadway, if you cast your eyes downwards so as not to see the placards above, you cannot help reading the inscriptions below.
Every traveller who has visited this city has spoken of the numerous fires which take place in it, and the constant running, scampering, hallooing, and trumpeting of the firemen with their engines; but I do not observe that any one has attempted to investigate the causes which produce, generally speaking, three or four fires in the twenty-four hours. New York has certainly great capabilities, and every chance of improvement as a city; for, about one house in twenty is burnt down every year, and is always rebuilt in a superior manner. But, as to the causes, I have, after minute inquiry, discovered as follows. These fires are occasioned—
1st. By the notorious carelessness of black servants, and the custom of smoking cigars all the day long.
2nd. By the knavery of men without capitol, who insure to double and treble the value of their stock, and realise an honest penny by setting fire to their stores. (This is one reason why you can seldom recover from a fire-office without litigation.)
3rd. From the hasty and unsubstantial way in which houses are built up, the rafters and beams often communicating with the flues of the chimneys.
4th. Conflagrations of houses not insured, effected by agents employed by the fire-insurance companies, as a punishment to some, and a warning to others, who have neglected to take out policies.
These were gravely stated to me as the causes of so many fires in New York. I cannot vouch for the truth of the last, although I feel bound to mention it. I happen to be lodged opposite to two fire-engine houses, so that I always know when there is a fire. Indeed, so does every body; for the church nearest to it tolls its bell, and this tolling is repeated by all the others; and as there are more than three hundred churches in New York, if a fire takes place no one can say that he is not aware of it.
The duty of firemen is admirably performed by the young men of the city, who have privileges for a servitude of seven years; but they pay too dearly for their privileges, which are an exemption