. New Jersey as a colony and as a state : one of the original thirteen . with English goods. In New YorkCity in 1816 there were twenty-nine licensed auc-tioneers, whose sales amounted each year to thir-teen million dollars. Every day the Paulus Hookand other ferries running to New York werecrowded with prospective buyers, who spentmoney in acquiring fabrics that they neitherwanted nor could use. To the State Legislatures, to Congress, came thepetitions of manufacturers, who saw ruin anddesolation spread into every industry. With theadvent of the winter of 1817 the condition of theworking class
. New Jersey as a colony and as a state : one of the original thirteen . with English goods. In New YorkCity in 1816 there were twenty-nine licensed auc-tioneers, whose sales amounted each year to thir-teen million dollars. Every day the Paulus Hookand other ferries running to New York werecrowded with prospective buyers, who spentmoney in acquiring fabrics that they neitherwanted nor could use. To the State Legislatures, to Congress, came thepetitions of manufacturers, who saw ruin anddesolation spread into every industry. With theadvent of the winter of 1817 the condition of theworking classes became truly pitiable. In theNew England manufacturing centers, in NewYork, Philadelphia, and Pittsburg, there was in-tense distress. Among the glass blowers in thesouthern portion of the State, among the milloperatives in Newark and its vicinity, amongthose working in the forges and bloomeries, evenalong the New Jersey coast, where vessls wererotting at the wharves for want of cargoes, thehard times balefully spread. Then with the general lack of supervision over. ADMET TfoCBKAlSSr AN KHRRY TICKET. ONV AND AS A STATE 141 the methods employed by officers of State bankscame failures and the inability of these institu-tions to sustain specie payments. The relationof the banks to industrial prostration was clever-ly summed up by a correspondent of a Connecticutnewspaper who asked the question: Why is thecommunity so much embarrassed? and thengave the answer: Because banks lend money that they have not got to lend,And because people spend money they have not got to spend. The remedy suggested was equally perti-nent: Own the money before you lend it IEarn the money be/ore you spend it! As illustrative of the impoverished condition ofthe municipality in which the Trenton BankingCompany was established is the fact that it fre-quently loaned the city money with which to payits solitary watchman. The effects of the panic of 1817 were less last-ing and less detrimental than the
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