It aggravated the disasters of trade and
the derangements of commercial intercourse, and administered new
excitements and additional means to wild and reckless speculations, the
disappointment of which threw the country into convulsions of panic, and
all but produced violence and bloodshed. The imprudent expansion of bank
credits, which was the natural result of the command of the revenues
of the State, furnished the resources for unbounded license in every
species of adventure, seduced industry from its regular and salutary
occupations by the hope of abundance without labor, and deranged the
social state by tempting all trades and professions into the vortex
of speculation on remote contingencies.
The same wide-spreading influence impeded also the resources of the
Government, curtailed its useful operations, embarrassed the fulfillment
of its obligations, and seriously interfered with the execution of
the laws. Large appropriations and oppressive taxes are the natural
consequences of such a connection, since they increase the profits
of those who are allowed to use the public funds, and make it their
interest that money should be accumulated and expenditures multiplied.
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