The inevitable consequence was, that those consumable articles which habit had rendered necessary, were exhausted; and peace found the American people, not only destitute of the elegancies, and even of the conveniences of life, but also without the means of procuring them, otherwise than by anticipating the proceeds of future industry.

On opening their ports, an immense quantity of foreign merchandise was introduced into the country, and they were tempted by the sudden cheapness of imported goods, and by their own wants, to purchase beyond their capacities for payment.

Into this indiscretion, they were in some measure beguiled by their own sanguine calculations on the value which a free trade would bestow on the produce of their soil, and by a reliance on those evidences of the public debt which were in the hands of most of them.

So extravagantly too did many estimate the temptation which equal liberty and vacant lands would hold out to emigrants from the old world, as to entertain the opinion that Europe was about to empty itself into America, and that the United States would derive from that source such an increase of population, as would enhance their lands to a price heretofore not even conjectured.

Co-operating with the cause last mentioned, was the impression which had been made by paper money on public morals, and on public opinion.