It had not escaped observation that every purchaser on credit, however excessive the price might apparently be, had not only been relieved by the depreciation, but had derived great gains from his contract.

Speculating on a similar course of things, many individuals had made extensive purchases at high prices; and had thus contributed to continue for a time, the deception imposed on themselves by those who supposed that the revolution was a talisman, whose magic powers were capable of changing the nature of things.

The delusive hopes created by these visionary calculations were soon dissipated, and a great proportion of the inhabitants found themselves involved in debts they were unable to discharge.

One of the consequences resulting from this unprosperous state of things was a general discontent with the course of trade.

It had commenced with the native merchants of the north, who found themselves incapable of contending in their own ports with foreigners; and was soon communicated to others.