LITMIR.BIZ

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He took care, however, to turn it in such a way as to draw from me an account of the whole manner in which I had been educated, and the various currents of reading into which my mind had run. He then went on to discuss, briefly but impressively, the different branches of knowledge most important to a young man in my situation; and to my surprise I found him a complete master of those studies on which I had supposed him ignorant, and on which I had been descanting so confidently.

      He complimented me, however, very graciously, upon the progress I had made, but advised me for the present to turn my attention to the physical rather than the moral sciences. "These studies," said he, "store a man's mind with valuable facts, and at the same time repress self-confidence, by letting him know how boundless are the realms of knowledge, and how little we can possibly know. Whereas metaphysical studies, though of an ingenious order of intellectual employment, are apt to bewilder some minds with vague speculations. They never know how far they have advanced, or what may be the correctness of their favorite theory. They render many of our young men verbose and declamatory, and prone to mistake the aberrations of their fancy for the inspirations of divine philosophy."

      I could not but interrupt him, to assent to the truth of these remarks, and to say that it had been my lot, in the course of my limited experience, to encounter young men of the kind, who had overwhelmed me by their verbosity.

      Mr. Somerville smiled. "I trust," said he, kindly, "that you will guard against these errors. Avoid the eagerness with which a young man is apt to hurry into conversation, and to utter the crude and ill-digested notions which he has picked up in his recent studies. Be assured that extensive and accurate knowledge is the slow acquisition of a studious lifetime; that a young man, however pregnant his wit, and prompt his talent, can have mastered but the rudiments of learning, and, in a manner, attained the implements of study. Whatever may have been your past assiduity, you must be sensible that as yet you have but reached the threshold of true knowledge; but at the same time you have the advantage that you are still very young, and have ample time to learn."

      Here our conference ended. I walked out of the study a very different being from what I was on entering it. I had gone in with the air of a professor about to deliver a lecture; I came out like a student who had failed in his examination, and been degraded in his class.

      "Very young," and "on the threshold of knowledge!" This was extremely flattering to one who had considererd himself an accomplished scholar and a profound philosopher.

      "It is singular," thought I; "there seems to have been a spell upon my faculties, ever since I have been in this house. I certainly have not been able to do myself justice. Whenever I have undertaken to advise, I have had the tables turned upon me. It must be that I am strange and diffident among people I am not accustomed to. I wish they could hear me talk at home!"

      "After all," added I, on further reflection, "after all there is a great deal of force in what Mr. Somerville has said. Somehow or other, these men of the world do now and then hit upon remarks that would do credit to a philosopher. Some of his general observations came so home that I almost thought they were meant for myself. His advice about adopting a system of study is very judicious. I will immediately put it hi practice. My mind shall operate henceforward with the regularity of clock-work."

      How far I succeeded in adopting this plan, how I fared in the further pursuit of knowledge, and how I succeeded in my suit to Julia Somerville, may afford matter for a further communication to the public, if this simple record of my early life is fortunate enough to excite any curiosity.

      THE GREAT MISSISSIPPI BUBBLE

      "A TIME OF UNEXAMPLED PROSPERITY"

      In the course of a voyage from England, I once fell in with a convoy of merchant ships bound for the West Indies. The weather was uncommonly bland; and the ships vied with each other in spreading sail to catch a light, favoring breeze, until their hulls were almost hidden beneath a cloud of canvas. The breeze went down with the sun, and his last yellow rays shone upon a thousand sails, idly flapping against the masts.

      I exulted in the beauty of the scene, and augured a prosperous voyage; but the veteran master of the ship shook his head, and pronounced this halcyon calm a "weather-breeder." And so it proved. A storm burst forth in the night; the sea roared and raged; and when the day broke, I beheld the late gallant convoy scattered in every direction; some dismasted, others scudding under bare poles, and many firing signals of distress.

      I have since been occasionally reminded of this scene, by those calm, sunny seasons in the commercial world, which are known by the name of "times of unexampled prosperity." They are the sure weather-breeders of traffic. Every now and then the world is visited by one of these delusive seasons, when "the credit system," as it is called, expands to full luxuriance, everybody trusts everybody; a bad debt is a thing unheard of; the broad way to certain and sudden wealth lies plain and open; and men are tempted to dash forward boldly, from the facility of borrowing.

      Promissory notes, interchanged between scheming individuals, are liberally discounted at the banks, which become so many mints to coin words into cash; and as the supply of words is inexhaustible, it may readily be supposed what a vast amount of promissory capital is soon in circulation. Every one now talks in thousands; nothing is heard but gigantic operations in trade; great purchases and sales of real property, and immense sums made at every transfer. All, to be sure, as yet exists in promise; but the believer in promises calculates the aggregate as solid capital, and falls back in amazement at the amount of public wealth, the "unexampled state of public prosperity."

      Now is the time for speculative and dreaming or designing men. They relate their dreams and projects to the ignorant and credulous, dazzle them with golden visions, and set them madding after shadows. The example of one stimulates another; speculation rises on speculation; bubble rises on bubble; every one helps with his breath to swell the windy superstructure, and admires and wonders at the magnitude of the inflation he has contributed to produce.

      Speculation is the romance of trade, and casts contempt upon all its sober realities. It renders the stock-jobber a magician, and the exchange a region of enchantment. It elevates the merchant into a kind of knight-errant, or rather a commercial Quixote. The slow but sure gains of snug percentage become despicable in his eyes; no "operation" is thought worthy of attention that does not double or treble the investment. No business is worth following that does not promise an immediate fortune. As he sits musing over his ledger, with pen behind his ear, he is like La Mancha's hero in his study, dreaming over his books of chivalry. His dusty counting-house fades before his eyes, or changes into a Spanish mine; he gropes after diamonds, or dives after pearls. The subterranean garden of Aladdin is nothing to the realms of wealth that break upon his imagination.

      Could this delusion always last, the life of a merchant would indeed be a golden dream; but it is as short as it is brilliant. Let but a doubt enter, and the "season of unexampled prosperity" is at end. The coinage of words is suddenly curtailed; the promissory capital begins to vanish into smoke; a panic succeeds, and the whole superstructure, built upon credit and reared by speculation, crumbles to the ground, leaving scarce a wreck behind:

      "It is such stuff as dreams are made of."

      When a man of business, therefore, hears on every side rumors of fortunes suddenly acquired; when he finds banks liberal, and brokers busy; when he sees adventurers flush of paper capital, and full of scheme and enterprise; when he perceives a greater disposition to buy than to sell; when trade overflows its accustomed channels and deluges the country; when he hears of new regions of commercial adventure; of distant marts and distant mines, swallowing merchandise and disgorging gold; when he finds joint-stock companies of all kinds forming; railroads, canals, and locomotive engines, springing up on every side; when idlers suddenly become men of business, and dash into the game of commerce as they would into the hazards of the faro table; when he beholds the streets glittering with new equipages, palaces conjured up by the magic of speculation; tradesmen flushed with sudden success, and vying with each other in ostentatious expense; in a word, when he hears the whole community joining in the theme of "unexampled prosperity," let him look upon the whole as a "weather-breeder," and prepare for the impending storm.

      The foregoing remarks are intended merely as a prelude to a narrative I am about to lay before the public, of one of the most memorable instances

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