DIY History | Transcribe | Pioneer Lives | Eno family letters, October 1832-October 1834

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Eno family letters, October 1832-October 1834

1834-03-26 Page 2

every person was infected with the farming mania land was high, good farms sold for forty dollars per acre - at present no one wishes to buy at any price - unless some change takes place in the money market immense sacrifices will have to be made, and many who were deemed in prosperous circumstances must inevitably be reduced to poverty - Money will command even now a high rate of interest - I have no doubt I could lend ten thousand dollars to morrow for twenty five cent, and could procure unquestionable security for it - the merchants who generally go to New York in the spring for a summer supply of goods expect to take the produce of the Country with them for pay and also depend upon the banks for what money they take with them which money they pay during the summer - they will be unable to do so this year the banks hold out no prospect of discounting & the farmer who is able will not sell his produce there is a great deal of wheat (which is the staple of the Country) in the granaries of the farmer but they will not sell at five shillings unless forced to - I have no reason to complain as to business I have had & should think my proportion - but the number of lawyers here is so great that a fair proportion is not much - I have all along indulged the hope that in the fall I could own my library clear of debt - at present I doubt it - but give myself so uneasiness on that account - Until lately I had made up my mind to come home this spring, but

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every person was infected with the farming mania land was high, good farms sold for forty dollars per acre - at present no one wishes to buy at any price - unless some change takes place in the money market immense sacrifices will have to be made, and many who were deemed in prosperous circumstances must inevitably be reduced to poverty - Money will command even now a high rate of interest - I have no doubt I could lend ten thousand dollars to morrow for twenty five cent, and could procure unquestionable security for it - the merchants who generally go to New York in the spring for a summer supply of goods expect to take the produce of the Country with them for pay and also depend upon the banks for what money they take with them which money they pay during the summer - they will be unable to do so this year the banks hold out no prospect of discounting & the farmer who is able will not sell his produce there is a great deal of wheat (which is the staple of the Country) in the granaries of the farmer but they will not sell at five shillings unless forced to - I have no reason to complain as to business I have had & should think my proportion - but the number of lawyers here is so great that a fair proportion is not much - I have all along indulged the hope that in the fall I could own my library clear of debt - at present I doubt it - but give myself so uneasiness on that account - Until lately I had made up my mind to come home this spring, but