could stamp real value to any amount upon valueless objects. As a
natural consequence a great debtor class grew rapidly, and this class
gave its influence to depreciate more and more the currency in which
its debts were to be paid.[85]

The government now began, and continued by spasms to grind out still
more paper; commerce was at first stimulated by the difference in
exchange; but this cause soon ceased to operate, and commerce, having
been stimulated unhealthfully, wasted away.

Manufactures at first received a great impulse; but, ere long, this
overproduction and overstimulus proved as fatal to them as to
commerce. From time to time there was a revival of hope caused by an
apparent revival of business; but this revival of business was at last
seen to be caused more and more by the desire of far-seeing and
cunning men of affairs to exchange paper money for objects of
permanent value. As to the people at large, the classes living on
fixed incomes and small salaries felt the pressure first, as soon as
the purchasing power of their fixed incomes was reduced. Soon the
great class living on wages felt it even more sadly.

Prices of the necessities of life increased: merchants were obliged to
increase them, not only to cover depreciation of their merchandise,
but also to cover their risk of loss from fluctuation; and, while the
prices of products thus rose, wages, which had at first gone up, under
the general stimulus, lagged behind. Under the universal doubt and
discouragement, commerce and manufactures were checked or destroyed.
As a consequence the demand for labor was diminished; laboring men
were thrown out of employment, and, under the operation of the
simplest law of supply and demand, the price of labor--the daily wages