Men, striving to become rich suddenly, under-
took to build new cities in a few months. They
bought farms and laid them out into building lots.
Wild
Speenlation.
which, in the frenzy that prevailed, were sold at fabulous
prices. The purchasers themselves, in most cases, were specu-
lators. They did not intend to build. They bought, expect-
ing to sell at higher prices, giving their notes, instead of
cash, in payment. Do we not foresee the end ? It did not
come at once, but when it did come it was with a mighty
crash (§ 114).
109. Congress had more than once altered the tariff, that
is, had changed the duty on imports. The duty on articles
formerly taxed was not only increased ; other
articles were brought under the tariff. This was



The Tariff.
done to increase the revenue (§6). A secondary object was to
encourage the manufacturing industries of the country, hence
the law with that intent came to be known as a protective
tariff. The South, in early times, favored such a tariff ; the
North did not. The cotton of the South was sent to the
North, and thence transported to England to be manufac*
tured. The South began to manufacture its own cotton. A
new vision unfolded itself to the men of New England. Said
they : " If the South can prosper by running factories, why
cannot the North ? ^' Cotton-mills were accordingly started
in New England, and they flourished. Then the North and
the South exchanged convictions. The North favored the

108. What is said of the wild speculation dariiig his administration ?

109. What is said of the tariff, and discussion and changes in relation thereto r



270 Administrations of Jackson and Van Buren.
