After quitting the High School, and studying for a short
time in the Westford Academy, young Ayer entered the apoth-
ecary shop of Jacob Kobbins, where he devoted much of his
attention to chemistry. In 1S43, he commenced the manu-
facture of medicines for popular use. The result of his
enterprise is the mammoth laboratory of which an account
has already been given.^ The first machine for making pills
was invented by him. In recognition of his acquisitions in
chemistry and kindred sciences, in 1860, the University of
Pennsylvania, in Philadelphia, conferred on him the degree
of Doctor of Medicine. Similarity of tastes and opinions on
vaiious points brought him into contact with Horace Greeley ;
and for some years past. Dr. Ayer has been the largest stock-
holder in the New York Tribune,

The people of Lowell participated with their fellow citizens
all over New England in the mania which arose prior to 1835,
first, respecting the lands in Maine, and afterward spreading
till it inflated the prices of land in all the principal cities and
towns of New England. Visionary schemes were projected,
castles in the air erected, and the wildest expectations cher-
ished that large fortunes were to be made as quickly as by
the seal of Solomon or the lamp of Aladdin. This splendid
bubble, bursting in 1837, left all its dupes in the gulf of
penury. When the commercial history of this country shall
be written, it will be found to present a constant series of
alternate periods of wild speculation, and periods of bank-
ruptcy. When business has been good, credits have been
extended too far ; and a general reaction has ensued. But
the elastic spirit of the people and their recuperative energy
have always saved the country from protracted periods of
depression.
