Note 664 — Chapter X · THE ECONOMICS OF THE VOTE ON THE CONSTITUTION

The Massachusetts Gazette, on October 19, 1787, prints a letter from Philadelphia (dated October 5) in which the activities of speculators in public securities are fully set forth: “Since the grand federal convention has opened the budget and published their scheme of government, all goes well here. Continental loan office certificates and all such securities have risen twenty-five per cent. Even the old emission which has long lain dormant begins to show its head. Last week many thousand pounds’ worth of it were bought up. Moneyed men have their agents employed to buy up all the continental securities they can—foreseeing the rapid rise of our funds. Such men as have the cash to spare will certainly make large fortunes.... We send our factors to the distant towns who know nothing of the rise and buy them cheap; for there is no buying them on reasonable terms in Philadelphia, as the wealthy men are purchasing them to lay up. Thus we go on—pray how is it with you?”