the government had required the payments for public lands to be made in coin, and so the treasury had plenty of gold and silver, while business had nothing to work with. speculation also had made a good many snobs who had sent their gold and silver abroad for foreign luxuries, also some paupers who could not do so. when a man made some money from the sale of rural lots he had his hats made abroad, and his wife had her dresses fitted in paris at great expense. confidence was destroyed, and the air was heavy with failures and apprehension of more failures to come.