An excerpt from Samuel Mordecai’s Richmond In By-Gone Days eloquently reminisces on the “flush times” Richmond experienced after the War of 1812, during the mid-late 18-teens, and it sounds quite familiar to what many markets across the country are recovering from today. He is quoting Washington Irving’s description of speculative real estate mania from the 18th century:
“Now is the time for speculative and dreaming or designing of men. They relate their dreams and projects to the ignorant and credulous, dazzle them with golden visions and set them crazed after shadows. The example of one stimulates another–speculation rises on speculation–bubble rises on bubble– everyone helps with his breath to swell the windy superstructure, and admires and wonders at the magnitude of the inflation he has contributed to produce.”
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