A large number of
the banks suspended specie payment, and the majority of the mercantile
houses were either ruined or in the greatest distress. Thousands of
merchants, until then prosperous, were hopelessly ruined. "That great
sympathetic nerve of the commercial world, credit," said Edward Everett,
"as far as the United States was concerned, was for the time paralyzed.
At that moment Mr. Peabody not only stood firm himself, but was the
cause of firmness in others. There were not at that time, probably, half
a dozen other men in Europe who, upon the subject of American
securities, would have been listened to for a moment in the parlor of
the Bank of England. But his judgment commanded respect; his integrity
won back the reliance which men had been accustomed to place in American
securities. The reproach in which they were all involved was gradually
wiped away from those of a substantial character; and if, on this solid
basis of unsuspected good faith, he reared his own prosperity, let it be
remembered that at the same time he retrieved the credit of the State of
Maryland, of which he was agent--performing that miracle by which the
word of an honest man turns paper into gold.
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