Lately I’ve been reading through a collection of Thoreau’s letters. Here’s one that seems especially apropos these days:

They make a great ado nowadays about hard times; but I think that the community generally, ministers and all, take a wrong view of the matter, though some of the ministers preaching according to a formula may pretend to take a right one. This general failure, both private and public, is rather occasion for rejoicing, as reminding us whom we have at the helm, — that justice is always done. If our merchants did not most of them fail, and the banks too, my faith in the old laws of the world would be staggered. The statement that ninety-six in a hundred doing such business surely break down is perhaps the sweetest fact that statistics have revealed, — exhilarating as the fragrance of sallows in spring. Does it not say somewhere, “The Lord reigneth, let the earth rejoice”? If thousands are thrown out of employment, it suggests that they were not well employed. Why don’t they take the hint? It is not enough to be industrious; so are the ants. What are you industrious about?

The merchants and company have long laughed at transcendentalism, higher laws, etc., crying, “None of your moonshine,” as if they were anchored to something not only definite, but sure and permanent. If there was any institution which was presumed to rest on a solid and secure basis, and more than any other represented this boasted common sense, prudence, and practical talent, it was the bank; and now those very banks are found to be mere reeds shaken by the wind. Scarcely one in the land has kept its promise. … It would seem as if you only need live forty years in any age of this world, to see its most promising government become the government of Kansas, and banks nowhere. Not merely the Brook Farm and Fourierite communities, but now the community generally has failed. But there is the moonshine still, serene, beneficent, and unchanged. Hard times, I say, have this value, among others, that they show us what such promises are worth, — where the sure banks are. I heard some Mr. Eliot praised the other day because he had paid some of his debts, though it took nearly all he had (why, I’ve done as much as that myself many times, and a little more), and then gone to board. What if he has? I hope he’s got a good boarding-place, and can pay for it. It’s not everybody that can. However, in my opinion, it is cheaper to keep house, — i.e., if you don’t keep too big a one.

Men will tell you sometimes that “money’s hard.” That shows it was not made to eat, I say. Only think of a man in this new world, in his log cabin, in the midst of a corn and potato patch, with a sheepfold on one side, talking about money being hard! So are flints hard; there is no alloy in them. What has that got to do with his raising his food, cutting his wood (or breaking it), keeping indoors when it rains, and, if need be, spinning and weaving his clothes? Some of those who sank with the steamer the other day found out that money was heavy too. Think of a man’s priding himself on this kind of wealth, as if it greatly enriched him. As if one struggling in mid-ocean with a bag of gold on his back should gasp out, “I am worth a hundred thousand dollars.” I see them struggling just as ineffectually on dry land, nay, even more hopelessly, for, in the former case, rather than sink, they will finally let the bag go; but in the latter they are pretty sure to hold and go down with it. I see them swimming about in their greatcoats, collecting their rents, really getting their dues, drinking bitter draughts which only increase their thirst, becoming more and more water-logged, till finally they sink plumb down to the bottom. But enough of this.

From a letter to Harrison Blake, .

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