By August 11 bank scrip had zoomed from the $25 offering price to $300, with government bonds also touching delirious new heights. When bankers drained credit from the market, speculators dumped their scrip, the bubble burst, and prices plummeted. Hamilton steadied the market by buying government securities, but Jefferson was convinced that scrip had already worked its evil influence. “The spirit of gaming, once it has seized a subject, is incurable,” he wrote.
