make their influence felt; reforms will be the order of the day; trading and dishonest politicians will be suffered to go into retirement; courts committed to the interests of monopolies will be reformed, and the law will be administered by judges who will not pervert the plain letter and spirit of the constitution for the purpose of upholding unjust laws; the monopolists who now rule and ruin the country will be shorn of their power, the producer and laborer will receive for their labor and products fair value in money, and will not be obliged to receive payment in depreciated paper, while the speculator, the broker, and the government buy and sell gold and silver as articles of commerce. The agriculturist, the mechanic, and laborer will be the peers of the men who are now forming an aristocracy of wealth; the laws will be faithfully and honestly administered, and peace and prosperity will fill the land.

CHAPTER VII.

THE FINANCIAL POLICY OF THE GOVERNMENT PRACTICALLY

DEVELOPED.

N our principal work, we stated that the financial policy

decisions, placed the entire commerce of the country in the hands and under the control of a few men, who were not engaged in any legitimate business, but were assembled in Wall street, engaged in what they term dealing in money, stocks and bonds, but who were only engaged in gambling and reckless speculation, that they had obtained the entire control of the finances of the whole country, and that even the secretary of the treasury, who had nominally the control of the currency, was unable to dispute the supremacy with them, and that it was only a question of time as to when he would be compelled to yield to their demands, and pay them tribute. This is now, (Sept. 25, 1873,) being demonstrated. The further fact is shown that the persons, firms and banking houses selected by the secretary of the treasury, with and through whom the business of the government is being transacted, and who were supposed to have made large fortunes in handling government money, selling government bonds, etc., are engaged in the same reckless speculations as other Wall street gamblers. The failure of Jay Cooke & Co., with their principal house in Wall street, New York, another house in Philadelphia, another in Washington, and also owning the First National Bank in Washington City, in which the government officials keep their deposits, but illustrates the defective financial system of the country. As a closing chapter to the appendix of this edition of our work, we deserve to call attention to the recent financial disturbance, its causes and effect. The whole country was startled a few days since by the

announcement of the failure of one financial firm in New York. This caused general alarm. It was followed by like announcements as to other firms in the same and other cities, in different parts of the country, and some in other countries. This happens at a time when the granaries of the north and west are full, and when pastures and prairies are dotted over with immense herds of cattle; when pork is abundant, when the south has an abundant supply of cotton, and when no unusual cause exists in the ordinary routine of legitimate business for failures, for a money crisis, or for any alarm. Yet the facts are telegraphed over the whole country, and to Europe, that failures are frequent, that banks refuse to discount, or do a legitimate business, some have suspended, that money cannot be had, and that honest dealers and depositors are being ruined. Dispatches like the following of September 20th, are flashed to all parts of the old and new world, and business is sus pended:

NEW YORK, Sept. 20, 1873.-The Union Trust Company suspended at half past ten.

Great crowds are in Wall and Broad streets, and the policemen are busy keeping free the entrances and exits of the Stock Exchange.

The failures of Ketchum & Belknap and E. C. Morehead are the latest reported.

The National Bank of the Commonwealth has suspended. Saxe & Rogers have suspended.

A meeting of the creditors of Jay Cooke & Co. is to be held on Monday.

Edward Haight & Co., it is just announced, have suspended. NEW YORK, Sept. 20.-New suspensions: Toussig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Josephs, Fearling & Dillinger, Williams & Bostwick.

The sub-treasurer has posted a notice stating that he has been instructed by the secretary of the treasury to purchase $10,000,000 in bonds to-day. This prompt response of the government to the request made for relief by the bankers yesterday, gives apparently additional strength to the strong and encouragement to the weak. A better feeling prevails, and it looks as if the worst is over. The stock market shows an improvement of five per cent.

The suspension of Fisk & Hatch is said to make probable the embarrassment of the Hoboken bank for savings. A defalcation of nearly $70,000 was discovered in the bank lately, and the directors disposed of the securities to make up the deficiency, depositing with Fisk & Hatch for safe keeping $94,000 of the amount realized. The suspension of the firm makes this sum unavailable at present.

NEW YORK, Sept. 20.-Brown, Wadsworth & Co. have failed. A special from Washington says: "It may be stated, on the highest authority, that should the order to purchase $10,000,000 of bonds fail to check the financial excitement, it has been decided on by secretary Richardson to issue any part of the $44,000,000 reserve that may be necessary to restore confidence."

There were thirteen proposals to sell bonds to the government, at the sub-treasury, aggregating $2,672,650, at from 109

to 112.

The National Trust company has just closed its doors.

At nearly one o'clock the $10,000,000 promised from Washington cannot be made available, owing to "red-tape" requirements, opening and reading, offering to sell bonds, and telegraphing to know if the rates are acceptable.

The tills of the best and strongest banking houses must be getting low, having stood a run now of nearly three days. Under the order issued by the president of the stock exchange, forbidding members, under the penalty of expulsion, to engage in operations outside, it is not possible to realize on securities, and each man's own vault is now his only stand by.

PHILADELPHIA, Sept. 20.-The Union banking company has

failed. This bank has a state charter, and bore a heavy run yesterday.

Third street is comparatively quiet this morning.

The run on the Fidelity Trust company has almost entirely subsided.

At Jay Cooke's the clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Prussia, on board of which are two of the partners.

NEW YORK, Sept. 20.-The bank presidents have passed a resolution to issue immediately ten millions in loan certificates. The defalcation in the Union Trust company is said to be $500,000, and the secretary, Charles Carleton, is the reported defaulter.

The Manhattan bank honors the Union Trust company's drafts as fast as presented.

Gold, $1.113.

A special dispatch from Washington says secretary Richardson leaves Washington this evening for New York. A conference will be held to-morrow morning at the sub-treasury to determine what action he will take in the matter.

Toussig, Gemp & Co., of this city, closed doors this afternoon, after the announcement of the failure of their New York house, Toussig, Fisher & Co.

A number of telegrams were received at the postoffice, requesting the postmaster to withhold from delivery letters bearing the stamp of the firm sending messages and which were addressed to Jay Cooke & Co. The postmaster could not comply with the request, as the postal regulations provide that, after a letter has passed from the mailing office, the delivery of it cannot be prevented or delayed by the alleged

writer.

The excitement and panic, which followed the announcement in the stock exchange of the suspension of the Union Trust company, and the bank of the Commonwealth, were beyond description. The stock exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen