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N.MOWER COUNTY, MINNESOTA, THURSDAY from 000 to ber did they begin $200,000,000 of to the five alarmed successive and 181. was weeks preceding they withdrew in from the banks each week than the the banks withdrew from them by the de pression of loans. Although the panic started on the 25th of August, caused bny gold without fear, In the middle by the contraction of loane, and was at of September it bon $9,000,000 at Mormons to be Drov once carried by the telegraph with the 1331@134 in one batch. On the mornCorrespondence of speed of lightping to all parts of the ing of Wednesday, the 22d. it held country, marked withdrawal of SALT LAKE CITY, A several millions more than there were day visited the Gre deposits depositors took in the city of New York outside the place till more than an few strangers go to it Sub-Treasury, and yet the price had entire month later. Up to that spend a month in t been forced no higher than 141. The would find out how t time the depositors presented a steady clique settled its plans on Thursday ably half of the resid front, apparently determined to sus, evening. It had tain the public credit if everything mon capital have net sums at 138. The plan at first to else hen October came shores of this great call in all of this, lock it up and force atonce to cease to and Profile Rocks, th the bears to settle by buying in under be and on the 8d of that interest, are twenty the rule. The Tenth National Bank month a marked change came over the Accompanied by th to have been used to shift the immense spirit of the depositors. Over four Rood, formerly of sums, but the appearance of the bank millions of deposite were withdrawn in party of ladies, left examiners unsettled this plan, and the the seven following, and over 6a. m. We had a fin programme was to put gold up swiftly fourteen millions in the next twenty. Running out of town and frighten the bears into direct setThe 14th of October was the date of street turning at th tlements. As it was, the officials of struck for a mountain banks suspension. On the day the bank agreed to certify to an unlimfollowing withdrawals ceased and lake apparently but t ited extent night day. Oh Thursrestoration Its true distance is 18 One of the day it did certify checks amounting to causes the by banks mosphere is so clear $25,000,000, and on Friday, spite of themselves themselves for their susfield of glass, makin the presence of the examiners, $14, pension was the sudden withappear much nearer 000,000 more. All this time an army drawal of country balances, and are. At times they of holders in the pay of the clique, rifle range. Occasion for this the telegraph was responsible. and under the leadership of one Albert It not only took the news to the valley grows hazy and Speyers, was buying up all the gold country banks of the collapse of credit peaks loom up abov that was offered, and endeavoring to island cliffs above the in the city, but brought back their bring it up to 200. Their efforts were orders demanding their deposits in more than successful. Gold reached specie. The Clearing House, too, was 160, and for an instant touched 165. The road to the lal alleged to aid in increasing the general This was the harvest time for the by irrigating ditche collapse. Its daily settlements in coin Jordan. With these clique, and while some of his agents forced the smaller banks into contract level as a floor. For were thus keeping the price by bawling their loans, into sacrifices of prop. ng bide for millions 160, Gould was is bordered by fields of erty, and finally iuto bankruptcy. unloading through a dozen different but few fences. The Default at the Clearing House became is a desert. Even the brokers at far lower figures, but yet the Banquo's ghost that appeared at refuses toggrow. The an immense profit to himself. He had, the bank ard of all the smaller instihowever. pushed the price too far, and impregnated with alk tutions. The most universally accepted when news came that Secretary Boutplaces at looks as t cause for the panic of 1857 is the viosprinkled it with well would sell $4,000,000 of gold the lent contraction of bank loans immediprice fell even more anddenly than The Jordan is a qui ately after the 24th of August. And rods wide. The wat it had risen, and general ruin and this was entirely the action of the There are no utter confusion fell upon Wall street banks, and they had only themselves to a certain extent even-involving those banks. The Mormo to blame. It was, too, the expansion who had been chiefly instrumental in very much as the Cr of banks previous to the panic that producing it. Down, down went the the original Jordan laid the foundation for the memorable falsely bolstered price. The day was their eyes is sac commercial crisis of 1857. the blackest that ever set on Wall declare that the OF '66. street. Men knew not where they Smith appeared to In the early months of 1866 the stood. The confusion and madness upon one of the moun financial position and feeling in Lonso great that it was supposed that city, and pointed out don was in morbid state; organized all the clique had gone down. Of the as it wound its way ov bear cliques formed during the months times that followed it is impossible to narrow silver ribb of March and April, and were bearing give an idea. There was run on the Brigham that the Gre all kinds of stocks, but especially the Tenth National Bank the next day, and the promised land. newly created tocial companies and million was drawn out. The Gold site of the of several of the stock banks, of which the Clearing House kept $14,000,000 inexthe crection of thetem Agra and Masterman was a central tricably locked up. The $500,000,000 spot. object. Although Overend & Gurney's of clearings demanded in one day of THE GREAT SALT L company was selected for attack, the bank dizzied its incapacity. Gould A dozen miles from no one of the most sanguine had not yet done his work. proached the marsh bears dreamt of the really rotten When it was publicly known that Great Salt T state of the great discounting only the account of his firm was extent, and were co house. On the beginning of May, needed to finish the clearances for herds of fat cattle. 1866, people or 'Change andin the city Black Friday, and when upon that herds are owned by congratulated themselves that the account fortunes were spending, hourly Jesus Christ of Latt morbid feeling in financial affairs was Gould telegraphed from his barracks The real foundation past, and the stocks all round were at the Grand Opera House, where he its tithing system. U considered better and stronger. These was guarded from the mob by police, each saint turns over delusions almost invariably follow the not to send it down. The bank went bis earnings for th greatest disasters On Thursday, the into the hands of a receiver. Then church. Many of th 8th of August, 1866, I was walking up came a crash. Four firms were declared their tithes in cattle Newgate street about four P. M., when suspended. Then came a rumor that is said to include met one of those noisy, busy men Lockwood & Co., Vanderbilt's brokers, of stock. It is a sour ho hear and know everything first. had gone under-the strongest house ing revenue, for the I was on the opposite side of the street on the street. They had been carrying choicest kind when this man bawled out to me, Pacific Mail, Lake Shore, Chicago and prices. The herders " Did you hear Overend-Gurney's have Northwestern, on which the loss was the dignitarie of failed Walking acrosst he street millions, with money at 800 to 1,200 Bishops keep to meet him (a dozen men per cent. a year. The firm stock. or more were already arrested But Vanderbilt poured in millions, and The marshes of the by his loud communication,) sent up Lake Shore, Northwestern, are the resort of the cautiously said hush," when with and Central, held them, and saved fowl. They present louder tone he bawled out again, bimself. Ou Saturday, October 1, for sportsmen. Amor say Gurney's have failed By this Gould began his clearances not till snipe we saw time a perfect mob had gathered round then. The delay of the clique in dling up a little lagoo us. Ideft the crowd and wended my settling is accountable, with the cumbare said to be very way to the well known corner house rous machinery of the Gold Exchange of wild beans are in Lombard street. To my astonishand bank, for the terrible wear and marshes. ment saw no crowd, no excitement, tear of the week that followed the fatal fou height of The only sign of suspension was the Friday. fragrant closed doors of the house must
