194 HISTORY OP THE GRANGE MOVEMENT J OR, 



to the street and some measures of relief devised. 

 This action put an end to all transactions in stocks, and 

 by thus protecting the dealers from greater losses aided 

 in arresting the panic. 



During the day the Union Banking Company of 

 Philadelphia and other houses in various parts of the 

 country announced their suspension. 



Sunday, the 21st, was passed in feverish excitement. 

 The President and the Secretary of the Treasury of the 

 United States, having been summoned to New York, 

 arrived in that city on Saturday night. On Sunday, 

 they were waited upon by many of the capitalists of 

 the city, and various measures for relief were urged 

 upon them. The brokers united in a demand that the 

 President should lend the whole or the greater part of 

 the Treasury reserve of $44,000,000 of greenbacks to 

 the banks, to furnish Wall street with funds for the 

 resumption of its business and the settlement of its 

 losses. The President promptly and properly declined 

 to take so grave a step, as he had no warrant of law for 

 such action ; and, thanks to his firmness, the credit of 

 the United States was not placed at the mercy of the 

 railroad gamblers. On Sunday night it was officially 

 announced that the Treasury would purchase any 

 amount of five-twenty bonds that might be offered, and 

 would also buy the issue of six per cent, bonds com- 

 monly known as '81's. This included the currency 

 sixes, the ten-forties, and the new fives. The price was 

 to be par in gold and accrued interest. In case the 

 Stock and Gold Exchanges were not open on Monday, 

 the ruling price on the street was to be taken as the 

 market price. 



By Monday morning, the 22d, the panic had begun 



