THE FARMER'S WAR AGAINST MONOPOLIES. 195 



to subside. The banks were unshaken ; the Govern- 

 ment stood ready to prevent the sacrifice of United 

 States bonds in the hands of those who desired to sell ; 

 and the Stock Exchange remained closed during the 

 day. By Monday night the panic was substantially at 

 an end. The trouble was not over, and the remainder 

 of the week witnessed the suspension of several good 

 houses, among them the firms of Howes & Macey and 

 Henry Clews & Co. But the worst was passed. People 

 began to take courage, and it was evident that the wild 

 storm that had swept the money market so ruthlessly 

 had spent its force. 



It was clearly understood from the beginning that 

 the affair was purely and simply a railroad panic, and 

 it was hoped that it would be confined to the dealers in 

 the bonds and stocks of railroads ; but this hope was 

 not destined to be realized. The reckless and unsound 

 management of the railroad enterprises of the country 

 had paved the way for the panic, and had made it po& 

 sible ; and the greed of the railroad gamblers had pra 

 cipitated it ; but they were not to be the only sufferers. 

 The whole country was to bd involved in it, and busi- 

 ness of all kinds was to suffer from the effects of the 

 great scare. 



It was not alone the great scarcity of money, at a 

 time when the free circulation of the currency of the 

 country was of vital importance, that did harm ; but 

 the public confidence in financial enterprises of all 

 kinds was shattered, and men fortunate enough to pos- 

 sess ready money held on to it, refusing to part with it. 

 The movement of the crops was almost entirely stopped. 

 The farmers found it well nigh impossible to procure 

 money for their produce, and in spite of the enormous 



