PUBLIC-SPIRITED CITIZEN 231 
pany in Philadelphia had started a collapse. On the follow- 
ing day he advised: “‘Confidently believed, reliable quarter, 
government will take measures relieve market before Mon- 
day, but thus far panic has exceeded anything ever known.” 
This panic had really begun in Vienna in the preceding May; 
it spread next to the United States, then back to Europe. It 
lasted several years. Field had experienced the long panic of 
1837 but had been too young to understand it. The over- 
done expansion of the post-war period had brought no warn- 
ing for him. His naturally optimistic nature made it difficult 
for him to comprehend the depressing factors that breed sus- 
picion and fear, and he totally failed to understand the psy- 
chology of Wall Street operators who could capitalize panic 
and make money by smashing stocks down. This last charac- 
teristic was later to cost him the fortune that he had built up 
during a life of hard work. 
Six weeks later he cabled: ‘‘Most of the firms that have sus- 
pended are those that have been doing too much business for 
their capital, but confidence is so shaken that many stocks are 
being sold at whatever they will bring. Think perhaps have 
seen worse, but don’t yet see signs of permanent improve- 
ment.” Another message was: ‘““Western Union sold before 
panic at ninety. Has sold in last few days less than forty-four.” 
This depreciation was, of course, moderate compared with 
the low figures ultimately reached. A terrible retribution 
was upon the nation for a false scale of values and too much 
materialism. 
The distress caused by the depression aroused Congress in 
the spring of 1874 to pass a bill for expansion of the cur- 
rency. Leading bankers and capitalists became alarmed at 
this threatened dilution of their resources. Meetings were 
held in the Eastern cities to protest against the bill and to 
petition President Grant to veto it. In New York on April 
15, such a meeting was held in Field’s house at Gramercy 
