ÜBRIGE GEN^S.
Banker's
Dream.
I
A Prophecy
Now Being Fulfilled.
The Bimetallic Series, No. 2
Quarterly, $1.00 per year
March, 1896.
THE AMERICAN BIMETALLIC UNION,
134 Monroe St., Chicago, III.
Entered at the Post Office In Chicago as second-class mail matter.
Press Reviews of the Book
From the Financial Review of Chicago, a monthly maga:
brokers, investors and representative financial interests in a review
columns, says: "In parts the book is a revelation to the money and 01
the country, and valuable because it closely adheres to the truth. ¡um¬
ber ot instances as that is. The story begins early in April, 1893. just, -^anic and
sticks as closely to facts up to the date of publication, the present ye\ ¡y writer on
the subject; and continues thereafter in the shape of a dream by the principal personator
under date of 1912, tor the purpose of showing the natural consequences of the doings of
the trust. One of the values of this story is the detailed insight of its aurho into the
secret ways of certain people near Wall street and the < lear and more thin ordinarily
entertaining manner in which a plain narrative, free from exaggeration, is told."
* * * A book of the century has been recently published. It is entitled
The Bankers's Dream. * * * It is in the form of a story, but up to date of publication
is so confined to actual facts that a financial student in reading it may e *sily suppose he
is reading a plain narrative. * * * Up to the day of this dream, or Part I of the
work, the author shows an insight, into the correct det dis of finance way beyond aim st
any other writer. * * —Philadelphia Item.
This book is written by a high-mi ded and earnest lover of humanity, an I is a
serious warning against the calamities that will soon overtake u if we continue in onr
present financial and governmental course, it is interesting and fascinating, and should
be read by all American citizens as one of the books which help to throw a light upon
our present situation and future prospects. —7Vic >.edii at World.
"The Banker^ Dream," by Thomas H. Proctor, is a book somewhat after the style
of Bellamy's "Looking Backward," and in many instances the author has succeeded in
reaching the same heights of eloquence and the same clear expression of thought with
bis illustrions predecessor. The object of this book is to call attention to that millionaire
class whose purpose seems to be to turn the currents of American civilization toward
those Kuropean üysteuis of fina .ce and t.ude which so disn?tr<>u>iy affect tue w alt h pro.
«lucera ol the nation. 'J he author lias shown with move than ordina-y cleai uess that it
is the policy of this wealthy class to crowd to the wall all small holders of American se¬
curities through an international gold standard. It becomes very evident to the reader
that th«j author has thoroughly mastered his theme and thai his book, although cast
Into the form of a fiction, contains a timely note of warning to which all lovers of our Re-
pub lean institu ions will do well to give the utmost and closest heed. It is to be hoped
thât this brilliant little volume will obtai i ihe wide readiag it s > richly deserves. * * •
-—Antonia Sentinel.
An extraordinary Book—It Shou-ld be Read by Kvery Citizen.
Our namesake, Mr. Thomas H. Proctor, of Vineland, N. J., has published a book
entitled, "The Banker's Dream." It is the most interesting of al> the books tbat have
been published on the money question. The Banker's Dream is really so fas inaiiug
that no ma'ter wuat the reader's ideas may be about the money problem he will read
it lo the end. The dream of the banker is simply an allegorical occouot ol how the
finances of the counrry are being juggled so that in the end the money lender will be king,
and then it may be that when that happen« a state of thing« may be retened in 1912 that
may outrival the French revoiution. Mr. Proctor rs not. ihe first man who h .s prophesied
such things, üut get the book and i end it ' * * —Hayonne Hudyet.
* * * Is one of the most fascinating works in favor of *Tee coinage oí si ver that
it has been our privi ege to read The most interesting way in which lie portrays the
banker s way of dealing with the currency of the country, and the vivid represenratiuiis
of its efiect upon our people in years to come, cann t fail to command the attention of the
most casual reader. Every friend of honest money should read this hook. * » . *
— Linny /w«.
The Banker's Dream
A FICTION,
15 V
Thomas H. Proctor.
An Argument for the Free Coinage
of Silver,
THE AMERICAN BIMETALLIC UNION,
134 Monroe St., Chioago, III, %
3j^, fs.3
PllsfÁ-
Copyrighted by Thomas H. Proctor,
Vraeland, N. J., 189"),
CONTENTS.
Departure of Banker's family for Europe,
Formation of a six hundred million dollar
currency trust,
Forcing the Panic, closing all the mills, mines
and furnaces—Hundreds of thousands
thrown out of work and starving,
Bank of England banqueting the bankers—
Locking up all the legal tender money—
Failure of six hundred banks—Plotting
for a monarchy.
An unpleasant dream. Destruction of Plila-
phia in 1912,
The Banker taking passage on a sailing vessel
for Boston with stranded millionaire's
families, who give him their experience
in the cities of Boston, New York, Buf¬
falo, Philadelphia, Pittsburgh, Chicago
and San Francisco, during their fall,
A chat with the Captain of the sailing vessel—
Terrible condition of the people before
and after the Revolution—Roaming
armies of millions of starving people,
A Doctor of all Schools. Psychology and
Hypnotism play an important part in the
lightning-like speed of the Revolution,
Debate between an Eastern Banker and a
Western Ex-Governor upon the .cause of
the downfall of the Republic,
Was it a Dream, Vision, Warning, or Pre.
sentiment ?
Page 9
39
62
99
106
122
150
176
230
i 1 S VTTV
PREFA CE.
The object which the author has especially in view, in placing
this work before the public, is to call the attention of a class,
whose wealth may range from one to ten millions—to the rapid
drift of American civilization toward European systems of
finance and trade, which so disastrously affect the wealth pro¬
ducers of the nation. During the past two years the hurrying
fate of the producing classes has been so accelerated, by losing
not only the control of their products, but also a directing power
in Government, that the monied class above referred to are
startled at the approaching climax of the storm, which is likely
to sweep everything before it, leaving rich and poor on a com¬
mon level.
f'he yearof'94, as substantiated by Government reports,' re¬
turned only one half as much money to the creators of wealth as
the year'92. This was the result of an unrelenting legislative
power, in the hands of men controlling the concentrated wealth
of the new and the old world; men who have doubled their
wealth during the last two years, with a corresponding result of
poverty among the masses, and who are ambitious to pose before
the world as individual owners of a thousand million dollars.
This inordinately wealthy class are now joining hands with the
same class in Europe, in a crusade against all small holders of
American Railroad and other Securities, through an internation¬
al goldftandard, by which they can reduce the value of sixty-
PREFACE.
five billions of wealth, to the thirty-five billions of obligations
ihey hold against iL It requires no siq erior intelligence to
predict the consequences. To the possessors of wealth vrho a.e
not inordinately rich, who love a republic more than a thous¬
and million dollars, and humanity more than gold, this book
ap| eals, that they may stay this approaching destruction, plo -
ted abroad, and which with Benedict Arnolds in the lobbies of
State and National Capitols, is likely to accomplish its diaboli¬
cal purpose. The American people are able to point the finger
in the face of every man who has proven himself an Arnold in
the legislation of the past twenty yèars, and say: "Thou art
the man." But they are helpless to dislodge these traitors
It is the reasonably wealthy and patriotic class that can accom¬
plish this result, and in thus protecting and establishing the
ndividuality of our civilization, protect themselves.
The producing classes acknowledge their inability to cope
with capital and control elections by,praying for a Cromwell
to save them, and unless the class now appealed to, lend their
support to the producers of wealth, the scenes hinted at in this
book may soon be partially realized.
THE BANKER'S DREAM.
PART FIRST.
CHAPTER I.
DEPARTURE FOR EUROPE.
Upon a clear, Cool, but sunny morning, with a brisk North¬
west wind, that churned the waters of the North River into a
silvery surface of white caps, I stood on the Pier of the Trans-
Atlantic line of Steamships, upon one of which my family and
a large party of friends had engaged passage for Europe.
The river was alive with steam and sailing craft, duck¬
ing and splashing in the choppy sea, sending showers of rain¬
bow tinted spray over their decks, as if taking a morning bath
while proceeding upon their mission of commerce and trade.
The Pier was packed and jammed with every descriptkn of
dray and truck, public and private conveyance, all mixed up
in a seemingly hopelessconfusion.
Heavy dray-loads of iron, top-heavy team-loads of wool, and
all sorts of merchandise were being rushed, through by the
reckless drivers, with crack of whips, regardless of human com¬
fort or safety. Dare and dash seemed to be the spirit and de¬
light of the drivers, as their heavy Normandy-horses, reared
and plunged upon the heavy loud-sounding plank of the Pier.
It was now about time for the Monster Steamship which was
lying at the Pier, to start.
I had just stepped on shore with a party of friends, who, after
having taken a last farewell, had now gained a good position
10
THE BANKER'S DREAM.
on the pier from which they could see the departure of the
vessel.
Finally the great steamer, with a long, heavy, mid almost
deafening sound of whistle, began moving slowly out into the
harbor of New York.
As her great form receded, my family and their accompanying
friends, were grouped together on the deck to give a parting sal¬
utation. Midst a flutter of handkerchiefs, waving of hats and
hands between friends on ship and shore, the great Tra.jS-
Atlantic liner was off for the old world.
Love and fear are the strongest traits of character affected
upon such occasions.
I was all absorbed in worldly affairs, but my motive in this,
was love for my family more than for self. The fear I had,
if any, was for their safety, but upon this, I was not much
troubled, from the fact, that I had not only crossed the ocean a
great many times in Liners, but also with my family in my
own private sailing yacht. Having looked up Lloyds rating
of the steamer, and having a knowledge of her good behavior
at sea in heavy weather—through friends who had experi¬
enced very heavy weather on board her—I had no grounds
for fear in that matter.
I was conscious of the need of my family to go abroad for at
least three years. My two daughters, although graduates in
the highest schools of learning in this country, needed the finish
and polish only obtainable in foreign schools, to enable them
upon occasions, to disguise any traces of Americanism in lan¬
guage or manner.
The self-sacrifice manifested on the part of my wife and self,
in our separation for longer or shorter periods, was made
wholly, that our ambition that our daughters should marry into
Royal Families, might be gratified.
We were sacrificing a great deal in our life's plans by taking
this step; for in so doing, we closed our magnificent palace in
THE BANKER'S DREAM. 11
New York, our cottage at Newport, and stopped the work
upon our mountain home in the Adirondacks, where I
had already expended a million of dollars on the game
parks and drives, before touching the foundation of the build¬
ing.
I had expended a large sum of money upon my schooner
yacht and also upon my new steam yacht—the largest in the
world; but with my family abroad—I would take them out of
commission, and use my palatial private car, as I preferred
it to Hotels, in which, I was constantly annoyed by a great
number of visitors. But notwithstanding rII these resources for
enjoyment, we decided they were only stumbling blocks in the
path of our ambition.
I could use America for one purpose only, to gain
wealth. For under its present laws, men with large capital
can amass collossal fortunes in a comparatively short time;
yet while it is admitted that America is the country in which
to make money, it is conceded that Europe is the place in which
to spend it
After my friends had taken their departure from the Pier, I
lingered behind to get a last look at the fast disappearing form
of the ship upon which I had so much at stake.
Standing there alone, as I did, I began to ponder upon life's
problems. All sorts of thoughts were passing through my
mind. I observed that a certain law obtains over all others to-day.
The positive man possesses thought, while the negative man, is
possessed by thought. I discovered also that the softer and
lenderer sentiments of one's nature are brought out by sep¬
aration from loved ones. I was in that negative state of mind,
in which, at times, a man is liable to be influenced to change
Ids life's course.
I had millions upon millions in bond and securities, besides
large blocks of real estate in the best paying sections of New
¡2 The banker's dream.
York and Eo-ton, to say nothing of millions of idle money ot
ou call and hejd only for speculative purposes. On all th..
my income was getting enormous.
Why did I need more money? This and a thousand other
such questions were taking possession of my mind, Was 1
living up to man's highest duty in life? Was I living up to
my highest conception of that which brought the greatest de¬
gree of happiness to myself and to humanity? Or was I living
for self-gratification and glorification?
. These thoughts began to trouble me, and I knew but one
cure for them; to brush them aside as being soft hearted, resolve
to be a man, and if necessary, a man of blood and iron,
v I had seen men at the very brink of succeess, who had
stopped to give ear to the whispering of humanity, and as a
result, at the end of life's journey, they became the burden of
town or county. This one reflection was enough to cause any
man of intelligence and self respect to ignore all such promptings.
I therefore resolved to cultivate the positive pole of my
brain, and exert its influence over other men.
To justify myself in this position, it was only necessary to
look to other men who had the endorsement of society, who
were leaders in the church, and put at the head of state.
In fact I found the greater the wealth a man possessed, the
more control he had of both church and state. That it was
wealth, not patriotism, honor or humanity for which all men
were living. I had observed that society's drift, was all
wealthward.
I asked my pastor—who was receiving twenty five thousand
per annum, and perquisites of ten thousand more—what he
would do if offered fifty thousand a year, and perquisites,
in a much smaller, yet much more aristocratic and ex¬
clusive church? "Oh! well!" said he, "a clergyman's service«
are becoming a merchantable commodity now-a-days, and his
THE HANKER IN IIIS PRIVATE CAR.
THE BANKER'S DREAM. 13
rating is based wholly upon the salary he commands." And
with a twinkle in his eye, he added: "I would not care to be
classed second rate, you know."
I made up my mind very decisively that any financier that
begins to speculate upon moral philosophy, instead of stock and
bonds, is lost.
So swallowing all sickly sentimentality abolît humanitarian-
ism, I called my coachman, was driven to my brokers where
I gave such directions as I wished them to follow, and ar¬
ranged also with my bankers, to supply any funds needed
by my brokers, to carry out my instructions.
I was then driven to the stock exchange, to the chamber
of commerce, and finally to the clearing house, where I was to
meet some -of the strongest and most influential members of the
currancy trust which I was forming, in order to give them such
counsel and directions as it seemed advisable to follow during
my brief absence in Boston. I counselled them to meet the
President as he passed through the city, also the secretary of the
treasury whom I had invited to be present with us on' my
return.
My arrangements being completed, I ordered my coachman
to take me to my private car, having previously directed my valet
to have it attached to the 11:30 p. m. train for Boston. I had
been strongly urged to postpone this trip until the following
day, in order to attend, that evening, a reception in which
wealth alone would receive recognition. The "Four Hundred,"
alone, and exclusively, would be invited, these alone represent¬
ing over six billion of dollars, one billion of which was
represented by six families.
The expense, and individual display of dress and ornaments
in diamonds and other jewelery at this reception, would reach
the fabulous sum of half a billion of dollars. I certainly was
not indifferent to the eclat attending this society event, and
of which my confreres in wealth were eager to avail themselves,
14 THE BANKER'S DREAM.
but the absence of my family, the importance of the three days
meeting in Boston, and the rest necessary to give me a clear
perception and determination for the duties before me, decided
me tofore go taking part in this magnificent social display.
This seeming slight and indifference to a representation among
the aristocrats of wealth, my banking friends at once turned
to my -honor and advantage, by representing that I regretted
my inability to be present, and was. really sacrificing pleasure
in the interest of the investing classes of this country and
Europe.
Meanwhile I made myself as easy and comfortable, in my
private car, as the intense heat of the night and the weight of
my responsibilities would permit, being accompanied by my
valet, my doctor, my private secretary and porter, all of whom
were assiduous and attentive to my slightest wish or suggestion.
I occupied myself in formulating plans and arguments for
carrying through my undertaking at the meeting of Boston's
"Big Cash Box," men, whose hearty endorsement I purposed
to gain, and which would doubtless win for me the presidency
of the trust, when I should come before the New York meeting.
The night's ride did not refresh me much, a depp sense oi
responsibility preventing any really restful sleep.
However, I arrived at the appointed time of the meeting, and
was received with great cordiality by all the members, a feel¬
ing which I afterward learned grew out of the fact that I held
Credentials from the president of the Bank of England, as well
as from some of the largest Bankers in Germany.
This was indeed the fact, for while abroad in my yacht, I at¬
tended a reception at the Court of St. James, and while there,
was invited to be present at a meeting of the directors of the
Bank of England.
It was. at this meeting, that I won the favor of the directors,
by a brief and succinct speech upon America's future financial
THE BANKER'S DREAM.
15
It was after this speech that the President of the Bank took
me into his confidence, and knowing the immense wealth I
possessed, asked a favor of me which I readily granted. It is
said that some men when in the humble walks of life, know when
they are to become great. There is some subtle law beyond
their understanding through which they become startled With
an impression different from any £hey have ever before ex¬
perienced- Some power that whispers the words, "Thou Art
the Son of a King," and from that moment they become great.
So when the President of the Bank of England asked a
favor of me I really felt that I could be just what my desires
dictated.
After I had consented, the President addressed the directors,
stating the request he had made and expressing the gratitude
he felt for the cordial and favorable answer he had received.
The directors then desired me to give such assurance as I
could that I would be successful with my Government in get¬
ting the legislation they desired.
I will not soon forget the fixed attention everyone present
gave me as I arose to answer this request.
I stated first, that their President had asked me if I would
go to Washington and use my influence with the Administra¬
tion in getting through certain financial Legislation. I ex¬
plained, that my Banking House, through which I communi¬
cated with the Administration was in Wall St., New York.
•That I was not in the habit of visiting the Administration,
but that the Administration, often visited me.
That I was not in the weak position to * ask favors of the
Administration, but in a position to demand fulfillment of
obligations due me.
That men who have been at the head of national affairs in
my country since Lincoln's time, have been only too glad to
grant my every demand, and to find some excuse and explan-
16
THE BANKER'S DREAM.
ation to give the public, based upon "financial necessity," and
to "avert panic," in order to bide their real object.
While I did not wish to pass as being the recognized head of
the New York Bankers, I submitted letters and credentials from
the Presidents of the Chamber of Commerce, the Clearing
House, the Stock Exchang#, of New York, and also from the
Treasury Department at Washington.
I did all this with the poise and bearing of one who is con¬
scious of the impregnability of his power financially, socially
and politically, and which did not fail to leave a profound im¬
pression, during the interim, and immediately following.
There was then a grouping of the members in whispered con¬
sultations with each other, and later a clustering around the
President of the Bank, the latter affirming that he recognized
in me the person in whom they could confide as their trusted
agent upon all financial relations between the two Governments.
I then produced letters from the German Government, and
from German Bankers to my Government, in which was ex¬
pressed a desire that I be accepted as Germany's trusted finan¬
cial agent. After these letters had been perused, I again re¬
sumed my talk and observed that probably they were not fa¬
miliar with the inside working of our elective systems ih Amer¬
ica. Had they been, they would not marvel at the power con¬
ferred on some one man as the central head of the Trusts,
Railroads, Banks and Insurance. These interests pool
their issues and have no political differences (except through
their papers) to thp outside world.
Gentlemen, I remarked: It costs us $12,000,000 in America
for a Presidential election, as all the different interests are as¬
sessed pro rata, and, while it is hardly felt in our assessments
yet with this campaign fund we are enabled, not only to dictate
the nominees of each convention, but also the financial plank
of each party's platform.
THE BANKER'S DREAM.
17
We pay all the expenses of the National Delegates, and you
will be surprised when I tell you the Railroad fares cost us
nothing, as the Railroads issue the passes, and it costs them no¬
thing to do this. The Hotels we control, by compelling them
to entertain the delegates free before we consent to fixing upon
any particular city in which the Convention is to be held, so
that practically, we have about the whole fund reserved for the
final contest at the poles.
There are about 12,000,000 votes cast in a Presidential
election and the parties are about equally divided. Of this
number there are about 3,000,000 of purchasable votes, which
with the amount paid the 'workers' cost us $6,000,000. The
rest goes for speakers, bands, and other incidental expenses.
You are fortunate in England in not having to elect a Head
to your government.
We are reasonably secure in the elections of President in
our country for two more Administrations. I cannot see be¬
yond that, but we have such an absolute control over the peo¬
ple in every department of banking, travel, telephone and
telegraph, and with our friends, as Governors of every State
in the Union, that the people cannot break through our lines,
and with the promises of office and the emoluments connected
with them, we control results without expending over 12,000,-
000 of dollars upon both parties." I further stated that what¬
ever measures they desired in financial legislation, I was in a
position to accomplish. That we never allowed finances to be
discussed during our political campaign, and in a country so
vast as ours it was utterly impossible for the people to introduce
a question injurious to monied interests. For we controlled
President, Pulpit, Public Speaker and Politician alike. Every¬
thing in America in professional and political life was done for
money, and that we controlled. Hence the frequent visits of
Administrations to my Wall St., office.
18
THE BANKER'S DREAH.
As the board meeting broke up, I became the central
object of attraction. I was surrounded by the members, some
of whom I had met before on a "bunt," others socially, and
some in banking circles. One point they said they desired to
impress forcibly upon my mind which was (in common par¬
lai C3,) that I was to get on the right side of th# silver market.
For it was their intention to drive silver out of circulation in
the commercial world as a money metal, and by stopping the
coinage of it in India and America simultaneously, they
could break the prices down fifty per cent, and as the price
of silver, controlled the price of wheat and cotton, these would
drop to the same figure. "Ours," they remarked, "is a creditor
nation, we want our interest payable in gold, or as that would
be impossible, we will take other commodities at a gold value.
Wheat in your country is now about eighty five cents per bushel.
We must buy it for 50c. and cotton for 5c. per pound and we can
then get as cheap raw material and as cheap food as you do in
America, and with our cheap labor and low interest on money,
we can undersell the rest of the world."
I must confess it was not a very patriotic act on my part to
become a party to effect such a distructive and ruinous policy
upon my people, yet this was my opportunity in life, and I don't
know of a very rich man in New York, that has not by lobby¬
ing bills through Congress, or wrecking Railroads, or some
other questionable methods, made all of his money.
However, I obtained my letters, and credentials and returned
to the United States and thus far I had had nothing but suc¬
cess at my every undertaking.
The meeting in Boston having gotten down to work I began
unfolding my plan of investments. After showing the suc¬
cess I had made in selecting men of prominence and financial
sagacity to become members of the Trust, I then found no diffi¬
culty in commanding the closest attention of the members of
the meeting.
TIIE BANKER'S DREAM.
13
Ï was asked to state, what, in my oppinion, would he the first
and best investment of the $300,000,000, paid in as the 50 per
cent, assessment on the capital stock of six hundred millions.
To this I answered: "Of course you all understand, our first,
and every object, is to lock up the legal tender money of the
nation. To get an investment for our $300,000,000 in order
that it should always draw interest, we would demand of the
Government that it issue $500,000,000. in 5 per cent, bonds,
principle and interest payable in gold. To accomplish this, I
would suggest to the treasurer, that he continue the ruling which
gives the holders of all kinds of currency the option of demand¬
ing gold or silver wherever it said coin, (a ruling, based on the
resolution, I have caused to be passed to establish a parity be¬
tween gold and silver,) and by so doing, we could demand, and
insist, upon gold from the Treasury, and also insist that the
reserve fund be kept up to the $100,000,000 required by law.
Under this situation we could demand gold, until we had de¬
pleted the Treasuary and then demand an issue of bonds to
build it up again, and repeat this until the $300,000,000 had
been issued. We would then be in a position to return our
1 onds to the Government, through the banks we control, in
•vhieh we made our deposits, and get their full face value issued
in national bank money, which would bring us six per cent
additional interest In this you perceive we shall be getting
about 10 per cent interest on our investment and ail secured
by gold.'"
I furthermore went on to say: "I have a very importan,
secret and as I believe everyone in the room has become a
member of the Currency Trust, and paid in his 50 per cent 1
now feel secure to disclose it.
I have just received information from the Bank of England
that the English Government under its instructions will
order the closing of the mints of India as soon as I can guaran
20 the banker's dream.
tee that I can get our Government to stop coining silver and
close Our mines. This may cause the silver mine owners to
combine and create some little opposition. But we can easily
overcome this. I provided for all this before the election of
ninety two took place, as we pledged our men to call an 'Ex¬
traordinary Session' for this purpose. I have also pledged some
twelve national bank presidents, in New York City, to co-op-
perate witb the Government, and to contract their loans some
$500,000,000 and have written a circular to the national banks
throughout the country belonging to the association, to be ready
to act the day we notify them. Now just as soon as we begin
to contract our loans, we will produce an instant panic upon
the stock market, and call in all outstanding call-loans.
The Government has agreed to work with us to this end, by
holding back pay of salaries and contracts, as by so doing, it
can more easily force our anti-silver measure through Congress.
We can close up every factory, furnace,- mill and mine in the
country, and bring about such a threatening state of affairs
that the people will threaten Congress, if it does not pass our
measure. I will also take advantage of this opportunity to let
you into a secret, which will give the Trust its first opportunity
for a speculation that I have engineered on this side of the
water, in conjunction with the Bank of England Capitalist.
You have noticed, no doubt, in nearly all the daily papers,
long editorials against silver. I wrote a model of the argu¬
ment, for the papers to follow in their editorials.
First; to attack the silver mine owners, for attempting to rob
the Government by' forcing 50c. worth of silver bullion on the
Government for 100c. Second; that the working classes would
only get 50c. dollars for labor. Third; that England would
return all her securities if we were forced to a silver basis by
the silver mine owners. Fourth; in the event of refusal to
repeal the silver purchasing clause, the banks would contract
THE BANKER'S DREAM.
21
their loans to protect their resources and gold accumulations, and
panic, enforced idleness, depreciation of wages and commodities,
would be the outcome. I did this to have an excuse to de¬
mand an 'Extraordinary Session,' to repeal the Sherman Act
and for the purpose of closing the silver mines, in fulfillment of
my promise to the Bank of England directors. Now this is
about to take place, and it means a fall of silver to the lowest
point in history, say, to fifty cents per ounce; and wheat must
go to the same level.
Silver is ofi' two points today, and will go off two more in
about a week. I shall advise the Trust to buy futures on sil¬
ver as soon as I receive word from my English friends that
they-have fixed the day for closing the mints in India. If we
can organize within a week, the Trust can take advantage of
this information—can make an investment of the balance of
its capital in buying 'futures' on silver. For the day it is
announced that the India Mints have been closed, silver will
drop ten cents per ounce; and I would advise as a profitable
speculation the purchase to which I have alluded, from the
fact that silver cannot go up, but must go down, and the Trust
can take its profits, or hold.for a greater fall. We must carry
the repeal through, cost what it will. We are sure of the
House; but the Senate has sixteen majority against us. We
must carry the Senate, if we have to take chests of gold into the
Senate Chamber to do it. But we can do better than that.
We can carry futures for those Senators who are from the
south and west, whose interest it is, to keep the mines open, and
to keep up the price of cotton and wheat.
Distribution of patronage will not do it alone—and besides,
it would compromise one upon whom we depend for our issue
of bonds—which issue coming so closely upon the heels of this
silver panic, will almost drive the west and south into revolution.
This is all daring work, and we must move cautiously. The
22
THE BANKER'S DREAM.
father of finance in the Senate told me that we could accomplish
anything in time, but the great danger was with eastern people,
that they wanted to rush it—too much. He stated that he
could never have resumed specie payment, had it not been for
the ten years in which to accomplish it. He further stated that
he had promised that no more silver would be purchased except
upon London quotations. This will make us secure, as I was
promised that if I could get that policy or rule adopted by
my Government, they, the English, could force the quotation,
down to fifty cents per ounoe.
Now let us pass on to the one sole object of Currency Trust.
Namely: To control the money volume of the Nation, or to
corner the money market.
In this I have a thorough understanding with those in Wash¬
ington, in whose power it is, to grant anything we ask. One
man alone whose name I could mention— one in whom the
President of the Bank of England has imposed great confi¬
dence since 1873—Said: 'If you have that information from
England, it will be worth millions to you, for not only silver,
but cotton and wheat will also go down with it.' He hits
already bought his "futures" and has#received the benefit of the
two cents fall this week—so his voice and vote will be with us.
I will now show you what can be done in controlling the
currency of the nation. Of course you all know that all values
are regulated by the volumes of money issued.
In the laws of money, quality has nothing to do with it
Every authority when speaking in confidence with us, would
unhesitatingly confirm this, while his public utterances may be
qualified, as also would be his writing.
Bat probably we are all agreed upon this principal, in its
application to full legal tender money.
There are about nine hundred millions of legal tender money
in this country. We are adding fifty millions per year by
the banker's dream. 23
coining silver. This we will surely stop. Our next move will
be to retire all treasuary notes, all the silver certificates, and
also the greenbacks. To do this, you will see I have planned
to let the revenues drop off, to run down the gold reserve, as
an excuse to issue gold bonds. Now it will be impossible fur
the Government to meet the expenditures, in gold, while we
keep presenting the greenbacks for redemption. Therefore, we
will demand the retirement of the outstanding Government
money, and in its place, issue our national bank money, and as
1 have before stated this will bring us double ifiterest. We
can now take advantage of the necessities of the people, hav¬
ing destroyed their money, and force them to use our bank
money. We will also demand full legal tender money, from
them. Gold will then be the only legal tender in use, except
silver, which we will limit to ten dollars. It is certain we will
then have full control of every dollar of legal tender money in
the nation. That is to say: With our full assessments of six
hundred millions paid in, we have control of the Government
finances, as well as those of the banking and commercial
interest, of the country. With one unquestionable head to our
Trust, to direct all movements, there is no reason why we
should not double our capital of six hundred million annually,
and I am satisfied we can do it. In this you may think I am
rather sanguine; but now let us see if I am able to convince
you of this statement, and demonstrate it in such a manner as
to remove all doubt. You are all aware of the sentiments I
have been sending through the daily papers of both political
parties for the past two months. And you also know the
people in the east believe all that I have written for the papera
of both political parties.
I have also committed twelve of the leading national banks
of New York City to hold a series of private meetings in order
to consult with a high official in Washington in regard to creat-
24
THE BANKER'S DREAM.
ing a panic throughout the country. This is for a threefold pur¬
pose, first; the breaking down of the price of silver as previously
stated, and second; to break the stock market in order to give us
the prices by which we can reap a rich harvest upon our "futures"
and 3d.; to furnish an excuse to issue gold bonds to retire. Gov¬
ernment money and substitute our money, namely: national bank
money. In order to show you how far this movement has pro¬
gressed, I will say, that I was present at a secret meeting of
the bank presidents, at the residence of one of the very richest
of them, a personal friend of mine. I think it was about the
last of April; yes, it was on 'Columbus Day'—I remember; I
sent my agent, the evening before, to confer" with this same
Government official, and impress upon him the necessity of prompt
measures to contract loans, and hold back pensions, and
the payments for contracts, and make the squeeze, and strin¬
gency, as severely felt as possible: also to invite him after the
ceremonies of the naval review were over, to the private resi¬
dence to which I have just alluded. I do not wish to state
here the name of the Bank President to which I refer, but will
say the stock of the bank is the highest in this country. There
were some ten or twelve of us present, besides the man who
stands at the head of the Government in financial influence.
It was at this meeting that we committed the latter to help
produce the panic which we considered necessary in order to
force the repeal of the Sherman Act.
We had been holding meetings previously from the 20th. of
April, almost daily and nightly—not excepting Sundays. On
Sunday morning our agent was at the White House. Returning
that night to the residence of my friend, and reporting the
promises he had received at that morning's conference in
Washington, it caused us to go to work in dead earnest.
Now gentlemen, the market is fairly good, having been sus¬
tained by our editorials, predicting a rise in the near future,
THE BANKER'S DREAM.
25
at which time we intend to unload all of our holdings of an
unsound character; and I can assure you we can make no'mis¬
take in putting everything, we control, in 'futures' based on the
fall of silver, as its existence as a money metal is doomed. And
with our colossal private wealth added to that of the capital of
the Trust, no combined power of nations could overthrow our
financial undertakings. Think of it, six hundred .millions capi¬
tal, with three times that amount in our private resources, to be
called upon if we see fit to place it in the interest of the Trust-
We will probably find it necessary to overthrow all state and
saving banks, as they will naturally be attracting deposits that
we will want to control. This we can easily do, either by tax¬
ing the banks out of existence or by bringing on a panic and re¬
fusing to clear with them, and also by suddenly withdrawing all
our deposits and balance demanding the same in gold. This
will not only close them up, but the depositors will lose so heavily
that they will forbid another charter being granted. If at any
time we desire it, we can establish one central national bank in
New York; This we can pattern, after the Bank of England,
and take all the issues of paper money out on the bonds of the
Government. Let the banks issue all the paper money, and
the Government, coin the gold. Then the people will have no
way to get at the gold reserves, and this will enable us to
control the volume of money, to the point of fixing the price of
labor of the country, to our interest.
It is a very dangerous thing to allow the people to have the
right to issue a legal tender, and our only safety, lies in getting
this right away from thëm, and this we can do by substituting
in the place of a cash system a credit system under which the
laboring classes will be constantly working out what they owe.
They will be as well satisfied in this condition after one genera¬
tion, as they are at the present time, and we will never be secure
with our collossal holdings, until we establish this system.
26 thf banker's dream.
Then our children will never be disturbed in the wealth re
leave them; with this system established, and with our under¬
standing between all nations to p event international war; with
every nation pledged to assist any one nation, in which the
working people attempt to overthrow the superior and wta.thy
class, we can perpetuate our power forever."
At the conclusion of my speech,^! invited any members, so
desiring, to express their views upon the plans I had submitted.
This induced a general exchange of views and comments betweeu
the members, and as nearly as I could judge by the gestures and
nods of those conversing in undertones, I felt that what I had
said, met with a general approval. Finally one of the mem¬
bers called upon the wealthiest and perhaps ablest member
present, to express his views. His opening sentence was: "I
certainly feel that this plan so ably and clearly set forth, with
the results so far obtained, together with its backing of English
sanction and support, is all we can ask." He then added,
"I feel satisfied that with this amount of centralized capital,
we can put values up and down, at our own pleasure to any
extent we choose, and with our movements in the market, we
can anticipate the movement of prices each way; and with a
movement of only ten points, each way, it would give us twenty
per cent, five times during the year. This would double our
capital, and without any risk whatever. • Whenever we sell, we
break down the price, and hoard the money; while under the
same law, when we buy, the money goes out, and restores the
market. To my mind, the only question is about getting the
necessary legislation; but the speaker seems to have shown that
he has full control of that If we can get an issue of five hun¬
dred million gold funds, and can then get our investment all
back again at the full face of the bonds in bank money, our
stock will be worth twelve hundred million, measured by re¬
turn; for our interest will be a double interest, as has been so
The Banker, with others of the $000.000.000, Currency Trust, taking a spin from Boston to their Country
Residences, at Manchester, by-the-sea.
THE BANKER'S DREAM.
27
ably shown, and all this before we manipulate the markets. I
am ready to take my twenty five million of stock and would be
pleased to have the privilege to make it fifty million. But I
would want our friend Mr. to have the full, and unques¬
tioned control, as President, until three quarters of the members
see fit to demur to his plans." The speaker having taken his
seat. I arose and thanked him for his kindness in compliment¬
ing my course, and also, for his kind suggestion in placing my
name at the head of such a power in the world.
I said: "This power of wealth we are concentrating is greater
than the throne, for it can dictate the throne.
We can force financial systems of our choice. We can com¬
mand war, or peace. We can regulate conditions of different
classes in society. We enlarge or diminish the number of rich,
middle or working classes, according to*our whim., We can
change a Republic into a Monarchy; Liberty, into tyranny or
■ ice versa.
We can create a class of plutocrats on one hand, and pau¬
pers on the other; or a nation of comfortable homes into a na¬
tion of palaces and poor-houses.
The speaker kindly suggested my name for the presidency.
Truly I am not unmindful of such a great honor, for the
power it confers upon one is greater than that of a King.
It can enthrone or dethrone a king, by simply playing upon
the content, or discontent, the enrichment, or impoverishment,
of a people. But it is a little premature to suggest names for
officers. I think after we have perfected the organization in
New York and Philadelphia, and have a final meeting of all
members in New York, it will then be time to look among our
members for one who may well deserve the honor of presidency.
I fully agree with our friend, that the person selected, should
have full powers of command of all undertakings, until three-
fourths of the members demur. Now if there are none present
28
THE BANKER'S DREAM.
who care to speak, I would suggest we adjourn until to-inor-
row."
Having adjourned, the members all clustered around me,
manifesting the deepest interest in what had been done.
As they departed, I received from each one, an invitation:
and of such a nature that an English Lord would envy anyone
of them.
Finally I accepted one from a friend) whom I met when at
St.Thomas, in my private yacht ; like myself, he was extremely
fond of the ocean and It being a very hot day, and he having
his new and magnificent two hundred ton Schooner, all
ready for a spin for Beverly farms, near Manchester-by-the-
sea, I concluded to take sail.
I had not proceeded far, before I was glad of my decision;
for after casting off our tug, in Long Island Sound, we en¬
countered a strong, cool, southeaster, with more wind further
down the Bay, as indicated by white caps, and also by vessels
taking in light sails.
> I exclaimed! "What a magnificent craft." Every sail was
set that would draw; a perfect cloud of cream white canvas,
not a wrinkle in it; not a pucker nor draw; not a shake in a
leech, nor a quiver from truck to deck. We were then rail to
water, and plowing a deep furrow which formed a wall of blue
water around us, capped off with a feathery snow-white foam.
I was almost extatic, and with the added excitement of a
couple of private steam yachts, bound for the same anchorage,
but dropping gradually behind, with the stiff cool breeze grad¬
ually increasing, with the solid clouds of black smoke rolling
out of the smoke stacks of our contestants, betraying the effort,
their proud rich owners were making to "Hold their own" with
us, I must say, that I thought this world a paradise. For
only an hour or so before, the thermometer in Boston stood
100° in the shade, and here we were with our wraps around us.
THE BANKER'S DREAM.
29
As we passed Nahant and Swarapscott with our lee rail under
water, and bore-away, around Marblehead Rock and "eased
off" our sheets with balloon jib and spinnaker run out, it was
easy to see that it was all up with our rivals, who "hauled-too"
for the Eastern Yacht Club House, in Marblehead harbor,
rather than come in astern of a sailing yacht, with which, they
had started in company from Boston.
Only one more desire in all this day's pleasure, could I ask;
which of course, could not be gratified, and that, the presence
of my family.
But to have asked for more, in one day of life, in business
or pleasure, would have been wicked in a country under whose
laws, I would be permitted at any time, to close every mine,
mill and furnace, and ruin planter and farmer, merchant, me¬
chanic and laborer alike, in order to enhance the yalue of my
present holdings, and even force the Government to issue bonds
for my convenience.
Arriving at our anchorage, and looking in upon the shore,
one could behold a scene in nature, which would, in compari¬
son, make reading about cities with streets of gold, walls of
silver, and gates of pearl and jasper, very tiresome indeed.
For here were long stretches of beach with silvery sand, brown
stone rock, bluffs, sufficiently distributed along by nature to
relieve the scene at waters-edge, while from beach and bluff,
large green velvet looking lawns, extended to the great forest
of thickly shaded pine and spruce of immense height, and
through ] which, were great broad drives exclusive to the
rich; and this encircling the magnificent. homes of those into
whose hand has fallen, the destiny, of the American people.
My private car was in waiting the next morning. And I
soon found myself at the Stock Exchange Chamber with every
member-present for the work to be done upon this particular
day, which consisted of organization. We consulted some of
30
THE BANKER'S DREAM.
the best lawyers of Boston to look up the laws of the different
states, for a charter. It was decided that New Jersey was the
safest, the state being small which enabled the Railroads to dic¬
tate its laws, and its military being the most effective against
working men, compared with any other state, in the Union.
Our members controlling so much Railroad Stock, could get
any favors they asked since the state is run by the Railroads.
The day having been spent in organization and in conversa¬
tional exchange of ideas in regard to speculative schemes, we
were about to break up, when, to my surprise, an invitation was
handed me, signed by all the members present, to attend a ban¬
quet to be given in my honor that evening. Of course it was
policy to accept this invitation; but I would have greatly pre¬
ferred a quiet and restful evening. I suggested as much to
my intimate, personal friends, but they became startled that I
could entertain such a thought ; and when I stated I had re¬
fused an invitation to attend a reception given by the four hun¬
dred in New York, upon the same grounds, they were posi¬
tively astounded. They insisted, and I yielded to their urgent
appeal.
I must say the occasion was one to be long remembered.
They seemed to know just what I loved above all things else,
for they had provided music in its highest art and finest ren¬
dering. Among many of the artists procured were some of
Boston's finest musical talent. There was a Quartette Club of
Lady Soloists, and while they rendered two glees only, I was
informed they were paid 8500. There was present also a fine
Orchestra of ten pieces costing 81,000, and a lady received
8100 for one recitation. A gentleman artist in HumorousMusic
concluded the programme for the evening.
All this I enjoyed very much. I was indifferent to the Ban¬
quet Hall, except when it came to the responses to toasts.
One might have been blind-folded and known that he was
in cultured Boston. Every man's words, sentences and
THE BANKER'S DREAM.
31
thoughts, fiad the polish and finish of Harvard. I could not
help thinking how embarrassing it would have been to have
had some men forced upon us, who are high up in the nation's
councils, and who, only a few years ago were political ward,
workers. A Banquet in New York, or Washington, compared
with Boston, is as striking in contrast as the culture of the
Pacific Coast's millionaires, (who were saloon keepers before
they struck a bonanza mine,) or the pork-packing millionaires
of Chicago, as compared with Boston's wealthy classes, whose
calling is, and has been, for generations back, to follow Bank¬
ing, for a few years in early life, to gain a knowledge of fina ice,
sufficient to enable them to control and invest successfully the
large fortunes they have inherited.
This occasion like most others kept me up until nearly morn¬
ing, for, after the guests had departed, I was compelled to join
a "smoker" and again talk over our project which seemed to be
the all absorbing subject of the gentlemen.
So, as in preceding nights, I gained but little sleep, and was
really suffering for the need of it. But the third and last day
would be one of less mental labor as the finishing touches only
were needed, such as signatures, and payments of the amount
of the first instalment of shareholders.
The next morning I was driven down to the stock exchange
at which a reception was téndered and a speech insisted upon.
Word had been sent out to the county seats of all the bankers
and brokers that I would be at the exchange. To my sur¬
prise, I found the reception room full to suffocation, and from
some cause, I was called upon for a speech from every throat,
which call sounded more like the stock room, during a panic,
than the ordinary call for a speech at a reception.
This was my opportunity, for whatever I said would not only
go the length and breadth of the land, but would also go abroad
and reach the ears of my friends and supporters in Europe, for
32
THE BANKER'S DREAM.
which I was very desixoua ; for while it placed me as the recog¬
nized highest financier in this country, as well as one of the
very richest men, it also gave my family a standing in Euro¬
pean countries that would be envied by almost any family in
the world. This was invaluable to both my wife and myself,
as we were very desirous of our daughters marrying into some
of the royal families of Europe, for how barren is wealth, if it
does not bring pomp and power. It is one thing to be one of
the first families of a nation but quite another to be one of the
world.
So with my ambition pitched to such high aims, one can
readily see that it was greatly to my advantage to advocate
that system most beneficial to foreigners, but, at the same time,
to conceal the fact from my own countrymen; it being my de¬
sire to gain from foreigners, that which my country has not
the power to confer.
As I stepped out to face the solid throng of the finest look¬
ing men'I had ever seen, I became more and more conscious of
the fact that this was indeed the greatest opportunity of a life
time. I opened my speech by stating that the grandest, the
highest, the most lasting foundation for a great nation to rest
upon, is its honor, for honor means power, and power commands
respect
Today, I continued: "We as a nation,have been called upon
by the rest of the civilized world, to put beyond a doubt, the
question, of honoring our financial obligations with the whole
world, and now, and here, I ask you, gentlemen: What shall
it be. Honor or dishonor? This question must be settled by
the American people at the ballot box.
So far, the great financiers of the nation have* dictated our
financial system, and have had the hearty support of both
parties for thirty years.
Upon all financial questions, principles and systems, a na¬
tion is safe as long as men of sound financial views and large
THE BANKER'S DREAM.
33
and broad experiences can have full control of its monetary
system. In all monarchical forms of government, such men
and systems can be relied upon, hence money in large sums at
a very low rate of interest is obtainable; but in a popular or
republican form of government, like our own, where distrust
exists in regard to the honoring of a national obligation, and at
the cost of thé nations life, if need be, you will always find in¬
vestors timid and demanding pay for greater risks, based wholly
upon the I ack of honor and integrity in fulfillment of promises.
In my visits to foreign money markets in the interest of our
government, and of our railroad corporations, during our
panic of '73 to '78, I found the question was always asked;
what financial policy will your government finally fix upon as
a monetary system?
Now gentlemen, upon this question depends the amount, time,
and kind of money, and rate of interest I will state here; that
could I have assured the great bankers of Europe, in 1873,
that silver would have been permanently demonetized, I could
have negotiated a loan at that time for fifty years at three per
cent interest, that would have prevented the panic of September
of that year, and its lasting and disastrous effects until this
present day would have been averted. In 1879 we resumed
specie payments. Had the act of 1869 read, "gold payments,"
instead of "specie," we could have had an uninterrupted period
of prosperity until now.
European Bankers, are entirely different from the Banking
fraternity of this country. A banker in Europe will part with
his life, before his honor, and many a banker who has been
compelled to part with his honor, under circumstances over
which he had no control, has taken his own life sooner than face
a world that had the slightest grounds to suspect his dishonor.
When we as a nation, can stand as high in the scale of finan¬
cial integrity, as the English nation, we will be able to go to
34
THE BACKER'S DREAM.
the house of even a Rothschild, and obtain loans on as advan¬
tageous terms as any other nation.
But so long as we have a school of financial legislation in the
"sharp practice" of scaling down our obligations by purchasing
the cheapest money metal in the world, so long will bankers of
all nations take hold of our securities very sparingly, and make
us pay very dearly, for our course of dishonesty. So gentlemen:
I again ask you, is it not better to declare ourselves in favor of
the best, the dearest, and most honorable money of the world."
On this latter point of declaration, I received a tumultu¬
ous applause. I resumed: "Upon every occasion that I
have had to come in contact with great financiers of Europe,
they have, with one accord, expressed the most unlimited con¬
fidence in our country's resources, and wealth producing powers.
They keep better informed upon our affairs than we do.
They know the value of every year's crops, of all our manu¬
factures, our revenues and expenditures, and they have ex¬
pressed to me invariably the greatest surprise at our national
credit abroad. We now have the rare opportunity to place
ourselves as a nation, at the very head and front of the nations
of the earth and in a short time become the money center of
the world, if we would only place ourselves upon a gold basis,
and issue nothing except obligations, payable, principle and
interest in gold, and retire all people's money, and substitute
bank money. And I wish also to state, that they know every
sentiment in every section of this country regarding financial
theories, and my word for it, the lax moral sentiments regard-
cheap silver money, advocated by the south and west, has cost
us untold millions of interest money since 1873, and this loss
to us will continue until we become sufficiently wise and honor¬
able to do unto others as you would others should do unto you;
for no man's moral understanding can be so dull, that he can¬
not see an immorality in borrowing gold, and paying in cheap
THE BANKER'S DREAM.
35
silver. Nothing gives me greater satisfaction and- rejoicing than
the fact, that every expression, that I have given utterance to to¬
day in this good old Puritanical Boston, in which I have bold¬
ly emphasized national honor, fulfillment of obligation to con¬
tracts, regardless of its cost, meets with such genuine and hearty
applause. And it will afford me much pleasure, when I again
visit my Europeon friends, to be able to assure them that there
is a pronounced and growing sentiment in the Eastern states, in
my country, to put the country on a gold basis. We may be
compelled to promise the west "free silver," or "international
bi-metalism" in our platform, but they will get gold bonds, and
nothing else.
I will now bring my remarks to a close, by making a predic¬
tion that the party that first comes upon the political field, on
a single gold standard platform, will not only sweep the country
from Maine to California, but will perpetuate its name for gen¬
erations to come; and this one principle of financial honor, laden
with its fruitage of prosperity, will bring national joys and bles¬
sings that will not only make this thé strongest nation, but will
also place it in the most honorable position before the nations of
the earth, and will become the cornor stone, in the character of
our people; winning the love and respect of all mankind, and
lasting as long as that of the golden rule."
It is almost unnecessary for me to state, that all Boston
Bankers and security holders manifested a sense of comfort and
confidence in my sentiments, for they clustered around me tak¬
ing me warmly by the hand, and bade me God speed. There
were sons, fathers and grandfathers, of the very finest and
richest families of Boston's monied aristocracy. Descendants of
the oldest and largest banking houses of Europe; and they made
me feel there was no favor I could ask for to serve my pur¬
pose, on either side of the ocean, that they would not be eager
to confer. But, happy for me, I was in need of no favor, ex-
36
THE BANKER'S DREAM.
cept to be released from the crowd, and be allowed to go to
my private car to get both rest and sleep, being in great need
of the latter.
CHAPTER II.
FORMATION OF CURRENCY TRUST.
Having been driven to the depot and comfortably settled in
my car, I began to arrange my documents for my private sec¬
retary. After taking a light lunch and lighting my cigar, I
gave James orders to have the car ready at the Grand Central
Station, N. Y. City, by 4 o'clock, p. m. next day, and to per¬
sonally meet me at the Clearing House at 3 o'clock. Our
train was due at Newport at 8 o'clock, and James had already
secured a fine state room on the Fall River Line to New York,
which left Newport at 11 o'clock. This would give me about
three hours only to attend the Banquet I now had about one
hour before reaching Newport, and I tried to get a short nap;
but the constant mental labor I was doing, produced such
activity of mind that it was simply impossible; I then specu¬
lated upon whom I might meet at the Banquet and also the
men that could be of service to me outside of those with whom
I had a special engagement with. My memory began to be
unreliable in regard to' names. At first I forgot those of men
of a general acquaintance; but later, of persons in my social
circle; and really I could see I needed rest both mentally and
physically.
I had just began to get into a dreamy and speculative mood
when I felt a jar and breakup of speed, and heard the con¬
ductor call out, "Newport !"
A carriage having been sent for me, I was soon at the villa.
A number of my New York friends were on hand to give me
a welcome outside the villa, and detained me just long enough
THE BANKER'S DREAM.
37
to look upon the most magnificent electrical display I had ever
seen on private grounds. Every shrub, buih, and tree was
illuminated with variegated colors, while the fountains surpassed
those at the Columbian Exposition.
After entering the villa, and having gone through with the
reception ceremonies, and passing a word or two with my many
intimate acquaintances, my New York bank friends took posses¬
sion of me and led me to the smoking room, when I entered
into a chat upon the market with some of my brokers with
whom I had accounts on large lines of stocks and securities. I
wished to ascertain how close to the agreement my friends were
living in sustaining the market, as we were all aware of the
fact that as soon as we begun to liquidate, to raise over twenty-
five millions each, the market would not only sag oft, but would
verge on actual panic. I was carrying a large line, and was
not to be caught napping, while others were unloading, for I
well knew about how much dependence could be placed upon
stockjobbers when they were called upon to maintain their honor,
by sustaining a heavy loss on the floor ot the Stock Exchange.
It soon got noised about that I had arrived. I very soon
received a note that a few friends were quietly assembled for
conference with some of the treasury officials who had just come
from Gray Gables, and also that they would do nothing until I
was present. This I well knew, for I was instrumental in get¬
ting their appointments, as I had submitted their names to my
English banking friends while in London, and they well knew
the line of financial policy I had laid down for them to follow.
As I entered their midst all present were quite demonstrative in
extending me a cordial welcome, and all had compliments for
my noon day speech, which had' already reached them in the
afternoon papers from Boston, which was as agreeable to me as
surprising; for I had delivered that with the intention of produc¬
ing the impression that we must honor our obligations in gold,
38
THE BANKER'S DREAM.
and to do that, we must have the gold, and I well knew that it
was impossible to maintain a gold reserve without buying the
gold over and over again with bonds to the extent of hundreds
of millions of dollars, and this was our understood plan on both
sides of the Atlantic.
My time being limited, I was urged to present my plans at onee,
as the Government officers desired to discuss it with the assem¬
bled bankers after I had gone. I commenced my talk by at¬
tributing our present business to a lack of confidence in our
present monetary system, and claimed that it must be adjusted
to the systems of other nations, if we wished to gain the con¬
fidence of the world's money markets for our securities. I
stated that railroad building had almost ceased, as we could not
market these bonds abroad, and the roads had stopped all
orders for new locomotives, as they could no longer market
bonds abroad to raise the money to pay for them. Many of
our mines and furnaces were shut down as we could no longer
get foreign capital, and our people were thrown out of employ¬
ment as a result, and unless we adopted a European gold basis
we would be driven into bankruptcy. The Government was still
buying cheap silver and making a dollar out of fifty cents worth
of it to pay off the bond that called for a dollar's worth of gold.
Now this was not only dishonest, but was impolitic. I said,
"We have in circulation about eleven hundred millions of
floating debt in the nation's currency. This money belongs to
the people, and is payable in just what the people dictate at the
polls. If they say gold, silver or wheat it will be that. How
would you like to have a mortgage of five hundred thousand
dollars become due just after the people had declared that a
paper dollar should be redeemed in a bushel of wheat, when
before that law passed it was redeemable in a gold dollar, which
would purchase two bushels of wheat; and this applies with
equal force to silver.
The great mistake that Lincoln made was in introducing
THE BANKER'S DREAM.
39
a new principle of finance. He conferred a new power upon
the people never before possessed by them. He transfered the
power always delegated to, and controlled by the banks, to the peo¬
ple, and this the most dangerous power that exists in society. It is
greater than the military power, for it alone can create and sus¬
tain the military power.
No nation dares to go to war until it first consults the money
centers of the world. Lincoln and Chase were the first men
that ever dared to act independent of it, and after their Bull
Run defeat, with their armies unpaid and in a spirit of revolt,
they called in the bankers to help them out, and not until they
saw they would be driven from the Capitol ,did they accept the
Old World's banking and bond system, which enabled them to
provide ways and means to support the war. And just here
I wish to take you a little closer into my confidence, for I have
the secrets of the richest men on both sides of the Atlantic.
This power of legal tender must be taken from the people, for
my word for it, if the labor organizations, or any new political
party, should utilize it, and enlighten the masses upon its subtle
and effective power in shaping and controlling societary
conditions between the producing and non-producing classes,
it will be the Waterloo of invested capital There is án
old adage that says "that an ounce of prevention is better than
a pound of cure." The prevention in this case is a gold basis.
Withdraw all national paper money, and fund it into fifty or
one hundred year gold bonds, let the bankers issue the paper
money based upon these bonds. By so doing you can draw
interest upon both the security and the money you issue, and
through this system you can control society and maintain
the present relationship between producer and non-produçer.
But should you fail in this, did you ever seriously think what
grave consequences would result? I now refer to the "pound of
cure." Should ever a third party, advocating the New World's
financial heresy be re-elected to power, you can depend upoa
40
THE BANKER'S DREAM.
it, that party will never be permitted to take possession of this
Government. Now this is vei*y serious talk, and I know I
have the confidence of every man within sound of my voice. I
have talked this over wJ th the strongest men of Europe and
America; with the presidents of banks and railroads, with
trusted military officers and men already in power, and there is
an unanimity of sentiment regarding such an emergency. The
army and navy would be under our control. The whole As¬
sociated Press of both parties would sustain us, would have
it understood with' European nations to create foreign complica¬
tion growing out of the attempted repudiation of the billions of
our foreign obligations, and our army and fleet would naturally
co-operate with that of Europe to first establish law and order,
and then to protect private property, and to uphold the honor
and integrity of both our foreign and domestic creditors. This
matter has been discussed for the past five years, and plans
have been wejl matured in case of emergency. We do not in¬
tend to resign our seats for which we have paid millions, either
in the House or Senate as the confederates did; that was their
fatal mistake. They should have kept control of the Govern¬
ment, disputed the election, and held Washington at any cost,
and given their southern armies time to enter Washington; then
Lincoln would have been forced toset upa dual government, and
England would not have recognized him. His call for troops
and, hundreds of millions of paper money would have been
ridiculed, the national authorities in possession of the capitol
would have been triumphant, and we been spared this disgrace¬
ful and humiliating position of being compelled to beg favors
of foreign nations in order to save us from bankruptcy. This
oondition will remain as long as we tolerate this mass of inflated
fiat paper money amounting to eleven hundred millions with
only sixty four millions of actual money to redeem it with, and
this recently purchased from foreign syndicates.
Now let us as .Americans use every effort to redeem our na-
THE BANKER'S DREAM. 41
Honal honor by adopting the world's system of a gold basis
that has stood the test of ages.
We were not wise enough to use the ounce of prevention, but
let us be honorable enough to pay the pound of cure."
Having finished my t?!k I received the congratulations of
those who were present with special invitation of a very private
nature. Among them were a few of the Trust, who came on
in their private* steam yachts. These friends strongly urged me
to remain until midnight, and take passage to New York with
them, and as their yachts, were flyers, I could easily reach
there in time for the New York meeting. But I was fairly
worn out with work, and social entertainment, and was under
the Necessity of declining. Mine Host took me through h:»
beautiful villa, and "magnificent," does not describe it. On the
first floor the windows were draped with sash curtains of silky
white bolting cloth. Over this were the magnificent real lace
curtains, while the third curtain was of heavy white silk, most
artistically looped bade in rich folds with curious chains of
dull gold, studded with pearls.
The wall of the reception room was hung with cream silk,
and the carpet was of rich snow-white velvet, with white satin
border. The ceiling was covered with a rich silk of most deli¬
cate blue tint, drawn up in the center in canopy fashion.
Most of the furniture was of white mahogany inlaid with
quaint wreaths and garland, of mother of pearl.
The sleeping rooms were still more luxurantly furnished
than tho^e on the fiirt floor. The canopy and curtains for the
suowy beds were of the filmy bolting cloth, embroidered in pink
roses and blue forget-me-nots. All the fire places were white
tiled hearth—while all the bath-rooms were pure white marbla
with solid silver trimmings, and the bath was solid silver.
I have been all over Europe; but I have never seen such a
display of wealth in any home before, and the owners spend
THE BANKER'S DREAM.
only three months out of twelve in it, staying mostly in their
mansion in Hew York, which far exceeds their Newport villa.
I will not attempt to describe the ladies and their dresses, but
will sny that the jewels displayed by them in the rays of the
electiic lights—would make Tiffiney's assortment look dim, and
as if picked over. But one thing was very noticeabl*—that
while the ladies were as beautiful as I had ever met at a recep¬
tion, yet I found the gentlemen inattentive to a degree that ren¬
dered them ungallant, if not absolutely indifferent; while the
smoking room, side board, and card room, were always full.
This I presume was all the more noticeable to me, as I felt
very lonely—my family being in Europe. And again I asked
myself the question ; why am I depriving myself of the most
truly enjoyable thing in life, for the sake of additional wealth'
Already it was so great, I had to consult my private ledger
lo know how much I possessed and in what it was invested.
This much I knew ; that a flunctuation of one per cent in the
market, made a difference of over one hundred thousand dol¬
lars in my holdings, one way or the other.
I felt over Worked, weary and anxious, and in this state of
mind had to go alone on board the steamer. So after bidding
all good bye, I was driven to the Fall River Boat.
I was exceedingly glad to get on board, and pleased with
the state room James had selected. It being known as the
"Presidents Room."
The cool bracing wind from the east, coming directly off the
ocean, laden as it was with the moisture of a light sea fi>g, after
such hot weather in Boston for the past three days, would, I
felt, induce a good night's sleep. But in this I only met with
disappointment, for we had not proceeded far when the fog be¬
came very thick and the steamer kept up an unceasing blowing
of the whittle, which any "sea going" man understood to mean
th..t rhe captain was anxious about incoming vessels, and with
THE BANKER'S DREAM.
43
the wind freshening, and the weather growing thicker as we
neared Point Judith, I could not retire until we rounded the
light, and got into smoother water.
The sea was getting quite heavy, and the shifting of freight,
to get more even keel, and with the constant heavy rolling of
the boat and creaking of woodwork all tended to unfit me
for sleep.
Finally after passing the light and getting into a fog bank,
and hearing a constant blowing of whistles ahead, the steamer
came to a dead stop, then started under one bell, then stopped
again. Then the deck hands began to unlash the anchors,
which was not a very promising prospect for me, as it was
necessary for me to be in New York by 9 o'clock a. m.. But
there was no sleep for me. Finally we started ahead a little
faster and I retired for the night. But I found I was very
restless and nervous. Depressing thoughts began to take pos¬
session of my mind, and finally the fact that the son of one of
the leading spirits of the Credit Mobilier Scandal, had died in
that very room leaving thirty six millions of dollars, and died
alone, did not make me feel very comfortable (for I had not
b?en alone before for years,) but awakened the most grue¬
some foreboding. There.was no more sleep for me that night
and it was the fifth night I had lost my sleep. 1 found I had
made a mistake in not taking my private car, which I would
have done, except, for the temptation of getting a cool night on
the water.
Still, I thought, I may get a little sleep yet, and so kept quiet.
Suddenly I awoke in the most terrific state of mind. I had
just passed through a dream that I would not reveal to the
dearest friend on earth, but will carry it to my grave. Oh !
that horrid room, a "Presidents" room ; a room in which a
millionare had died alone. Are the sins of the fathers, to be
visited upon their children? Do "Presidents" have such
terrible remorse? Well; I will never forget that dream. T
44
THE EAHEEK'B DREAM.
dressed, and came out and walked the deck until morning.
The fog prevented the boat from getting to her pier until nine
o'clock, and I made haste to my Broker's to finish up my
private business, before presenting myself at the meeting of the
New York members of the Trust. I had some business to at¬
tend to in three of my Banks, before attending this meeting;
begides looking over and answering a dozen or more telegrams
awaiting me at the Stock Exchange. All this with the anxiety
of the work I had to take care of at the meeting, was showing
its effects upon me.
Notwithstanding this drawback, I felt myself equal to the em.
ergency, for|I held already the Proxies of every member of the
Boston meeting, besides those residing west of New York, and
I had confidence in my own ability to impress my fitness for
the honor of President upon the members of the New York
meeting ; moreover, the suggestion that I should receive the
honor, had been telegraphed ahead to the meeting, at the ur¬
gent request of the Boston members.
As I entered the chamber of the Clearing House which had
been set apart for the meeting, I found the solid men of New
York all present I was a tew minutes late ; I noticed ho,w-
ever they were busily engaged in earnest conversation, and as
they were grouped together with their heads bent forward as if
to catch eyery word that escaped each others lips, I perceived
they were in dead earnest, as men of their make-up, are when
about to subscribe to the collossal amount of twenty five million
dollars each within tLe next five or six hours.
So earnest were they—my friend and myself, were almost
upon them before they discovered us. I could see at a glance that
I was looked up^n as a man from whom they must ask favors,
and not one r.skldg fi-vors.
I could al~o see I had done my work thoroughly in England
and in Boston, for every scheme that has English endorsement
back of it, passes with this class of men in New York.
THE BANKER'S DREAM.
45
I found, some years ago, we had to talk up Europe, to be
received in wealthy circles in New York, and, today, the man
who does not live and plan to pass the afternoon of his life in
Europe, would suffer in social standing in select society in New
York or Boston; and I had always found any compliments paid
to European institutions were very favorably received by my
banking friends, although it might be disloyal to our own
country.
I knew every man personally in the meeting. There were
eleven present, and when I state that these eleven men, adding
myself fo the number, could, by unloading our holdings, lock
up every dollar of free legal tender money in this country of
sixty-eight millions of people, one can easily judge of the
mental and financial ability of the men I had attracted around
me.
As soon as it was discovered that I was present, every man
steppe 1 toward me, and with a warm hand grasp, seemed de¬
sirous to impress the fact of his presence upon me. After a
short informal chat, it was suggested that we proceed to business.
The temporary chairman in introducing my name, alluded to
the fact, that with the privately expressed desire on the
part of the New York members, that I should be Presi¬
dent of the Trust, and being in possession of the proxies from
Boston—before attended to—it was a settled matter that I
would be elected President. In taking the chair the chairman
said : "Gentlemen ! Perhaps never before in the history of the
world has there been gathered together such a small group of
men with such an amount of concentrated wealth as is repre¬
sented in this meeting today.
We have carried our individual financial success almost to
the brink of fear, and when our wealth becomes consolidated
with that of the members of the Trust, no body of men,
no State, no Nation, can have political or financial existence
without paying us tribute. The twenty-five members of
4ö
THE BANKER'S DREAM.
our Trust, in one capacity or another, incidentally control every
corporation, syndicate, trust, bank and insurance company in
the country. All industry and agriculture can be stimulated
or depressed at our command. We can force panic without a
minute's warning, and quickly restore confidence when it is tp
our interests. We can control political parties and dictate
Presidents, and through them national policies, and with our com¬
plete control of the press and pulpits of the land, we can make
this the greatest nation on the face of the earth, or we can
make it a dependency of other nations. One thing is as cer¬
tain as the Granite Hills, if the people should attempt to thwart
our movements by taxing our wealth, or, changing the national
financial system to our disadvantage, we have the power to
teach them the lesson that the rich have always resorted to in
foreign lands. But I will not occupy the time any longer, for
we have with us a gentleman whose wealth, whose knowledge
of the science of government, of financial systems, of political
economy, make him pre-eminent among men. His travels in
all parts of the earth, his extended acquaintance with great
European bankers and financiers, the credentials which he
carries from the banking institutions of Europe for which he
is acting as confidential agent render it fitting that I now intro¬
duce him to you as our prospective President.
My introduction as "Prospective President" seemed to settle
the important business of the day, for without one exception
every man endorsed the announcement as made by the chair¬
man by a round of applause. As I arose and came forward I
could see expressed in every countenance before me a look of
intent expectation. At first I regretted having been held up be¬
fore them as such a prominent, such an eminent and dis¬
tinguished man. For I well knew the calibre of every man
present, and I also knew that some of them had made special
study of political economy and finance, but as I had received
THE BANKER'S DREAM.
47
compliments from many of them, by wire and mail, for my Bos¬
ton speech, I knew I could still hold the confidence I had
already gained. After thanking the chairman for the kind
and generous compliment paid me in his introductory remarks,
and after fully endorsing the observations he had made in re¬
gard to the power of the vast amount of wealth we had concen¬
trated in our Currency Trust, I said, "It must be evident to
everyone present that society is passing from the present system
of individualism to one of collectivism. That in the future all
financial and commercial bodies will come under this new order
of things. Hereafter, the individual, no matter what his wealth,
must associate with others or go to the wall. While ours is
not the first Trust, it is the first Currency Trust, the first at¬
tempt to control and lock up every dollar of the people's money
in a Trust, and make both government and people pay premium
and royalty—interest—to it.
Not only will the people be in our own power, as agricultur¬
ists or merchants and as an industrial class, but all the syndi¬
cates, trusts, corporations and combines ; and the banks cannot
escape our power.
The State banks and deposit companies we can grind to pow¬
der, and financially ruin all the stockholders and depositors.
The National banks we can allow to exist as long as they are
willing to serve us. Our private individual wealth irrespective
of the trust, amounts to over twenty-five hundred million which is
only allowing §100,000,000 each on an average. I have one
man before me whom I know has $240,000,000, and another
whom I know every man in this room would not place
under $200,000,000.
Now all the concentrated wealth has been extracted from
those that have produced it, for there is only one way to product
wealth. It must be created, and nothing can create it but
labor. And we are not guilty of doing that. We have worked
48 the banker's dream.
hard in transferring it from the creators of it, to ourselves, and
while it pays very well it is not creating wealth.
But we all understand the secret of transferring the whole
wealth of the nation into a few hands, and we also have the
power, and by united and concentrated effort will depend
whether or not we transfer or confiscate the wealth of the
world.
One thing is as sure as fate, if the people will submit to legal
tender law, and we can make the law, (and we can certainly lo
it), there is no help for them. Suppose they submit to our de¬
stroying one-half the world's money in our first move by taking
the full legal tender from silver throughout the world ; then,
with the debts, only one-half the amount of the world's wealth
is left. The material wealth is left, but will only measure one-
half in value under a gold measurement, while the debts meas¬
ure full value, and will have swallowed up all this wealth.
The interest account alone in this country amounts to nineteen
hundred millions of dollars annually.
This is paid by the producers of wealth. Could they have a
sufficient volume of currency, and avoid interest, they would
retain this wealth instead of transferring it to us, for the use of
three per cent, currencey and ninety-seven per cent of our credit
necessary to exchange commodities and pay interest.
By closing the silver mines of the world we can reduce values
to a point, at which it will take double the amount of annual pro¬
duce to pay our interest and liquidate the outstanding obliga¬
tions we hold against the people. Had I the time, I would like
to show you what we could do by locking up the money of the
nation, in controlling the stocks and bond markets, and this
same principle extends to all products and commodities.
We can precipitate panics every month in the year if we
choose. Our six huudred millions of cornered legal tender,
with the present limited volume of money, is sufficient to en-
THE BANKER'S DREAM.
49
able us to bring on a such a distressed condition of affairs that
we will be able to force any kind of legislation we desire.
This will be the principle through which we will get- the re¬
peal of the Sherman purchasing act. We will first bring
about panic and distress, by calling in all our loans—lock
up the money—to the extent of closing all the industries of the
nation, throw all the working people outof employment, then point
to the purchasing clause of the silver act as being the cause
of the panic and demand its immediate repeal. With this ac¬
complished, the price of all agricultural products will conform
to the gold standard.
The present values are inflated values of fifty percent, caused
by fifty per cent of fiat, and only fifty cents worth of silver in
the dollar. Take that fifty cents worth of Fiat out of the sil¬
ver dollar, and you will take it out of cotton and wheat, and
they will settle down to a solid and permanent Gold basis of
the London market—practically the market of the world to¬
day.
In doing this we will bring about a great revolution in the
present social, commercial and industrial systems of the
country.
A system of economic principles will be established through
the Gold Standard, never before experienced, and workmen
under this system can procure as much sustenance in fifty cents
a day wages, as under the inflated wages they now receive.
For instance: There will be only one Oil Company in the
country, only one Beef Syndicate, one Sugar Trust, one
Leather Trust, one Rubber Trust, one Coal Combine, one
Wheat Corner, and one Railroad System, embracing every
system of the country—charging only one rate, and as uniform
as the present Postal System—excepting that this will be
private property instead of public, as is the case with, the
Mail Service.
50 the banker's dream.
In the Mail Service the people fix their own rates, while ia
private the corporation management charge what they please,
as there can be no competition—they will have power to crush
any Labor Unions to powder—as the resources of the whole
National System can be hurled upon any disturbed section of
their systems.
A Gold basis, will enable all the Trusts and Combines to
diet-ate prices to both producer and consumer—in communi¬
cation, travel, food and raiment.
The next move will be to control distribution. For a while,
the Old System of thousands of little shops or stores will con¬
tinue the detailed distribution. But within ten years, this
will all be superceded by the Great Trusts—which will put in
their own central store houses of distribution.
In cities of five hundred thousand inhabitants or less, one
immense Central Station will suffice ; and two depots, for one
million. This will dispense with all the present department
stores and small shops. But their present proprietors will be
able to find equally remunerative positions in the Trust's em¬
ploy, as probably most of them will have been closed out by
the Sheriff—not being sufficiently far sighted to unload before
it was too late.
All this economical change can be brought about by firmly
establishing a Gold basis, which will enable the income, and
money lending classes, to not only corner all the money, but
to make all loans direct to the incorporated users of money.
With this accomplished, everything will be on a solid basis,
and fluctuations in values will be unknown, and the investing
classes—with perhaps a little lower rates of interest—will be
perfectly secured against loss—while the common or producing
class, will be much more contented. This is the case in the
old countries.
Knowing there is no longer any chances for them to become
THE BANKER'S DREAM.
51
millionaires, these classes settle down contentedly to their
condition, and the same conditions will bring the same results
with our people.
There are many other important changes in systems that will
take place in the immediate future. We will have a new
system of law through the United States Courts.
A Bankrupt law among others, will soon be passed. All
money lenders, will proceed under this law ; and our friends
abroad, who have large investments here, will bo protected
from the notions existing in Southern and Western States re¬
garding financial equity.
Our Military power must be increased—to successfully
carry out a Gold Standard. A great deal is being done for
our National Guard—and right here let me suggest, that it is
best to drop the word, militia, and use the term "National
Guard."
A good work is being done by the well-to-do churches in
forming companies of Cadets in their Sunday Schools, and giv¬
ing them a thorough drill, while in most of the Colleges we
are doing good work in preparing the students for Military
Offices. Their interest being wholly with the Aristocratic classes
they can be relied upon.
We must expect to encounter some resistance from the far¬
mers, and working classes, as they feel the cords tightning
around them.
Lincoln said: this nation must be a slave, or a free nation.
The slave power made their mistake in giving up the Govern¬
ment. But Lincoln had control of the Army and Navy ; now,
we will not be voted out of either.
That is where the South was weak, in letting its opponents
get hold of Government.
It is one thing for a party to vote themselves into power at
the polls, and another thing to take possession.
Where it comes to a question between western socialism and
52
THE BANKER'S DREAM.
Monarchy, you will find those in power will act very de¬
cisively, and all the better classes in America, assisted by all
Europe, would see to it that, socialism, should never get con¬
trol in America; for in such an event, every crowned head in
Europe, would be overthrown in a single year, and Republics
established in their place.
That is ode obj^t our Government has in creating so many
foreign land and bond holders; there is a distinct, secret under¬
standing betweep all Europe, and our own, that in case of an
a.rainpt on the part of the producing classes to get control of
any Government, all European powers will assist in put¬
ting it down as it would be socialism in disguise; and my friends,
there are grave fears on the part of our European friends that
such an attempt will be made in this country; and it is one
reason they are so anxious we should <"dopt a gold basis, a*,
under this system, we can so much more easily control the
masses.
Knowing the character of the gentlemen composing our cur¬
rency Trust, as well as I do, and their long and valuable ex¬
perience in the commercial and financial world, it seems un¬
necessary for me to say anything more in reerard to the Trust's
undertaking.
I will avail myself of this opportunity however, to state, tha'.
I received letters and telegrams from some of the western mem¬
bers whom I am to be with in Phi a ' dphia to-morrow.
Some of these were at the Boston meeting, aud others I have
fre^'Afcntly met during our informal organization. It has been
agreed upon by them, that the permanent organization should
take place at this meeting today. I have letters, telegrams and
proxies, from all the absent members, to act for them. I think
it very important we organize and get our officers elected to¬
day.-> These, we understand, are to consist of President, Vice-
President, Board of Directora and a Governing Committee;
THE BANKER'S DREAM.
53
With this accomplished, a meeting can be called at which
the line of policy can be adopted, and our first move in finan¬
cial and commercial undertaking can be talked over.
Besides; I have a great amount of money deposited in my
name, for which, I care no longer to be responsible. Thank¬
ing you all for the kind attention you have given my im¬
promptu remarks—I will
"I desire to ask the speaker if he is willing to give us the
authority on which he bases the confidence he has, thnt we can
have the support of our Government in helping us in our un¬
dertakings"—Inquired one of the members. "With pleasure"
I said, "I have with me credentials from the Directors of the
Bank of England, also from some ot the very largest banking
houses in England, as well as from the German _ Government
and German Bankers to our Government, which is indebted
to me for its present Administration.. I have been the cus¬
todian of the funds to be distributed to the national committees
of both parties, for two Administrations; which fací, I think
some of the gentlemen present, well know, by the little dona¬
tions they, as well as myself, have been called upon to make.
Whatever I want done, I get by sending for these who are per-
sonly indebted to me for their present honors, and are held by
something stronger than verbal promises to carry out the Obli¬
gations they are under. The American people have nothing
to do with this part of Government, whatever. But when I
have cërtain measures favoring foreign syndicates, or govern¬
ments, and of a nature, that would compromise the highest
officials, under such circumstances, I always employ a certain
law firm in New York, which is in close touch with the Ad¬
ministration.
As soon as the meeting takes recess, I will take pleasure in
showing all the members the documents to which I have re¬
ferred," Having concluded my remarks, the chairman put a
64
THE BANKER'S DREAM.
motion that had been made, that the meeting proceed to or¬
ganize by electing officers.
This having been passed, a recess was declared, during
which, I showed my letters, and credentials, after which it is
almost unnecessary to state, I was unanimously elected,
President of the Trust. After all the other officers had been
chosen, I was called upon for a speech.
-After thanking them for the high honor conferred upon me,
by placing me at the head of the Trust, I went on to state :
That there were thirty million of dollars in the treasury, and
after that day there would be three hundred millions subject to
draft, which would be the fifty per cent to be paid in upon
organization. As President of the Trust, anil with the sug¬
gestion of the Board of Managers—I asked an expression
in regard to the cities, and the Banking Institutions in which
this money should be deposited. I found each member had
his cash ready but as President, I felt I could speak for the
Treasurer and Vice-President, into whose custody this money
was to be paid. I desired that the meeting should express
itself, which it did, and finally, Boston was allotted fifty mill¬
ions, New York, two hundred millions, and Phila., fifty mill¬
ions, then different banks were also selected in which the de¬
posits were to be made.
,-Here were three hundred millions of dollars in cold cash as
a working capital, for investment, and that only fifty per
cent of our capital. Men not used to handling large amounts
of money would have felt great concern in assuming such a
responsibility. One of the members casually remarked: That
he knew of one man in New York that left that amount of
wealth some years ago, as proven, before his estate was divided.
Those present did not show any concern over the amount to be
raised although it was a matter of twelve millions each, to pay
that day, and another twelve millions, any time the Governing
Committee saw fit to call for it
THE BANKER'S DREAM.
55
But every man in the Trust was worth from sixty-five, to
two hundred millions of dollars. So it was not such a very
great venture-—especially for those who were worth hundreds
of millions. In my own ease I had carried a great deal of my
money in New York, but recently I had carried unusually
large deposits in Philadelphia, having some ten million dol¬
lars deposited at this very time, for which I was personally
responsible ; and the whole capital of all the National
Hanks in the city was only twenty-one millions ; but after
I îearing some of the statements made by New York bankers,
regarding the Penna. R. R., and some Chicago Gas, and
Traction Stocks, I felt quite nervous in having such a large
amount of my own private money deposited there ; although,
most of the banks, chosen by the Trust, were those in which
our members held at least two thirds of the Stock, and
dictated the officers.
This was the case with myself, with New York and Boston
banks, in which I deposited, but only to a limited extent with
Philadelphia banks. However; I had resolved to greatly re¬
duce my deposits on the morçpw as far as my private account
was concerned, although I knew the bank would be all right
as long as the Trust was friendly to the people ; but should the
people in any way manifest a disposition iniJSical to the
Trust's interests, the Trust would have a very simple remedy
to apply which would be to withdraw its deposits suddenly.
This would produce a scene around the banks and deposit
companies of Chestnut St., not easily described..
After an hour of conversation of an informal, earnest, and in¬
quiring nature—with the members, it was decided to hold the
first regular business meeting of the Trust on Saturday, April
22, which would give me two days in Philadelphia, and
return.
I was anxious for this meeting, as our bank friend had sent
56 the barker's dream.
a special messenger in the person of a Government Sub-
Treasury official, upon whose bonds, some of us had that day
affixed our signatures, and it was arranged with him, to be
back and report the result of his visitón the 21st. inst., so as to
enable us to decide what move to make in regard to the
silver market. We wished to get in on silver, before it dropped
any lower. I knew the order would be sent out from London
to close the India mints on or about June 25th. It was now
April 20th, and we had fixed upon the last of April to put on
the screws, and had made arrangements to force the panic, on
the first week in May.
This gave us only about six days to handle the market, and
we were now waiting to hear from Washington, to know if they
were ready, and also if May first, would suit them, to begin
operations. We ordered our "financial review" writers to
boom stocks, and predict higher prices for silver, basing
it upon the news for a demand for it from China, which
nation had tried to negotiate a large purchase at the present
market price, but had failed so to do. Also that the discovery
of gold in many parts of the worlij, had withdrawn capital from
silver mining, to the extent that the production had greatly
fallen off, while some of the European nations had been com¬
pelled to make purchases to meet a demand for their subsidiary
coin.
These editorials and reviews would serve to stimulate and
hold the market firm until we could hear from Washington,
and until our regular meeting on the 22d, inst., could be held.
The day being advanced, and it being nearly time for the
banks to close, and as nearly all present had more or less bank,
iug matters to look after during the closing hours of banking,
it was thought best to adjourn. It is hardly necessary to state
that every one seemed loth to leave, and there was
no pnd of questions in regard to Saturday's meeting, and its
the banker's dream. 57
action. But finally, one by one was forced to leave for other
important matters, until only a few of us were left, among
whom were some of the bank presidents, with whom I had been
meeting in private up to the time I left for Boston. They now
proceeded to tell me of all that had taken place during my ab¬
sence, and of the success of every plan undertaken by them.
After bidding all good day and attending to some matters with
my bankers and brokers who were all in the reception roomj
I was soon on my way to Philadelphia. I spent the night in
my car and had a very refreshing sleep which made me feel
more like myself when among men who are controlling the
fates of millions of their fellowmen.
I was promptly on hand at my bank on Chestnut St., at the
appointed time, and found all the members awaiting me, they
having been communicated with on the day previous, concern¬
ing our movements. Every man was eager to get to work, see¬
ing the necessity for our early return to New York, to attend
the meeting as a whole, on Saturday, April 22d. I could see
the great difference between the men of Boston and
New York, and those then before me. Not that the latter
were not able men, but they were so different in their manner.
There was the appearance of the Quaker and farmer in all
their movements. They were so much more careful, and so
much slower to accept, great undertakings, and they were posi¬
tively astonished when I produced my credentials and letters
from across the water. I related to them what had been done
in the past few days by the bank presidents of New York City ;
but they had heard nothing about it. I found in them good
stuff however, when they once got started in the business of the
meeting. ■» The western members present were for under¬
takings equal in courage to New Yorkers. As I unfolded my
plans, dwelt upon our resources, showed our connections with
the Foreign Banking Houses, and also with the Foreign Gov-
58
THE BANKER'S DREAM.
ernments, as well as the control we had of our own Govern¬
ment, I could see at a glance, how it aroused the spirit of spec¬
ulation within them. There was not much to be done, having
only to talk over the general situation, and the need of im¬
mediately investing our capital upon our assembling in New
York, and also, in making an arrangement with the Philadel¬
phia Bankers to raise their twelve millions each.
It was lucky for Philadelphia that we allotted her Banks
fifty millions. For had we not done so, it would have shaken
up the Chestnut St Institutions considerably. One thing was
demonstrating itself to my mind clearer and clearer, which was,
that the banking system, in every city in this union, was com¬
pletely in our merciless grasp, just as the whim took us as a
Trust. We soon had matters fixed up in all that pertained to
the completion of the Trust organization, and was then at
liberty to do as our interest or inclination led. The Philadel-
phians, are a loyal people to their city. They take great pride
in their industries. I have lived a good deal in Philadelphia,
in hotels, and I like it as a city ; but for heavy transactions it
is very limited, out-side of its industries.
It has some few very good department stores, and some large
wholesale houses in drugs and iron, a good ship-yard, and a
great many mills. But these did not look to me—after travel¬
ing over the whole world, as they did to Philadelphias who
are inclined to stay at home. I was invited out in the after¬
noon to inspect some of the stores and industrial establishments,
It seemed to be the custom to invite a prominent or distinguished
visitor to ride through their parks and see the many points of
interest; while in New York and Boston, it is social receptions.
But in Philadelphia one is entertained at the Union League,
or the Manufacturers' Çlub.
It amused me considerably to have some of the party who
were invited as committee to show me around, call my at-
THE BANKER'S DREAM.
59
tention to their own depot, stores or mills, or boiler works, as if
to show an enterprise that would astonish me; while all the
time my mind was either in the Bank of England or with my
family (from whom I had just received information that they
had attended a reception at the Court of St. James,) or again
it was at Washington, thinking if their could be any possible
hitch in our plans to force a panic in a few days which would
crush all these men, like egg shells, if I desired so to do,
upon a principle of which they were totally ignorant, never
dreaming financial manipulation was the cause of panic. But
I knew, in a month hence, every mill, factory and furnace would
be shut down with nearly all the men out of employment, the
very men, who were now junketing the man arouud who was
plotting this result.
I also knew I would force them to pay the Trust from three
to four per cent for the currency needed to pay off' their help
within a month, and no power on the part of government or
people could prevent it.
But the monied men of the whole world have always made
their money in this way, only we are moving on a grander scale
than the old world's way of doing things.
After having been driven a few hours through the city, I
was finally taken to the "Union League, where a Private Ban¬
quet was given me, at which I was invited to make a speech.
This was a promiscuous gathering, although all the presidents
of the City Banks were invited. I was still very guarded in
my remarks, and turned the occasion to my advantage, with
this line of argument ; that I thought it best for the commercial
interest to move very cautiously under our present false and
dishonest system of finance—and that I could see no hope for
permanent prosperity until the purchasing clause of the Sher¬
man Act had been repealed. This brought out a round of
applause from the very men it would surely crush. As I
60
THE BANKER'S DREAM.
waited for the applause to subside, I glanced over to the
members of the Trust, who seemed to wear an astonished look
on finding every word I had told them in the morning, was
substantiated ; namely, that the commercial world knew nothing
about the principles of finance. I proceeded to say, that if the
President did not do something quickly, I feared one of the
most disastrous panics would ensue that had ever visited the
country; that capital would become timid, that gold would
leave our shores, and bankruptcy and ruin would visit the
length and breadth of our land. I then closed my remarks by
hoping this might be averted-; and that the prosperity which I
had witnessed through the hospitality of the city's committee,
might be permanently established.
At the conclusion of my speech, I was warmly applauded.
I was followed by a gentleman who had been called upon for
remarks. I had not listened more than two minutes, before I
knew he was a scholar in political economy and finance, and I
soon began to grow restless and nervous. I inquired, and
found he was the writer and speaker of the Manufacturer's
Club. I knew it would not do to let him go on, and planned
to disconcert him, and change his line of talk.
I intimated to my friend by my side, that I would like very
much to know the difference in volume of ocean carrying trad«
between Philadelphia and Boston, New York and Baitimor«,
and also the increase or decrease in ship building on the Dela¬
ware in comparison with that upon the Clyde. My friend who
was a member of the Trust, and very prominent in the Union
League, saw my design, and in a very nice and well covered
manner, made the suggestion to the speaker. Not suspecting
our motive he changed off from finance to the subject sug¬
gested, and gave a very able and exhaustive statement upon it.
But my trouble was not all over, as a call was made for an¬
other gentleman. As soon as he arose I knew he would be
THE BANKER'S DREAM.
61
troublesome, as my friend nudged my arm, and whispered,
" He is worse upon the money question than the last speaker.
He is an old wi-iter upon financial systems for encyclopedias,
and has the oldest publishing house upon political, social and
industrial systems in the city if not in the country." I eyed him
sharply as he arose. He was a fine looking man, with a head
of a philosopher and student I listened closely to get his first
utterance, which was as follows : "If the American people do
not free their minds from the influence of the suborned press,
upon this present monetary system, this country will soon be in
the grasp of Germany and Great Britain. We have every¬
thing in this nation to make it the greatest on earth, with one
exception; and that, the instrument of association. Give us
that, to the full needs of .commerce and trade, and we can defy
the competition of the world.
If these newspapers succeed in getting an extra session to re¬
peal the clause of the Sherman law for the purchase of silver,
every factory, mill and work-shop in this city will be forced to
shut down, and your banks will all be forced to suspend cur¬
rency payments, and you will be doing business with depreci¬
ated clearing house scrip." This opening almost set me wild.
"What shall I do?" I asked my friend. "Switch him off on
the tariff ; his grandfather was the father of tariff in this coun¬
try. That is the only way left." That was almost jumping ou;
of the frying pan into the fire, but of two evils I chose the
least, and my friend started him off on "protection to our In¬
dustries." I then felt at rest. I never allow a discussion upon
finance. It would be like religion combating science and phil¬
osophy, slavery combating liberty, or rum-selling combating
temperance. They would have everything to lose and nothing
to gain. I advised the members from Philadelphia, never to
allow a speech upon free coinage of silver, unless it was soon
after followed by an able speaker who could answer it.
tHE BANKER'S DREAM.
CHAPTER III.
FORCING A TANIC.
After the banquet I took another good night's rest in my
private car which put nie in an excellent condition to attend
the meeting the next day in New York. On Saturday, April
22, I arrived in New York, and went direct to my bank to
obtain the information brought from Washington the day
previous on the 5.30 train—it being of such a nature—our
men sent the messenger back to Washington on a midnight
train to stay until our demands were granted. After obtain¬
ing the information at the bank, I was driven at once to the
manager's room at the Clearing house. Here we received
telegrams in cypher from our messenger at Washington all
day, but not until too late for that day, did we get the assurance
to go ahead with our purchases. It was in time however to
enable u« to be in the market, from Boston to San Francisco
in this country, and London, Berlin and Paris, and other
cities in Europe, early Monday morning. We spent all Sunday
afternoon and night at my friend's home, the President of the
bank. I received a telegram to the effect that I should sum¬
mons all twelve of the national bank presidents for a midnight
session—this being done, all were on hand when our messenger
arrived. Everything we insisted upon had been granted, and
in such a manner, as to guarantee us good faith, in our carry¬
ing out the whole program for the future.
Everything was now in readiness for the first move of the
Trust. We got but little jsleep that night. I was up early in
tire morning, looked over the money reviews of all the dailies,
and found they had faithfully carried out my instructions.
I then went to my banker and brokers leaving orders to buy
"puts" on future delivery, on three and four months time, for
silver, cotton and wheat, at five points off present quetations.
This I did on my private account; after this, I drove rapidly
THE BANKER'S DREAM.
63
to the Sub-Treasury, and ordered telegrams to be sent out to
all the national bank presidents to meet me at the Sub-
Treasury on that day. From the Sub-Treasury, I drove in
haste to the manager's room of the Clearing House, where I
found all the members of the Trust; twenty-five in number,
including myself. We immediately proceeded to business. There
was just one voice in that meeting, and that was my own.—
The previous Sunday night's meeting had r' termined our policy
—so a resolution was unanimously p.Ased instructing the
Governing Committee to buy "puts" on futures on silver,
cotton, wheat and stocks—on as long time as possible.
Most brokers are guided by market reports, of the, Stock
Exchange, and we controlled all these in every city in the
land, and dictated their sentiments ; and the tone of all these
was for higher and firmer prices, for the coming six months.
This sustained the markets until we had placed all the futures
the market would take. All this time, the members of the
Trust were unloading upon the market and locking up the
money.
After passing the resolution we immediately adjourned,—
first to the Sub-Treasury, and then to the street, to look after
our own private interest.
At the Sub-Treasury we made a binding agreement that on
May 1st, we would force the panic. Every bank accordingly
called in all its "Call Loans"-—and absolutely refused to dis¬
count for the month of May.
We were compelled to accommodate those brokers and
bankers from whom we had bought "puts," to save them, in
order to realize our profits.
On May 1st, we changed all our "ftnancial reviews" for
the paners, advising every one to get out of the market—as
everything pointed to the most terrific panic ever experienced
in this country. For one week we sent out head lines to our
papers as follows*
64
TUE BANKER'S DREAM.
"Call Loar« not obtain aille," "Wild Seer res on Wall Street;"
"New York banks refuse to exchange with Philadelphia
banks," "The Market Paralyzed," "Four per cent premium
on Currency." "Chicago threatens to withdraw balances from
the New York hanks," "New York banks refuse to honor
checks, drafts" etc.
These, with hundreds of similar headings, were sent out
until we found we had so panicized the people, that we would
lose control of the market, and carry down all the Eastern
banks.
We then changed the tone of our headings, to some of
which the following are samples :
"The Worst Over," "Confidence fast being restored,"
"The Banks gaining deposits," "Banks surrendering Clearing
House certificates," "Money Coming from Europe to Loan,"
"Money Accumulating in New York Banks."
These head lines with editorials in the same line, served us
in controlling the market
We were afraid at one time, we would ruin all the men
from whom we had bought "puts," and would consequently
lose our profits—on our investments for the first week,—
which up to this time had run up to thirty per cent
By this time every member of the Trust was sure, to a
certainty—that we would make at least fifty per cent out of
the first investment of the Trust and for which I received the
congratulation of every member.
After this, the market became a little steadier—we held our
meetings daily—we had planted our Panic seed, in rich Sbil,
and were now awaiting the rich harvest.
Our next move was to make the panic chronie. This we did
through our banks—by increasing or diminishing bank loans,
taking good care to keep those men upon their feet from whom
we had bonght "Puts" and being careful to take good security.
THE BAKE EE'S DEEAM.
65
In some eases our brokers took their homes and family jewels
and seats in the Stock Exchange.
For a time our meetings were only a rendezvous for socia.
chats upon our experience during the darkest days of the
panic. No person, except a member of the Trust, was per¬
mitted in the inner sanctum of the Trust's chambers, when we
gave our experiences. Our members related instances of
millionaires (outside the Trust) who, on their knees, begged
most piteously for help. In some instances offering the most
unheard of things, as collateral, if we would only save them—
and we all expressed this one opinion—that it was the most
fascinating and exciting period of our lives.
Receptions, Opera, Travels, had no comparison with its de¬
lights; and these feelings were all heightened by the satis¬
faction that we were adding millions to our wealth.
We managed to keep the panic chronic until September,
tvhen we began to take profits. This was not the lowest point
to which we intended to send the market, but it was not safe
for us to send it lower, until we had our profits secure. Up
to this time, we had broken four hundred banks and financial
institutions,—had closed nearly all the mills, mines and fur¬
naces, in the country, and had forced the price of silver, cotton
and wheat, down from thirty-five to forty per cent.
Day after day the results of the blow we gave the market,
through the Stock Exchange, with the assistance of the
Treasury—-began to spread throughout the whole country, and
the national banks acting under the circular of March 12th,
made the havoc of values complete.
In about six or seven weeks the whole market began to reel
and totter and finally fell with a crash, carrying business
houses and banks, merchants and brokers with it, to financial
destruction.
For those behind the scenes, it was like the Generals with
66
THE BANKER'S DREAM.
their field glasses watching the progress of the battle, on an
elevation and ordering forward heavier ordinance to certain ad¬
vantageous points, and re-enforcements here and there to weak
spots, and ordering forward new and fresh troops to attack weak
spots of the enemy. We still held back our heavy guns and
reserves. The line of battle rapidly extended and reached the
extreme parts of the country. We saw the banks and other
financial institutions of the west totter and tumble like drunken
men. Mills, mines and furnaces shut down and millions of
men became tramps. The land was filled with marching armies
of the unemployed. About this time I telegraphed our Eng¬
lish friend in cypher, that we were ready to move for an extra
session of Congress, and for them to set the day on which they
would order the India Mints closed. They fixed it for June
25th, and we ordered the call for the extra session to be made
on June 30th, and fixed the session for Aug. 7th. We needed
this time for our "object lesson" to take effect, also to see the
Senators, and persuade them a little. We found most of them
almost ruined by our panic, and an easy prey. But we had
sixteen majority to overcome, and it was a hard battle, but
the help we had received from abroad, and the, blow England
gave silver by shutting it out of the India Mints, did the work
for us. Still the fight was a bitter one, and one day we thought
we had lost. > Had the silver repudiators talked two days more,
we were going to compromise, as an adjournment, for the elec¬
tion, in November, would have beaten us. And it was not un¬
til we summoned the National Bank Association to Chicago,
and brought its influence to bear upon Southern Senators, that
we felt we were safe. I had all I could do to hold the raem-
Icrs of the Trust from buying up everything, for they knew if
repeal failed, ci"vor would jump to a dollar and England would
be panic iced. But we won ; we had arranged to have the bill
sent with lightning speed to the White House, and had detec¬
tives stationed all along the route to protect the messenger.
THE BANKER'S DREAM.
67
As the vote was being taken, our members were deathly pale.
It did seem as if that forty third vote, would never be reached.
And then we were receiving hundreds of letters from our Sena¬
tors stating that their lives were being threatened, if they dare
prove false to their free silver pledges. They begged us to re¬
lease them, but we assured them, we had detectives all through
the Capital, and they must put it through come life or death
—or we would expose, and impeach the whole crowd of them.
That settled it. But they were a scared lot when they re¬
turned to their constituents.
To show the desperate straits to which we were driven, it
will only be necessary to look over some of the editorials we
rushed out to the press of the country ; more especially, to those
cities, whose papers reached Washington.
The following editorial from the Phila. Press, is about an
average sample of those distributed:
There is real necessity for the early repeal of the silver law
now from another point of view. The banks in all the leading
cities have determined not to lend money, except in the case of
great necessity on the part of the borrower, until the Senate
votes. Merchants are suffering for cash, and they are likely to
suffer more this month and next. Well filled bank vaults are
locked against them until a slow Senate repeals the purchasing
clause of the July law. Such a spectacle was never seen before.
The bank reserves are larger than at any time this year—they
are nearly as large in New York as they were a year ago, yet the
whole commercial community is inconvenienced and is in danger
of bankruptcy because cash is not available until the Senate acts.
The New York banks long ago locked up money, and last week
it was publicly announced that the Chicago banks had done the
same. Mr. Thomas , one of the leading manufacturers of
this city, is quoted as saying : "A president of a trust company
has said to me that he has $1,000,000, and he knows of $35,000,-
000 more ready for investment as soqn as the Senate passes the
repeal measure." Mr. statement is absolutely true. In
Boston the same state of affairs exists. Therefore repeal is im¬
peratively demanded by the mercantile community. Thousands
of solvent business men, looking into the future of but a few
weeks, see ruin and disaster if the Senate don't vote, or if the
bank officials don't relent.
Here is another from the same paper.
68 the banker's dream.
financial affairs.
The money market was disturbed last week by the removal of
a large amount of funds from New York to Chicago. It is sel¬
dom that the movement of money is so large. The total amount
reached $12,800,000 and it is likely that more will go, though im¬
portant shipments of money to the West are unusual at this time
of year. The cause for the shipment is the contraction of cred¬
its which began soon after the recent Presidential election and
became more pronounced after Mr. Carlisle had his interview
with the New York bankers in April. If it is true that at that
interview Mr. Carlisle suggested the contraction of credits in
the West and South as an object lesson to the silverites, the re¬
sult is, as might have been expected, the burden has ultimately
fallen on the money center of the country.
It was a hard matter to find men of "blood and iron," and
having got one as president, we would never allow him to be
defeated in Convention, or at the polls. It needed millions—
but we had it to use.
Our net profits, from the fall of silver, cotton, wheat, stocks
and bonds, ran up into the hundreds of millions.
We were complete masters of the situation. At this point, I
encountered an unexpected set-back, in the carrying out of my
plans of operations. The members had made so much money,
and seeing their absolute control and power to confiscate ali
the property of the nation, they not only became unreasonable,
but uncontrollable. They wished at one blow, to strike out of
existence, all State and Savings Banks in the country, and of
course they could have done it; but I saw the danger that
threatened not only the Trust, but all private wealth as well ;
as my friends across the water, telegraphed me, that we would
have had twenty millions of people out of employment, and
one member from Philadelphia—a carpet manufacturer—had
informed me that the city had ninety thousand people out of
work, and ninely five per cent of the mills were closed for
want of money for pay rolls. The manufacturers then were
paying as high as four per cent for currency at the brokers,
upon clearing house certificates.
I took in the situation at a glance, and I resolved to control
THE BANKER'S DREAM.
69
it, if it cost me every cent I owned, by the exposure of our
whole plot, from top to bottom, as well as that of tl.e Govern¬
ment. This would involve European Governments.
One thing of which I was sure, was, not a man present knew
as well as I, the results of their reckless undertaking, for I was
well read in the financial history of the world, and knew the
secret of the rise and fall of empires. It often transpires, that
just such men as these by which I was then surrounded, unwit¬
tingly turn empires into republics; when it would be justas
easy, to not only keep all empires intact, but by gradual
processes, through subtle financial legislation, to turn republics
into Empires. . '
Every man sometime during his life is put to a test, to
measure the blood and iron within him. I felt my time had
come to act, and to act sternly.
I called a regular meeting. I had a determination of mental
force and will, that I could feel was sending the blood
coursing through my veins and showing itself in the color of
rvy face and the deep tremulous tones of my voice, as I called
that meeting to order.
As I did this, I knew every man was aware of the nature
of the business to come before the meeting.
I stated, resolutely and firmly, that my policy in directing
the affairs of the Trust, as President, had been voted down,
therefore I had placed my resignation in the hands of the
Governing Committee.
I then called for the Vice President to take the chair. By
this time a half dozen members were upon their feet ; but the
Chairman of the Governing Committee got the possession of
the floor. He was pale and excited.
He opened his remarks by stating, that he hoped each
member savi the necessity of calmness in a moment like this.
Never before was our country in such a critical position. We
had six million of people in enforced idleness—and two
70
THE BANKER'S DREAM.
hundred thousand in that city—while in Chicago we had two
hundred and fifty thousand.
"Remember," he said, "we are responsible for all this. That
measure now going through Congress is arousing suspicions all
through the land.
The very senators we are depending upon, are receiving
threatning letters daily—while the men who are higher up in
the Nation's counsel, are constantly warned by the private
detective force, not to unduly expose themselves. Under these
circumstances I want to ask you, is it wise to place ourselves
in antagonism to a leader—to whom we are indebted for the
existence of our Trust, through which we have been so
successful. A success that has exceeded all promises that he
has made. I hope, I beg, that our president will at least,
give us the reasons that has caused him to take such a firm
stand against what seems clear to nearly every member of the
Trust, a line of action that cannot fail to bring still greater
results in our triumph than that already achieved. I ask this
as a personal favor, basing my claim upon a life-long friend¬
ship."
As ^1 arose there was a dead silence. I commenced by
stating, that I hoped never to pass any more trying and
anxious moments than the present—that I had respect for the
almost unanimous opinion of the men by which I had sur¬
rounded myself ; but self preservation was the first law of life,
and upon the actions then taken might depend the lives of
millions—and the accumulated private wealth of all, I said:
"I have no desire to state the seriousness of the situation,
since my life-long friend, the Chairman of the Governing
Committee, has stated it—For Gentlemen, we have not yet
stopped the downward tendency of prices.
We will see two years more of shrinkage—we must put
these people at work. Already the unemployed are forming
in marching armies and besieging our city and national
THE BANKER'S DREAM.
71
authorities for bread, or work. We have hundreds of millions,
that haye not bread.
I beg you stop and think. Is it wise on our part, to carry
this thing farther, just now ?
I feel from the bottom of my soul 'tis not wise, and I cannot
be a party to it, and take the responsibility. I have ap¬
pealed to my foreign friends for advice and help, and I will
submit the telegrams that have come thick and fast. Let me
read you, the first one I received—"Do they want to carry the
Bank of England off its feet. England alone holds six billions
of American paper, and desires immediate recovery from the
critical condition she is now placed in ; this alone is all that
will save us over here."
"Do not yield an inch, we will wire our friends and agents
to support you." "I have many other such telegrams to show
you." At this point the meeting was being constantly dis¬
turbed by telegrams sent in to the different members, and I
noticed they were all showing them to one another, and were
under great excitement. Therefore, a recess was taken and I
took advantage of it to turn over all telegrams to my friend,
the Chairman of the Governing Committee, with permission
to do with them as he pleased. He took them among the
members, and read them. All in turn listened to the reading,
and after a short consultation with all the members, he called
the meeting to order and asked for a vote of confidence in both
the past and the proposed future policy of our President.
Upon the motion being put it was unanimously carried.
A motion was then made asking the President to recall his
resignation, now in the hands of the Chairman of the Govern¬
ing Committee.
This motion being put it was carried unanimously. This
matter being disposed of I again took the chair, and in a short
speech tendered my thanks for the confidence reposed in me,
72
THE BANKER'S DREAM.
and coming from such men as it did, I felt it to be a compil-
ment and was very proud of it.
I assured them, they had lifted a weight from my mind
that might have grown very serious with me, had it not been
done.
As time passed on and we had taken our profits resulting
from the Panic, our capital was rapidly accumulating, and we
were anxiously awaiting investment.
The country still being under such a depressed condition, I
could only see one move to be made at a profit, and this, an
issue of U. S. bonds. So after consulting with the Governing
Committee, they decided to demand an issue of fifty million
of 5 per cent Gold bonds—these were profitable as we were
exempted from taxes which would add 2 per cent—and any
threatened income tax, which would not be less than 2 per
cent more. We could then loan these bonds to the bank, to de.
posit in Washington, upon which they could issue notes ;
and for which they would give us 3 per cant—making a total
of 7, as good as 12 per cent, with a perfectly secure investment.
But our grand move tinder our plan to be submitted at
Baltimore, wrs to demand the issue of five hundred million
of bonds prin ipal and interest, payable in gold, and to destroy
all Government Legal Tender money.
At this time I began receiving letters from my family which
caused me no little anxiety. My daughters had been re¬
ceiving a good deal of attention from young Nobles anil
Dukes, and as I had already settled three million each upon
them, and as they spoke French and German fluently, they
became very popular.
My wife had written me that our daughters had intimated to
her that each had received a number of marriage proposals.
I felt it was my duty, to visit my family that I might look
after tbeir welfare. Therefore, ! took a steamer for this pur-
THE BANKER'S DREAM.
73
pose, expecting to be absent six months, knowing there would be
no more projects to engage in until my return, and until after
we had some arrangements and understanding with foreign
houses.
• One of my daughters had received a bonafide proposal from
a young man—wLo was an active member of the very largest
banking house in the world, and a man who was destined to
not only become the head of the house but to inherit most of its
vast capital ; he being the son of the prcse: t head of the house.
After arriving in London I found duri> g their six months
absence my daughters had most wonderfully developed in char¬
acter.
As soon as I arrived, I found they had the finest establish
ment in Paris, already selected, also one in London, beside, a
villa in the south of France. They proposed to buy these, if I
did not ; so of course, I was driven into it. I was agreeable to
it, as it was very pleasant, and I had always intended to reside
abroad if I could control my daughters as effectively there as
at home.
Being a very religious man, and a Christian, I certainly
did not take very kindly to the religion of this young man, as
it was of that nationality that never changes its religion.
But I rather liked my daughter's way of touching upon it, with
a careless indifference by saying that "where there is much
wealth, there was but little politics or religion and she said
this in such a philosophical, such a supreme and indifferent
way, I saw at a glance, she could take care of her interest, no
matter where it might be.
After visiting Germany and France and returning to Eng¬
land, we held a family council upon the proposal made uy
eldest daughter. She was now twenty two years of age and
with three millions in her own name. This she had in foreign
banks, and I found it all well secured, but on low interest, al¬
though it was not locked up, but subject to call.
THE BANKER S DREAM.
CHAPTER IV.
THE BANK OF ENGLAND BANQUETING THE BANKER.
The time drawing near when I must take departure for
home, some of my friends who had profited largely t* our
deal through the panic we had sprung upon America, came to¬
gether and arranged a Banquet in my honor.
There were present on this occasion representative bankers
from Berlin, Amsterdam and Paris. The Banquet was held
in the chambers of the Bank ot England Building, and the in¬
vitations confined strictly to banking circles. The time was
fixed so as to allow those of our Trust to oome over and par¬
ticipate in the reception, and avail themselves of this opportun¬
ity to make the acquaintance of the great financiers of European
Capitols.
I was anxious for this, as I desired the members of the Trust
to know the esteem in which I was held by foreign capitalists.
No man in the financial world could have received greater at¬
tention than that accorded me at the Banquet Every mem¬
ber of the greatest banking house in the world was present
and the flattering attention I received at their hands was the
occasion for general remark. But of course, I understood the
inner meaning of all this. After the "dinner hour" had
passed and each man had lighted his cigar and was occasion¬
ally sipping his champagne, the President (who . as it
happened was the President of the Bank of England) arose
and delivered the address of welcome. He was a fluent elo¬
quent, and polished, as well as a good "after dinner" speaker,
as we call it in America. After paying me a high tribute in
alluding to the control I had maintained over the financial
Bystem of America, during the past twenty-five years, he said,
THE BANKER'S DREAM.
75
"there is nothing in England's power to confer, that would be
too great to repay the favors she has received through the fi¬
nancial system that our distinguished friend has devised and
established in his country in our interest. Through this sys¬
tem, all European nations alike enjoy equal benefits. Our
interests in America are very great, as our holdings amount to
over nine billions of dollars. We do not ask the principa^
but we do ask that the interest be either paid in gold or in
products measured by gold values.
Of course the producing classes of America alone pay this
interest, and from them some day there will come remonstrance,
and an attempt to change the measure of value. Already we
hear of sentiment springing up in the South and West, to
measure their products by silver instead of a gold standard.
While this would be of great benefit to the American producers,
it would, in the face of our nine billions of holdings, be ruin,
bordering on bankruptcy and revolution in Europe.
You can trust no man west or south of Ohio, as President of
the United States. The next question before that Nation will
be upon this vital issue, and we, through our distinguished
guest, to whom we are so glad to do honor today, have ar¬
ranged to meet this issue. The line upon which we will move
is to postpone ; to defer ; under pretext of "Inter-National
Conference," under the plea of "adjusting ratios" between the
two metal standards.
"To establish International Bi-Metalism"—and "parity;"
don't forget that ; these and other such devices are to be used
for every Presidential election, and under these tactics, we
expect to be able to prolong the contest for c, number of
administrations.
Any candidate who will talk International Bi-Metalism or a
freer use of silver on a parity with gold, these men can be
trusted, but if possible the issue is to be avoided : and in the
76
THE BANK Eli's DREAM.
event of not being able to longer defer it, then the next best
thing to do is to avoid starting campaign songs any earlier
than a fortnight before election. By so doing, you can avoid
discussions, which always go against our interest, as in the case
of the old question of slavery.
It will make no difference to us which of the two great
parties win, as the candidates of both will be committed to
either a Gold Standard, or to International Bi-Metalism. In
such an event, it will make no difference which wins.
The old parties may promise free silver, but rest assured,
they will never fulfill it. The only fear is in the growth,
through campaigns, of a third party for free coinage of silver,
and a legal tender paper money. This would disintegrate all
accumulated wealth.
But such a party would never be allowed to take possession,
as by that time, in such an event, the United States will be
owing Europe twenty billion of dollars.
Such a move would mean repudiation, and such European
complications and entanglements would be devised that, the
party in power in the United States, surrounded as it would
be by military forces, while engaged in war with European
powers, could easily postpone any election which would go
adversely to the interest of the monied classes in America and
Europe. But the proper thing to move for, is an irrevocable
International Treaty, upon a standard of values fixed by an
International agreement, so binding that it would be an
open declaration of war, against all the other nations,
by the nation violating it. This can be done by the present
parties in power in the state, and would cast off any new party
from agitating the subject before the people, as a party would
be declared against, by the party in power, ami an appeal to
the Supreme Court would decide in favor of the party in power,
as all appointments to the bench, have been made to thai
end.
THE BANKER'S DREAM.
77
Therefore I feel we as Europeans can feel secure for some
years to come in all our investments in America. I would
like very much to touch upon another subject, that of arbi:
tration between England and the United States. Arbitration
must supercede war methods between the two nations upon all
disputes ; for should America come under control of an ad¬
ministration unfriendly to England, in case of declaration of
war, we would lose the whole ten or twenty billions of invest¬
ment before the first shot had been fired, as it would all be
subject to confiscation. But I know you are anxious to hear
from an American—(shall I say (agent ;)—cousin. Therefore,
I will give way." As soon as I arose from my seat, I was
greeted with a hearty round of applause. I think the Eng¬
lishmen would have trusted me on the English throne, such
seemed to be their confidence in me. I opened my remarks
by expressing my thanks and appreciation of the honors be¬
stowed upon me, and also expressed my love for England; a
love won by my long and intimate association and transaction
with Englishmen. I continued as follows:
"I only wish I could hold out more inducements to attract
you to visit our country, than you have to induce us to visit yours.
I admit our people are not as cultured as yours, but you will
admit we have given you good returns upon your investments.
I find Englishmen can almost give me "points" on my
country's politics. But I do not think strange of that, for
I think, where a man's money is, his brains should be, although
his heart may not be; and I feel like telling the American
people (although it may not be policy to let them hear me)
that unless they keep their faith in their financial obligations,
they will get neither the heart, brains, or money of the English¬
men. Really we would not have much trouble about fixing
upon a Gold Standard, and I firmly believe the next adminis¬
tration will, by some subterfuge, be able to make it pepmapeut.
78
THE BANKER'S DREAM.
I do know this, that every candidate for President that has any
backing has come out "flat footed" for "International Bi-
Metalism," and of course that means Gold measurement. The
only opposition we have comes from points in the South and
West, the raw material producing sections, and as a people,
they have no advantage, and already we have them impover¬
ished and in debt. All the rich, cultivated, and influential
people in those sections, are outspoken for a gold basis. It
does not make so much difference who puts a President in
office over there nowadays, as it does who owns and controls
him after he is in power. All their platforms have declared for
Silver Coinage, as freely as they have for gold. But still you
see, we have managed to stop coining silver; have declared for
a Gold Standard, and you get your gold, and it will be that
way for two or three Administrations to come. Beally the
South and West are easily bluffed off. The East runs the
government. How it is done, matters not, but money tells.
The South run the country for years, and it made no difference
or it mattered not which party was in power, it was the South
and its interests that were served, and finally when the North
won at the ballot box, which meant that the North was to
rule, why, the ballot box "was not in it," the North had to
fight for it after they had voted it. Now the South and West
will bave to do a great deal of voting before they will get the
required electors, and then they will have to fight for it, and
they will not be allowed to get into power and fight us, with
the government forces. They will be fighting government
forces, and they would be rebels until the United States Su¬
preme Court decided which party was really elected, and I
know every Judge on the bench, and with the present number
of cases ahead it would be a long time before they would be
able to arrive at such a decision ; sufficient time at least, to put
down all rebellion, especially, when they were declared out of
THE BANKER'S DREAM.
79
the Union, and must lay down their arms to be admitted back
under our terms." This position in which I placed the South
and West greatly pleased my hearers, for they most heartily
applauded my observations. After paying them more compli¬
ments, and thanking them again and again for their kindness
to Representative Americans, I closed, expressing the desire I
had to pass the greater part of my latter life, if not all of it,
with theifi in Merry England.
At the conclusion of my remarks all the guests present came
forward to press my hand, and those most demonstrative were
the members of the world's greatest banking house, especially
the junior member, who seemed to think this his opportunity to
get some recognition from me of the existing relation between
himself and my daughter.
I gave him a cordial reception, and extended an invitation to
him to visit my family, for which he was very profuse in thanks.
After the Banquet broke up, I returned to my home and gave
consent to my daughter's marriage. Soon after this, the an¬
nouncement of this event was made to take place in August.
This event made it necessary for me to take the next steamer
for America, as I would be compelled to return by July 15th,
which would give me less than a month in the United States.
My time, in the' interest of the Trust was a loss to me, except
so far as my interest in the stock was concerned. Of course
there could be no salary to such a position, as any monied con¬
sideration to any member would be spurned. But one advan¬
tage came from it ; all the money raised throughout the coun¬
try from banks, corporations, syndicate trust, and levies upon
merchants and office holders, was put in the cusiody of the
Trust, and through it, its distribution. I was the officer that
dictated the distribution, and when I state that the amount ran
up over twelve millions for a national campaign, one can see
the advantage was all powerful. The elections of ninety four
80
THR BANKER'S DREAM.
were very important, although they wereonly for congressmen ;
yet we had to show by the result of this coming election, that
which ever of the two parties gained, that gain was an endorse
ment of the Repeal of the purchasing clause of the Sherman
Act. This could only be done by defeating those members who
made themselves so conspicuous in ventilating their wild
theories upon fiat silver money. We dropped all other
parts of the country, and centered all-our money in those Dis¬
tricts represented by the repudiators; and only those who
distributed the funds knew what odds we bad to overcome.
1 was receiving letters daily from the Chairman of both po¬
litical parties, showing the need of' my presence, stating they
could arouse no enthusiasm, and could hardly get their prim¬
aries together, and that in the West nothing had been done.
These letters, together with urgent demands coming from the
Vice President of the Trust, caused me to take the next steam¬
er, landing me in New York on June 29, 1894.
I was met down the Bay by many members of the Trust,
who were on board a private steam yacht of one of the mem¬
bers, and with special permit from the Treasury Department,
which enabled me to reach the city by eleven o'clock a. m. and
in time for a business consultation, and also a reception ten¬
dered me by the members of the Trust in the afternoon.
Being used to the ocean, I felt much benefitted by the
voyage. It was especially enjoyable, there being some five
other members of the Trust on board, besides two or three
Foreign bankers—friends of mine—who were on their way
West to look after foreclosure proceedings on Western roads,
upon which they held the first mortgage bonds for a hundred
and fifty million of dollars, and upon which, interest had been
defaulted.
I found plenty of work had accummulated in the hands of
ihe Vice President, for while he was a very rich man and
THE BANKER'S DREAM.
81
could make money, he had no faculty to turn off work, in
which executive ability, originality in methods and measures,
were to be quickly applied.
After calling the meeting to order the first thing for which I
asked, was the yearly reports and audited accounts of the year's
transactions. These I was assured would be ready the next
lay. No one objecting, I accordingly adjourned the meeting
"or the next day, requesting every member to be present, and
also to bring all books and accounts now in the hands of the
officers and members. The Banquet was purely of a social
nature ; a sort of re-union of the members of the Trust and their
friends.
Thus far, the Trust, as a Trust to control the legal tender
money of the country, was not known outside the membership.
None of the banks in which we deposited knew of its inside
workings, our Treasurer depositing in his own name as agent,
and opening a separate account as A. B. K.—Agent. We knew
it would not do for the outside banking world to know of the
existence of our organization'. Should they come into posses¬
sion of this secret, their only hope would be, to do the thing,
they above all others detested ; Namely : To rush to Congress,
and demand an issue of money sufficiently large in volume to
defeat our designs of locking up money and bankrupting them.
They would discover we were carrying the same financial prin¬
ciple a little farther than they, and working it to the extent of
including them in the catch of our financial net, as they had
been for centuries in catching the smaller fish of farmers, mer¬
chants, and working people in theirs. Our plan was to let them do
this detailed business of gathering the wealth of the producers,
with all its multiplicity of detailed labor, its law suits, ami
sheriff'sales ; then whatever was left, and deposited in their banks,
(as the bees deposit honey in the hives.) that, we would take,
and they would be as helpless to save themselves, as the vie-
82
THE BANKER'S DREAM.
tims they drew the money from through their foreclosures. Wo
adopted the old world's financial system of dealing in nothing
tangible, but confined ourselves to "promise to pay"—or
"Promise to deliver:" the promises being well secured were
satisfactory to us, especially, when we had what they had
promised to pay in, tightly locked up in our vaults.
Upon the assembling of the members at our next day's meet¬
ing, I called the meeting to order promptly on time. Every
member was present and all the committees. This was no
"boy's play" meeting, "brokers meeting on change" indulg¬
ing in playing jokes upon one another. It was a meeting of
men with twenty five millions of dollars each invested, making
a total of six hundred millions of dollars. Every man present
knew there had been a great deal of money made. Notwith¬
standing this knowledge, each was anxious to know the exact
amount to a cent, and just where it was, and how invested or
deposited. Also to have the auditing committee report, and to
see the certified copies of each bank's deposits, with a sworn
statement of each bank's condition, signed by all its officers.
In all the banks in which we as members of the Trust, in
our private investments held large and controlling interests in
stock we had no trouble in getting a private statement.
But in banks outside the Trusts, in which we carried deposits,
there was some hesitancy at first about giving us a statement.
Our requesting them to balance our accounts, and making
out a check for the same—our balances in some banks running
as high as three or four millions; and we in control of every
bank they would be compelled to appeal to for help—made the
officials turn pale. Of course we did not need this information
as we were constantly informed about any change in the stand¬
ing of all banks, only to comply with the rule of the Trust, as
every Bank examiner was a Trust Detective drawing a prince¬
ly salary.
THE BANKER'S DREAM.
83
All those systems I brought over from Europe and had them
engrafted in the Banking system of the Trust, when our books
were first opened.
One by one the committees made their reports, and one by
one each member looked them over. The Treasurer then
made a condensed report, havihg twenty-five copies, one
for each member, giving the following results as the Trust's
net profits, from April '93 to April '94.
The statement was as follows:
ASSETS.
April 23rd, 1893, total amount of capital, $600,000,000.
Profits on puts on silver, etc., 290,000,000.
Profits on sales of currency, 60,000,000.
Interest on deposits, 18.000,000.
$968,000,000.
LIABILITIES.
April 23, 1894, liabilities, .0
Total Net Capital, $968,000,000.
Nearly every member of the Trust had upwards of fifty
millions of capital for private speculation, while some of us had
as high as one hundred millions, and this we used to a still
better advantage than the amount invested in the Trust.
Most standard authorities estimate the shrinkage and trans¬
fère of values in 1893 at ten billions of dollars. Of course the
people could never know when we were ready to spring these
panics upon them, and would naturally be off guard, and it
would only be a matter of being sufficiently well organized, in
all parts of the country for us to avail ourselves of all the
profits these opportunities offered.
By this, our first experience, one can easily see what we
would be able to accomplish during the next panic that we
would force upon the markets.
04
THE BANKER'S DREAM.
There was but little time for talk or comments during, or
after, the reading of the reports, and beside, the members were
all tired out, as we put in a long and hard day's work. I
called attention to certain opportunities for investments offered
by the premium upon Currency. This we took advantage of,
but not to the extent we were likely to during the next panic
we would bring on. Practically it would take but little capital
to purchase currency, and we could force the premium to any
point we chose.
* I informed them that when we controlled the deposits in the
Banks, we could make from three to five per cent,
per day, on the legal tender money used. Our first move
would be to notify all the banks to refuse to take, or continue
any accounts, when the customer refused to take certified checks,
or checks upon the Clearing House. After they accept this
proposition they would be completely in our power, as our
banks would open a broker's office and send the currency
around to their brokers. Then the customer would call around
with the certified bank checks to sell for currency, this he would
have to do, as he must meet his pay rolls, as nothing else will do,
and all his notes and drafts must be paid in legal tender cur¬
rency. So in this case, the bank gets its currency back for its
loans, and the workmen spend theirs at the stores, and by three
o'clock on Monday the Saturday's pay roll currency is back
to the bank, to again be sent out of the back door to keep up
the supply of the bank's brokers. While we could only work
this in the large cities during this first panic of ours, we would
be able to make it general throughout the country during our
next panic, and we would be able to make this condition as
permanent with currency here, as the bankers in Europe do
with gold there.
I desired to touch upon one other phase of the panic before
we adjourned ; it was in regard to Clearing House certificates.
THE BANKER'S DREAM.
85
During the height of the panic, we issued, through the
Clearing House, some forty-two millions of certificates, and upon
these we drew 6 per cent interest. I made plain to the mem¬
bers, that through this principle, we could issue one hundred
millions or one thousand millions as well. All the officers of
the Clearing House were fearful that the 10 per cent tax lev¬
ied against State Bank issues, would also be levied against
these certificates. But I told them to go ahead and I would
see to that matter. A note to the Comptroller of the Currency
Department, and an interview with one who was greatly in¬
debted to me for his appointment, brought out a decision that
Clearing House certificates did not come under the ten per
cent tax upon notes or scrip issues. Now under this decision
we had free scope to issue these untaxed certificates of any de¬
nomination and draw 6 per cent interest, and not be taxed,
while upon our National Bank issues we were taxed 1 percentj
and have to deposit United States Bonds for security. While
under this plan we could give our U. S. Bonds as collateral
for a circulating currency of full legal tender, and lock it up,
instead of adding to it, as in the case of issuing National Bank
notes. By doing this we could squeeze every merchant out of
all he possessed, in a very short time.
There being no further business for that day before the
meeting, I made the announcement that at our next
meeting, I would present a plan for the investment of, not
only all the capital of the Trust, but open up an opportunity
to invest all the private funds of the members of the Trust.
This information awakened intense interest This plan I had
brought over from Europe, and all European investors in
American securities, would be with us, in making the under¬
taking a success. After asking all to be present at the opening
erf the next meeting, we then adjourned until the next day,
I never saw a more contented and satisfied set of men, than
56 THE BANKER'S DREAM.
were those members of the Trust; and well they might be, for
they had never before made money so quickly and in such
amounts; and still had the ready cash for another deal. Upon
the announcement I had made regarding an entire new line of
investment at to-morrow's meeting, every man was anxious to
know at once, and having been informed of the nature of it
they all said, "It will be better than the last one."
From this meeting I was driven to an uptown hotel at which
I was to meet the National Committee of one of the political
parties.
They had been in waiting all the afternoon to meet me, but
i.t is unnecessary to state here, that they had been besieged all
the time by aspirants for political office. As soon as I ap¬
peared, we retired to a private room for consultation.
This Committee gave me a gloomy account of the outlook,
and began to show me the great falling off in the vote all over
the country. Reported great indifference on the part of the
voters and also stated that the committee were without a cent
in the treasury; and that it seemed almost impossible to get cam¬
paign subscriptions. Well, of course, I had to show them the
way out of their financial troubles. This was a comparatively
easy task, and was soon cured, but the indifference on the part
of voters caused me some concern.
I said to them, you must do something. You now have the
means, now start out your prominent men, employ none but
goo 1 speakers, and those that are pronounced in their advo¬
cacy of a gold standard, and be sure and mail me their first
speeches. In those districts in which it is hard to elect a gold
standard man, do not open the campaign until close to the
election. Do not spend money in campaigning; keep it until
voting day, in all these districts, aud I will see that you
have sufficient funds to win; but in all other districts, it will
make no difference to me, as the gold standard principle will
be'successful, whichever party wins."
THE BANKER'S DREAM.
87
Having possessed myself of all the knowledge of the po¬
litical situation, from this source, I felt well equipped to meet
the National Committee of the other party, which meeting had
been appointed for the next day and evening at Philadelphia-'
But I could not attend before midnight, as I knew our next
days meeting of the Trust, would be a long, and important
one, and I wired them to the effect that I could not meet them
until late.
I was early in attendance at the next day's meeting of the
Trust. Nearly every member was on hand before I arrived,
and each member's interest had increased through the night.
Upon calling the meeting to order, I stated the purpose of the
call, and then surrendered the chair to the Vice President.
I then took the floor and stated, that I supposed nearly
everyone present was aware of the fact, that a great portion of
the first mortgage bonds of our railroads were held abroad;
and in some instances, as much as two-thirds of the Stock
and bonds of certain roads. Such was the ease of two of the
largest systems in Pennsylvania; that they also knew that one
hundred - and fifty-two of these railroads of our country had
already gone into the hands of Receivers.
During the past two years, and under the chronic panic con¬
dition, in which we intended to keep the country, for the next
few years, not a road could earn or pay its interest account.
I also stated to them, that while in England I was informed
that an organized movement was already on foot, to shake out
all American holders of stocks and bonds in these roads. I
also stated that our people knew but very little about finance,
and as a result they had invested greatly in those stocks and
securities bearing the largest interest Therefore, all the sec¬
ond, third, fourth, and fifth mortgage bonds, and common and
preferred stock were in American hands, and they would lose
all, for this plan would shake them all out.
88
THE BANKER'S DREAM.
I had been told in confidence that everyone of those roada
which stand well to-day for an investment, would all be sold
out before three years, and the Americans lose every dollar
they had in them.
My plan was to buy up every road in the country through
foreclosure proceedings, under an artificial financial stress, that
we would produce for the purpose ; which would allow of our
getting all the Railroad systems of the country for twenty cents
on the dollar; then pool them all into one grand national sys¬
tem ; and for this purpose I had already dictated a bill to be
passed for pooling all railroad interest
This would meet bitter opposition from the West, but we
had engineered the Silver Repeal Bill through, and I be¬
lieved the same golden arguments would apply to any bill in
the next few Congresses. The total investment in the rail¬
roads in the United States amounted to about 11,000,000,000,
while the actual cost was about 5,000,000,000. My objec:
was to get complete control of all the systems, and consolidate
them under one head. This we could do by locking up every
dollar in the Trust, and holding it until we so panicized the
country, that we had shaken out all the stock, and second and
third mortgage bond-holders, and then join with our English
friends, and foreclose. I bade them remember there would be
no money in circulation, we would have every dollar, and our
English and German friends would not bid against us. It
would probably take two or three years to accomplish this.
We would then rest. It would then be in our interest, to cause
business to start up by expanding our bank loans, and ad¬
vance prices.
We could then market our new issues of stocks and bonds,
and regulate their value in the market. We would now be
ready, to pass an act through Congress authorizing the Govern¬
ment to take a second mortgage upon the whole railroad sys-
THE BANKER'S DREAM.
89
tem, and issue us its bonds, which we could deposit with the
Government and thereon base an issue of National Bank notes.
Upon this plan we would get interest upon the first issue of
stock and bondi, another interest upon the second bonds issued
by the Government, and again, upon the notes issued upon the
second mortgage bonds.
Under the terrible financial stress we could bring upon the
country, we could easily get the roads for three billions. We
could by inflating our bank credits, restore the value to the old
market price. Upon this we would make seven or eight billions,
and upon this new valuation draw treble interest, as I had prev¬
iously shown.
The merchants and common people would not understand any¬
thing about this, as it would be above their heads, just as in the
case of calling in their currency and burning it, and issuirg
bonds, and upon these, issuing Currency again, the difference
being they would be paying double interest, while under the
original issue direct to the people, they were free from interest.
Everyone seemed elated over this project, and were ready
to back it to any amount.
I then told them that it would certainly be done and that
we had as well handle it, as the Foreigner. Most of the first
mortgage bonds were held abroad now, but they could not lose
anything as they were first mortgage bonds. All the loss would
come on the American holders. But we must first get a foreign
gold basis or we could not accomplis h this. By getting control
this way, we could establish uniform rates throughout the land,
in all passenger and freight traffic. We could advance it to
any degree we chose. We could also bring all labor down to
uniform wage scales, and destroy all unions throughout the
entire system, and forco all skilled labor to a more equitable
wage list than that now in force upon the competing lines.
Under this new system, we vould have a strong_Governpiei.it
90
THE BANKER'S DREAM.
and would have military everywhere, and soon quell all
grumbling on the part of strike leaders or their unions.
I then stated, I would be compelled to leave there for a few
days, to attend to my private affairs in Philadelphia, that I
had tables giving the value of the different roads and amount
of their indebtedness, and where held, and upon my return
from Philadelphia I desired every man to have arrived at
some conclusion, as I could have but four or five days before
leaving for Europe, where I was to make a final report upon
our action in the matter ; this was the request of the Repre¬
sentative bankers of Europe. This, with the event of my
daughter's marriage, would keep me abroad for about three
months.
This was about all that was done in regular meeting before
we adjourned, and this was sufficient to keep them talking and
thinking during the rest of the day.
As I left the chamber I felt quite tired out, and was aware
that I was doing a good deal of mental work. Especially,
when I knew I still had to reach Philadelphia that night and
probably be up until towards morning, as I could not get
there until about eleven o'clock.
Really I was glad to get to my private car for a rest, and
as I threw myself down on the lounge in my state-room, both
my doctor and private secretary observed that I looked worn
out. My doctor asked how I slept, I told him poorly and
in fact, I was dreaming more than sleeping. "Well" he said,
"Now let me talk a little seriously with you. I think physi¬
cally you can stand what you are doing, but I tell you serious
ly, you must give your mind more rest. At what time did
you arise this morning?" "Oh about six o'clock," I replied,
"and what did you do until breakfast?" "Oh, I had all'my
yesterday's mail, and telegrams to look over, and dictate
answers to my secretary" 1 answered. "At what time did
THE BANKER'S DREAM.
91
you retire the night before?" "Well the National Committee
did not leave my rooms until one o'clock, and I could not get
to sleep until three o'clock, and then I was dreaming about In¬
auguration balls and receptions, with lots of my foreign friends
present. I dreamed it was '96 and the country had been swept
for a gold standard. I was elated, and all my foreign friends
were clustered around me to such an extent, that my Eastern
Bank, and Trust friends, were getting jealous of them.
Now Doctor, you see all these letters, and telegrams that
James has just brought in; who do you think is going to answer
them?
There are about five letters from my family, and there is at
least four hours work in that pile of letters and telegrams.
Before I can finish them, I will be due at the hotel to meet the
National Committee, and I know I cannot get away from them
until two or three o'clock in the morning." "Well," said the
Doctor, "what rest will you plan for then?" "Oh, James will
call me by 6.30 and will have my morning mail, and I must
have that ready for my secretary to answer. You see, that I
am just back from Europe; everyone piling me up with letters
and many of them of such a nature that I must give them my
personal attention, and I must be back in New York
to the Trust's meeting this week, or I will not get my steamer
on the 15th, so Doctor you see I can't 'let up' until I get on
board Steamer. Its no use to talk to rre, I have got to do it."
"Now see here," said the Doctor, "I must insist on your comply¬
ing with my advice regarding your health. I don't know
another man, that could stand this continued strain you are
under, and if you don't stop, I do not want to be held respon¬
sible for the results.
You are getting no mental rest when in your dreams, your
mind is living out, in sleep, what it is living out when awake.
It is simply sacrificing your mind.
92
THE BANKER'S DREAM.
Now I want you to put these letters away and get two hours
sleep before you reach Philadelphia." "Oh ; I could not sleep a
wink—I must get these letters off my mind before I can sleep
to-night." The Dr. turned away to adjust some hand parcels
for the night and I mentally soliliquized. Doctors are not a
very practical class of men, they can not take in circumstances.
'For instance; here is a national committee that I must con¬
trol.—Then, there is this money accumulated in these Philadel¬
phia Banks. I have thirteen millions in one bank, and this is
too much money in one bank on private accounts, to say noth"
i;ig of my other deposits in other Philadelphia Banks. I
have also engagements with the Presidents of the two Great
Railroad corporations, centering in Philadelphia, on business of
such importance and in the private interest of my foreign ac¬
quaintances, that they could not trust it through other channels.
Beside I need information from these Railroads, to assist me in
my plan for the investments of the Trust, to be presented at
the meeting upon my return to New York.
For these matters alone, not to mention receiving the many
callers that a person having such varied interests naturally
draws around him, I should have at least ten days ; to say
nothing about the duty I owe to my personal interest, as well as
that of the Trust ; and yet my plans are such I must rush all
this through in three days, and my doctor talking to me about
sleep.
But; he will soon come again to give me another lecture."
In two hours he returned. "Did you get any sleep?" he asked.
"You may as well talk to a captain on the bridge of his
steamer about sleep, when in mid-ocean, with twelve hundred
souls on board, and about to founder, as to talk to me at ims
present time." Just at this time, James came to the door of
my state room with my coat, hat and satchel, and said : "Near
Philadelphia sir." "all right James," said I, "put them down.''
TUE BANKEK'S DEEAM.
93
"Now" said the doctor, "promise me you will retire to-night
and sleep until 9 o'clock to-morrow morning." "Probably I'll
not sleep a wink to-night, Doctor," said I—Those National
Committee men work me up to such a pitch ; they have no cour¬
age ; they all draw upon me, and I usually feel like a rag after
I leave them. If it were only money they needed, I would get
along nicely. But I have to fire courage, nerve and will¬
power into them. Beside, as they say, the people don't want
a gold standard. It is only the newspapers, and politicians,
that talk this, and you can't arouse them. This infuriates
me, and, it wears me out, and excites me so, I cannot sleep ;
tha t is, no real sleep, but a state of disturbed sleep.
"Well," said the Doctor, with a sigh, "you will get into a
dream from which you will never awake, if you do not get
sleep."
"My father and grandfather were both great dreamers," I
replied, "and what they dreamed always came true. My*
grandfather was in a dream two days once, and could repeat
every word he heard spoken, and remember everyscene he
passed through. He said, he went-around the world in vessels
that had no sails, and over the different countries in palaces
that had no horses, but were pulled by some kind of machinery,
and this has all been fulfilled ; so I don't feel any alarm over the
'dream symptom' as it "runs in the family."
"Philadelphia," cried out the conductor, and James and
myself were soon in a coupe on our way to the National
Committee's Hotel. It was about 11.30 when I entered the
rooms, and every member of the committee had been in session
since 10 a. nr., and while they were tired out, yet they seemed
to take on new life as I took them by the hand. I had met
all these men before on a similar mission.
The members from the South were a dejected set, and all
discouraged, full of complaints, and I saw a night's work be
94 the banker's dream.
fore me. They said : "The Southern leaders had left them,
and gone East, and were "hob-nobbing" with the Eastern
aristocracy. It was not so much on that account that the
Southerners complained, as their public utterances in their
after dinner speeches; which were simply insulting to the
South ; "nothing but the scum left in the South, and coining a
VPîuum" ; this, is what is killing our party."
"Oh well," said I "You must talk your people out of that;
that is only a little envy on their part. They would all do the
same thing if they had the opportunities. Everybody that has
brains today is living to get rich, and these men are all mak¬
ing lots of money, and all you have to do is to follow in their
footsteps. You are all up to the 'head' of the class, and you
know you will all be taken care of in turn, sooner or later.
The East, and also Europe, must have men in the South to
look after their financial interest, and what I say, or advise, is
law among European investors. I will pledge you my honor
you will be taken cart of in the very near future. As a
National Committee, you can have all the money you need in
the South.
Just tell the Southern people, that their interests have al¬
ways been more with England, than any other nation, and
always will be, and they should remember England was their
friend in their time of trouble.
Try and win them over by promising them a good deal bet¬
ter time now that we are on a gold basis, and that lots of capi¬
tal will be coming from Europe for investment. If they com¬
plain about cheap cotton, tell them the gold they get, will buy
more. They won't know the difference. We in the East, are
moving on the line of reconciliation between the two parties ;
we are bringing them together in their clubs, and during
parades in political campaigns. I have given the leaders of
both parties instruction to show every courtesy, and establish
harmonious feeling between each other.
THE BANKER'S DREAM.
95
Our plan should be to bring those parties together, for you
do not know just what may happen in this country in the near
future. If it is to be a question between Monarchy and
Anarchy, these parties will certainly join hands to down
Anarchy, and most of the Western farmers I consider
Anarchist to-day. The members from the East and West,
and especially those from the Eastern section heartily indorsed
my talk. After a general exchange of thought, and estimates
of funds needed to conduct a successful campaign, I found they
felt a great deal better over the situation and could get along
with less funds than I had at first expected. I didn't care
which party won, in the North or East; I was safe in these
sections, as our papers had shaped their minds for gold. There¬
fore I apportioned the funds among the different sections, giv¬
ing the South and West nearly the whole amount. After we had
agreed upon the apportionment, I gave drafts for the full
amounts asked.
It was now getting well along toward morning, being after
three o'clock. So bidding all a farewell I turned back to my
car. Upon my arrival I found my doctor and secretary
awaiting my return, and turning my memorandum over to my
secretary, I then sat down to take another lecture from my
doctor. His only request was. that I would sleep until 10
o'clock, which was the opening hour of the bank. But he did
not know the mental activity the business for the next day had
already produced upon my mind, for I then well knew I
would get no sleep to speak of that night, for I was then think¬
ing about the money I had deposited in the Philadelphia Bank.
Already I was laying out my work for every minute of the
next day, that . I might be back to the New York meeting the
day following. Then came up the thoughts about my family,
and my daughter's marriage, the great amount of wealth by
which she would be surrounded, and my mind began to run
over the aceumuulated wealth I possessed. I thought, of
96
THE BANKER'S DREAM.
the different amounts in, banks, in bonds, and in real es¬
tate. I could not tell whether or not the latter had been re¬
duced or added to, as my agents had full control, and I had
not thought of this account for a year, as it had been such a
busy one with me. Would the next one be as hard for me?
I asked myself. I then thought it would, for if I was to have
the handling of all the railroads of the country, to get them in
such shape that we could pick up the first mortgage bonds for
a song, it would require a panic, and such as this country had
never seen, and to be successful we must force it to that point ;
and I felt we must wait until the election of ninety-six, just as
we did in the last panic. We must always bring them about just
after an election, as the people will always forget them before
the next takes place. With these and a hundred other such
thoughts rushing through my brain, I began to get ready to
retire.
I heard James going through the car,- and asked if he had
kept any of the daily papers, as I had scarcely seen one since
I came back from Europe. I then found how closely my time
had been taken up. Then a new thought came to my mind.
W hy should we not have a free distribution of daily papers.
I say new, but I had thought of it before, yet not so seriously
as during these last visits to the National Committee. The
growth of dangerous sentiment, I said to myself is more through
literature than by speech making, and the weekly papers all over
the country, are what is causing this indifference in the party
of voters of which these committees consist. Our great dailies
are too expensive for a laboring people to buy, and we sub¬
sidize them sufficiently to have them free. Now I must bring
this up when I return to New York. My plans will be to dis¬
tribute them free by mail, and with the enormous circulation
ihey could have, advertisers would be glad to pay the differ¬
ence. I cqn easily get a bill through Congress to carry all
''free daily' papers free of charge, and by so doing, it would
THE BANKER'S DREAM.
97
be a public benefit, and we could then drive every country
weekly that the people pay for out of existence. This accom¬
plished, we will have the whole education of the people under
our control. Should the present proprietors object, we would
withdraw our subsidies and apply them to our own free daily
paper. I think, they will do just as the bank cashiers, presi¬
dents and directors did when they threatened to withdraw our
deposits ; they will think twice, and then do it.
But here comes James with the papers, I must glance over
them, for I am too wakeful to sleep. "Oh! James," I said,
you have them, have you," "Yes sir," said he "can I do any¬
thing more for you sir? "No James, call me at 6:30—"Get¬
ting close to that now sir !" Oh ! I have a couple of hours yet,
you can retire now. Good night," "Good night sir," said
•James. Actually thought I, I believe that fellow has life easiei
than I—usually he can sleep all night and day. I began tc
look over the papers carelessly, when by surprise I came upon
the following headings :
"The Railroad Riots no longer Riots but Revolution."
"All the Lines Tied Up from Cincinnati to San Francisco."
"The Militia of twenty five States under Arms."
"The President orders U. S. Troops to Chicago."
"The Governor of Illinois objects to the Troops entering the
i-!tate."
"Governors of other States object to U. S. Troops."
"The Militia in California go over to the Strikers."
"Two thousand Freight Cars burned at Chicago."
"The Strike spreading to Pittsburg and Philadelphia."
"Expected all will go out at Buffalo.
"Twenty thousand miles of Railroad tied up."
"Heavy Bridges and Round House blown up."
When I first took up these papers I thought I would not get
any sleep for the night, but after reading the headings I knew
I would not.
98
THE BANKER'S DREAM.
This news sent my mind flying over my accounts and de¬
posits in the different Banks, and made me all the more anxious
about my large deposits in my Philadelphia Batiks, especially
those in whit h I had such unusually large deposits. I had
resolved to transfer most of it, as my first duty in the morn¬
ing, for I was certainly getting worked up over the country's
situation. fc I retired however, expecting to get little sleep.
THE BANKER'S DREAM.
PART SECOND.
CHAPTER I.
AN UNPLEASANT DREAM.
Tue next thing I remember, after retiring, was being
driven down Chestnut St., Philadelphia, in a coupe. Stopping
before my bank in which I had my large deposit, I dismissed
this coupe and taking my satchels in hand, stepped quickly up
to the bank and came face to face with its huge and massive
iron doors—both of which were closed. I made one or two
frantic efforts to push them open. I became nervous, looked
up to the top of the massive granite arch, and the ponderous
iron doors—then quickly taking out my watch I found, as I had
supposed that it was 10 o'clock and after. Could I be mis¬
taken in the day? Was it Sunday? Was I crazy? After
this quick reflection I turned to step down the steps to the
street to ascertain the meaning of all this, and imagine my sur¬
prise when I found there was not a person in sight upon Chest¬
nut St.. between Fourth and Eighth, although it was the
busiest hour of the day, and the busiest part of the street. I again
thought something was wrong with myself, or that it must be
Sunday, and in that case I must be "off."
- I could remember I had millions deposited in that Bank,
and a business appointment there also. But back of that I
could remember nothing. I felt peculiar and the surroundings
seemed peculiar. At this point a great fear came over me, and
I thought I had better call a coupe and hurry back to my
private car and consult my doctor. But there was no coupe,
there was not a person to whom I could speak.
Finallv. I started out Chestnut street for a hotel. At the
100
THE BANKER'S DREAM.
corner of Seventh and Chestnut streets I saw what I took to be
a policeman. This was my only opportunity. I was near
Sixth street. Everything had the stillness of death, when I
heard the heavy tramp of men as if marching. I stopped and
listened, the sound grew more and more distinct, and finally
looking in the direction of Sixth street, I saw a file of troops
wheeling around the corner in strict military step. They passed
by without observing me, but I noticed they were United States
Regulars. And imagine my astonishment when they halted in
front of the very Bank building in which was my deposit.
The officer in command going to the door, saluting and then
wheeling about and again taking his former position with his
squad. In a moment I saw another squad march out of the
Bank with the same military precision, the two squads salut¬
ing as they marched past each other, the first squad disap¬
pearing in the same direction from which I saw the others
come.
By this time I was unfit to take care of myself. But, thought
I, since I am uot likely to be immediately shot, I will no.'
show the "White Feather." So resolved to push on to the
policeman at the comer of Seventh street But as I was still
trying to account for the strange appearance of things, I
noticed a very large and apparently new building of ten
stories on the Southeast corner of Sixth and Chestnut streets,
where part of the old Independence Hall building once stood.
This I certainly could not account for; and looking closer,
as I approached the building, I found m front over the center
entrance, upon the heavy capstone of the great archway, cut
deep in the granite—"Built 1909"—the building looked as if it
bad not yet been in use. Feeling dazed at this discovery, I
had to make great effort to move. I had taken only a few
steps when I noticed that what was once the "Press" building,
was now a pile of bricks and mortar; while thé buildings oppo-
THE BANKER'S DREAM.
101
site, and those adjacent had all their fronts demolished. I
then knew something was wrong.
I resolved to notice nothing until I talked with the police¬
man. As I walked up towards him, he raised a short rifle and
called "halt." I stopped very quickly, and he commanded
"advance," when within a few steps he again called "halt!"
He then demanded my passport, and upon my stating that
I had none he demanded my name, residence, and papers.
After giving him my name, and identifying myself, he began a
series of questions. Meanwhile a mounted officer came up,
when a private consultation took place between them, and the
officer making out a passport and handing it to me said in a
brusque manner, "this is no place for you to be alone un¬
guarded ; this pass will get you out of the city to your friends,
and putting spurs to his horse he was off at a gallop. I then
wanted to talk with the guard, but he only shook his head.
Knowing nothing else to do I resolved to walk to my private
car, which was at Thirty Second and Market streets. As I
walked out Chestnut street I found the glass in all the fronts
of the buildings was broken and the Times office completely
demolished. When I came to the Post Office I found it un¬
touched,while the Record building's front was lying across the
street, as if blown out by some explosive.
From this point I walked north to Market street on Ninth.
All the windows and doors of the stores on the East side were
broken in, while the Post Office on the West side, seemed un¬
disturbed. But as I came to the corner of Ninth and Market
streets I beheld a sight that made my blood chill. As far
West as the Public Buildings it was all destruction, and it
was with difficulty that I could get along. Here and there
was an abandoned fire engine, and further on an abandoued
piece of artillery, while old drays and trucks were piled up as
if to form a barricade.
102
THE BANKER'S DREAM.
When I reached Twelfth and Market streets, the Reading
depot was the first object to attract my attention. There were
great fissures from the roof to the ground. In the center was a
tremendous hole knocked out, and through this, one or two
locomotives and some oil tank cars had been driven, as if fired
from a mortar ; for parts of the building were thrown against
the building opposite, while the oil tank cars had been driven
clear through into the middle of the street, and must have ex¬
ploded as they ripped and tore in all directions. I looked in¬
side the depot and found a tangled mass of arches, girders,
locomotives, and the remnants of passenger, freight and coal
cars all warped and tangled up as they were when the flames
had been satiated ; not a thing here had been touched since the
destruction took place. From this, North as far as I could
see, it was all ruins. For some cause fire had done its work.
I then started out towards the Public Buildings, and strange
to say, these, like the Post Office, had not been injured. But
every other building, except tbe Masonic Temple and the
churches, were demolished. From Twelfth street to Broad
not a building was left on the South side of Market, nothing
but a few large chimneys to obstruct the view.
At this point I saw the first person I had seen since leaving
Sixth and Chestnut Sts. This person had the appearance of a
doctor accompanied by a servant, and soon after I saw two or
three "Sisters," or "nuns" of some religious society. I tried
to get the attention of these, but either they would not, or did
not see me ; for they hurriedly kept out of my way. At this
time a mounted officer came along and demanded my passport.
I showed it and he passed by.
This incident caused me to brace up a little, for about this
time I would rather have been dead than alive. I now took
courage and passed into the Public Buildings. I looked north
on Broad Street, and everything except the Churches, and the
ÏHE BANKER'B DREAM.
103
Art Building, seemed to be in ruins ; while south, on Broad
St., all was down. But u I passed through to the west side,
I Mw a sight that took all the nerve out of me.
That magnificent Broad Street Station was in utter ruins.
One huge mass of iron and brick. Market Street, hare was
completely blocked with debris.
On the top of these ruing tat a man with paper and pencil,
«td while I was not near enough to determine, yet I thought he
WM an artist. Therefore I started towards him, but like all
others he began to move off; consequently, I stood alone on top
of what seemed to be acres of ruins. One great span of the
over head arch still stood. All this side and beyond was
utter desolation and ruin. It was evident among other ele¬
ments of destruction, fire had done its great part ; for before me
were endless rows of car trucks, all warped and twisted, car
springs and long rods, every kind of car wheels, passenger,
pullman, express and freight, and this extended as far as my
eye could reach, for all was destruction and complete ruin.
In one locality there was one huge mass of the ruins of locomo¬
tives ; in another, a long train of burned up oil tank cans, with
the huge tanks lying in all directions, as if in some cases
they had exploded, for the tanks were ripped and torn in
'pieces, and in some places up side down.
The whole North and West part of the city had the appear¬
ance of entire ruin. I knew now for a certainty that it was
hopelessly useless to go any farther to look for my private car,
or for my doctor, secretary, valet, or cook ; and that I mu*t recon¬
cile myself to the then existing state of affairs, by which I v as
surrounded.
I tried to account for this state of affairs. I could remem¬
ber nothing back of leaving the Coupe, and trying to euter the
bank—everything was blanker than blank, back of that.
But I must come to my senses and do something. So I de¬
termined to return to my Seventh and Chestnut St., Guard for
104
THE BANKER'S DREAM.
advice. I wanted to-get back to New York; if not there, to
Boston. But how, yes, how? I would have given one-half
of my fortune, to be in London with my family. But I must
get to Sixth and Chestnut St, for I knew this was something
extending beyond Philadeiphia—a National disaster. Seeing
the U. S. troops at the Banks satisfied me of that I set out
at once for my Guard, taking Chestnut Street, at the corner of
Broad St While passing the Southeast corner of Chestnut
St, I noticed a large building of the very latest modern
architecture, partially destroyed ; and the bas-relief ov»'
the arch, forming thé entrance of the building, bore the date
1903.
It was this date which perplexed me so. I could under¬
stand how a city could be destroyed in a few days, or a week,
and how a person could become crazed over it and not
understand anything about it; but buildings erected in 1909
and 1903, this certainly puzzled my brain. But I started out
from this point, determined to notice nothing until I reached
my Guard. This I did with some difficulty, having to walk
some of the time in the middle of the road from Broad to
Twelfth Streets. As soon as I reached my Guard, I went up to
him with some assurance, having my passport, telling him I
wished to get to New York or Boston, and asked him my best
way. At this time a mounted guard came along and was
bailed by the Guard to whom I had spoken. After the latter
had stated my wants, the mounted guardsman replied :
"I have just come up from the River district, and there is a
sailing vessel at the Walnut St, wharf, going to sail for
Boston this afternoon, and you have none too much time.
This is her first trip, and there may not be another for weeks."
"But can I not get a Steamer? One of the Clyde, or Windsor
Line Steamers?" I asked. The two guards passed glances, and
the one from which I received my information said, in rather
short manner :
TETE BANKER'S DREAM.
105
"If you want to go to Boston, that is your chance. But you
must keep moving, these are my orders." The mounted
guard having gone, I had nothing to do but to go to the wharf
designated. I walked down Walnut Street to Dock, and all
along the way, there were signs of wreckage of buildings, and
in Dock St., it was very evident, there had been a fight; for
here and there, was a broken gun carriage, over-turned and
broken street cars, drays, truck and wagons of all descriptions
piled up in line of fortifications, while some buildings were
burned down, and all were with demolished fronts. After pass¬
ing tfiis point I looked toward the river and saw a large three
masted schooner '; she was a fine looking vessel, about eight
hundred tons, and as well as I could study at that distance,
had the appearance of» being a clipper, and a vessel built for
either the fruit, or coal carrying trade.
This was the first ray of hope I had found for the day. But
how about a passage at this late hour? thought I.
I walked rapidly toward her, and sure enough, here
were trunks and luggage, and the first people I had seen that
I felt I could speak to for the day. But I did not "lose my
head," in fact, I had decided it would be better to pretend to
know all about this trouble in the country, and learn little by
little by playing the part of eavesdropper, while others were
talking, for I began to think it would be best to remain in-
cognito, not knowing who would be on board. Then I no¬
ticed that everyone seemed to act as though they were just as
anxious and insecure as myself. As I was standing and sur¬
veying the vessel, apparently in an indifferent way, a large
hotel coach came upon the wharf, with two guards on the out¬
side, and one upon, the front seat with the driver. As the
coach stopped, the door opened, and an officer stepped out,
followed by a pale-faced young man and three ladies. The
whole party was dressed in deep mourning. The young man
106
THE BANKER'S DREAM.
gave a gold piece to the driver, and afterwards to the officer,
who touched his cap, and at the same instant, turned suddenly
towards me and said, "passport," which I in a very indifferent
manner, drew from my card case, and showed him, when he
returned to his coach, and drove off. I noticed this party
had their staterooms all engaged, and after a short talk with
the Captain, the pale-faced young man joined the ladies, who
had by this time found the stewardess, and were looking
for their rooms.
CHAPTER II
TAKING PASSAGE ON SAILING VESSEL FOR BOSTON.
This was my opportunity—the captain was then engaged in
talking, but I could see be was soon to be at liberty. As soon
as the occasion offered, I stepped up and purposely gave him a
card with only the initials with my christian name, saying,
"captain, the lieutenant of our district told me you were going
to sail for Boston this afternoon." "Yes," said the captain, "in
about an hour." "Have you a good state-room for me'."
I asked. "Well! I don't know, let me see. Have you
ever been to sea?" he questioned. "I have been almost around the
world in my own private yacht, which was almost one half as
big as yours," said I. "Well ; I can give you a good large
room aft, and I am glad you are a sailor, for I expect we will
have a sick lot," said the captain. "What will the trip cost me,
captain?" "With that room, it will cost you fifty dollars," he
answered. "Very well," said I, "I will get this off my mind."
So I brought out a roll of bills and began to count them
out, when the captain put out his hand as if to push them
away, saying at the same time, "I can't take that money."
But said I (quickly divining the trouble,) "you take it at a
discount." "I can't do anything with it," said he. "Well
THE BANKER'S DREAM.
107
then I will haye to give you gold," said I. As it happened, I
had a few hundred dollars in gold in my satehel ; but for this I
would have been left in that terrible city. I paid him the
gold, and was shown my room. Well ; if ever a man felt
grateful to some power and wished to express it to some human
being I certainly did then.
I believe I was the happiest person on board that vessel, al¬
though I felt all I had was swept away ; yet to escape that
city, and be in my own element, with human beings again,
had a wonderful effect upon my spirits. Oh, if it would only
last. I went out upon deck and began to take in the situation.
I found most every person on board was in deep mourning,
and all their countenances were as sad as one would see at a
funeral. This had a depressing effect. I had already made up
my mind to make friends with the captain.
After the arrival of some dozen or more passengers, the
captain gave order to cast off the hawsers. At this moment
a tug was coming alongside to give us a tow ; as it was about
calm, and tide against us. I noticed the smoke from the tug
was from pine wood, and filled the whole sky.
I mentioned this to the captain. -'Oh, yes" said he. "There
hasn't been a ton of- coal mined in this country for fifteen
months, at which time the riots first broke out, all over the
country." Well, thought I, I have something to learn the
next two weeks. I felt great relief when the vessel's bow
swung off from the wharf and the tug began to straighten out
the tow lines, but our progress was slow. There was no com¬
merce on the river, but the river banks were full of the vessels
formerly employed in the coal and fruit carrying trade, also
some American sailing ships and steamers. I stood by the
captain as he had the wheel, and asked him if he was withoul
pilot "There are no pilots," said he. "We have no govern,
ment" he added.
108
THE BANKER'S DREAM.
At this moment a fine looking gentleman came up and
asked, "What works are those, captain?" "That is one of the
Trust Sugar Refineries." "Well," said the stranger, "that
seems entirely demolished." "Oh, yes, and the one below ap
pears worse yet. In fact, the Refineries fared hard all over the
country. I don't think there is one standing, and in their case
I don't care much, for since they organized twenty-five years
ago, they have doubled the price of sugar and have reduced
their help to $4.00 a week all over the country, only paying
one price for raw sugar, and one price for labor," said the
captain. » "Oh, it was terrible, but there should have been
some other way to have settled it," said the stranger. We
were making but little progress, and the tug was filling our
eyes and noses with dense smoke and cinders from the pine
wood, and as the captain said, "she can't do anything, in tow¬
ing, with wood for fuel." "But I suppose you will get a breeze
a little further down the river," said I. "Well; I am afraid
we will have to anchor down off Chester. But I see a little
breeze ahead there." And turning around he called out to the
mate to "make sail." At this point I took a stroll around the
vessel to look over the passenger folk, and was struck by one
very noticeable feature of the passengers ; they all had the ap¬
pearance of being very rich. I over heard one say, with a
sigh; "well we are all poor now." This sent a chill over my
feelings, for I had never entertained a thought that I could
ever know the want of a dollar, no matter what happened. By
the time we got the sail set, the breeze sprang up and casting
off our tow line, the captain called the mate to take the wheel.
This set him at liberty. I handed him my cigar case, from
which he took one, and lighting the same, remarked, "that's a
fine cigar." "I have some more of them captain, and I trust
we may have some good 'smokes' together on the trip."' We
were going along good "jog," all our top-sails and outer jibs
were set, and drawing, and the change from the city's ruins, to this
THE BARKER*» DREAM.
109
passage was about as much as the human mind could stand in
one day. I had made up my mind not to think about my
wealth, my deposits, nor anything regarding shore, until I got
in sight of land in Boston Bay ; and I had resolved to discuss
nothing, to hold no opinion, nor if possible, to reveal my iden¬
tity during the voyage. One thing favorable to this plan was,
that nearly all on board were ladies, and the few gentlemen
were from the extreme sections of the country.
> Soon the bell rang for supper. I found there were first
and second tables, and while standing by the rail, making
calculations on about how many knots we were making, the
waiter came up and said the captain wanted ta see me at the
table. I started for the long cabin, in which the meals were
to be served, and as I entered, a waiter beckoned me
to a seat, which had evidently been held for me on the right
of the captain. „ I was no sooner seated, than the captain
began a general introduction of all at the table, in the best
manner he could, upon such a short acquaintance.
As I took a glance around the table, I perceived that every
person there had decided marks of culture and refinement ; and
another ncticeable fact was, that every one, especially the
ladies, were in deep mourning. A more solemn and sad-faced
company it would be hard to find.
' I could also see that it would not be in the fitness of things,
to offer anything bright or cheerful, or even hopeful, as it
would be out of place under the circumstances ; and yet, so far
I could only guess at the circumstances. As a general rule
they all partook of a very light supper.
Most of my conversation was with the captain. It ran
along upon the prospects of the voyage, and this seemed to be
as interesting a topic as could have been devised, every one
showing signs of deep interest by the attention they gave us.®
After tea, I went upon deck and began to feel quite myself,'
110
THE BANKER'S DREAM.
again. As the captain came up to me, from the cabin, I
handed him my cigar case. Taking one, the captain remarked,
"Say, I'm in your debt already." "Don't mention it, captain,
after giving us a supper like that, and also a craft like this.
I believe we're making six or seven knots now, and there is
not wind enough to fly a kite, and besides captain, I have been
looking the vessel over, and find everything just like a piece
of live, new, white oak. "Oh, she's a clipper, and will go
like a water witch, and was built only three years ago", re¬
plied the captain.
Most of the passengers had settled themselves down in com¬
fortable positions, some in camp chairs, and some in the house
while some groups of ladies were reclining on the deck. Just
at this time, it was very pleasant, it being a perfect evening.
We were now below Wilmington, Del., and the scene was de¬
lightful, the breeze making fine ripples on the surface of the
river, and the sun, looking three times its usual size, was
settling away in a glare of deep fiery red sky, caused by a mist
or smoke of forest fires. It gave the river a rather weird look
as it reflected its red appearance upon thewater.
Sitting just a few yards from me was a lady dressed in the
deepest mourning, with a small bible in her lap, with her el¬
bow resting upon the rail of the vessel, and her head resting
upon her hand, with a fixed and steady gaze upon the vessel's
deck. She had classical features, and every mark of refine¬
ment, dignity and culture. I noticed she was the lady who
sat opposite me at the table, and to whom I had been intro¬
duced. She looked so sad, and had such a hopeless expression,
that I felt moved to draw my chair towards her and engage
her in conversation. This I did, and opened my conversation
by saying, "I have been admiring the sunset. Did you notice
what a blood, red reflection it cast upon the river, and what
tint it gives all the shore and hills?"
THE BANKER'S DREAM.
Ill
"Yes! I have been compelled to turn away from it, for it
brings before my mind, so vividly, the horrors of that terrible
night when I lost my husband and my son in New York,
and we had all our millions swept away. To me it seemed as if
the whole earth was on fire, and every human being turned
a fiend. Oh ! such scenes ! How have I ever lived until this
time? If I could only get in communication with my two
daughters I might live, but if.I fail in this, I can not live ; 1
know my mind will not stand the strain. If I only knew
where to find them, what a prayer I would send up to Heaven.
I beg your pardon for intruding my sorrows and grief upon
your kindness, but oh, what can we do?" I saw at once I was
liable to have a scene, for I could see symptoms of hysteria
coming upon the speaker. I endeavored to allay her excite¬
ment by expressing sympathy and stating my own losses, and
at the same time, asking her in a soft and tender tone, if she
did not think it out Christian duty to bear up under this cross,
for the sake of others. This question seemed, for the time
being, to modify and subdue the feelings that were fast over¬
coming her. I saw she began to use her will power, and
control herself. I learned she had been on the way to New
York to join her husband, who was a very rieh man, nearly
the richest man in America, and perhaps in the world, * He
owned nearly all the iron mines in the country, all Lake Su¬
perior mines, the Southern mines, and the lake fleet of steamers
and barges as well as the "iron ore" railroads. In oil, he was
considered King of the World, for he could dictate the world's
markets, and parcel out the territory he would allow other
operators to sell. But now all was gone. Fire, blood and
death had levelled all things. She stated to me how she hap¬
pened to be in Philadelphia during the destruction of that city.
The news reached Pittsburgh, just as she left it, in her private
car, for New York, via Philadelphia, that the Stock Exchang«
112
THE BANKER'S DREAM.
had been blown up at 2.30 o'clock a. m„ during the height of
the excitement of the day. The panic was raging so fiercely
at the time, the Exchange became packed to suffocation, with
men, wild with excitement, throwing away their holdings of
every description.
She had chartered a special train to get away from Pitts¬
burgh. It took two thousand troops to get the train out of the
city,, but she got as far as the.outskirts of Philadelphia, and
was taken into the city by private conveyance to a hotel. This
was the last train that left Pittsburgh. Every wheel was
stopped in all other parts of the country, and the tie-up was
complete. She described the blowing up of the Stock Ex¬
change to me as she had heard it told by one of her friends who
was in the city, and also by the papers of the early afternoon,
there being no more issued, after the Exchange explosion, as
the wild scenes of riot and ruin, began that evening. The
water works, and electric and gas lighting plants of the'city,
were either deserted, or destroyed, and the militia becoming
panic stricken, fled for shelter or went over to the hungry
mobs. ■ She said to me, "my husband telegraphed me to leave
Chicago at any cost, and to get through to New York. "Very
important, was on the dispatch."
Every operator had struck upon all the lines, and it was by
the courtesy of the railroads toward him, that I received it, as
every wire was cut throughout the country the night after the
Exchange was blown up."
"Have you ever ascertained whether or not, it was a plot ?"
I asked. "Oh, no one knows—nothing has ever been done
you know; everything remains just as it fell.
It is the mausoleum of my husband and son. Such scenes
were never witnessed in the world's history before. The city was
all excitement before this happened. There were solid crowds
of men around every newspaper bulletin board, all the night
THE BANKER'S-©KEJWí.
"before. No one slept, Buffalo was liuroipg.; -That _-very.- morn¬
ing, the entire population were in .'the sWr,e\s,- ap9\w)ien this
terrible rumbling and roaring sound took place, it seemed to
paralyze every one. We saw nothing for one-half hour
because of a fine powdered dust. It filled Wall St., and New
St., so they were impassable. The explosion destroyed all
the buildings opposite. Jhere were not less than three thousand
members of the very richest families in America, buried in
the ruins.
After the lights went out, and the water mains were blown
up, there was nothing but pandemonium in the city.
To say the people were wild and frantic would be expressing
it mildly. The streets were one solid mass of terror-stricken
people, seeking escape from fire in every direction. Every one
was bewildered. Mothers with children were trampled under
foot. No one thought of property, or personal effects. To save
one's life was the uppermost thought As the fire raged and
licked up block after block, the most terrific explosions would
occur, and these explosions would scatter flamiDg material from
block to block, often covering the crowds of escaping people in
the streets.
In parts of the city where the fire had not yet reached, the
wild mobs of half starved men and women, swept everything
before them. It was about four o'clock in the afternoon,e the
time set for six grand recepti n-, that the mob swarmed up Fifth
Avenue by the electric lighted mansions. The news had
just readied the inmates, of the blowing up of the Stock Ex¬
change and the death of all within, and of the »burning of the
lower end of the city. As they rushed out, they were
met by the terrible jam of the dense crowds of frantic people
trying to escape. As these wives and daughters of the
millionaires came out into the crowds, they were swept along as
if in the rapids of Niagara. Great dense clouds of black
smoke began to darken the sky, while the heavy rumbling of
114
ÏBEBAîikSC'S DREAM.
the continued explosions 'seemed to strike terror into the souls
of the fleeing multitude.
Finally, the militia and police went over to the people, and
led them on. Everyone seemed conscious of the fact that the
reign of the wealthy classes, had come to an end, and with it
the want and terrible suffering of the masses. The brutality
of the police and militia, with the working classes of New York,
Brooklyn and Jersey City for five years, was unparalleled in
history ; and I often remonstrated with my husband, when he
would rage so against the working classes, and want them all
killed"
"But did not the military authorities anticipate this up¬
rising?" I asked. "Oh, you see" she answered, "The city
was full of the unemployed. They were marching in processions
every day, with banners for bread or work, and there were
so many the police did not dare to precipitate a conflict It was
the strikes, however, that finally brought about the revolution.
The people were so excited all over the country, that when the
troops fired upon the hungry people in Buffalo and Chicago,
and the news came that both cities were burning, everybody
stopped work, every bank closed, and all mills and factories
shut down and discharged their help. A very radical friend
of ours said to me, since the revolution, that no nailon ever
had so manv millionaires and paupers in the world's history.
He said, that of the six /great receptions to be given that
afternoon and evening, three of them, were to be the grandest
affairs ever given in New York City, and to these, none except
I he "Eight Himdred," were to be invited. For days prepa¬
ration was being made for the brilliant occasion. Some of the
Eight Hundred' who were abroad, came home in their pri¬
vate electric yachts; these were perfect palaces, heated, lighted,
and propelled by electricity. The new electrical generating
process of obtaining electricity direct from coal, enabled them
to cross the ocean in three day's time
THE BANKER'S DREAM.
115
These yachts, constructed entirely of aluminum, were
modeled like a knife blade; so narrow they required deep
leaden keels to keep them upright, and so sharp, they went
through the sea in rough weather, rather than over it.
They were high out of water, and covered with a heavy glass
dome shaped deck. These yachts cost over a million dollars
each.
The mansions in which the receptions were to be held cost
not less than three millions each. For weeks, he said, the city
papers belonging to the Trust, had been full of descriptions
and cuts, showing the grandeur and magnificence of the homes
of these monied kings of the Currency Trust. My friend was
very bitter against them, having been rich once himself, but
like all other rich men outside the Trust, had been caught
and squeezed out of all he had.
He also stated, that large details of police had been taken
from guarding the great crowds and mobs, of the hungry and
desperate unemployed men, (who were becoming more and more
excited, as the news came in from all parts of the country giv¬
ing accounts of burning cities, bread riots, and marching armies
of unemployed ;) for the sole purpose of keeping the sidewalks
clear around these mansions; as the crowds of fashionable ladies,
desiring to view the magnificent garden scenes, became so
dense as to block all passage. One of the very first opera com¬
panies he said, was imported to give one performance in the
grand opera house, under contract to give no other on this side
of the water, and to avoid annoyance from the usual common
chatter, over the phones, to the different mansions, it was
rendered in an empty opera house. Every piece of service used
in each of the mansions, was of gold and silver. Rare plants
and flowers, were collected from every nation, fore this
occasion.* Not a family was invited that had less than one
hundred millions—while some boasted of being worth three
or fb'tr b' ndred millions. Hundreds of private detectives
116 THE BANKER'S DREAM,
swarmed the neighborhoods of each of these mansions, and
were to accompany the guest to and from the reception. At
first one might think this unnecessary, but the hundreds of
thousands out of employment, and their starving and desperate
condition justified the precautions.
Only three squares away from one of these mansions, four
hundred and sixty thousand human beings lived upon thirty-
two acres of ground, according to the census of the year
nineteen hundred and ten. Of all misery and suffering, no
city in the world had ever given such an example of extremes
in wealth, and poverty.
Such were the conditions on the afternoon of the total de¬
struction and obliteration of the city. He said that for a year
previous to this there had been one hundred, thousand
people out of work, and for the month previous, when the
new panic began, there were three hundred thousand un¬
employed in the city. It had not been safe to go out nights
for a month, and after all the elevated and surface road em¬
ployes struck, one could not get anywhere ; and for over a year
everyone had been predicting that something terrible would
happen to the country."
I then interrupted her, for I found the lady became more
and more excited as she proceeded to unfold the terrible tale of
the catastrophy that had swept the country, I asked if she
did not think it best to try and dismiss the details of the horri¬
ble past from our minds and just look for better times ahead?
"Oh said she, "I have tried, but I cannot talk without get¬
ting right back on the terrible past, and all the people I meet do
the same thing." "Oh! I know! I know I!" said I. But I think
you will find it a great help to think about other subjects, or to
get interested in some special reading." "There is nothing,"
she said, "except this Bible in my hand, that I can keep my
mind' upon at all. And just looking at that sunset with
its red lurid reflection seemed to set my ruined mind on fire."
THE BANKER'S DREAM.
117
It was now getting toward night and some of the passengers
began to go to their state rooms; so I excused myself by hoping
to find my new acquaintance in improved health and spirits, in
the morning.
The wind was fast going down and I asked the captain who
was passing by, if he thought we could keep on all night.
"I think not," said he, "you see the tide is getting a little
strong against us, and I think we will have to drop anchor until
the early morning."
I then took a stroll forward, and while passing the "fore-
hatch" I noticed, on the front side of the hatchway, cut in deep
figures "Built 1909." Putting this with what the captain had
said about her "being only three years old," my wits began to
get puzzled again. About mid-ships I saw the fine old gentleman
sitting alone, and taking a chair beside him, began to comment
upon the favorable opening for our voyage. "Yes," said he,
"I am glad to get fixed for two weeks, and were it not that I
am trying to find my family, who I suppose are somewhere on
the coast of Maine, I would like to be here two months, for I
have now roughed it fifteen months or more." "Well," I replied,
"I guess we are all in the same boat on that score." "Yes,
there are no more rich and poor now. I wonder how the
working-class like the change? They have all been wanting a
change, and they have got it." "Yes," said I, "they ought to
have their fill of Anarchy by this time." "Yes," said he,
"but one has to be very careful how he expresses himself, or he
will be suspected of being a Plutocrat, and in such a case his
life isn't worth a cent on shore to-day. I left Chicago two
days before the troops began firing upon the people, for I knew
what the result would be. Every devil of a striker had a re¬
volver or a knife about him, and everyone knew they intended
to burn and pillage the city. • We had about three hundred
thousand of the worst characters of the farming and mining
districts, that had been added to our population during the past
118
THE BANKER'S DREAM.
three or four years. They came in all the way from the
Rocky Mountains to Oregon, cow-boys, gamblers and cut¬
throats. The low prices prevailing, made it impossible for them
to mine or farm, and to keep from starving they threw them¬
selves upon Chicago. We carried them for two years, until
they became so emboldened by their great numbers that life
was not safe even in the day time ; so the Government camped
them outside the city, and put a guard over them and gave
them rations. But this proved a bad move, as it attracted men
from all directions. The panic was so bad at this time that
most everything was shut down, which threw most of the city's
working people also out of employment, and with these all
clamoring for work, or bread, I made up my mind it was no
place for me. So about a month before the city was burned, I
sent my family to Bar Harbor, Maine, intending to follow
soon after ; but I was caught in the panic. All my loose funds
were in the banks, and they all went down. I should have
known better than to have been caught so, for I had two
experiences during the past ten years. I lost 810,000 outright
in the panic of 1905. I was in Spokane; had my money de¬
posited there. I had just foreclosed a mortgage on city proper¬
ty ; I only got about sixty cents on the dollar, and I had deposit¬
ed it in the bank when that panic came on.
I said I would never be caught in another city, during
another panic, when the panic of 1900 came on; but I was in
it again at Spokane. It was terrible, every bank went to
pieces, and the infuriated mob lost all reason and control. They
took the bank officers and hung them right up to the trees in
front of the different banks. They then chose a committee of one
hundred, and took all the money deposited, and divided it pro
rata among the depositors. There was only about ten cents on
the dollar, b-* it was not the fault of the bank directors. , The
Eastern banks suddenly drew out all fl eir funds, and then
■prang tha panic, and the bank, being full of Commercial
THE BANKER'S DREAM.
119
paper, couldn't realize, and had to go down. The State
could do nothing to bring the mob to justice as you could not
find a jury that would indict a man. Of course everything I
had in Chicago is gone, money and property. It was terrible.
The trouble began in a peculiar manner. The city was feed¬
ing about 100,000 men a day; this was done both by subscrip
tion and city appropriations. The rich men were giving nearly
one half the amount, but the 'new panic' as it was called
coming on top of the one that was already on, so tied up the
funds of the rich men, they could not give any longer, and the
supplies giving out, and just at the time of the great National
railroad and miners' strike, it was simply impossible to prevenl
the occurrence.
The camps of out-laws, outside the city, all rushed into the
city for plunder as soon as the troops began firing on the
crowd, but there was nothing else for the authorities to do.
These half-starved men were fighting among themselves for the
little food there was distributed, and then begun to break into
the flour and meat stores. There were no troops there.
Every soldier was guarding the railroad property, and the
banks, and all the rest of the city, were practically unprotected-
The news that came from all other parts of the country was
making the people who had money, almost crazy.
I packed up all my valises, and started on foot. Every
road out of the city,—cable, electric or steam, was on
strike, and the people were all in sympathy with the strikers
I left over fifty thousand dollars on deposit besides my other
property. , Every bank had suspended, and nothing but the
troops saved them; and I have since heard that finally the fire
drove those away. The mobs after setting fire all over the city,
cut all the hose, and now the people are camping out * Some
body (I don't know who) is keeping the military guarding the
bank ruins; but I don't believe there is any money in them, as
120
THE BANKER'S DREAM.
the officers knew the paper money would be of no use, and
when they saw what was taking place, and what little gold there
was in the banks, why, of course, they took care of that by
drawing out their personal deposits. Oh, I never believed it
was right for the Eastern syndicates to lock up all the money,
and then spring these panics on the country. Some blame the
'Gold basis,' but that was all right. I believe in gold, for
what could we do now, were it not for the little gold we have
preserved, and it is in just such times as these, that the whole
world has seen fit to protect itself with a Gold Basis."
I asked my new acquaintance how he managed to get from
Chicago to Philadelphia. He answered by stating that he
went down the Mississippi River, walking part the way, and
occasionally would get a chance on a flat boat "Most of the
better classes" he said, seemed to think if they could only get
to New Orleans or Savannah, they could get to the East, or to
Europe, and so were working their way for these places. But
when Igot to New OrleansI heard thatNew York city wasgone,
and last week when I was in Baltimore, and there found a sloop
that some gentlemen had chartered to take them home, I got
a chance to come on with them. ) They said a man had come
on there from Boston, looking up his family in the South, and
told them that things in Europe were worse than here. The
last steamer that sailed from there had remained at Halifax
N. S., and would not return. News came to Boston by vessel,
to the effect that when the news reached London about the fall
of New York, Philadelphia, Washington and Chicago,
panic seized everyone. The bank of England was the first to
go, and this carried every bank in Europe with it This
country owed Europe some thirty billions of dollars, and of
course it will never get a cent of it.
Everything shut down and in two months time there were
six hundred thousand hungry men marching in 'bread or
THE BANKER'S DREAM.
121
blood' mobs in the streets of London, and as soon as the troops
began to fire upon them, they carried out their threats, and the
most terrible scenes of carnage took place. The Government
was overthrown, the Royal families murdered, and a Republic
established, but there is nothing but disorder and famine there
yet, according to last accounts. The same scenes took place
in Paris and Berlin. Both the French and German Govern¬
ments were overthrown, but 'tis hard to get any more news.
There are no more steamers from Europe. So you can see those
people building upon the hope of going to Europe must give
that up. It was reported that some of those very rich men
who were buried in the ruins of the Stock Exchange, had said,
only two days before they were buried in the ruin, they would
sell everything, and get to Europe, and thousands had planned
this way of escape. Most of the English steamers left just as
they were, and in some instances only half loaded. They noti¬
fied all passing steamers bound for this country, and they all
put about ship and sailed for Halifax."
I found the new gentleman acquaintance was somewhat like
my new lady acquaintance, as far as retailing the horrors of
the past. She confined her account to this country, but he took
in the whole world.
I stood it pretty well until he said the Bank of England
liad not only gone under, but that all the banking institutions
in Europe had as well, and that the Governments of Europe
also were over thrown. This was too much, and I began to
think I might yet be glad to get back to Philadelphia.
There was only one thing I was sure of in this world and
that was, I would get no more sleep for the next twenty four
hours. This last piece of news cutting off all hope of reaching
my family—suggested to my mind, that I had better take the
advice I so freely gave a short time previous to my new lady
acquaintance, not to think any more about what I already
knew of the past
THE BANKER'S DREAM.
CHAPTER III.
A CHAT WITH THE CAPTAIN.
Knowing it was useless to retire in my present state of mind
I sat down beside the captain for a chat. I asked him^from
what direction most of these people came, who were now on
board. * "Well ! most of them were stalled at different parts of
the country, and are either seeking friends or home. Some of
them were going to Europe, but they find that is no use. For
I guess Russia, China, India or Africa, are the only safe coun¬
tries to which the rich can retreat, and I think these people
were all very rich before the Government was overthrown.
I think they are all poor now, for it has sealed the fate of
millionaires, trusts, combines, syndicates and banks forever, just
as it did in the case of the slave holders. I made my last trip
to Salem, Mass., and all I got was thirty cents a ton on freight
out, and no cargo back. So I hauled my vessel out of commis-
ion. That was nearly two years ago, and this is a new under¬
taking and my first trip since. I heard of some dozen or more
that wanted to go East, so I looked into the thing, and guess I
will get out all right." You say, all these people were rich, do
you think they are entirely ruined? "Oh ! yes," he replied,
"everything is leveled, all county records destroyed,'* every
prisoner let loose. Why in the coal mines in the South and also
in some parts of the North, especially in Pennsylvania and
Ohio, most of the coal was being mined by contract prisoners,
the state would let them out to the operators, and they were
worked in chain gangs. You see most all the mines were
owned in England, and they got all they could for the coal,
and mined it as cheaply as they could. There was a big row
you know when the bill passed the Ohio and Pennsylvania
Legislatures. ? The members were all bribed by English gold,
everybody knew that, but what could you do? All the papeTs
said the state was too poor to support so many unemployed-
THE BANKER'S DREAM.
123
The English owners of the mines would issue injunctions
through our courts against a thousand or two miners, ordering,
them not to strike.
They would strike, and they would get sentenced for five
years, and no appeal, as it was for contempt of Court, so they
were not allowed a trial. The State then leased these strikers
out to the English companies, for their board, and the com¬
panies were given the nght to work them, on their own
grounds, under military guard, at their own expense; and
this was the case in many other branches of trade. There were
thousands upon thousands of Railroad prisoners for long sen¬
tences, for contempt of Court, but they were all freed by the
mobs, and they took terrible revenge upon the Judges that
sentenced them, and also upon the rich mine owners. It was
awful, for four or five weeks.'
« In fact most of the work done, was done under military
guard for the last four or five years ; so that everybody hated
the military ; in fact, the military was composed of rich men's
sons, taken from college, and the rich churches ; they had them
all drilled. None of the Labor organizations would allow a
member to belong to the militia. But it was all there was left
for the Government to do. It had to maintain law and order
and protect private property. I don't see how anything else
could be done. The employers could hire millions of men at
any price, but the Labor Unions would not permit them to work.
Now what could the corporation do? Why call on the Gov¬
ernment of course. Finally, the people complained about their
high taxes for military expenses; and then the Companies
were granted the right to organize their own soldiers, to be
kept upon their own premises, at their own expense ; and the
courts finally decided they had the right to place them on all
street crossings, in cities, as well as to patrol their tracks.
Well, everything has grown worse since away back in the
124
THE BANKER'S DREAM.
nineties. 1893, was a terrible year, and '97 and eight,
were still worse, the strikes were terrible. You see the people
had got tired of being humbugged, and they were so poor, it
didn't make any difference which party got in. There seemed
to be a power behind the throne that would make both Houses
of Congress do as this power dictated.
They kept increasing the tariff from the year ninety-eight, to
1900, and in 1900, there was the worst panic ever known, un¬
til this last one. Gold was at a premium, and legal tender ;
we couldn't get it.
The banks and money syndicates, run everything. You
couldn't start a new party—they would buy up all the leaders.
In nineteen hundred, the old parties promised to curb the
corporation and currency trust, and stop the banks from spring¬
ing panics on the country ; and not allow any more bonds
to be issued, but to make silver a full legal tender, and
give it unlimited, free coinage. But they laughed at the
petition sent in demanding it, after election, and said, 'no one
meant it. It was only done to get into power.'
If you remember, they swore some of those Southern
and Western members of the old parties over the Bible, to
vote for free coinage ; and when they come to vote, they were
either sick, or absent or else voted against it so what could
the people do? I always stuck to my party, because I
couldn't see but what one was as good as the other; but
it has turned out terribly, and it has spread all over the world."
"Well, Captain," said I, "What is going to be done. As it
is now, there will be famine, and in the larger cities where wa¬
ter and gas is destroyed, there will be pestilence."
a "Oh! That is so now," said the Captain. "In the South the
people are camping outside the cities, and the yellow fever is
terrible dctwn there. It breaks out in the camp, and there is
famine in all those sections. You see the people were half
the banker's dream. 125
starved when the trouble came on. Just think of cotton at 2J
cents, and corn at 15 cents, pork at 2 cents, and wheat at 15
cents. It took every bit of it they raised, to pay interest and
taxes. This alone scraped the farmers clean, as well as the
city's store houses, of every bit of stock on hand ; so the peo¬
ple that grew the products were left with nothing to live on
themselves. For the whole South, as well as the West, had
become tenants to Eastern and foreign capitalists ; and after
paying rents in the fall, at those prices, the people were im¬
poverished the rest of the year."to "But" said I, "Captain, I
suppose we must make the best of it now, and start again.
"Oh, yes" said he, "but 'tis kind of hard for a man of my years.".
"Yes," said I, "that is true. But we are all in the same
boat." I then bade the captain good night, and retired. The
next morning was pleasant and as I could not sleep at all dur¬
ing the night, I was on deck early, and found â merchant who
had been one of a party to leave San Francisco after the fury
of the storm had spent its force there. He said, "I think the
riots lasted in San Francisco, about two weeks. There were
bloodier scenes there than took place anywhere else in the
country.
The people were more desperate. The American poor were
in an enslaved condition. After the Corporation repealed the
Chinese Treaty, the Chinese poured in by the thousand from
China, and labor went down to twenty five cents a day. It
was heart rending to see these men with their families. The
city was under military rule for two years before the National
Revolution took place. The Chinese did everything, house work
and out-door work. Those that could speak English, ran the
street cars. » Everything was owned by foreign capitalists, and
the officials of the City were owned by the Corporation. » They
passed the same law there, regarding the large cities, that was
passed in the Eastern States ; every Mayor was appointed by
126
THE BACKER'S DREAM.
the Governor, the same as in Philadelphia, New York, and
Boston ; the same as in London and other European Cities.
The Corporation could not trust the people to vote any longer
for Mayors. They elected a working man, Mayor, one year.
(I think in 1907) and the Legislature changed the law at once.
I think the same year it was done in New York in regard to
Brooklyn and New York City. It was the great strike year,
1907—I think, when all the Uniops came so near carrying both
New York and Brooklyn, and frightened the Corporations so.
They broke the strike at that time only by buying off all the
labor leaders—don't you remember?" Now of course I could
not remember about that, (?) but the merchant went on saying,
There is no other way to purify this Nation only through
blood and fire. The stock-holders found that out, and now
the bond-holders know more about it We were not wise
enough to be taught by the Divine writings in Biblical His¬
tory. We also ignored the law that teaches, that like causes
produce like effects, now, as in past History. This calamity has
come upon this once fairest land on God's earth, through the
peoples' indifference regarding their law makers.
They turned the whole Government over to the rich, as it
saved the people the trouble and expense of running the same,
and the rich having full power, abused it
They have 'sown to the wind,' and they have reaped the
whirl-wind. We are now in that condition to either descend
to Cannibalism, or through reason and justice, and in behalf
of God and humanity, build anew, an Ideal Government,
which in time, will be a light to the world.
Our forefathers built well enough for their day. Every
man at that time was poor, but patriotic. They could not see
in the dim future a condition of things that would obtain,
when one thousand million dollars, could be concentrated in an
in dividual fortune, and a few carry the whole people in the palm
THE BANKER'S DREAM.
127
pf their financial hand. This lesson has been a terrible one.
But I think it will be all the more lasting.
How long could a man live to-day who declared himself a
leader, and at the same time declared he was in favor of ex¬
empting the rich from taxation, and levy the same upon the
food, clothing and shelter of the poor? How long would a man
live who would join with the outside nations to burden this
nation with debt, and then withdraw and destroy all our money;
plotting thereby to rob the American people of their property
and products?
How long could the man live in the face of th's state of
things, who as a leader, should advocate the turning over ol
the currency, the transportation, the Insurance and the land 01
this nation, to Foreign and Domestic plunderers; *nd these
vampires let loose unrestrained, by law, and insatiable in
greed, to gorge themselves to a degree that left the people
propertyless, penniless, helpless, until hunger and want pressed
them sore, and then order the Government to bring the
strong arm of military against them. How long could he live?
How long should he live?"
I began to feel uncomfortable, aud saw at the same time the
wisdom of concealing my identity. I knew this man was a
thinker and speaker, although he was only a merchant. I
felt he was not a safe man for me to oppose, although there were
those aboard the vessel, who would fiercely combat him if he
persisted in these doctrines. I rather liked the man, for his
whole soul and heart was in his sentiment, and when he talked,
he talked all over, and besides he was a very large and hand¬
some man, full of magnetism, and his whole soul, * and
generous impulse made him an attractive and winning speaker.
I can read human nature fairly well, and as he opened out
upon the "plunderers" and "vampires," "gorging themselves,"
etc. I began to feel a little "shaky." I felt his shots were
128
THE BANKER'S DREAM.
striking too near my vicinity to leave me feeling comfortable,
and when, finally, the breakfast bell rang, I felt great relief.
At the table the conversation assumed the same trend as at the
previous meal. The captain and myself did most of the talk¬
ing, but I was still more guarded, and very careful to say
nothing about my "private yacht," and rather hedged to the
side of the masses, but resolved to be very non-committal, for I
no longer had the Government, the military power, the syndi¬
cates, Trusts and corporations of both parties, and all Europe at
my back. I found it made a great difference in my courage,
so I dwelt upon the bright prospects for the voyage, the cool
breeze we would get outside of the capes, and regretted I had
no novels to read when out of sight of land. In an instant
a half dozen spoke up, and offered me all the novels I could
read during the voyage, for it seemed to be the general senti¬
ment among all, that they found it impossible to keep their
minds upon a book.
* After breakfast I went on deck and found we were heading
down the Bay with a good breeze, with all sail set, the tide in
our favor, and with every prospect of getting outside the cape
during the afternoon. There could not have been a finer day.
The South wind from the ocean tempered the hot air from the
land, and made the deck the most pleasant place aboard the
vessel.
Everyone was on deck and I had a good chance to choose
those whom I thought would be of my cloth. I soon came up¬
on the lady with whom I talked the night previous. She
seemed to have improved in spirits, and was glad to «ee
me, saying she was sorry to have distressed me as she was sure
she must have done yesterday. I assured her she had not,
but on the contrary she had told me things which I was glad
to learn. '"Well," said she, "after I left you I sat in my
state-room with a new acquaintance, a lady who lived in Phila-
THE BANKER'S DREAM.
129
delphia, and who had lost her husband, by as shocking
a death as that which robbed me of my own In truth, it was
worse than my husband's, for the mob came into the house and
stabbed him sixteen times. She said he was the president of all
the street lines in Philadelphia ; and there had been nothing
but strikes for six years. Philadelphia was called the scab city
of America, and the street car syndicates recruited all the
scab lines from Philadelphia motormen, as the Chicago, Phila¬
delphia and Boston lines all belonged to the same syndicate !
and the stock had all been sold in Europe, and her husband
was the American head of it, and he broke up the unions in
Boston and Chicago, by the Philadelphia scabs. Every motor-
man in the country had him a marked man, and he defied
them to do their worst
' He was always guarded by private detectives, yet despite
this, his palatial residence was partially blown up twice.
He sent more men to prison by Court injunctions than any
other man in the country.
He was worth ninety millions. She told me she had not a
minute's peace in life since the Great Strike of 1901, when all
the Unions united against him. She said the Military had
cost Philadelphia millions of dollars during the last ten years.
All the people sympathized with the motormen. The com¬
panies were mad at this, and refused to give the travelling
public, cars sufficient for the travel, neither would they man
them ; and the City Council were mere tools of the corporations.
She said her husband told her no man could be elected
without his endorsement.
The Councils were all owned by the company, the
Mayor being appointed by the Governor. The company con-
troled the appointment, as all the railroads, banks and corpo¬
rations worked together, in electing their Governor. Weeks
at a time, the people would have to walk in rain and snow, as
130
THE BACKER'S DREAM.
the cars were tied up. Every car was marked U. S. Mail, in
order to get Government troops, and to get Government in¬
junctions.
All their employees slept in barracks, and were armed.
These men were recruited from all parts of the country, and
taught on these lines, and then sent out to fill strikers' places ;
while the city motormen, born in Philadelphia and owning
homes, were blacklisted, and at the same time taxed to support
the police and deputies all the year round, to protect the
companies.
The people tried to hold public meetings, but the police,
under- orders from the Mayor would not allow them, and no
political meeting could be held until the speeches were first
submitted to the police, as socialism was creeping into all par¬
ties This state of things turned all the working class against
Law and Order, and it was claimed it all grew out of these
rich men making war on labor to break down its price. The
companies gave the men so much per month, and boarded
them at the barracks. They would hire no married man, as
they could not send them from place to place.
This woman told me she had begged her husband to resign,
but he would not, and it cost him his life in the end. All
Kensington and Frankford were in a state of strikes or lock¬
outs, at the time the panic was so bad. No money could be
obtained with which to pay off help, and ninety-five per cent of
the mills were shut down. Finally when the banks all
failed, after the Stock Exchange in New York was blown up,
everybody filled the street. She said her husband, with a
committee of sixty, held a council of war at the city hall, and
decided to concentrate all the troops ejound the banks on
Chestnut St., and that was the only part of the city saved.
When the word went out that all the savings banks were
ruined, the people were wild. All their savings of a life time,
THE BANKER'S DREAM.
131
gone, although they had been told they would be paid in
gold at any time. The mobs were in full control ; and when
the news came in the night, that New York was burning, and
they knew that every line of railroad from California to Maine
had been tied up, and that Chicago,Pittsburgh and Buffalo were
burned—it was panic, death and destruction.
The troops tried to clear Market street, and protect the two
railroad stations. There had been a thousand troops guarding
these for two days, but three regiments were marched out of
Market, from the force stationed at the banks, and kept a
constant, deadly fire upon the solid mass of people, who could
not move, as the crowds were so dense in all the side streets-
and the whole length of Market Street
Such scenes never took place before. The women threw
themselves right in front of the muzzles of the rifles, to protect
the men and children. Finally,, the mob crowded in upon the
troops who became panic stricken. They fled in the direction of
the main body at the Chestnut St., banks, or all would have
been massacred. After this the mob gave no quarter to those
who were marked men, and every workman knew that. So
the Broad Street palaces went first, and the President of these
syndicate lines the first victim. After the Committee of
Safety decided what was best to do, they all went to their homes
to get a little rest. But this President, although having five
armed detectives with him, soon saw he was lost, as the crowds
came down Broad Street from the mill districts, in swarms,
at least there were eight hundred thousand people in the mobs,
and the women were the worst, the most daring. They had
suffered beyond endurance; not only from'low wages, but in¬
sulting propositions from their employers. Their poverty was
such, they were helpless. Desperation seized them. They would
cheer and kiss the men that would do the most daring and des¬
tructive deed. Some of the men had seen their wives shot
182
THE BASHER'S DBBAJL
down by the troops. These men knew no bounds." Here I
interrupted her (as the details were becoming unbearable,) and
asked, if she did not think this all the result of the dangerous
doctrines of the working class, that had come from Europe,
and mingled with the Amerjcan working people, and had in¬
cited them to such terrible deeds? "No, I do not think that,"
said she, "for my husband told me these times would surely
come; but he did not expect them so suddenly. He never would
have sent me to Chicago, if he had only taken my advice ten
years ago. He could have given away two hundred millions
and we would still have been constantly worried to know how
to protect the balance of our fortune. Oh ! dear me, I do not
know what to do with myself. That woman talked to me
all last night. She seldom comes out of her state room.
She is thoroughly informed in everything pertaining to her
husband's affairs, and is an endless talker." "Well," said
I, "I think we should not let any details occupy our minds ;
only the general information necessary to assist us in our
future movement to better our condition." Then bowing an
adieu, I went aft to change the thoughts that were run¬
ning in my. mind, and also to try and get the benefits of
the grandeur of the scene surrounding us; for I found I
had been oblivious to everything else while that lady was
giving the account of the terrible calamity that had be¬
fallen a city that I loved very much, having made there
some of the pleasantest acquaintances of my life. Be¬
sides,—what had become of my millions in the banks there?
Well, I had decided not to think' about that. I had heard
enough of the sickening details of the péople's misery and de¬
spair for one day already, and had decided to accept one of the
many novels that had been so kindly offered me. ' But
this novel reading was not a success. I could not keep
my mind on the book at all. I gave up this idea. I had
a smoke and chat with the captain and went to dinner, and
THE BANKER'S DREAM.
133
when I again came upon deck, we were just passing Cape
May, and were now on the "Briny Deep." The wind fresh¬
ened, and every 'rag* of canvas was set There was a little
"ground swell" on, and this made the vessel plunge some, but
with the stiff breeze, the scene was one of grandeur. Cape
May was five miles under our lee, and we were "scuppers
to water." Everyone was holding on to keep from sliding
to leeward.
It was very enjoyable to look the whole length of that
vessel from stern to jib-boom, and then aloft, and sec that
spread of canvas. Our wake looked like a path of snow.
Now and then a little spray would come in over the weather
rail forward, but that was more enjoyable than otherwise.
The sea now looked a deep blue, and the land in the distance,
on the Jersey shore, looked no higher than the sea. Ex¬
cepting a sea gull or two, there was no sign of life, on the
ocean. But here, I could no longer control my mind and
feelings. Was it possible, that a great nation had gone down ?
I seemed to dread to look from off the ocean upon the shore.
All those cities gone. No railroads, no banks, no hotels or
homes, destruction everywhere. I could not but feel there was
something remiss on the part of the Government.
Why did not the Government increase the regular army ?
If we'd had a standing army of one million of well drilled me i
in the field, such as all other nations have, we could have
quelled this whole trouble thought I, but I could not realize
the situation. But there I was on board that vessel, that I was
sure of ; and of course with what I saw in Philadelphia, I was
satisfied that the reports about other cities were true enough.
But how about Boston? thought I. I still had some hope
for Boston. I went forward, where a number of gentlemen
were in a discussion, when an elderly man, with white hair
and beard, wearing a fine black slouched hat, came up and sat
down to listen.
134 the banker's dream.
The pale faced young man whom I saw giving the guard
gold pieces upon the wharf, was talking about what should
have been done, and he having been in a bank in New York
at the time the city was burned, I felt interested in what he
was saying. There were a dozen ladies sitting or standing
around, when a fine, tall, stately looking gentleman, with a
c nnmanding step and bearing, resembling Abraham Lincoln
somewhat, but a little more finished in dress, came up, and
resting his elbow upon the top of the deck-house, seemed to take
deep interest in what was being said. One of the ladies near
me whispered to her friend in my hearing, that the tall gentle¬
man was an ex-Governor of a Western State. I certainly felt
interested in him after this remark, for I felt his opinion and
knowledge of affairs in our country would be of great weight.
The pale faced young man would have inherited vast wealth>
had it not all been destroyed. Consequently, he was ver}'
vehement in denouncing every one, and everything) and he
was proceeding on this line, and denouncing Western farmers
and Silver fanatics, and cotton planters, and especially West¬
ern Governors of the Populist stripe, who, he said had been
do'ng their best to rob the men of the East, who had befriend-
e 1 thein in making loans in honest money, and then because
the Eastern men would not accept worthless silver, those
Westerners, burned, sunk and destroyed everything.
. "That is the truth," ejaculated three or four of the ladies
with whom the speaker seemed to be a favorite, and I must say
T took a great liking to him as I could see he was more
"English" in his taste, than American, as evidenced by his
trousers, which were of large check pattern and coarse ma¬
terial, very baggy and turned up gt the bottom, his heavy
English shoes, his cape coat, and high striped collar, with one
eve-glass, and heavy cord. His hair, parted in the middle,
was brushed down close to his eyes, and cut off square in front
of his ears, and bis helmet cap was of material matching; his
THE BANKER'S DREAM.
135
trousers. I must say that I joined with the ladies in my ad¬
miration of the youngster. It was evident he had been
educated abroad, by his dialect, and in Oxford at that.
The old ex-Governor, to whom I have just alluded, asked in
a very gentlemanly manner, if he might be allowed to
ask a question?" "Certainly," answered the young man.
"To what kind of money do you refer, when you say the East
loaned honest money to the West?" "I mean sir; that every
dollar that the East has loaned to the West, and every dollar
the American people have borrowed from Europe, was bor¬
rowed in gold, and is payable in gold, and I will add, that any
man or set of men, who advocate any other money, especially
an almost worthless silver dollar are repudiators and swindlers.
I know what" I am talking about for I have had the handling
of many of the loans made by the American people from both
sides of the water, and know what the understanding was."
"Now just one more question, please. When did such a law'
pass, to make all these debts payable in gold?" t "In 1869,"
said the young man, and two or three other gentlemen present en¬
dorsed the statement by exclaiming, "That is so I that is so ! I
Governor," and all the ladies began to warm up to the occasion, by
sustaining the young man, and his backers, with knowing looks
and nods. * "Our young man and some others present, (pre¬
sumably you are from the East) are very much mistaken in
regard to the public and private debts of this country being
payable in gold," said the Governor. "Excuse me, for speaking
so plainly," "but I am more thoroughly convinced than ever
that the destruction of this country, is wholly due to the ignor¬
ance, on the part of the people, regarding our financial systems.
The law of '69 referred to, does not mention gold; it was
simply a credit .strengthening act, specifying coin. Now I will
quote you the law making every outstanding obligation9 pay¬
able in silver, o I refer to the acts of 1878, and this act was so
interpreted, by the Hon. Edwards Pierpoint, Attorney Gen-
136
THE BANKER'S DREAM.
«ral of the United States, who says, 'That the act of Febru¬
ary 18, 1878, directing coinage of silver dollars, declared that
such dollars shall be a legal tender at their nominal value for
all debts and dues public and private, except where otherwise
expressly stipulated in the contract.'
'That all the bonds of the United States issued or author¬
ized to be issued under the said act of Congress, herein before
recited are payable, principal and interest at the option of the
Government of the United States in silver dollars of the coin¬
age of the United States, containing 4121 grains each of stand¬
ard silver.' Our free daily press should be held responsible
for the country's downfall. This British Gold Bug, free
daily press, black and damnable in its treacherousness, has so
misled and misrepresented the financial question to the Ameri¬
can people, that hundreds of thousands, yes, millions, to-day
think as you do here, (I believe honestly) that all debts are
payable in gold. I know they have stopped the coinage of
silver, and stabbed and crippled it, and given the bond-holders
the option of gold if they desired it, but they were traitors, and
they have paid the penalties of their treachery with their lives,
by an outraged, robbed and ruined people. By this time the
old Governor was straightened up to his full height, and his
arms seemed like the limbs of a strong oak as he stretched them
both out over the heads of his hearers. His voice grew both
powerful and clear, and his sentences seemed to strike.^, terror
into the souls of his opponents. I noticed the captain and the
California merchant were very attentive, but the young man
and the ladies with him walked away. The Governor, seeing
this, said he did not desire to interrupt, but was impelled to
ask to be allowed to correct such a prevaleht, but unintentional,
false statement Then those remaining called upon him to pro¬
ceed, which he did rather reluctantly, and never having heard
a Populist, especially a Governor, I thought I would remain,
TEE BANKER S DREAM.
137
to ascertain what they could find to justify such results as they
had brought upon the country.
At this request the speaker seemed to start out afresh. He
opened his remarks by saying, "That martyred saint and pat¬
riot, Lincoln, gave this country the first honest money, in kind
and quantity ever issued ; and the same man proclaimed free¬
dom to every soul that breached in the land, and for these two
blessings, bond-holder and slave-holder alike, have hated him
until this day.
Friends, there is another Lincoln somewhere in these eighty-
five millions of utterly lost, and ruined people, and unless such
a man is found, I don't want to live another day to witness the
famine and death scenes that await the millions of our Ameri¬
cans. Of foed we have but little, law and order none. Not a
state in our once happy Union has a Government Not a
county, not a city, save a few large ones, and there no govern¬
ment only a few soldiers who practically own the treasure they
guard, which is only worthless paper money, or more worth
less bonds and mortgages upon destroyed property. The strong
will devour the weak, the same as the rich have devoured the
substance of the poor during the past forty years, under their
monstrous, inhuman, and damnable financial system of a
British Gold basis.
It may be a deliverer will come, and lead us out of the
wilderness. But unless a Divine hand gives us a Lincoln, I
am afraid it will come to extermination, through Cannibalism
I believe in a Divine, an over-ruling passion of love, within
the breast of .the human family, and I believe this wicked, this
accursed selfish love of power, and greed, isa sacrifice of human¬
ity for gold, copied from European systems, and engrafted into
our system of Government Since 1866, it has not only robbed
us of the realization of the ideal social relation between man
and man, but it has left nothing, but tne blackest night of
138
THE BANKER'S DREAM.
despair and death. Who here knows where we are to land,
or what will be our reception. We know there are starving
camps all around the burned cities of the east.
You boast of eastern civilization; where now, is your Fall
River, your Lynn, your Haverhill, your Lowell and Law¬
rence? Where now are your Court Injunctions? Yes; where
are your militia, and armed deputies?
Those British Syndicates over-looked the fact, that they
were robbing and shooting the descendants of a people whose
ancestors were once before placed under a British yoke. But
in those days the foe was an open, and an honest enemy. To¬
day, it comes here through the Benedict Arnolds of Presidents,
Senators Representatives, Governors, bankers and bond¬
holders, as black as hell in sin, and as treacherous as Judas,
to rob and conquer the people. Coming in this way, England
could deceive the people until she found they owned nothing and
consequently, had nothing to protect, nothing to fear. 'But
when the bond and mortgage holders saw the flames shooting
heavenward from those British bonded American Cities of the
East, as well as the West, they came to the conclusion, that
the American people had developed a new type of character,
which endured wrong, robbery and ruin to the very brink of
death, and the destruction of everything around them ; for an
American will live free, or he will die fighting for his freedom.
Let your memories go .back to the time of the Declaration of
our Independence from England. Compare the farewell address
of Washington, and speeches of Jefferson and Madison, with
the treachery of our Presidents and Senators of the'past twenty
years. The monied Aristocracy of this country, would not con¬
sider the proclamation of a President loyal to-day, if it did not
first consider what England and Germany desired, and was
filled with the following expressions, "International," "Foreign
Nations,"-"All Europe will protest," "This Nation cannot
THE BANKER'S DREAM.
139
stand alone," "We must consult Europe," "International Con¬
ferences," "Europe must lead off," "Europe will throw back
her securities upon us." All our Senators run to submit their
speeches to the President to-day, before delivering them, and
the President submits all his policies to Foreign Ministers be¬
fore he announces them, and so it has been for the past fifteen
years.
Twenty years ago, Western Governors and other public men
declared in public documents, and in public speeches, that
flames would shoot up from every palatial residence in the
land, that every farmer was selling a bullock and buying a
rifle, that 'Northern cities would be bespattered with the blood,
liver and lungs of human beings, that men would ride up to
their horses' bridles in blood,' and the British Gold Bug Press
of the East ridiculed these warnings, as the wild vaporings of
wild West repudiators and demagogues.
But where are the traitorous editors today? Most of them
have been murdered, their property burned, or otherwise
destroyed, and their palatial residences in ashes; while those that
have escaped, and are in hiding, have seen enough "blood to
horses bridles," enough human blood, liver and lungs, to satis¬
fy them that practical experience, broad intelligence, and a
careful study of the world's history, enables the mind of man,
to become far-reaching ; and his so-called "prophecies" are only
prediction based upon a fixed, infallible law of superior mental
power, the vision of which has not been blinded by self-
aggrandizement.
Let me enumerate some of the acts that have been con¬
summated by these robber agents of a foreign and domestic
monied aristocracy since 1866. Act No. 1, they call in, and
burned up $1,200,000,000 of the People's legal tender paper,
most of it, non-interest bearing, and in its place, put out both
interest-bearing non-taxable bonds, and interest drawing non-
legal tender bank paper. This one act made a difference of
140
THK BANKER'S DREAM.
$2,400,000,000 to the American people. Before this act, the
people owned this money ; after it, they owed this amount, and
mostly to foreigners. Before this refunding, the bonds were a
popular loan, from ten dollars to thousands ; after refunding,
it was only issued in the thousands. Act 2, that for which
paper was paid, was to be paid back in specie.
Act 3, Resumption of specie payments, The effects of these
two acts upon prices of commodities in the hands of the pro¬
ducers of wealth, was as follows. Before burning up the People's
money, and issuing interest drawing bank money, the farmer
received, from the rich, three dollars for one bushel of #wheat.
After burning the people's money and issuing bank money,
the farmer was compelled to give three bushels of wheat for
one dollar, and still could not understand how the banker got
crop, farm and all in the end. Act 4, "Demonetization of
silver in 1873. First experience, panicSept. 7," which continued
until the riots in 1877. The Gold Bugs, finding they were
rushing things too fast, and that riot would end in revolution,
were compelled to pass a bill to remonetize silver; this was
done on February 28, 1878. Result, starting up of business,
advance of wages, restoration of values, but making the cost of
fivifag of the non-producing classes much higher.
This bill having such a salutary effect upon Agricultural
and Industrial interest of the nation, a demand was made up¬
on Congress for the unlimited coinage of silver ; for while the
bill of'78 remonetized silver under a President in whose dis¬
cretion it was left to limit the amount, he treacherously limited
the amount to two millions per month, while the bill permitted
him to coin five millions. The free coinage passed the Senate
by sixteen majority. The House defeated it. The purchase
of 4,500,000 ounces was finally agreed upon. This still
further stimulated business in all parts of the country, when
the Gold Bug press of the country set up a yell to stop all
THE BANKER'S DREAM.
141
coinage of silver. At this time a currency syndicate was
formed in Boston, New York and Philadelphia of about six
hundred millions of dollars, to lock up all the currency of the
nations, and through twelve national banks in New York a
conspiracy was formed to call an extra session of Congress to
carry out their plot to close up all our silver mines. This was
sprung on May 1,1893. They bribed the measure through,
overcoming sixteen majority, pledged for free unlimited coin¬
age. Now for the results. Panic, six hundred bank failures in
three months, closing of nearly all the mills mines and furnaces,
a 50 per cent tumble in the price of silver, wheat, cotton and
all other commodities including labor. In six months time mil¬
lions were out of work and starving. They formed armies and
marched over the country to Washington. The "Go'd Bug"
Press advocated shooting them as they approached cities and
towns, but the poor people welcomed and fed them.
Upon reaching Washington, the leaders bearing immense
petitions, signed by the American people, were arrested, and for
attempting to address the rulers, and presenting these petitions,
were cast into prison. Bankruptcies, sheriff sales, and soup
houses, filled the land.
But this Currency Syndicate still held its grip on the Legis¬
lature, and an attempt to coin only fifty millions of silver
seignorage, in the midst of a money famine, was vetoed.
During this period the Syndicate attempted to destroy all
the people's money, and substitute bank money; and to ac¬
complish this, attempted to issue five hundred millions of fifty
year bonds, payable, principal and interest, in gold. In this
they were defeated, not by the people, but by a fight among
themselves; over sixty-two millions of bonds which were sold
to an inside, White House ring, owned by the Currency Trust,
at a great deal less than their market value.
I refer to this history of nearly twenty years ago to show you
142
THE BANKER'S DREAM.
how completely the people of all parties were in the power dt
foreign and domestic bankers ; and had it not been for this
fight among the forty thieves in the last transaction, which
deferred the destruction of the people's money at that time,
the terrible calamity which has now befallen our whole country»
would have then taken place.
Let me refresh your memory upon the condition of affairs
then. , A strike of three hundred coal miners had just been
squelched by military power. A few months later, forty
thousand miles of railroads were tied up. And the militia of.
28 states were under arms to crush the working classes.
The railroads were so strong they could control the Govern¬
ment to do anything they desired. Merchants were ruined,
the merchandise in transit was spoiled, or destroyed by fire and
wreckage, and all this to give preference to millionaires' pri¬
vate palace cars, over the common travelling public and U. S.
Mail cars. The Government was offered transmission of all
common passengers, mail and freight ; hut would listen to noth¬
ing until the millionaires' demands were first granted.
Under this system of government, affairs constantly grew
worse until the years ninety-nine, and nineteen hundred. Near¬
ly everyone familiar with the world's history, expected that the
calamity which had taken place before, under similar circum¬
stances, would now take place again. The European steamers
were crowded with millionaires' families. Stocks, bonds and
securities, of every description, were thrown upon the market.
There was a rush for Canada and Mexico. Strikes in all the
coal mines—upon the railroads, and in city travel, shook all
confidence in society.
The sympathetic strike of most of the industrial workers of
the country, was almost the last straw to break the monied
aristocracy's back. Seeing this, the money power, not being
ready for the final struggle, and to declare for monarchy, and
THE BANKER'S DREAM.
143
not having sufficient military power, decided to defer it
by concession and trickery a few years, until an army could
be raised.
At this critical moment, the President declared martial law
throughout the land, and also called a council of all the
leaders of all the different labor organizations, at Washington.
Only the president of each organization was invited ; the Presi¬
dent stating, that if he could agree with them, he would
withdraw all military forces. The capitalists finally accepted
the agreement. Conditionally, however, upon a promise, that
upon the acceptance of this agreement, all the Presidents of
the different labor organizations should issue an order, from
Washington, ordering all back to work at once ; and this part
of the offer must be accepted before starting for Washington,
for the Conference. The capitalists were beaten; this they
well knew. .Telegrams came pouring in from all parts of
the country, and from Europe, to grant everything. In
Europe, the excitement was intense; and prices for food in
localities were so high, that famine was imminent, caused by
the stoppage of transportation. The President was very affable,
[X)lite and sympathetic ; and could see from their statements,
that their claims for arbitration were just, and was willing to
see they had justice done. The President committed the diff¬
erent Labor leaders to act as a whole, and to be controlled by
a majority vote.
His first proposition was to withdraw all the military, and issue
an amnesty; and where time was in question he would con¬
cede one-half, and where wages were in question, he would
grant the same; and any corporation not accepting this, he
would grant the workmen full demands, or give no protection
to the corporations or employers refusing these terms.
The Presidents of the Labor Unions, then retired to the Ban¬
quet hall, where a sumptuous feast, well supplied with fine
wines, and champagne, was tendered them. From the
144
THE BANKER'S DREAM.
Banquet hall they retired to the lobby. Here they were in¬
troduced to friends, who supplied them with fine brands of
cigars, and also' congratulated them upon the success of their
Conference. These friends (?) managed to see each member
separately, during the smoking hour, in the lobby ; and during
these private interviews, each man was made sure to accept the
President's proposition.
The National strike was "called off"," and in a few hours the
whole nation was restored to law and order, every wheel was
turning, every loom and spindle was humming, all the military
discharged, and the nation had escaped what seemed the un¬
avoidable destruction of life, property and National existence.
Once at work again, the workers were in the power of the
capitalists. The banquet feast, the champagning, and the con¬
centration of lobbyists of the banks and railroads in the lobbies,
had accomplished for the rich what an army of three millions
of soldiers would have been unable to have accomplished. But
the bad faith of the President of the corporation, and of the
bribed labor leaders soon began to cause renewed discontent
among the workers.
Crimination and recrimination took place between the differ¬
ent Presidents of the Unions. The pointed attention received
by the labor presidents at the hands of all the corporations,
the expensive living of the indescreet labor leaders, the con¬
cessions of some of the labor presidents, and the open friend¬
ship others had towards the corporations, caused the deepest sus¬
picion on the part of ull the Unions.
a The one lesson learned by them was never to trust a one man
power again. For they had seen a nation sold out by Presi¬
dents, Senators and Representatives. They had the demon¬
strations of a principle in Government that had been adopted
after a bitter struggle, in some Western States. A new prin¬
ciple which centered all power in the masses, instead of, as be¬
fore, in the individual.
THE BANKER'S DREAM. 145
This was the system of the initiative and referendum.
After that experience the Unions throughout the land
adopted it, each and every honest leader accepted it gladly, as it re¬
moved all grounds for suspicion from him. But the selfish
and false, the Judases among them, with the united press of
the country, fought it to the bitter end. The result was, less
strikes ; and these were national, and always successful, on the
part of the Unions.
Now that bribery had been made impossible on the part of
the rich, to overcome strikes, a greater effort was made for a
strong Military Government
Bills were offered in Congress for hundreds of thousands of
soldiers. Sham conflicts between our Naval cruisers and
Foreign War Vessels were put out in Big Head Lines by the
Press, to show the necessity of Naval and Military preparations.
This was met by Labor Unions commencing to arm all
through the country, and drilling amongst themselves. This
was an unexpected turn of affairs. Consequently bills were
offered in the Halls of Legislation, to forbid arming or drilling
in labor or other organizations, without permit from the Gover¬
nors of States, and the President of the United S ta tea The
permits were given only to Sunday Schools, of well to do
Churches and Colleges. Practically, the working people of the
country were at this time working under Military Sentinals.
All Railroads were running with armed help, and the tender of
the Locomotive was an iron clad fortress. The armed guards
were enclose d in an iron turret—with the privilege to shoot all
or any who were found upon the company's road-bed, outside of
city or town limita Conductors and brakemen, were armed
deputies, as well as all station agents. This was necessary.
Armies of idle men were roving, and marching throughout the
whole country, as the result of increased inventions of new elec¬
trical devices that could be controlled and manipulated by
women and children as easily as by men.
146
THE BANKER'S DREAM.
Thousands of small and large retailers and jobbers were fi¬
nancially crushed by the syndicate ware houses, and depart¬
ment retail supply houses.
All small manufacturers were gobbled up at dictated prices
of the manufacturing trusts, or crushed out of existence.
All these large syndicate supply depots belonged to the
currency trust, and annually their hundreds of millions made
by their enforced panics and resultant Sheriff sales, were con¬
verting the whole country into the currency trust's ownership.
All real estate, especially that used for store purposes, became
worthless and the owners ruined. The theatrical companies
were completely annihilated, as the great Department stores
supplied these free in the unused, upper hall of their immensg
buildings, to induce trade. In fact the' great distributing
centers of trade, became the great social center as well, for
while some theatrical performances were held in upper halls,
in others, the basement was used as dancing halls and rath-
skallers.
The churches were disastrously affected, for these great
syndicate halls, used through the week for theatrical enter¬
tainments, were used for popular preachers on Sunday, and
with the broad social conditions, they drew away all the young
people from the old established, strict forms of worship in the
churches, and these being under such heavy expense, and the
people so impoverished, they were compelled to succumb to the
new order of things. Some of the brightest of the clergy, who
had the gift to attract, and hold large audiences, were engaged
by the trading syndicates. This was a very sad and se¬
vere blow to those aged ministers who had done a life's ser¬
vice, and were dependent upon their salaries ; for their flocks
were equally dependent in their advance years, and unable to,
any longer assist in subscribing to the minister's pension list,
and they in common with all other, once well-to-do merchants,
the banker's dream. 147
had been forced to the wall by the colossal and stupendous
accumulation of wealth in a few private hands.
At this time, there was a new school of Optimists which
had sprung up, and many thought they could see in the near
future a hope that a nationalization of all these interests, would
bring them back into the hands of the people, and there would
be a great day of jubilee. But they were only dreamers and
novel readers, and not thinkers. They did not know the kind
of men they were to cope with. Had they been imprisoned,
and black listed, and starved ; had they been sold out by the
Sheriff, and their wives and children thrown out on the road¬
side to be preyed upon by wolves from the forest as I have
seen, they would have been more practical in arriving at their
conclusion from their delightful speculations, and they would
not have been so ready to have ridiculed the predictions of
'Wild West vaporings* of Governors, who almost wept as
they spoke.
But instead of nationalizing all these roads, industries, and
distributing agencies, in the interests of the people, as philan¬
thropists would have done, the cormorants nationalized tlieui,
and their interests into their own pockets. For the men that
accumulate a thousand millions are not the men to be caught
napping They also could read the doctrines of this school.
They knew it meant their property; and while the dreamers
were thinking over what a good time they would have, these
men plotted for an army of a million of men, to grind
t he people to powder. Every man owning this great wealth,
meant that what has taken place, sKould take place, before one
iol or tittle of their property should be legislated away from
them. And they each and all, would, like the miser, rather
die by his own hand, than give up his long cherished and
hoarded gold.
Now friends, it can make but little difference what I say. be¬
fore you. For the time being, let us pass it as pleasantly as
148
TOT BANKER'S DREAM.
possible upon this voyage; for we know not what awaits us
after we arrive in New England. Our trip is likely to last
ten days, and every ten days, under the terrible mental and
physical strain of the people, seems a month.
In some sections of the country through which I passed, the
people were crazy, singing and shouting, praying and beating
their bodies, and at the same time were in a starving condition,
little children, and aged people, were dying off at a fearful rate,
sickness, hunger, and exposure was doing in a few months, that,
which under civilization, could never have taken place. What
we will find in the East neither I, nor anyone else, can tell All
we can do is to hope. My family is somewhere in Maine, but so
terrible is the condition of all the people, I don't dare to think
about it. It is the opinion of most men that it is best to
keep near the sea, as people can live upon different kinds of
fish as was the case when our forefathers landed. One thing
is certain, whatever there is, is divided or allotted to all alike.
When I came upon camps on the Mississippi, it made no differ¬
ence who you were, or what you were, you were entitled to a
portion of whatever the camp had for that meal. But if you
stopped there, you must go out with the rest, and forage for
fish or fowl. Food of any kind that was brought into camp
from any source, from which it could be obtained, was held in
common ; but in every instance the owner of it was invited to come
and share with the others. I found this law prevailing all along
the Mississippi River country, and have been informed by an
acquaintance I have had the pleasure of making on board ship,
that he found the same principal prevailing from California to
Louisiana.' There was nothing else to do. It must be that, or a
fight. What was left was divided equally. And let me show you
by example how quickly we would be compelled to establish
the same principle on board this vessel -under like circum¬
stances, if * by collision or hurricane we were ? wrecked,
dismasted, or water lodged. Now suppose there were twenty
THE BANKER'S DREAM.
149
survivors left upon the wreck, and among us one had saved
some bread, and another some water, another a little meat,
others nothing. "Every indication pointed to ten or twenty
days before we would be rescued. We have our captain
present here as a listener and if I do not state correctly the
principle he would establish, under these circumstances, I hope
he will correct me.
The first thing done in such emergencies is to call upon all to
deliver up whatever they have, and this is put under control
of the one in authority. The number of survivors are
counted, the whole amount of food and water estimated, and
the time it must last calculated, and each person allotted his or
her proportioned part ; and it would not be safe for any person
to take exceptions to this principle.
Do you think the captain would say to the survivors 'let
all the first class passengers come first and eat and drink all
they need, then the second class, and so on until it comes to the
sailors, and if there is nothing left, they must be the first to
starve?' Now that is the principle established under the so
called christian civilization, backed by a Military power. The
poor producers of food are the first to starve. But it is no longer
so in any part of this land to-day. Although there is no Gov¬
ernment, there seems to be more humanity, more equity, and
justice existing, than before the Government, with its terrible
Military power, was overthrown; and from this principal of jus¬
tice and humanity which has manifested itself since the over¬
throw of wealth, I see the greatest hope, that the people, be¬
fore long, will get back to the land, to the workshops, and to
the Church. But do not think the robber systems which have
resulted in taking away all substance from the workers, and
centralizing it in the hands of the drones will again be per¬
mitted. For such system will always result in the overthrow
of every attempt to establish a government based upon equity,
justice and liberty, and prevent establishing a state of society
150
THE BANKER'S DREAM.
based upon the golden rule. At the conclusion of his re¬
mark the ex-Governor quietly sat down by himself seemingly
unconcerned about what the hearers thought about his talk.
But he was not to escape so easily. The Merchant quickly
stepped up to him and grasping his hand thanked him heartily;
as did also the captain, and one or two of the ladies, one of
which was from Boston, and had been very rich. But most of
the hearers assumed an indifferent air, and while to me it
sounded very well, I wondered just how he would have talked
and acted if he had upwards of one hundred millions of dollars,
and good prospects for himself and family, being almost at the
very head of the social and financial world.
This speech, the talk and discussion following, helped the
day along wonderfully. It was getting toward night, and the
wind had nearly died out, so our vessel had not steerage way,
■and the sails were flapping and booms jerking and swinging
all about, and spars squeaking, as the vessel rolled and tossed
in a lazy and drifting manner. This state of things soon had
its effect upon those unused to the ocean, and signs of sea¬
sickness began to make its appearance. Some becoming
deathly sick. This brought out the fact that we had a doctor
on board, and for a time his services were in great demand.
CHAPTER IV.
A DOCTOR OF ALL SCHOOLS.
The doctor, like most others, came on board in a stranded or
stalled condition, and consequently was without medicine.
The vessel being a coast-wise craft did not have any medicine
chest on board. Yet there were some few remedies in the
cabin, but in looking them over the doctor said, "Oh ! there
is nothing there ! The fact is, there is no disease about this
stomach disturbance. I could bring about the same results
upon a person on the land, but bv a different process.
THE BANKER'S DREAM.
151
All that would be needed, would be to tell a story sufficient¬
ly strong in its effect, upon the mind, or place a piece oí
sufficiently tainted meat at the nostrils of your subject, and
you would get the same results. Most of these troubles come
through the mind to the senses. Did you notice all the time
the ex-Governor was talking, (and he kept the mind uf his
hearers riveted upon his thoughts,) there was no signs of sea
sickness?
But as soon as the talk ended, and the people began to let
their minds dwell upon their troubles, they were then in that
negative state to be affected by that which failed to affect
them when their minds were positively charged by the sug¬
gestive, hypnotic, psychologic and mesmeric power of the ex-
Governor's thoughts and magnetism."
The doctor proved a happy passenger for us however. He
was a graduate of the old school originally, then became Hom¬
eopath, and had finally ended up with hypnotic healing.
He certainly was a marvel—for he not only cured those who
were sick almost instantaneously, but, when some of the old
sea-dogs were boasting, that nothing could make them sick, the
doctor said : "Now be careful, for you may be sick in three
minutes." "Well," said one, "you can't make me sick."
"Can't I?" said the doctor. I can make you the sickest
man on the vessel in three minutes, and I will not touch you
nor give you anything."
"Weill" said the man, who certainly could not have been,
read up much on Hypnotism—"Do your worst."
Now this was getting interesting, for by this time, nearly all
the well people on board the vessel had formed a circle to see
the show ; and they were already wearing a different express¬
ion of countenance : from that of the past few days.
The doctor stepped right in front of the man, fixed his eyes
upon him, and pointing his finger directly at his eyes, said :
"You will be sick in three minutes;" then waiting a minuto,
152
the banker's dream.
said, "you are turning pale now ! ! You are sick ! ! ! Don'i
wait too long ! ! ! ! Break way there ! ! Go for the rail, quick !"
The crowd broke way, and the man made for the rail, and
none too quickly. It was a triumph for the doctor, for not
another subject could he find. The man seemed a little ill-
natured over it, and felt still ill, when the doctor walked up to
him, and snapping his thumb and finger before the man's eyes,
aid, "you are well now." At this the man commenced to
-mile and walked away looking a little sheepish. The doctor
cured all that were sick, c^ccpung in a few instances, ana
these he put to sleep under hypnotic power, saying they would
be all right in the morning.
After supper we were again at the forward part of the
vessel, when the doctor gave us a few exhibitions of his power
overman, seeming to have complete control over his subjects.
After his exhibition, he gave us a short lalk in regard to this
power in the world, claiming that the people who believed in
it least, were its most helpless subjects, and among other
things, claimed that nine tenths of what is called "blind fol¬
lowers of the blind" in politics and religion, were so, through
the law of universal Hypnotism He said, "systems of religion
will spread and hold people under hypnotic power until the
downfall of their nation, as shown in 'Volney's Ruins.' The
■ overthrow and ruin of our own country is under hypnotic
power of political pait os and the press.
Hypnotism is the law of mental attraction, the same as
gravity is the law of physical attraction. The earth holds
everything firmly to its surface. Likewise great political
parties, or great religious bodies attract and hold their mem¬
bers together, through the law of mental force, exerted by the
aggregate of thought directed upon one mind. By this united
thought each individual mind has become permanently charged,
and while he. sees his party is logically wrong, yet for some
unaccountable reason, he has not the power to leave it. Two
THE BANKER'S DREAM.
153
equal bodies will naturally draw to themselves such nega¬
tively thinking individuals, so to speak, as may fall within the
influence of this law. You may ask, how then can new parties
of men get started? Well! You have had an illustration of
this principle during the past forty years in this country, from
1860 until now, and its end has come just the same as Voluey
shows in his works, through the downfall of nations. For
twenty-five years the positive minds have tried to influence
people from their old parties, and at certain periods would get
some results. But when the great bodies became active, and
bagan to excite and energize thought in a direct line of action,
which was usually to vote for certain interests, the people, or in¬
dividual minds that 'flew off,' would again be attracted back,
and the new movement would go to pieces. Now the great
minds discovered this effect without understanding the law,
but they had such confidence in it, that they conspired and
plotted the most colossal frauds and robberies upon the people
ever practiced in the world. As soon as I became a scientific
student in hypnotism, I saw this effect demonstrated between
two equally large parties. Both were committing stupendous
frauds upon each other, and the poor people of both saw this,
but as they broke loose from one party they were caught up as
quickly by the other as a small tack is caught up by a perma¬
nent magnet; the smaller magnet,, (or body of men,) exerting
110 influence upon them. What greater proof can I give you
than the fact, that, in '65 we were the most powerful, and
prosperous nation on earth. In 1912 the people became home¬
less and the nation lay in ruins.
Nine tenths of the people of each party knew their party was
corrupt, and resolved to leave it, but when the time came, for
some unexplainable reason, they were drawn back again, and
nothing but the results before alluded to could be the outcome.
Now every party is disintegrated and hundreds of little sects
and parties will spring up on every hand, and in turn they
154
THE BANKER'S DREAM.
will, according to their aggressiveness draw other small factions
to them. Reason will play only a small per cent, in influenc¬
ing their action. But now and then, a happy lot of intelligent,
honest minds, of fine quality, start together as in the case of
our forefathers. Then the attraction makes a gain for good in
the world, as occurred from 1830 to 1860. There was m our
Country's History, another happy collection of positive and
aggressive men. You must not lose sight of the opposite party in
its positive but relatively weakened power. Often a new
power gets control, from the fact, that at that period the oppo¬
sition is weak, and not united in its 'pull,' as electricians
say, in speaking about permanent magnets. A new party gets
control—not so much from its strength, as from the negative
condition of the elements in the opposition.
Now in conclusion let me urge the people to make a move for
a high and noble purpose of unselfishness in Government, as
was stated by the speaker who addressed us in the afternoon. I
would add, that as I followed him, I could see how this in¬
fluence had been at work through a law, which enabled those
old leaders of both parties to plunder and rob the people
without hindrance for thirty years, and for some unaccountable
reason to themselves, they stood still like hypnotized fools,
which they were, and permitted it.
Thanking you for the attention you have given me, and
thanking also the subjects upon whom I have demonstrated this
law, I will close, hoping if any of you should become interested
in the study of this power, that great good may come to you
from it"
At this moment a little excitement occurred among the
sailors. One of their number was hurt from a fall and could
not walk ; and finally his groans became so distressing, the
si ilors reported to the captain, who in turn called the doctor.
Upon examination, the doctor found the sailor had injured
his limb ; and as it was greatly swollen and very painful, the
THE BANKER'S DREAM.
155
doctor felt satisfied the limb was broken, and said he must
make a thorough examination.
As he proceeded, the sailor commenced a deep moaning, and
seemed in great agony.
When the doctor said, "I think your limb is badly broken
in two places, and it must be set at once. This will hurt you,
but you must submit, and try and bear up under the pain like
a good man. If you choose, I can put you in a sleep, and you
will know nothing about the operation until it is all over."
The sailor consenting, the doctor in a very few minutes had
him in an unconscious state, and after putting his limb in
splints and seeing him safely in his berth, he brought him to
consciousness. The sailor was completely bewildered when
told that his limb was all set, and he must lie still until it
grew together. He was very profuse in his gratitude, and the
doctor had won new laurels for himself among the passengers.
While this incident was being talked over, the ex-Governor
remarked, "When I see an exhibition of such humanity as we
have just witnessed, and when I look back a few years ago and
see the advance in every department of political and social
economy, in art and science, in philosophy, in mechanics, in fact
everything, except one system, and that the most inhuman and
brutal of all systems, sustained by the whole power of Govern¬
ment, and in the end, the whole cause of the overthrow of the
Government, and the destruction of all gains made in modern
over ancient history, in behalf of humanity, it makes me feel
very sad. And this one exception, is a most damnable and ac¬
cursed monetary system, brought here from Europe, a British
Gold system, a British interest-bearing bond system, in lieu of
a cash system with money enough to make exchanges, without
being robbed by paying royalty upon an instrument of ex¬
change made artificially scarce by confining and limiting it to
some kind of a metal. The people have believed that money
would not answer for exchange unless made of nieUj of sors«
156 the banker's dream.
kind ; that a yard could not be measured as accurately with a
'"ooden yard stick as with one of gold, silver, or metal of some
kind. The yard-stick dealers knew that if they could make the
people believe the yard-stick must be of gold, the number
would be so limited that users of them would be compelled to
hire them as there would not be gold enough to make one
thousandth part needed for trade.
Who ever heard of the 'British gold bug' papers of
America, demanding the retirement of railroad tickets, or con¬
traction of them ; or that they were not 'honest' tickets, or
•sound' tickets, unless they were of 'gold, of the present
weight and fineness.'
Just as if a paper railroad ticket would not serve the pur¬
pose as well to pass you from one station to another, as if
made of gold. Just as if the Government could not use a
paper dollar to pay off an employee, and he in turn, take the
same to the postoffice, for a dollar's worth of stamps, without
our Government sending to Europe to purchase gold, and
thereby bond the people—that this same dollar may be of
gold.
Why not issue gold postage stamps, not to exceed one-
tenth of the number required, so that there will be a premium
on them, and hand them over to the national banks, en¬
abling them to charge you six to ten per cent for handling
them? Well! friends, we have all been fooled, robbed and
ruined. But these robbers have been made to bite the dust ;
and their system, like the slave system, is ended, and ended
forever. I certainly did not intend to make a speech ; but
the state of affairs is so terrible, it makes me wild. I can't
keep still." At the end of the ex-Governor's talk, the pas¬
sengers began to feel quite well acquainted ; and although
most everyone aboard were strangers to each other, yet they
seemed, after these speeches, to feel at home.
THE BANKHR'fl DREAM.
157
The vessel lay in a dead calm, helpless, as far M any con¬
trol over her by the captain was concerned, and how much like
the people of the country.
Now that the fury of the storm had spent its force, and no¬
thing but destruction and despair had become a settled fact,
the question in every one's mind was, what is to become of us?
I could not conceive of greater agony, than to be thinking
about it. To be sure the day had passed pleasantly, and we
had made progress. But what would be our fate when land¬
ed in Boston? This question was already being asked. The
Captain could tell us nothing about it, so time passed on, with
all our minds in suspense.
The next morning brought with it a storm cast sky. The
weather looked threatening, from every quarter. The East
wind began to freshen, and the vessel with top saijs furled and
outer jibs taken in, began to pitch and labor heavily under her
press of-canvass. The fog came on in thick banks and soon
the rain began to come down in torrents. The sea increased,
until heavy combers came rolling along burying the front part
of the vessel. The captain gave orders to shorten sail, and two
reels were put in the mainsail, and all the jibs except, the jib,
and fore-stay sail were taken in. Everything on deck was
made secure. The wind now veered more Northeasterly, and
increased in violence, and a very heavy and ugly sea was
rapidly making. All this time, we were standing in shore.
But as the gale steadily increased, the captain gave order to
"come about," and this we did, now, standing "off shore."
Still the gale increased in fury. Our lee rail was now under
water, while the heavy pressure of canvass was driving her
bows completely under. Every one, except the captain and
crews, were below decks, and the seas were making a clean
breech over the vessel at every lunge, and the weather was
constantly growing heavier. Heavy gusts of wind and sheets
of rain came along with terrific force, and after some dozen or
158 THE BANKER'S DREAM.
more heavy seas had boarded us, which shocked the vessel
from truck to keelson, the captain gave orders to "take in
sail," and "heave too."
This being done the vessel became steadier but the sea was
constantly growing heavier, and towards night great green
mountains of water would rise up to windward and looked as if
to ingulf us. Night was coming on ; and the sound of the gale
amongst the rigging and spars, with a moaning and whistling
noise—with sudden lurch and drop of the vessel, was such, alto¬
gether, that we needed all the nerve power we could muster, to
hold our selves together.
It was now getting so dark on deck and the vessel was
shipping such heavy seas, I finally went below; and there
was a sight that I certainly had not often seen at sea. All the
people were huddled together. (They had been thrown about,
and were so sick and frightened that their faces were of a
ghastly white hue, as the lamp of the cabin shown upon them.
I sincerely believe that most of them prayed to be taken away.
The ex-Governor and the California merchant were sitting
side by side, but both were silent. As I came down the
companion-way, with the rain dripping from my oil cloths, the
former looked up, with as serious and anxious an expression
as mortal face could wear, and asked, "Are you- a sea going
man?" I said, "Yes, I have been around the world." "Tell
us what you think of the situation," said he. "Oh," said I,
"it looks like an all night's blow. What does the captain
say about it?" "He hasn't been down," said the ex-Governor,
"These people are terror stricken; really life is not worth
living." "Oh," said I, "if I only knew what was taking place
on shore I would not be thinking much about this." "Then
you don't think it so serious?" said he. "No, not yet, she is
laboring a little heavy, but she is a good vessel and everything
holds so far. If our foresail don't split, and nothing gives
way,1 we are all right." "Well." said he. "that makes me
THE BANKER'S DREAM. 159
feel better. I have seen some terrible sights on land during
the past two years and I am still alive, but this experience
depresses me awfully. One can hardly believe life can be
made so terrible. "Well, I think I will retire," said I, "but
I will speak a word or two of encouragement to some of the
ladies." "So do" said the Governor, "for they are in a
terrible state of mind, poor souls." "Where is the doctor?"
I asked. "Oh, he has been helping them as long as he could,
but he is straightened out his full length now, and can't lift
his hand, he has given up all hope," said the Governor.
Atter speaking a word of encouragement to the ladies, I re¬
tired for the night. I awakened early in the morning, and
with an accustomed ear, I found the storm had, abated, and
beside, the movement of the vessel showed clearly that the sea
was smoother. I was about to rise when I remembered a
dream I had during the night. I dreamed I was talking in
private with the President and secretary of the Treasury, about
a five hundred million bond issue, and insisting upon its being
made payable, principal and interest in gold ; and I remember
he said, "I do not think it advisable just at this time; the
country is terribly poor, and especially the West and South
and I do not think they will stand it." "Make them
stand it," said I. "You have army and navy, and can
have the backing of all the corporate wealth of the nation.
What were you put there for. We are now just reaping the
harvest for which we have been working for years, and it
must go through if the Heavens fall." "Well! Well!" said
he, "if you say so." It seemed to be in the chamber of the
Stock Exchange, when suddenly I was awakened by some
noise and found it was morning and I was in my berth on the
vessel. I said nothing about this dream for it reminded me
of the part I had taken in past events from which
the present calamity was the result, in the minds of
some on board the vessel.
160
THE BANK EE's DEE AM.
During the forenoon the sun begun to make its appearance,
the wind changed to the West, the reefe were all now shaken
ont and full sail again set The wind was fresh and bracing»
the sky a clear blue with the exception of a few white fleecy
clouds, which were scurrying across it, and the blue ocran
sparkled as if studded with diamonds, as the great orb of
Heaven streamed out its silvery ray upon the ever dancing
waves.
One by one the sick and timid passengers began to come
on deck. And one by one they began to cheer up, as the
changed meteorological condition of the day manifested its
effect upon the expression of the whitened faces of the iavalid
passengers, and our grand old craft bowled along, rolling out
great breakers of snow white foam from her bows. All seemed
to be in love with her as if she were a thing of life, and wished
to kiss her in their expression of gratitude for the heroic
struggle she had made in fighting the mighty elements, in their
midnight fury and madness.
Everyone seemed drawn nearer together by the storm's ex¬
perience, and a feeling like brother and sister began to manifest
itself. Everyone seemed to want some one to whom they could
go in sympathy and love, for it was now nearly two years that
they had been like wandering Jews without home, country or
friends. All became more tolerant, more confiding ; for not¬
withstanding the pleasant change from the past storm to the
present sunshine, they were still mindful of the terrible dark
future that awaited them, as soon as land was reached.
The first lady I met on board, and who had given me such
a terrible description of the destruction of Philadelphia and
New York, was seated with a young lady of about twenty-five
or thirty summers. I inquired for her health and also how
she had fared through the storm. "Well," said she, "to you
is due the gratitude of all the ladies, for your few words of en¬
couragement; and the indifference, courage, and knowledge of
THE BANKER'S DREAM. 161
the situation in your answers to the ex-Governor, was the first
straw of hope we poor mortals had to clutch at, for the whole
day. My friend from Boston (the speaker then turned to the
lady beside her) was probably the most affected, through both
fear and sickness, of any one on board the vessel. She gave
up all hope, but after your words, and the unconcerned
manner in which you said, 'you guessed you would retire,'
she began to show signs of hope."
"Really, sir," said the young lady, "I will remember last
night the rest of my life, and also the effect of your few, but
encouraging words to us all." "Will you not be seated?"
said the first speaker. "You are very kind," said I, "I can
see we are inter-dependent even in our happiness. One half
of this world can not find permanent happiness at the expense
of want, suffering, and sickness of the other half. The lesson
we have been taught in the overthrow of our common country,
and the bringing of everyone, rich and poor, to the same
common level, should last the world for centuries to come."
(I did not believe this twaddle I was talking, but one can make
the ladies believe anything, and beside I was only seeking a
little pastime with them.) "We were talking upon that very
identical thought when you came up. This young lady has
some very exalted ideas concerning life, but I cannot accept
them," said my first lady acquaintance.
Then turning to the young lady she said earnestly, "I wish
you would repeat to this gentleman, your past experience and
also your resolves for the future. But I do not know that he
would be interested." I assured her that I would not only be
interested, but delighted, for I knew anyone with the advan¬
tages Boston offers for formulating ideas must be very interests
ing and helpful."
This young lady was remarkably beautiful, quite tall, and
of fine form. One could see at a glance, she had led a life of
the most refined culture, as indicated in speech, manner and
162 the banker's dream.
dress; and with all this refinement of nature, she soon demon¬
strated the fact that her mind was one of breadth and depth,
surveying society from top to bottom, and when life's highest
purposes were put in the balance to be weighed by her mind,
it was not swayed by riches or power, pride or poverty, but
by a love of God's humanity, based on equity, justice and love.
I soon began to realize I was in for a woman's talk, which
usually fits the next world better than this.
I could see her head had been turned by some Christian
socialist, or by reading -'Arenas," or "Bartol's Radical Prob¬
lems." When a woman breaks loose from society's established
customs, and strikes out, to live a life of her own, society should
put danger signals in her path, or in time society and notions
will both be wrecked, as has been the case with us. The flood
of women crusaders let loose upon this country since 1895,
could not help ending in the manner it has—viz. "Christian En¬
deavors," "Women's Christian Temperance Union,"."Brother¬
hood of the Carpenter," "Christian Science," "Christian Healers,"
"Womans' auxiliaries to all the churches," "Daughters of
Veterans," etc., until one half of our states let them vote, and
hold any office, and nearly one third of the churches have
their nul pits supplied by women. Thank God, thus far, the
Jewish, the Catholic and the English, all standard churches,
have escaped them. I braced myself up for the ordeal, how¬
ever, when she commenced in rather a reserved and timid way,
.by saying, "Some few years before this terrible visitation of the
destruction of our nation, I had been warned by some of my
wealthy friends, that it would surely come upon us, and I have
now realized the truth of their predictions. I was a very
wealthy young woman, my father was estimated to be worth
over $100,000,000, and to-day his body lies in the ruins of tha
New York Stock Exchange, and I believe his whole estate, as
well as my own, is entirely swept away. A few years ago,
about 1906, before he left, for Europe, he gave mamma and
THE BANKER'S DREAM.
163
myself ten millions each in United States Bonds, fearing in
case of accident, we might not be provided for. This made
we free and independent in all my life's actions. My father
advised that I keep my bonds under any, and all circumstance,
as, said he, everything will go to pieces except United State3
Bonds or first mortgages. Not a bank can be reliable under
the system that will obtain, until the system is firmly estab¬
lished. And papa knew, for he said there were twenty-five
men, his brother being one of them, who had formed a syndi¬
cate or a currency Trust, that could dictate any price upon
products, labor, or property throughout the land; that they
could not only dictate who should rule in government, but
could dictate the form of government.
Papa was very different from his brother. Uncle was much
richer than papa, and more ambitious, and often declared he
would have one thousand millions before ten years passed.
Papa believed we would pass through stormy times, and often
chided Uncle upon his course, saying 'in grasping for so much,
you may loose all, and overthrow the Republic.' 'I don't care
how soon the Republic is overthrown. But when the day
comes, you will find, what I have, will be safe.' In 19 )-5 he
thought he was ruined. He sent all the gold he could get to
Europe, and fled himself, but the trouble was settled, by a com¬
promise between the Government and the Unions. But it satis¬
fied papa, and myself, that the final conflict was only deferred,
and it was at this period that I resolved to lead a different life.
Papa objected, but my millions were my own. I commenced
looking into the conditions of women and children, among the
working classes.
This was in 1907 after the National Strike, although it
ieemea ro ne strikes all the time, as the Militia was always
under arms.
I was astonished at the condition in which I found the wives
164 THE BANKER'S DREAM.
and children of the honest working people of Boston. Eight
and ten in a family, living in one room. Mothers, with three
and four young children, worn out and sick. They could be
found in every ward of the city, and in such poverty and
misery. I resolved at once upon an independent life's work,
unless I could find ladies to join me. I called a meeting of
some of the wealthiest ladies I knew. Of course they were not
nearly as wealthy as I, but I agreed to give double the whole
amount that they would give or collect I could not find one
that would enter the work with me in person ; a tew offered to
subscribe something. The reason they gave in every instance
was, they would lose caste, and it was the work of the au¬
thorities ; that they had not a minutes' time, for in preparing
for their European trips, and their mountain and Newport
visits, all their time was taken. This led me to determine up¬
on an independent course of action.
That very week, I gave a contract for a 'hospital home,
and purchased fifty acres of surrounding land just out side the
city. I went down the harbor and bought an unoccupied hotel
of three hundred rooms. In three weeks time, I had two hun¬
dred sick mothers and children occupying that hotel, and my
doctor told me the first week we had the establishment fully
running, that not ten per cent of those there could have sur¬
vived the intense heat of Boston that week, for they all came
from the most densely settled tenement districts. The greatest
trial I had to endure was to daily pass through the different
rooms where the sick mothers were. But the cool fresh breeze
blew through the rooms, where they were lying with their
babes upon clean new beds, and were receiving every atten¬
tion that kind and efficient attendants could administer. Many
of these mothers, were refined, and most of them educated in
the schools of Boston. Some had attended the State Nor¬
mal Schools. Always, in my visits, the mothers would be
looking for me, and tears would come into their eyes. Their
the banker's dream. 165
gratitude was so affecting it almost unfitted me for the details
of my work.
The poverty oY the working classes constantly increased,
until the year before the final overthrow of society, life was
hardly bearable for people with any humanity within them.
At this time, a young man in whom I was greatly interested, re¬
turned from Europe." Here a deeper color suffused her cheeks,
and her voice deepened in tone, while her expression betrayed
a deep feeling in what she was saying. She went on. * *1 had
the right to expect (from the sentiment expressed in his
letters) that upon his return he would make a proposition upon
which the happiness of my life might greatly depend. He was
very gifted, very wealthy, much more so in both than myself.
He evidently had just learned of my work, for upon his first
visit, the question he made haste to ask was, 'Are you going
to continue your philanthropic work all your life?' ^'Yes' I re¬
plied, 'unless the rich men of this nation lift it up to a plane,
upon which these people to whom I have devoted my life and
fortune for the past two years, will no longer need my aid.'
'Do you know' he said 'you are ruining your own happiness by
going down into these slums, and dragging out these pauperized
people who have not sufficient brains to support themselves, thus
surrounding yourself, night and day, with their misfortunes?
Not only your own happiness, but that of another; for while I
could never spend my life in such work as this I cannot be happy
away from you..'*»If you will relinquish this work and become
my wife, I will endow these two homes with a sufficient fund
to support them for ten years. Will you give me an answer
to-night? What would you think I replied, 'of a captain who
would pass a wreck in mid-ocean, well knowing there were
there five hundred souls, suffering for both bread and water,
when his own ship was with every comfort and plenty to spare
for double that number?' "■ 'When a woman stops to argue upon
a question of this kind, she has no love in her nature,' aaid h&
166
TBE BANKÊR'« BREAM.
I may not have the nature of love in my heart that you desire,
I replied, 'but there is a love there that prevents me from de¬
serting those helpless human beings, those * helpless mothers
and babes, five hundred of them? I would be false to all
my past professions to desert them, after the attachments they
have formed for me. No! I cannot turn these helpless ones
over to an endowed institution, knowing the workings of such
as well as 1 do, and furthermore, since I have commenced
this new work in life, I have joined a new organization, the
Brotherhood of the Carpenter, and my Father in Heaven will
not accept gold in lieu of duty. I am responsible, for I know
my duty. Since I have entered this work I have experienced
a happiness, a joy, that the rich, the fashionable, the modern
Christian knows not of, and now having tasted of the joys that
come to me from this work, I would be most wretched to return
to my past life of living in idleness, taking bread, raiment and
shelter away from those who alone through their labor, pro¬
duced them.'
This last sentence ended the interview. When he first
came in, I was in love ; but his imperious manner, his unmind-
fulness of my choice and desire for a useful and dutifiil life,
his monied argument to influence me from my duty, and above
all his reflection upon the mental capacity of those people, from
whom I had received letters full of love and gratitude, and
couched in the most beautiful language, right from the full¬
ness of the heart—all this changed me. These people had be¬
come very dear to me, his every move for vantage ground in
the argument seemed to send a colder and colder chill over my
heart. Some men think all women love gold and society, more
than home and children, but I was not the same woman as
when we parted two years before. I had been born again, but
of the Spirit beyond his understanding I understand myself
now. I did not, before my new birth. But all these things
have passed away ; he is gone as well as his wealth ; all my
THE BANKER'S ERSAH.
167
wealth is gone, yet I am not discouraged, I have more work
to do than ever. I only wish, that all my wealth had been
(pent upon the needy and suffering, instead of one half
But a new world will be born upon the ruins of the old one,
and the next will be based upon humanity. The last was up¬
on gold, at the sacrifice of humanity.
Women will have an influence in the reconstruction of the
next Government The rich have always opposed women's
advancement But in the future women will have a voice.
She should have full control, for the results of one hundred
and fifty years have demonstrated the fact that man is unfit to
govern the affairs of the state."
"Do you think law and order will be again established, or
will we sink into Barbarism?" I asked. "Oh! said she. The
masses have simply emancipated themselves from the most
selfish power the world ever experienced.
That a government could see its people robbed and plun¬
dered, and become a party to it, at the extent of seeing the
people starving in all parts of the land, seems almost incredible.
Why in Boston, families were found shut up in all parts of
the city, who had died by starvation ; too proud to have their
poverty exposed.
To ask alms on the streets was punishable with one year
in prison, which meant to be leased out to corporations, or
contracts, with ball and chain. The streets were so full
of beggers that the law became necessary Five years ago, I
saw fifteen thousand men assemble on Boston Common asking
for bread or work. The Governor of the state was sent for,
and addressed them. The first day he was not protected, and
he was so afraid for his personal safety, that he promised to
meet them there the next day, and in the meantime, see what
could be done foi them. The next day when he appeared,
there were bver twenty thousand But on this occasion he had
163
THR BANKER'S DREAM.
four crack Military companies, with repeating rifles, and a bat¬
tery planted upon the hill commanding the whole mass.
He reported, he had no authority to act in the matter;
that this was an attempt on their part to throw themselves up¬
on the city or state, when every opportunity was open to them,
that was open to others who were providing for themselvee,
and if they could not make a living in Boston, they must do as
other people did all over the world; seek more advantageous
i'elds.
For the state to feed them, meant, that the unemployed were
to be supported by the state by taxing the rich ; an example,
which if once set, would result in confiscation—through taxa¬
tion, of all the property of the rich. He said he wanted to
speak to them friendly, but must speak firmly. The state would
not permit these immense public gatherings of unemployed,
day after day. They must disperse, and scatter throughout the
state and country, and seek employment The false doctrine
of paternalism, 'That the state is to provide for the individu¬
al,' had led to this movement all through the land, and it mus;
be met firmly, as far as Massachusetts was concerned, for in the
event of providing for those in need, on the part of the state,
the millions of unemployed in the country, at that present time,
would all flock to Massachusetts. At the conclusion of the
Governor's remarks, he entered his carriage to be driven away,
when the great mass of men began to move and serge in a di¬
rection to block the passage of his carriage, t A platoon of
about one hundred police threw themselves between the Gover¬
nor and the hungry crowd. The police were brushed away by
the great mob like cobwebs.
The four companies of repeating rifles composed of near¬
ly all rich men's sons who had no sympathy with the working
class, were in line,- with their rifles leveled with deadly aim, at
the most densely massed parts of the mob just in front of the
Governor's carriage. Had any man touched that Governor,
THE BANKER'S DREAM.
169
there might have been two thousand dead men before those
riHes would have ceased firing after the word, fire, had been
given. I was passing in my carriage, on Beacon Street, when
all this happened, and here I met my Uncle in his closed carri¬
age. Seeing me, he said, 'drive home at once.' His face
was very white, and he was much excited. He afterward told
me the banks were all being filled with armed men and the
merchants were closing their stores throughout the city. This
state of affairs existed in nearly every state in the Union.
I was anything but happy, for all I heard was about the
times we wore living in, and that the terrible trou b1 es would not
n'v s-nead in this country but would also reach Europe.
Having heard so much about the war against the slave¬
holders and now hearing nothing talked about except the com¬
ing war against the British and American bond holders, I be¬
came very much exercised about it, and having these millions
my father had given me, and believing, with many others, the na¬
tion would be destroyed, I resolved to act for myself, in what I
felt it my duty to do. It was this state of events that caused
me to change my life, and here I am, without a home and
without money of any account and as yet, unable to find friends.
But I am as well off as any one else, for I am satisfied there
will never be any more extremely rich or poor people. In
this I shall rejoice, for excessive riches on the part of any one
class, must entail extreme poverty and suffering upon another."
"Well !" said I, "everyone has their experience to tell, and we
all seem to have suffered alike. Were you in Boston when
it was finally destroyed?" "No I was in Buffalo on my way
to Boston. I had been in very poor health from overwork,
and my Doctor ordered me to Minnasota, as the sea fogs of
Boston Harbor Islands had seriously effected my throat.
But I got so alarmed over the reports of the national strikes
of miners and railroad men, before I reached Chicago, I
started to come back ; but when at Buffalo, our train was
170 THE BANKER'S DREAM.
side-tracked, and 1 had to witness the terrible scenss of the
destruction of that city. I was in the parlor car when the
troops began firing upon the crowds.
I think the whole city must have been out. The conductor
came tearing into the car a short time after the firing began.
'Everyone get out as quickly as you can,' said he.
He caught up my satchels and said : 'Follow me.' This
we all did. 1 do not remember distinctly about it, but car¬
loads of hay and oil were in fiâmes all around us, and in a few
hours the whole city was in one sheet of flames. I found my¬
self camped out with crowds of entire strangers, during all the
next night, and since that night I have not seen a familiar
face. After I had learned Boston was destroyed, I went
west on the lake, as it was the only way one could travel at
all ; but I could find no one I knew, as Chicago was entirely
destroyed. I have been six months getting across the country,
and now find myself near Boston, and yet expect to be unable
to find a relative, as the mobs have destroyed everything the
rich owned. I am in hopes my hospital home on the island is
preserved, for I have understood that all public buildings and
church property had not been tou.ched, except in cases where
whole cities were burned down.
If I could only find that hospital home safe, and could once
more get rest, and be as happy as I was when engaged in that
work of helping the sick and starving people, I would never
complain.
At this point my first lady acquaintance began to give her
experience, but I could not stand another recital of the past at
that time. So excusing myself I went aft and talked with the
captain. I felt pretty blue, but it was not so with the captain.
I gave him a cigar and be was in for a chat.
Just as he was about to commence, he called my attention to
a superb and majestic looking woman who was sitting alone
as if in a deep study. "That lady in deep mourning sitting by
THE BANKER'S DREAM.
171
herself, is the widow of one who was the largest iron king
in the world.
He employed seventy-eight thousand men, and practically
controlled all the structural iron and steel armor plates in
the country. In 1907 he marketed one hundred million fifty
year five per cent, bonds, principal and interest payable in
gold, nine-tenths of which were placed in Europe. This in¬
creased capital enabled him to drive all competition out of the
markets and enabled him to buy in all their plants at twenty-
five cents on a dollar, on their original cost ; and by contribu¬
ting a million of dollars to the National Campaign Syndicate,
he was in a position to control all Government contracts, and
name all Government inspectors of the material delivered to
the Government. He, with a party of Scotch barons who had
just returned from a hunt in the forest of the iron king's pri¬
vate park in Pennsylvania, were supposed to have been burned
in the hotel in which they were holding a banquet at the time
the mob of half-starved strikers surrounded it
Modern improvements in electrical treatment of ores, with
the newly invented processes in fine moulding, enabled capital
to dispense with all skilled labor, and substitute the cheaper
crude, but strong colored laborers of the South. This state of
things caused such social friction that troops were permanently
on guard in all the iron districts. All the storekeepers were
ruined as the iron syndicate's stores supplied all their em¬
ployes. It also ruined all the small iron furnaces and all the
small merchants in Pittsburg, and aroused the most bitter ha¬
tred against the syndicate on the part of the whole people of
Pittsburg.
You see those two ladies sitting by the main hatchway? They
are mother and daughter. That woman's husband took the
whole issue of one hundred and fifty millions of five per cent,
one hundred year gold bonds in 1906. They were issued to keep
up the gold supply of the treasury which had been run down
172
THE BANKER'S DREAM.
to twenty millions, and also to redeem the old bonds falling
due in 1907. He was a personal friend of the President, and
they spent a great part of their time together upon their pri¬
vate electric yacht It was openly charged by other syndicates
of bankers, that the President and this banker made thirteen
million dollars on the premiums, and did not use any of their
own capital in turning the deal, but used Government money.
But thank God the world has'nt them on its hands any
longer. They both went to Europe to live, and shared the fate
of all America's colony of traitors. The fact was it came to
such a pass that the only men the papers of both parties named
for President were men worth from fifty to one hundred mil¬
lions. Their names were before the public all the time and a
merchant or "rail splitter," or "canal boatman" would have
been driven from the convention by the police if his name had
been mentioned for President. The ex-Governor told me
that no man was permitted to run for President by the national
committee, of either party, until his name had been submitted
to international agreement, as foreign holdings over here were
larger than that of the American people, and they increased
their fleet to such a size as to be able, by acting together against
us, to compel compliance; for our Government officials were all
in conspiracy with them, and all of them lived abroad hob
nobbing with the millionaires after the expiration of their
term of office.
There was a dozen or more of ladies on board here, whose rel¬
atives were, sugar, coal, wheat, beef, oil, and railroad mag¬
nates. But they are now all dead." At this point I changed
the subject for I would much rather enjoy the ocean scene, as
every sail was set, and the wind was blowing a good stiff breeze.
The wind was "on the quarter," as the captain expressed it, and
our "sheets were off."
"Give us two days like this," said the captain, "and I will
luff up around Cape Cod." That expression had music
THE BANKER'S DREAM.
173
in it for ray ear—"Cape Cod," "Massachusetts Bay,"—"Well,
captain," said I ; "things must be better in Boston than in Phil¬
adelphia?" "I don't know," said he, "I think it will be pretty
bad, but after I get in the bay, we will possibly see some fish¬
ing boats and can find out." You know when a country has
no Government you can't expect anything. We may meet fish¬
ing boats around Boston or we may meet pirates. You see, I
have two brass cannon forward and I have plenty of muskets
on board. But the people don't seem badly inclined, but rather
otherwise. If there were only enough to eat, that is where the
tug of war will come. There are terrible scenes out West where
the people have nothing to eat. One of the men on board told
me they were practicing cannibalism, and lots found by the
road starved to death. I don't think you can find today, from
Maine to California, the same number of people as well quar¬
tered and as comfortable as we are on board this vessel."
"Well, captain, what are we going to do," said I. "Oh, don't
ask me ; I cannot answer you. I believe I am the first man
to undertake to move on the water since the trouble began six
months ago."
"Well, it is terrible ! terrible ! !" said I ; "cannot something be
done at Washington? " "Washington?" exclaimed he ; "why,
there is no Washington. The city resembles ancient ruins. In
fact the people there suffered more for food than anywhere else.
After awhile they got down the river and scattered around.
You see, the Government officials, also soon saw they were
lost; and with all the railroads stopped, and all the troops
scattered over the country to guard railroads and banks, it left
hardly a soldier in Washington. So many armies of un¬
employed ^marched there with petitions for help, and so many
of them were arrested and imprisoned in camps around the city,
and the Government had been so brutal toward the working
class, and the farmers who came there with petitions, that every
man was waiting for the opportunity to strike for revenge, an4
174
THE BANKER'S DREAM
« hen the news came, that New York, Chicago and Buffalo I
and also ».at Boston, Philadelphia, Pittsburg and San
Francisco had gone down, and with the news from Europe—
that the laboring people in all the large European cities were
having bread riots, and that foreign armies had refused to fire
upon the starving people, the uprising was universal. Busi¬
ness men, clerks, and all grades of society joined in the upris¬
ing. There were one hundred and fifty thousand of the most
determined men, that had marched thousands of miles to be
ready when the attempt should be made to declare a Monarchy on
the part of the Government. All the Southern and Western
people knew the plot of our Government officials, and having
been robbed of all their holdings, the people of both these sec¬
tions were in a fighting mood. No sooner had the news been
received than the Government ordered all the guards to the
Capitol. But as soon as the guards were called away from the
camps, the prisoners broke loose. They had been treated worse
than the Andersonville prisoners during the war, for, in their
case, the keeper had no food. But these were kept starved
purposely by the orders of men worth hundreds of millions.
Being back of the Government they could teach them a lesson,
to keep away from Washington with their petitions.
There were about one hundred thousand of unemployed
camped around Washington. Most of these were coal miners,
and tramp farmers. The farmers had been sold out by foreign
bond and mortgage holders. Colored men from the South and
even women had taken the places of the miners, in the mines,
so the old miners started on a march and centered around
W ashington.
As soon as the troops and the police found that these hundred
thousand men rushing in from their camps, had joined the
men who were on strike on all the steam and trolley roads
about, and around the city, and seeing also the flames shoot¬
ing up from different quarters their sympathy being with
THE BANKER'S DREAM.
175
the working classes, they fled in all directions, leaving the
Government officials àt the mercy of the people. It had been
the intention of the officials to take a Government vessel and
escape to England. But like those buried in the New York
Stock Exchange, they were taken by surprise. They thought,
because the American working people were patient and for¬
bearing, that they had lost the spirit of 1776.
For forty years thieves and traitors had been confiscating
the houses, farms and labor of the American people, and had
finally sold them out to Europe under a bonded indebtedness
ot twenty billions of dollars, payable principle and interest, in
gold. They did this through a Currency Trust formed in Bos¬
ton in 1893. The plot was to keep a gold reserve of a hun¬
dred millions in gold and allow the people no other money. Of
course they had no gold, so the trick was to draw down the
gold reserve, then bribe the press of the country to alarm the
people over a bankrupt treasury ; then demand issue upon issue
of bonds. The Currency Trust did this until the Government
owed Europe twenty five billions of dollars. Both parties
joined in public meetings sanctioning the steal, by demanding
'sound money, 'honest money,' and finally they called it
'divine money.' The slave holders, called slavery a Divine
Institution, it soon after had its downfall, and so with this last
bond scheme, the people saw the trick all at once, but no
until too late.
The District chose a committee of one hundred as was done
in other places, and sent a messenger to -the Government
vessels, to sail under sealed orders, which they had forced
the Secretary of the Navy to sign. After getting rid of the
fleet, it took but little time to select those officers of the Govern¬
ment who had for the past ten or twenty years been taking
bribes offered by foreign countries and Wall St., to over¬
throw the Republic and establish a Monarchy. All docu-
mentsry proof needed was captured upon these Government
17b
THE BANKER'S DREAM.
officials, and from these documents, it was discovered, that the
last panic was brought on purposely to cause an uprising on
the part of the people through their distress, when the Gover-
ment would declare martial law, and after putting the people
down, declare a Monarchy. All European nations had agreed
to recognize the new Monarchy at once, and under the pretext
of protecting their investments would send their fleets over to
help the new Government protect property, and establish law
and order. But none of these plans worked, for the foreign
Kings and millionaires soon found they had trouble of their
own."
CHAPTER V.
DEBAT* BETWEEN AN EASTERN BANKER, AND A WESTERN
EX-GOVERNOR.
The favorable winds that prevailed for two or three days,
brought us in sight of the Highland light of Cape Cod. I was
on deck during the morning watch, for as we were on the
lookout for Cape Cod, I began to feel very anxious about our
landing in Boston, and also about what would become of us,
what we were to do, and where we were to go. There were no
hotels, or boarding houses, and really I began to get nervous
about it. At this time the captain came on deck, and at the
same time the "lookout forward" called out "land ahead." I
went forward with the captain, and sure enough, there could
he seen the dim outlines of Cape Cod. "But," said I, "cap.
lain, how about the light?" "Oh," said he, "there are no
lights from Maine to California. How can there be light¬
houses with no government? For instance, who do you think
would stay up in Minots Ledge light, with no oil, no food, no
pay and with no commmerce?" "Well, captain," said I, "it
does not seem possible such a state of things can exist." "No,"
said the captain, "but they do all the same."
It was now bright daylight, and the great orb of d»y was
THE BANKER'« DREAM. 17T
"about one half out of water" as the sailors say. It was dead
calm, not a vessel or boat in sight, and save a '-mother Careyvs
chicken" or a gull or two, there was no signs of life on the
water. It was truly dreary It soon got noised around the
vessel that land was in sight. The passengers all came on
deck early, and while many of them seemed very cheerful and
buoyant upon learning of this fact, I could see that others be¬
gan to realize the seriousness of the situation, for we all knew
that the past week or ten days had been the first, in which we
could depend upon regular meals by day, and a bed at night.
But there we were, and only one more night on the vessel
We must go on shore, must do something, go somewhere, find
a camp if possible. I saw the ladies were getting nervous
"What on earth shall we do?" asked one. "I do not know,"
said another. "I shall go crazy," said another. At this time
the fine old gentleman who asked the captain about the suga¡
refineries as we started from the wharves in Philadelphia, was
earnestly talking with the ex-Governor. They were discussing
the cause of all these troubles. This fine old gentleman 1
found had been a life-long banker in one of the Eastern cities,
and was, like all the rest of us, working his way East. He
had been eleven months coming from Oregon, and was now
within a day's sail of his Boston home. No, not home, for none
of us had a home any more. How sad for this white-haired
old man to go on shore, without where to lay his head. As I
neared the group which had now gathered around the debaters,
I found this old gentleman had the floor. He said, "In the
beginning, the great mistake made by Lincoln, was taking the
issue of money out of the banker's hands, and placing it in the
hands of the people. After that, the farmers and working
people wc*e never the same as they were before. It was the
cause of the springing up of a shoddy monied aristocracy all
over the land. Farmers and mechanics soon became shoddy
aristocrats, visiting mountain, and seaside resorts, and crowding
Í78 THE BANKER'S DREAM.
out those previously accustomed to such life, by paying fabu¬
lous prices, with money which came to them from three
dollars per bushel wheat, and four dollars a day labor,
and a plentiful paper currency. Meanwhile the old standard
aristocracy that lived exclusively upon interest money, re¬
ceived no benefits from the rise in values of everything that
the producing classes produced and held.
This was simply a new method by which the laboring class
could, through the ballot box, legally rob the rich ; and both
Lincoln and Chase proved themselves traitors to the interest of
the rich by introducing such a system. They were the first to
show and demonstrate to the working people, how the prices
•of everything they produced depends upon the volume of
money in existence; that the larger the amount of money issued,
the higher the price of everything except money, and that
money would grow cheap in proportion to its volume ; that the
rich who owned bonds and mortgages upon the houses, lands
and products of the people, would find that part of the invest
ment in the hands of the individual owners double and thribble
in value, while the mortgages (held by the banker) remained
of the same value. Having once discovered this principle, the
working classes, especially the farmer and cotton grower, began
to clamor for more money, and had Lincoln lived they would
liave received it, and there is no telling to what extent prices
would have risen. The common people would have become
generally so rieh that they could not have been forced to work,
only upon their own terms and conditions; and in a few years
all work would have ceased.
Now you must admit, Governor, that somebody must work,
and necessity is the only law under which any one ever worked
The working classes saw at a glance that they were*getting lots
of money for a little work ; while only a few years before the
volume of money was increased, and while it was limited and
controlled by the bankers, they gave lots of work for a little
THE BANKER'S DREAM.
179
money. They also discovered what the bankers always knew»
that the nature of money did not depend upon the material
of which it was composed, but on the law that gives it a
debt paying power ; and knowing the world to be covered with
debt, and that it was upon this debt that the rich were living
without working, they sought to increase the volume of money
sufficiently to enable them to pay off all debts, and have all
business done for cash.
This was simply robbing the rich, through the ballot box, in
the interest of the producing classes, in the same manner as the
slaveholders were robbed of their slaves. For these slaves were
as much private property as bonds and mortgages, and it was
as great a crime against the slaveholder as was the attempt on the
part of Lincoln and Chase to rob the bankers and bond-mort¬
gage holders of the privilege they have always enjoyed, to loan
the people bank money.
Having been cut off from this privilege they looked around
for other investments, and were driven to use their money in
buying up the necessities of the people, and cornering them.
This commenced in 1862, just before the national bank system
was established. This was only granted for a short period, to
pacify the monied interest until the war was settled with the
slave holders. The bankers well knew their turn would come
next, but they were not to be caught that way; consequently
they did not enter the banking business very deeply, but turned
their attention to buying in railroads, telegraph, wheat, cot¬
ton; and finally buying up all the money in existence. Through
this device they got more control of the property than they
could have done by any banking system ever devised. And
this victory of capital and brain over poverty and muscle when
brought into contest, is a result that will always obtain ; and
every time the masses attempt to overthrow capital, these results
will-be the outcome; anarchy, famine, pestilence, death and
destruction, as we have in this bitter experience of today."
180 the banker's drea1í.
Here the old gentleman rested. To most of those present he
seemed to have made a very convincing argument, and I was
very anxious to see how the ex-Governor could answer it, for
certainly the old gentleman had facts and results to substantiate
all his statements.
There was quite a stir and changing of seats, and nearly all
on board the vessel came up and got in good positions to hear
every word that fell from the ex-Governor's lips, for he had
won the friendship of most of the passengers during the voyage,
with his sympathetic, whole-souled Western manners. He
was frank and outspoken, and as courageous as a lion with
men ; while with the ladies, he was as gentle and tender as a
child, and most of them, especially the young lady from Boston
had grown to love him as he gave them such encouragement,
when all was so dark around them. He was as one of them
expressed, "The new type of the future man."
As he arose and took an easy and erect attitude, straighten¬
ing his arms at full length, to get free action in his gestures, as
if he felt bound or confined by his clothing, he reminded one of
a Webster, a Clay or a Patrick Henry. With a very serious
and earnest expression upon his face, he commenced by
saying :
"Our friend has followed the well beaten path that has been
so thoroughly trodden, by the monied and banking classes for
five thousand years of the world's history. But never before
have they done it with such aggressiveness and in¬
tensity as during the past thirty-five years; for they have
pushed it "to a finish," and I think it has finished them also ;
for if there is one left he certainly is either in disguise or in
hiding.
Our friend said it was a great mistake on Lincoln's part to
issue money by, for, and of the people. He would have the
old system—by, for, and of, the bankers. Well ! he has had
THE BANKER'S DREAM.
181
it for the past forty years, and I can hardly be so rude as to
ask him how he likes the results.
But I will leave the burned cities, thé ruined bridges and
railroads ; the millions upon millions of homeless and starving
people ; the twenty billions of foreign debts and bonds held
over us, the overthrow of all monarchical governments, al!
based upohhis pet gold baas and the bank money system, to
answer for me.
Probably he has his sorrows and afflictions, his loss of wealth
as I have, as we all have, but there is this difference between
us. He still clings to that delusive system that has brought
all this robbery, this murder by militia, this poverty and
misery upon the people for the past fifteen years ; while I would
die before I would permit that system to be again established,
with another hundred years of such human suffering and want
to be repeated. But it is different now. England's monied aris¬
tocracy thought they could boast and gloat over the destruc¬
tion, wrought through their cunning and bribery, of the
grandest Republic in the world. For England well knew what
her fate would be m an attempt upon sea or land, of a frank and
open declaration of war. But thank God 1 her monied aristoc¬
racy, like our own, will never again be established, to live
upon, rob, curse, and torture the working classes.
But the principles of Abraham Lincoln would have de¬
livered humanity from bondage of every form and description,
as was his design when he first freed the slave, and then at¬
tempted to free the people from the accursed bond and bank
system of Europe. Little did he expect that an inhuman
monster would come to strike him down, unless he yielded
to their hellish demands to restore their robber bank mon¬
ey and bond system. But to save the bondman first, was
his mission; and this done, he would now, like old Jack¬
son, wrestle with this accursed old world bank power.
But, I have always believed, this accursed power, took nc
182 the banker's dream.
chances at the ballot box ; for while it might bribe voters and
legislatures, there was one true soul, loyal to humanity, it
could not bribe. This power found, that unless the dark and
damnable deed of taking his life could be consummated, their
cause would be lost, and that with him, the people would
be triumphant.
He must die. Under the excitement, it would be an easy
matter to charge it upon the South ; but the South did not
fight that way.
Even their institution of slavery had human love and at
tachments; and in old age and sickness, there was always
some dutiful and humane member of the household, to say a
kind word.
Now let us compare it with the present bond-holding and
banking systems. The military out in every northern state
with the most improved rifles to shoot the people who had built
up the cities, the taking of orders from millionaires living in
Scottish castles, the issuing of U. S. Court injunctions against
the people, at the command of railroad magnates, refusing
bail, and denying them the right of Habeus Corpus, .or trial
by jury, hungry men by the thousands in every state in the
union, hunted and hounded by Pinkertons, police and sheriffs,
and packed into stifling jails and almshouses, for asking for
bread or work; such is a truthful picture of affairs from 1898
until the overthrow of the whole damnable system. Inhuman !
Barbarous! I will spare you the sickening details of scenes
that took place in the slaughtering of working people by the
militia of the rich, from 1907 until the destruction of the
"final redemption money," gold basis and ideal (?) banking
system with which our friend is so infatuated.
Now let us see what this system of Lincoln's did for the
working people, I am not worrying myself about millionaire
drones.
In 1860, this country was without money, The state bank
THE BANKER'S DREAM.
183
scrip, was payable in coin. There was about ten dollars ot
scrip to one of coin, when there was confidence; but no coin
when there was no confidence; just the time coin was needed
to inspire confidence.
But in this dark hour, Abraham Lincoln said : "Let there
be monëy," and there was money; and in saying that, he
said: 'Let there be work,' and there was work,' 'Let there be
prosperity,' and there was prosperity,' Let there be plenty,'
and there was plenty. Think of it my friends. No gold, no
silver, and a nation divided against itself, yet there could be
money.
Why? because Lincoln said so. He «aid, 'Let the Rebell¬
ion be put down,' and it was put down Why? because he
first furnished the money with which to put it down.
In 1860, there were six millions out of work. In eighteen
month's time, all were at work, and still millions more of
workmen were wanted. We also gave employment to all the
unemployed of Europe; and this with a people's paper money,
with no gold or silver in it, while in Manchester, England
under a British gold basis, there were Bread Riots and star¬
vation.
The people's paper money, the gold bug press called 'rag
money,' 'soft money,' 'fiat money' ; but the bank paper money,
they called 'hard money,' honest money,' sound money,' 'di¬
vine money.' See? there is six per cent, in it for them. Of
course it is the best (?) money for them ? Of course it is
DIVINE.
Well now, friends, why did not the government issue all
paper money without interest, instead of paper bonds with
interest? Simply because the working class had no party in
Congress to do it.
Congress was in the hands of these same bankers and bond¬
holders that have been shooting workingnaen the past ten years
These bankers demanded bonds, and the destruction of thi
184
THE BANIEB'S DlREAM.
people's money ; all but interest-bearing bank money of course.
They got bonds and bank money ; but the people got no
more work ; no more prosperity ; hungry, unemployed men,
appeared on the one hand, and bond-holding millionaires, cor¬
porations, trusts and syndicates on the other ; and prosperity
was no more.
About twenty years ago, I think in 1894, the people paid
nineteen hundred millions as interest upon public and private
debts ; these amounting to thirty-two billions of dollars.
These debts came into existence by the constant contraction
of money. The presence of debt in a nation, results from an
absence of money.
To enable you to comprehend the sum of nineteen hundred
and twenty millions paid in interest, let us measure it in
products.
According to the Government reports of 1894, it would take
all of the following crops and commodities of that year :
Corn, $ 554,719,000
Wheat, 225.902,025
Oats, 214,816,720
Rye, 13,394,476
Barley, 27,135,127
Buckwheat, 7,040,238
Potatoes, 91,526,787
Hay, 468,578,321
Tobacco, 27,760,739
Gold, 33,000,000
Silver, 40,000,000
Amounting to $ 1,703,873,433
This you will observe, still left the producing classes $216.-
126,527 in the debt of the money changers, for the year 1894.
All this substance was annually taken from the toilers of the
nation without any equivalent returned whatever. To say the
the banker's dream. 185
people got the úse of the money, is insulting to the intelligence
of the American people, since they have the power, as a
people, to issue the amount of money required to make all ex¬
changes without the cost of one cent of interest. But these
money changers will not allow over 3 per cent of the nation's
business to be done for cash ; leaving 97 per cent to be done
on credit upon which interest in some form must be paid.
One of the greatest feats ever performed by a magician was
called 'White magic from India.' The magician stood at the
back part of the stage, with a white costume covering hands
and face ; the back ground was black velvet ; the lights were
slightly dimmed ; small delicate stands were on each side of
the magician, with an unobstructed view under them. To
the astonishment of the audience, the magician took bags of
gold, pots of roses, and all kinds of small animals that had
materialized on the top of these stands, and showed them to
the audience, when suddenly they disappeared. Now let me
take you back of the scenes. Here you find two assistants,
dressed in black velvet, (which covers also the face and hands,)
working in the dark. They pass these articles in and out of
an aperture in the large black velvet curtain, but with black
gloved hands which cannot be seen by the audience ; while
the white gloved hands of the magician, were as clearly seen,
as if in clear daylight.
This piece of magic had a phenomenal ran, until exposed,
and then became a laughing stock.
The money changers of the world have been practising as
cheap a piece of jugglery, upon the working people of the
world, for the past five thousand years, in making them be¬
lieve that the people's money was bad money, wicked money ;
but that Shylock's money was 'sound,' was 'divine' money.
The people, never going behind the scenes, could never dis¬
cover how it was, that those that worked got nothing ; while
thoee that did not work got all. But now that they under-
186 THE BANKERTS DREAM.
etand it, there will never be another nineteen hundred and
twenty millions paid for Shylocks divine money.
It was in 1866, when this system was introduced by the old
world's financial magician.
As soon as this European financial jugglery was adopted as
a system, a decided change for the worse came over the work¬
ing class ; but nothing compared to that which came later on,
when a new man came into power in the Treasury. Not the
President, for this man was greater than President. He was
England's paid agent
He was an inhuman brute, a devilish fiend. Judas, should
have been his name. He is dead now. He was found in the
ruins of the Senate, with nearly one hundred stabs on his
body ; as terrible ae the suffering was among the people,
wherever the news of his death was received, a shout of joy
went up from the robbed and starving people.
If the Devil hypnotizes him, and throws upon his mind for¬
ever the suffering of millions of mothers and children
that he has sold into poverty and starvation, in mills
and factories, and of thousands of farmers he has caused to
be sold out by the sheriff to become tramping armies of ruined
men, he would not even then get his deserts.
Now friends, in all probability, we will not meet again this
side of life. I am getting to be an old man. I commenced a
poor boy, seventy-five years ago ; and with the exception of
the six years from 1862 to 1868, it has been a hard struggle
for existence. During those years, five hours a day would
give every man a good living ; and ten hours a day, would
have paid for a house in five years, over and above a good
living.
During those years I got comfortably rich, and men got
rich all around me ; but I have seen them all go to the wall ;
and while I had expected to be able to stand up under any
system these irdiuman devils could force upon the people, 1
THE BANKER'S DREAM.
187
bow find myself with money all gone, and without a home in
my old age.
Now let me press this warning upon your minds ; for I am
very serious. When this nation gets another government, (and
they will have it, for the American people love their homes,
wives and children;) and you ever hear of a class of men,
whether in pulpit, or on the rostrum, or through the press, ad¬
vocating gold for money, or private bank money, or exemption
from taxes, exemption from military duty (when war is
justified,) by paying for it ; or exemption from labor by pay¬
ing for it, that will be the time to start a revolution.
It can then be easily cured ; but as soon as they get in
power, as they did in 1865, it will be too late. It will run its
natural course, as it has in the present case, and with the same
result
After the ex-Governor closed his remarks, there was a good
deal of discussion carried on by those who listened ; and the
result tended to bring up some of the feelings of antagonism
existing at the commencement of the voyage. I felt sorry for
this, as I was hoping we might keep together in a little colony-
until something turned up better than could be seen at this
time.
I could see a grouping together of different cliques and
factions according to sentiment and fancy. 1 had been very
guarded in all my utterances, as I knew it would not be well
for me to be discovered after what the ex-Governor had said
about "no bankers except in disguise or in hiding." I felt a
little nervous as we sailed along into Massachusetts Bay. But
night came on and the wind being light all day the captain
said we would not get into Boston until about noon of the next
day, as the weather then looked.
The next morning, about daylight, I heard the different ones
getting ready ; they were packing up and talking so I could
sleep no longer, and I really expected I would get but little
188 the banker's dream.
sleep the following night, for my impressions were, that I
would find things about the same in Boston as those existing
in Philadelphia when we left that city.
I went eut on deck and from the outlook, things had very
much changed We could just see Boston Islands, say about fif¬
teen miles off, bearing about Northwest, one half West, by West
The wind was Easterly, and only a light breete, out wa had
all our topsails set "fore and aft," and with our sheets off, we
were making about seven knots. The captain bad his marine
glass looking in toward the land, and I could see some vessels
apparently at anchor with their main sails up, fishing, i
spoke to the captain and asked if he could make out anything
with his glass "Oh, yes," said he, "there is quite a fleet of
fishing vessels out od the fishing grounds, and that looks very
encouraging; and further on I see lots of small fishing craft
That is a fine looking craft off the weather bow there; she
must be two hundred tons. I think I will haul too a little and
speak with him."
All the passengers were now huddled around the captain,
and as the man at the wheel brought her to , to head for the
vessel, all of us went forward. We were full of speculation,
mixed with hope and fear. But as the captain said, "Upon
the whole it looks favorable to see so many vessels quietly fish
ing," and as we were all looking steadily at the vessel which
was now about one mile away, the captain quickly caught up
his glass, and after looking steadily for a moment or two, laid
it aside as quickly, and suddenly turning towards us said, in
an alarmed tone, "I believe it's a pirate. Get out those heavy
guns forward and get the muskets." But seeing the conster¬
nation among the ladies he said, with a twinkle in his eye, "I
guess 'tis a fishermaD, but it looks like one of the private
yachts that has been brought into requisition for fishing. 1
suppose the owners have been killed." Here he broke out in a
hearty laugh; but I must say it sent cold chills down my back
A vassenger vessel with stranded Millionaire Families. The first that had entered Massaeheusetts Bay from Phila¬
delphia., since the Revolution. They hail a fishing vessel. — 0n.ee a millionaire's yacht■
THE BAMXER'S DREAM.
189
as well as frightening the ladies, and the pale-faced young man
became almost paralyzed, when the old ex-Governor said,
"Well young man, I thought you wanted a million of troops
to do some fighting with, you look pretty well scared already."
"Oh, no," said he, "now that the captain says it's fishermen I
feel better, for they could be trusted away back in Biblical
History." We all had a laugh on that, although we were a
pretty serious crowd. I found the young lady from Boston
was with the ex-Governor a good deal of the time, and was be¬
ginning to look upon him as a father, for he seemed to have
won her entirely over in his last debate with the old banker.
There were quite a number of dories around the vessel in
which were a couple of men fishing. We could plainly see
them catching large cod fish. Finding we were close enough
to draw our jib to the windward, we luffed up toward the craft,
which seemed about two hundred tons and had the look of a
fine yacht. Our captain hailed her. "Schooner ahoy!"
"Ship ahoy !" came back. "Have you any fish to sell?" "Aye,
aye!" came from the schooner. "Can you bring them aboard?"
said our captain. "Aye, aye, sir!" One of the dories that,
was lying astern of the schooner was hauled up along side her,
and quite a lot of fish thrown in, when the captain and one oí
the crew jumped in and started for our vessel.
As they came along side and threw the "pointer" or collar
aboard, the skipper of the schooner then climbed up over the
rail. "Well, Capt." said he, "it does a man good to see a
strange vessel. From Philadelphy, I s'pose." "Yes, skipper,
it's my first trip," said the captain. "Yes and I guess it's the
first trip from anywheré into the Bay except a few Nova
Scotia men." "Well, skipper, how are things on shore?"
asked the captain. "Oh, pretty bad," said the skipper. "Can.
you get anything to eat?" "Nothing but fish," replied the
skipper, "there was a few potatoes come up from down East
and some buckwheat, but it don't go far." "Well, skipper,
190 the banker's dream.
where are you from?" "I am from Boston." "Well, I am
going in there, is it all right to go in?" "You don't want to
go near Boston, I can tell you that much 1" said the skipper»
and he said it as if he meant it We were all standing around,
and the whole length of our rail was full of passengers looking
into the small dory, which had one of the crew in it with about
a dozen large codfish.
As the skipper gave this last bit of news to the captain, I
saw he looked serious. "But what is the trouble?" asked he.
"Well you don't want to go there. In the first place there is
nothing but thieves and pirates there and no law ; and while
they get along pretty well with one another, a stranger don'i
stand much of a chance, and besides they have small-pox so
bad they die off like sheep." Our captain looked a little
puzzled, and most of us felt pretty blue at this point of the
talk. "Well skipper, what had I better do?" "Well, you
don't want to go there with your kind of people. They
wouldn't stand any kind of a show. I think you had better
go into Salem or Gloucester. Salem is the best Harbor, but
you know you can't go anywhere after you get on shore, no
cars or nothing else around anywhere. Then again all the
people come down to the shore from the back country to get
fiëh, for they will starve a little way back in the country. You
see all those boats in shore there?" "Yes," said our captain.
"There seems to be lots of them." "Lots! I should think
so." "Everyone is catching fish," said the skipper, "we are
just the same as we were two hundred years ago, with nothing
but fish to live upon. Then they had game, but we haven't
got that now. I tell you captain, if is going to be serious this
winter, can't catch many fish then. Everybody is salting them
down now for next winter."
"Well I don't know what is best to do," said our captain.
"I have all these people on my hands, and have to land them
in Boston." "Better not Capt.," said the skipper, "you dont
TU banibr'B DREAM. 191
know how bad it is there, you know all the streets were blocked
or barricaded, and have been so since the city was pulled
down and burned. It fared worse than any city in the Union.
You see the streets were so crooked and so many people
that everyone had to get out or get in a fire trap, and the
streets so narrow that the large buildings when they fell, filled
up all the streets. The troops were all on State street to pro¬
tect the Stock Exchange and the nest of banks in it, and the
rest of the city was at the mercy of the hungry mob. The rich
knew it would come, as soon as the news was received that the
Stock Exchange of New York was blown up; after that there
was no quarter shown. We had just received news of Buffalo
being in flames, and that the troops were firing upon the
people in Chicago, Pittsburg and Philadelphv. when all news
stopped. The city was full of troops, and the cobweb of trol lev-
wires was so easily cut, and tied together by wire beiii"
tnrown over them by the strikers, and the current sent in alt
directions that the companies were helpless, and there were
seventy-five thousand men out of work, actually starving. So
when the last dispatches came, telling of the general uprising
all over the country, all the State troops fled for their lives, for
the people were so exasperated against them for the shooting
they had done in Fall River, Lowell, Lawrence and Lynn for
the past two years that it was death for them to be caught
alone. Nobody would see them, the women spit in their faces,
people wouldn't go to church if any of them were allowed in
there. For two years and over they had been hooted in the
theaters and on the cars, for when off duty they were compelled
to wear a fatigue uniform, under a new law passed. Every¬
body knew them. The only friends they had were the banks,
car companies, and the very rich. Most of the labor organi¬
zations were drilling with old Springfield rifles, and everybody
said it would come. But nobody thought it would be anything
like what has happened. The newspapers came in for the
T92
THE BANKER'S BREAM.
worst, they were pulled down first. The old Union printers
had a terrible grudge against the new type setting machine
which caused them to work for four dollars a week. In fact
everything was fixed on English price list, and the paper did
everything to down the working people. The gold basis was
brought about by the newspapers, as they were owned by the
banks. It was poverty everywhere, except with those that
were very rich, and there was no halfway riches any more.
It was either a millionaire or a bankrupt, a Piute or a pauper,
as they were all called. I tell you Capt. you don't want to
monkey around Boston with the kind of people you have on
board, they wouldn't stand any show. They haven't the po¬
lice to call on any more, so you take my advice and go to
Salem or Gloucester, there is good holding ground there, and
there is no heavy blows at this time of year." "Well, Skip, '
said our captain, "you say you sail out of Boston." "Oh, I
don't dare go up to the city. I stop down amongst the Islands-
You see we don't sell anything, there ain't a cent amongst the
people, they all share what they have. We don't get any¬
thing for what we catch, we turn it over to the committees.
They allow us good food, that is, potatoes and some pork, and a
little flour, because we turn in a good many fish. Most we
are doing now is for the 'Hospital Home' on the Island. There
is about five hundred invalids there, and we look out and see
that they are supplied all the time, and send the rest to the
other Hospital." "Hospital Home," said our captain, "what
place is that?" "Why you know of that place," said the
skipper, "why everybody knows of that place' and the other
Home just outside the city, don't you know about them?"
"Well, I think I have heard of them." "Why don't you
know of the young lady worth ten million, who gave it most
all to take care of the starving mothers and children of the
working people just before the city went down. Oh, about
two years or so before the young lady worked herself into a
THE BANKER'S DREAM.
193
consumption with worry, and finally was sent West to save her
life and they think she was killed in the railroad wrecks, or
burned in Chicago. It is about two years now, and if she was
alive she would be back, here before this. I believe every
working man and woman in New England would die for her.
All her people were worth millions, her father had one hun¬
dred and fifty million and her uncle was worth three hundred
million, and boasted that he would have a thousand million
and establish a Monarchy. Why she turned off a fellow she
was engaged to marry who was worth fifty million, because he
got mad about her giving up her money and devoting her life
to the sick and poor. 1\ made no difference, religious or not
religious, Protestant or Catholic, black or white, she used to
say they are all God's children. I tell you Capt., she saved
my wife and two children. I was in Chicago, stranded, and
looking for a job on the lakes. I sent every cent home I could
scrape up. I had stayed in Boston looking for a trip or a job
till I was almost crazy. Finally I got a chance on a coaster to
go down East, and finally went up the St. Lawrence and then
up the Lakes ; but I couldn't get anything, and they were all
tramp vessels and tramp crews. I finally got back, but
brought no money and could not find my family for some time,
when I heard of them being at an institution down the Harbor.
I went right down and sure enough there they were. Well, 1
found my wife had been discovered with my two children, just
alive, all of them sick arid starving, rent due, and they were to
be put out in the alley way, if it was not paid in a week. Fin¬
ally the landlord came to put them out and found them almost
dead.
This young lady heard of it, and came in her private car¬
riage and took them with her ; ordered a special tug, and got
tliem safely to this home, and saved all three. She finally
came through the rooms, and my wife called her up and in¬
troduced me. Well, I don't know what she thought of me,
194
THE BANKER'S DREAM.
for all the strength went out of me, and I couldn't move my
tongue ; my throat swelled up and I stood and cried like a
booby. But she cried too, for I saw a large tear roll right
down her cheek, although she tried .to hide it by turning
away.
Now captain, how do you suppose I feel towards those gold
bugs and millionaire bankers ? Why captain, I have hated a
slave-holder all my days ; but I love them now, compared
with these inhuman devils, with court injunctions and militia.
Well; thank God, they are about all dead now, and their
power gone forever."
During this recital, in explaining the origin of the Hospital
Home, there was a dead silence on the deck of that vessel ; and
nothing could be heard but the creaking of booms and slatting
of the great heavy canvas sails.
I was looking towards the old ex-Governor most of the time
the skipper was reciting his talk. There he stood like a giant
oak. He had summoned all the powers of his great man.
hood, to control his feelings. His firm ifiouth was compressed
as never before ; and yet it trembled and quivered at timos ;
and now and then a tear would roll down his cheek.
The Boston young lady stood by his side, with face like a
piece of marble. Her strength was gone ; and the weight of
her slender body was being sustained by that of the old ex-
Governor, for he noticed the ordeal was more than she
could carry through.
After the skipper had finished his story, and had given an
explanation of the Hospital Home, the captain, turning to the
young lady, said to the skipper ; "Perhaps you may know
this young lady."
He first looked at the young lady, then at the captain, then
at those grouped around ; he seemed to doubt his own senses ;
then he looked at her again as if he had seen an apparition.
When the young lady in question, seemed to have recovered
THE BANKER'S DREAM.
195
her strength, she quietly stepped toward the skipper, in a
manner as if to prevent a scene. Extending her thin delicate
hand she said : "I think you may remember me, although,
as you have stated, some time has elapsed since we met"
Lifting up both his hands, the skipper seemed to stand al¬
most speechless for a moment; then with bowed head, and re¬
moving his hat, he said ; "I thank God, with all my heart
that you are alive."
That seemed tó be the only power of speech he had ; and
there were not many much better off in power of speech ; for it
was not a time for words.
At this point the old ex-Governor had sufficiently recovered
himself to ask of the young lady, (and he did it in the most
tender tone and manner, in which man could speak to woman)
if he could speak for her, to the skipper. And stepping up to
the skipper, and extending his hand, he said ; "This world i
full of good people, if they could only have a fair chance to
live it out. But these accursed systems of past centuries, have
kept us in a life of brutalism ; appealing only to our brutal
natures, and developing them for constant self-defence. My
friend, it is your time now. For you, and your wife and chil¬
dren, can do for this young lady a like kindness, in return for
that she once rendered you and yours.
She now is without where to lay her head ; without money
or friends, and in very poor health. But she is precisely the
same woman, with the same great heart, and the same love for
humanity, that she had the day she took your wife and chil¬
dren in her private carriage to her Hospital Home on Boston
Islands."
Here the ex-Governor stopped, and it seemed as if his feel¬
ings would not admit of his going on.
The skipper by this time, had so recovered himself, that he
stepped toward the young lady, saying, "But that Hospital
Home is yours now, and so is the one near the city ; all you
196 the banker's dream.
will have to do is go and take it. Although nobody owns any
private property, land or food now, yet everybody in New
England would sacrifice their lives to the end that you take
your Hospital Home. Not only my wife and children, owe
their lives to you, but thousands of women and children all
over the land. What rejoicing will go up as the news
goes from one to another through the land, for news only
travels now from one to another, there is no other channel open
at present This event will inspire new hope in life." Then,
turning to the captain, the skipper said: "What are you going
to do? I have a proposition. You see this fishing craft we
are in was once a fine racing yacht, one of the fastest ever
built in Eastern waters, and would outsail anything afloat
They tell a story about her like this, that she started from
tioston one day in company with two private steam yachts, with
m oarty on board which had formed a currency syndicate with
a capital of six hundred millions of dollars, and sailing down
the Norih shore by Nahant, Svampscott and Marblehead to
Manchester-by-the-sea, she outrun both of them more than two
miles. She was the finest finished yacht afloat, and her state¬
rooms are all intact to-day. I can make the young lady as
comfortable on board her as you can, and with this light breeze
I can land her safely in the Hospital Home in three hours."
Then turning suddenly to the lady, he said, "You will have no
more trouble thep, for five hundred willing hands and hearts
will do everything in their power to make you happy."
"But," spoke up the captain, "bow did you get hold of such
a craft?" "Oh," said the skipper, "you know she is old now,
that was away back in '93, about twenty years ago. You know
it was owned by those same fellows that Drought on the Silver
panic. They were the ones that closed our mines, that is, they
and England together, and also tied up all the money in the
country. Well, she hasn't been used for three or four years.
We launched her and fitted her out for fishing, and I kept my
THE BANKER'S DREAML
197
•ye on that 'Home,' and it will never want as long as I live,
if I can help it.
Well captain, those fellows are all dead now, and every¬
thing they owned has gone up in smoke, and I think there will
be a chance fo^ us yet, before we die." Here the captain, the ex-
Governor and0tlje young lady held a consultation, and it was
decided the best thing she could do was to accept the skipper's
proposition and go to her Hospital Home.
Tfie captain came back and so reported to the skipper, and
upon being so informed his whole face seemed radiant with joy.
In the meantime the young lady had been talking with the
lady I first met on the trip, who was looking for her two
daughters, and whose husband—the greatest oil magnate
and iron baron in the world, was buried with his son
in the ruins of the New York Stock Exchange when it was
blown up. As a result of the interview, the lady had con¬
cluded to accept the invitation to go with the young lady, and
this was communicated to the skipper, who stated that what¬
ever she desired was law. It was evident the young lady had
won the heart of her new acquaintance over to live the rest of
her days for humanity, when at this moment she turned to the
ex-Governor and said, "Oh, how dearly I would like to have
you go along with us, Governor. With such a man as you to
look to, in a time like this, I would feel I had been a thousand
times rewarded for what little I had done."
The ex-Governor's face lighted up. He had felt that but few
on board had much respect for his opinions, and but little or
no sympathy for him ; and as the young lady introduced the
ex-Governor to the skipper, the skipper did not seem to show
the same amount of joy in meeting him. that he
had been manifesting thus far in the development of affairs.
But when the young lady said, "this good friend of mine has
travelled a great many miles, and he has done a great deal for
humanity, he has been Governor of one of the Western
198 the bankek's dream.
States, and fought for the farmers and miners, all the time he
was in office, against the Eastern capitalists and their troops,"
then the skipper brightened up; "Oh," said he, "I am only
too glad to see you. Those Western Governors were our
only hope, for all the Eastern and Northern Governors were
owned by the corporation, and seemed to dfelight in calling out
the militia to shoot down any man thkt')lvl'brked for a living.
I saw Boston common half filled with siarving men, just as
good men as ever fought at Bunker Hill, and the Governor
had his dude millionaire militia there, with repeating rifles to
blow them into eternity, for being in want of work.
As to some of you western governors ; why our people will
do anything for you along the shore. They would have had
a monarchy here twenty years ago, had it not been for some of
you western governors ; strange as it may seem, we like fools,
were all down upon you then. That was not our fault ; the
treacherous press was to blame for that, except a few half-
starved papéis that told us different ; but they had no in¬
fluence.
The press got well paid off, being the first to bite the
dust; for the people were terribly enraged when they found
how they had been deceived for twenty years. Well! now
captain I will go right aboard and get things fixed a little nicer;
and in the meantime the friends can get ready." He then
gave orders to throw the fish aboard ; and as he spoke, the
man in the dory threw them on deck.
It was quite a sight to see those large fine codfish ; all the
passengers stood around them. The ex-Governor who had
never seen any before right out of the ocean, was especially
interested.
Here the captain handed the skipper a five dollar golc
piece. The skipper took it slowly, but deliberately ; an«
h ilding it out in his hand, as if to show it to all, he ra is m
himself up, and with all his force he hurled it into the set
the banker's dream. 199
it the same time saying : "Now go down to H , with all
your worshipers." Then turning he said :
"Captain, I thank you all the same for the pay ; but that
stuff has brought too much starvation, blood and death into
the world, to ever be looked upon again, except with hatred.
No person dares to wear any more gold jewelry on shore ; you
would be just as safe to flaunt the British flag, as wear gold
jewelry ; and you all should discard it, if you don't want to be
suspected." This did the ex-Governor good, for he said :
"Well! Well; I will have to change my mind about the
Eastern people. There is mighty good stuff left here yet;"
and taking the skipper by the hand, he said : "You certainly
aïe true blue ; and it does me good, to see once more, a man
that is not afraid to stamp out all this flunkeyism about Brit¬
ish gold and British flag." Our captain lowered our own
boat, and putting all the effects, that were to go, into it, the
ex-Governor, the Boston lady and her friend, departed
with the skipper for the Hospital Island Home. I think every¬
one envied thé prospect they had before them, for we could
see that as the skipper represented, there was but little pros¬
pect of anything for the remainder of us, except a camp, and
to live as everyone else was doing, namely, upon a fish diet,
the same as the Esquimaux.
The full realization of the state of affairs flashed across my
mind when the skipper was relating the old legend that had
followed the yacht, of which he was skipper. For as he re¬
lated it, I turned quickly and looking at the vessel, I saw at a
glance it was the identical yacht that I sailed in from Boston,
on the day to which the legend referred, and I knew full well,
had the skipper known that fact about me, I would have shared
the same fate of the five dollar gold piece that fell into his
hands.
We all wistfully watched the vessel as she stood along on
her course, with all sail crowded on for the Hospital Home,
while we set our course across the Bay for Salem.
200 THE BANKER'S DREAM,
As we drew near the North shore and came upon the fish¬
ing fleet at anchor, we attracted much attention.
Some of the small boats or dories pulled toward us to speak to
us, asking how things were in Philadelphia, knowing by the
cut of our jib we were from that city. Our captain an¬
swered, "no change whatever, since the city was destroyed."
When we were within three miles of Baker Island, with
Gloucester and Manchester-by-the-sea in full sight, we sighted
what the captain knew to be a down East coaster, coming down
from Salem and bound East. We "hauled too" in order to
speak to her, and if possible get some knowledge of the "lay of
the land" in Salem, as our captain expressed it. Both vessels
"came up in the wind" close by and within talking distance.
We found the prospects very dark "Nothing there," 6aid
the captain of the coaster, "I took up some stuff in the way of
food to sell, and the mobs rushed aboard and confiscated it all.
I was lucky to get away with my vessel " This so
agitated our captain that he asked the captain of the coaster to
come aboard as he wanted to communicate with him.. This he
did. We found the coaster was from St. Johns, N. B., and had
brought a cargo of potatoes, herring and buckwheat, the
captain having heard that he could get any price he might
ask, as the rich as well as the poor were starving, and the rich
would give any price for food. Accordingly he run his vessel
along side the wharf, when swarms of people came rushing
down upon him, Some began to help themselves, in some
instances eating the raw potatoes, and in others, eating the
pickled herring Seeing this, he rushed to cast off the lines to
the wharf, intending to sail away, but they stopped him, and
in a half hour everything was out of the vessel and being
lugged off as if by so many wharf rats. "They haven't left
euough for us to get home with," said the captain. "I would
try and make Portland, but one of our vessels reported that
things are about as bad there, so we bave got to stop along the
way and catch fish to live on to get home."
the banker's dream.
201
During the captain's recital of his experience, there were
some pretty serious faces among our passengers, and naturally
they were all very anxious to know what our captain would do.
It was evident we could not go to Boston ; Portland was as
bad off as Salem, and the question in everyone's mind was,
what was best to be done? Our captain looked staggered.
He said to the captain of the coaster, "I have got to land these
people somewhere or they will starve here. We have flour
and meal enough, but most everything else is gone." "Well
you have got to put them ashore, and let them take their
chances," ^said the captain of the coaster. "Most of them
have got some money," observed our captain. "Money don't
count, there is nothing for sale. Every store and ware-house was
looted a year ago, and what little gold there was in the people's
pockets, they have hidden, or buried. Everyone is alike, no
rich no poor. That was my mistake, I thought I could sell to
the rich, I didn't know it was so bad. It is just the same with
the houses. Everybody helps themselves, no rents in there,
and they are tearing down the old mansion for fire wood.
They go in gangs of five hundred and a thousand to do it
There was never anything like it before. They sometimes get. a
governing committee of one hundred. They are all down on
what they call cut-throat government of banks railroads and
millionaires, and they are so suspicious of every leader, fearing
he will sell them out again, that they change them every week,
fearing they will get the people in their power. To tell the
truth, I don't see any way out." "Well," said the captain,
"I have got to do something, that is sure. I must land these
people."
"Well, captain, I will tell you what to do. Go in »höre,
down along Beverly farms, —'tis smooth water there,— and land
them outside the city, and let them work their way along.' They
have got to do it, wherever you land them. They may get in
some good camp, you must do just as you see all those
202
tas banker's dream.
small boats do in towards the land, fishing. Well, they all de¬
liver the fish to a committee, and they have fair play ; they
give them to families first The fishermen don't get anything
for their fish, but they go out to do their part; just the same as
when a house is on fire, everybody takes hold to put it out
but don't expect to get paid for it; 'tis the same exactly.
I talked with the leaders after they had robbed us, and they
said the working classes would never allow themselves again
to be caught in such a trap, as they have been in since '96. It
was bad enough in '93, but it was nothing compared to what
followed. Everybody turned traitor to the people as soon as
elected They won't trust anybody with power, for they had
been shot down like dogs by the militia for twenty years. That is
the first thing a man does as soon as he gets rich, is to get
Pinkertons, police, militia, and regulars to down the working
people, and they have got through with it
Now captain you can do as you like about landing, but I
think it best to keep just outside of the city." Upon this bit
of advice the captain called a council of his passengers, and
told them what in his judgment he thought advisable, which
was in substance, to land near Manchester-by-the-sea ; they
would be within a short walk of lots of small villages, and
within a few hours walk of Salem, Beverly or Gloucester. At
this stage of the situation the gentleman from Chicago, and the
California merchant and the doctor, stepped up to the captain
and said they were going East, and thought there might be a
chance to get passage on board the coaster. Their families were
all East, and as there were no conveyances on 1 and, and no
water communication they desired him to intercede in their
behalf in the matter.
This he did, and by our captain furnishing the food neces¬
sary for the trip, these passengers were disposed of, and after
putting them into the boat and then aboard the coaster, both
vessels parted on their course.
THE BANKER'S DKEAM.
203
We were now getting in very near the land, and the cap¬
tain said "In one half hour I will be able to put you all on
shore." On this statement we all began to gather our effects
and place them on deck. We were now inside what the cap¬
tain called Baker's Island, which afforded quite a shelter, and
made the water quite smooth. Soon the captain called out,
"Let go the jibs;" and down came all three jibs, and dropping
the peak of the foresail, the vessel stopped her way, when
anchor was dropped.
To me it seemed like the most cruel thing ever done to put
those passengers on shore, with no place to go, with money of
no use, with nothing to eat, and no hope of any place to sleep.
Nearly all of us had been used all our lives . to all the
luxuries that unlimited wealth could bring, and now we were
to become strangers and to be left to our fates.
The ladies began sobbing most bitterly, and the few gentle¬
men on board were helpless, as the little gold they had, as
money, was useless under the circumstances. A more try¬
ing scene could hardly be imagined.
The shore looked beautiful. A magnificent beach of white
sand lay stretched along, with green lawns running along down
to the low bluffs of brown rocks. A short way back stood
some small fine cottages, with their dark red roofs, just pro¬
truding from the deep green forest trees. Wide, fine, private
driveways, leading all through the woods, with heavy mason¬
ry, were to be seen all along the shore. But everything seemed
to be dead. There were no signs of life. All the houses were
closed and grounds neglected. I stepped aft to talk with the
captain and as he came toward me, his eyes were moist, for
he had been listening to some of the appeals of the helpless
women. But he could do nothing, for said he : "I am out nl'
food, and must lay up my vessel in a sheltered harbor. I
know 'tis hard lines ; but we are all alike.
I think these people will suffer, but they must get used to it.
204 the banker's dream.
They must remember they are no longer rich ; and what
they must go through, is what the working people have been
going through for twonty years. When I sailed by here ten
years ago, it was a very common thing to see steam yachts
anchored off all along this shore, that cost not less than from
fifty, to one hundred and fifty thousand dollars each ; and
schooner yachts that cost almost as much; perfect floating
palaces.
These owners had magnificent mansions in Boston, and these
cottages by the sea, with all the private drives through the
forests ; yet at the same time the toilers of the land were in
poverty and chronic hunger, tramping in armies, and hounded
by police and military; and with this threatning state of
affairs, the millionaires were constantly calling the people—the
producers—repudia tors, dishonest money-men, cheap silver-
men, and every silly term they could put in their papers.
They were constantly growing rich, and the working people
were being gathered in prisons and almshouses. Do you think
if I had a hundred million, I would take any risks for more,
with the chances against me, and the possibilities of losing all,
and my life with it ?
Well ; 'tis all over now—here are some of their widows.
Some of these on board who have got to sleep in the deserted
houses, and get what they can find to eat to-night, two years
ago were worth one and two hundred millions of dollars. Just
think of it Why, if the Western continent had been swal¬
lowed up by the sea, the suffering would not have been so
great. "Well, captain," I answered, "I want to talk with you.
I want to stay on board awhile." "Well," said the captain,
"I would willingly accommodate you, but I can't do it ; and I
haven't the food for myself and men. I am sorry ; but you must go
ashore with the rest." I could not think of such a thing, and
yet it seemed the only alternative. There was only one more
beat lead« and I must go in that ; and I thought the captain
THE BANKER'S DREAM.
205
seemed a little cold toward me. Could it be possible tbe ex-
Governor and the young lady had surmised who I was and
had betrayed me. I felt very nervous. I found I had to go,
and the boat was now along side again. I almost wished I was
one of the sailors, for I felt there was some terrible fate await¬
ing me on shore. But I had resolved to disguise myself. I
■ought of my family, of my lost millions, and then of escap.
:.ig to Europe ; but that hope too, had been destroyed. How
humiliating, how mortifying . to be in disguise.
I now began to wish the working people had been allowed a
little larger share of what they produced, at least enough to
enable us to preserve law and order. I began to think of self
destruction ; but my religion forbade that. What on earth
shall I do?
"All waiting." said the captain, and I again appealed to
him, to let me stay on board ; but he said : "You had better
go at once. You will have to go." Upon this rude com¬
mand, I started for the boat without bidding him good bye,
for I felt his mind had been poisoned by the Western senti¬
ment of the merchant and ex-Governor.
The pale faced young man and his lady friends, with two or
three others of the wealthiest of the passengers, were in this last
boat. The young man was almost frightened out of his wits,
and he was curious to know why I was dressed in such a man¬
ner ; having on as I did, some of the clothes I had bought of
the sailors. I told him frankly, I would not give five cents
for his life with such clothes as he had on ; that they were of
the most pronounced English dude style and that I could see
no chance for him. This observation fairly made tbe fellow's
knees knock together as he sat in the boat, and his teeth really
chattered ; while I feared the ladies, who were thoroughly
terrified, would make a scene before we reached the shore.
I got away from them as quickly as possible, for I felt un¬
í-fe with people looking so aristocratic. I started out toward*
.'06
THE BANKER'S DREAM.
tieveriy and Salem, thinking I would find good roads.
I went into a dense piece of woods and found an elevated,
dry, and secluded spot; and after looking in all directions, I
took all my bank books, private papers, and all compromising
documents, and wrapping them up in an old piece of oiled
cloth, which I had procured from the vessel for the purpose,
I dug into the ground and buried them. I made some marks
upon surrounding trees, took some land marks, and after
carefully making a chart of the locality, I started off again on
my tramp.
But how humiliating it was to have my clothes tied up in a
bundle, and to put a stick through it in true tramp fashion,
and then throw it over my shoulder, and with dusty shoes,
and dusty slouched hat, to be compelled to imitate a tramp.
And in fact I was a tramp in every sense of the word. The
day was very hot, and the cjust was almost stifling.
Soon I came upon the ground of what must have been a
magnificent palace, the broad roads leading up to it were enclosed
with massive granite towers, upon which had been hung massive
iron gates, and the walls on each side of the drive, which led
among a once beautiful and extensive lawn, were also built of
granite not less than five feet high and' three feet thick. The
mansion was in ruins, but being of granite I could not under
-tand how it could be destroyed, unless by explosion. My
ureat dread was, that I would meet gangs of tramps, and
would be invited to join them, and in case of refusal, I would
lear the results. This fear sent a horror through my mind.
After tramping about two or three miles, and becoming be¬
grimed with dust and dirt which had adhered to my perspiring
skin and hair, I sought a cool spot upon a bluff that extend¬
ed out into the great blue ocean, and from which I received a
cooling and refreshing breeze. A thousand thoughts and re¬
flections were floating through my fevered brain as if driven
with the force of a million volts of electrical energy. For the
ONCE A BANKER BUT NOW A TRAMP.
TBE BANKER'S DREAM.
207
•»rae brain that had become so capacitated and intensified in
the world's dealings, and which enabled it to tie up nearly the
whole world's movements of men and things, was no less
susceptible to the horrible imaginations generated from the
presence of destruction, despair, and almost death, by which I
was now surrounded.
While I was thus meditating I looked along the bluff, when
I noticed an old gentleman sitting alone with head bowed for¬
ward upon his hands, and these resting upon a cane. Think¬
ing this my opportunity, I approached the stranger, and re¬
moving my dusty slouch hat, said, "Excuse me sir, if I am in¬
truding." The stranger slowly raised his head, and I saw at
once he was a man of culture and mental power. His face
reminded me of a Gladstone, a Phillips or a Webster; one of
tho»e rare faces, in which breadth and power of thought, in¬
tensity and fineness of mind, were strongly blended and ex¬
pressed.
He was a large framed man, with massive features, denoting
intellectual capacity, far beyond even men of public and pro¬
fessional life. His dress was worse for wear, but the texture
showed it was of the first cloth when new. A high silk hat
with deep band, a much worn black cravat with full suit of
black broadcloth and black overgaiters, made up his daess. I
should judge him to be a man of not less than 95 years of age.
Having studied my man, I thought it best to show I was not a
tramp by choice, but by circumstances, and opened my con¬
versation by asking, "Would you be kind enough to give me
any knowledge you may possess in regard to the best section of
this country for a man to settle in, under the present circum¬
stances?" "My friend," said he, "you could not have pro¬
pounded a more difficult question for one to answer, under
present conditions." "Well," said I, "I am stalled in this
part of the country, and I can't see my way out. Neither can
I see any ray of hope ahead, and seeing in you a man who
208 THE BANKER'S DREAM.
must have greater knowledge through experience than I pos¬
sess, I was prompted to ask information and advice." "Well,
my friend," said he, '*be seated. I have but few years to live,
and while I am permitted to stay, if I could leave some of my
experience with another, some younger man to do battle for
justice and humanity, I would feel that my life to-day was
more useful than at any other period. And to return your
compliment, I can say that I can see in you the power to cre¬
ate or destroy human happiness, beyond that of other men.
Whether you 1 ave lived for selfish or unselfish ends, you alone
know best. But this I know, that at the end of a business
man's life under the present system, it is only the sum total of
actual cash he can convert his holdings into, that counts, im¬
properly has no longer any value. But a 'big cash box' does
not bring happiness ; that depends upon the actual service ren¬
dered to our fellow men.
We have been living under that code of moral ethics which
teaches that if a man can get rich by legally robbing his fellow
man, and satisfy his creditors by paying dollar for dollar, he
is an honest man ; although he may have been the cause
of forcing his debtors to the wall, and then turning upon them
call them dishonorable.
This false principle in modern systems of church and State,
in commerce and banking, has masqueraded as the best sys¬
tem the world has ever had, simply because those behind them
could rob the people ; and this they did until the righteousness
of the Divine presence has asserted itself by causing the revo¬
lution of nations which we have just experienced, and which
has levelled all things. This is a Divine law working through
material agency, and men and their systems have been working
in conflict with it, and now find they are ground to powder
under its irrevocable decrees. No manjlevised scheme or sys¬
tem! on the face of the globe, has any legitimate right' above
and beyond the people. The-moment it assumes that, it is wear-
The Philosopher who had predicted the downfall of the Republic, meditating
by the deep sea.
the banker's dream. 209
ing the same false mask, that has been witnessed by the vorld
during the past half century ; and by this experience the world
has been taught that selfishness leads to destruction and death,
while unselfishness leads to creation and life.
I have been talking to this boundless ocean. We know the
physical laws of cause and effect upon it, but further than this,
we cannot go. The live element within it is beyond human
speculation. Sixty years ago, when a young man, I was one
day in the middle of this great bay. Its surface was as if
speckled with diamonds, and as its bosom rose and fell, I could
see for miles and miles, the whole sea was sparkling with the
heads of fish, and no man could compute their numbers.
Vessels laying m their midst were filled full to their rails. All
this sea of fish rushing in one direction, suddenly sank out of
sight. In another instant they all appeared again, and the
whole body of them were rushing in an opposite direction
Can man account for the psychological law that influenced
that sea of fish?
During the past year and a half the whole Western world
has been under psychological forces that have changed the whole
sociological relations existing between the great masses of the
people, without any attempt on the part of their teachers to pro¬
vide a new religious and social system to meet the changed
conditions. Hence this upheaval of nature in her law of last
resort to establish an equilibrium of the material and spiritual
forces in the line of the world's development. I am well satis
fied in my own nnnd that the old systems have passed away, and
new, and better systems are to be established At least I am
satisfied that the past condition will never again be restored
For the past eighty years of my active life, I have closely
observed the unfolding, the expanding, the energizing and de¬
veloping of the human mind. Through the selfishness of those
in control of both church and State, no change in systems has
buen permitted. But alas 1 The powers that are pent up ia
210
THE BANKER'S DREAM.
the Divine law will avenge outraged humanity, and put to
flight all their fleets and armies; and in the future of this land'
God—through love and justice—will lead humanity. It has
taken eighteen hundred years of preaching the Gospel of love,
before the people could be trusted under such a law as a prin
ciple of government, but their suffering for the past forty years,
has fitted them for it as proven by the kindness, justice and love
existing between one another under present circumstances,
without any law.
By this time I had become convinced I could trust mysd
to ask some questions in regard to how I could best mana -e
under the present conditions, and in that locality.
So I told him I had nowhere to sleep and nothing to eat.
He then informed me I conld sleep in any house I came to, as
• verything was in common use ; every door had been broken
in, and it was useless to lock it, as there was nothing left to
eat, and the people had all they wanted of everything else ;
and strange to say, the poor people would rather sleep in the
small houses than the deserted palaces ruined by the mobs.
"You can pick any house you pass," said he, "for a lodging,
and ask no questions, for under the prevailing order of things,
there is no private ownership in anything. To this end the
country and town records were destroyed purposely in public
squares by the mobs. For weeks the masses would hold public
meetings and resolve what next to do, and then go and do it.
Every vestige of power and restraint had beeD dispensed with
and annihilated, and m most places the year of jubilee had
been declared.
I sincerely believe the working classes have been better off
this past year and a half, than during the ten years preceding.
During the year preceding the fall of the nation, prisons,
jails, and almshouses, were being filled to overflowing, and
idle men were being pressed into service by hundreds, the
English repeating upon us the same outrages they did during
THE BANKER'S DREAM. 211
our Colonial days. An English corporation (for that is what
it was) could send word to the authorities, and they would send
out and round up a hundred or two of unemployed, and sen¬
tence them for a year as vagrants, to the care of any of these
English corporations that would feed them. They slept in
barracks under guard. You can see that thing could go no
farther, for the rich had everything, and then had the starving
people on their hands, and such people are always dangerous."
He paused and I said, "May I ask, what in your opinion,
brought this to a climax so suddenly?" "That requires a long
answer," said he. "If I were to attribute it to any one cause
more than another, I would say—interest on money. That
would do it all in time. But beside this, and tending to the
same end, has been the concentration of capital in a few hands
and then conspiring to control the necessities of life. Other
causes have been the invention of labor saving machinery, to
dispense with labor on the one hand, and on the other, selfishly
turning the benefits, which should have gone to lighten the
burden of labor—to capital. Also, practically giving away the
public lands through railroad grants to foreigners.
But the thiag that finally brought the whole system down so
suddenly upon the heads of the conspirators, was that they
cornered the money of the nation. This country felt it first in
the laws passed in '69 to'73. They did it so suddenly, that they
precipitated a crash in '73, and were compelled to take a back
step in '78. But in '93 they did it all over the world by ex¬
tending the conspiracy ; and in doing this, they extended the
destruction of values all over Europe, and throughout India.
The Europeans thought that with their immense armies they
could keep their people down. But in this thank God they
were mistaken.
The common people here never regained the power they lost
in 1893, when they submitted to England coming over here
and dictating the money system, by bribing the leading men
212 the banker's dream.
of both parties. She was at the same time dictating the same
system for India.
I then told all my intimate friends, and that was twenty
years ago, that practically that was the last of the Republic.
They sneered at me at the time, but in 1898 and '99 they
acknowledged I saw it all. They had been terribly sold out.
They had been alternating with these parties for sixteen years,
and the treachery of that last administration in '98 and '99
satisfied all, except those who were making millions—or those
who were their tools in power—that the Republic was doomed.
That terrible power of concentrated wealth stood ready to hefcd
off any move the people made to free themselves. Every pul¬
pit had a paid for kiss for the common people, but betrayed
them before the cock crew on the morning of each newly in¬
augurated President As the Republic gradually went down,
I witnessed great and grand men weep as they saw the utter
helplessness of the masses. In the nineties the money power
began a move for military power. First by claiming they
only wanted to protect men who wanted to work for the wages
the corporations offered. Then they claimed they wanted to
protect private property ; then the elections ; then that Capital
was not safe; and by nineteen hundred and four, we were
being taxed in the different States for 1,000,000 troops which
were constantly on duty guarding factories, mills, mines,
furnaces and railroads. And all this time the politicians and
press were asserting that this country had no standing army, as
the number of United States regulars was only twenty-five
thousand, while these State forces could be ordered from Maine
to California, and this they had to do, for Massachusett's troops
would not «hoot Massachusett's workmen any longer. But the
corporations, through the Government, would send the Mississippi
troops to Massachusetts, and vice versa, and for the last five
years every large city has practically been under military law
to keep down the constant insurrection of the starving working
THE BANKER'S DREAM.
213
people. So that many out of work must take their choice, to
go to jail or join the militia ; and by this new law, they could
use one half of the people to compel the other half to surrender
to the terms of the corporations and Trusts.
Back in the nineties, the railroad pooling bill looked like a
beneficial measure ; but like all their promises, it turned out a
kiss before betrayal. For soon every road in the country was
under one colossal English railroad syndicate, the whole sys¬
tem bonded to Europe, and all annual meetings held in London,
and opened by the Prince of Wales. There was one Presi¬
dent for the whole system, and he an Englishman, enforcing
English rules and customs, English pay and hours, and calling
upon (their tool) the President of the American people to fur¬
nish hundreds of thousands of troops to guard the British
bonded railroads under pretext of carrying U. S. mails.
Every manufactured article was under a Trust; all the
cotton mills, woolen mills, iron mills, flour mills, all watch,
silk, shoe, rubber and clothing factories. The wheat, beef,
pork and corn syndicates were united in one common cause to
pay starvation prices for products and labor, and charge
robbery prices to consumers. Is it any wonder the people did
just what they did in annihilating the traitors, thieves, and
military murderers, and their hellish systems? The Euro¬
peans were employing the same systems against the masses of
Europe, and they believed they could overpower them there,
as they had here. The Europeans increased their armies to
enormous proportions, thinking they could overpower and keep
down their working people. All our monied aristocracy had
intended to reside abroad until the working people should be
subjugated here, and the Monarchy they had planned should
be securely established. But the mental development of the
people to which I have referred, was not taken into considera¬
tion when plotting o overthrow the Republic. They were
reckoning on the systems employed two hundred years ago, up-
214 the banker's .jREAM.
on which to win, and did not take into consideration the feet
that in applying those systems against the people of America
to-day, they were making the mistake of their lives; and most
deservedly, it cost thern not only their possessions, but their
lives also." The old man paused again, and I said, "I have
some little gold about me and could buy something to eat if I
could find it. Can you name some town where it would be of
some use to me?" "Well, my friend," he answered, "my advice
is to bury your gold. Some day it will have a commodity
value, but never again a legal tender value. You could ex¬
change a pound of flour for ten pounds of fish to-day, but you
could not exchange a pound of gold for a pound of flour.
People are hungry to-day, and they can't eat gold. They owe
npthing, so have no need for gold. They have shelter and
raiment. All they greatly need is Western beef and flour;
and gold bug's gold, or bank credits, is the thing they least
need.
But I do know of a small town near Sajem where there were
two companies of soldiers, and I think they have managed to
maintain order among the people, all through the trouble, but
the troops never go outside of the town. I have heard also
that they are all starving there, as well as the people outside, and
the great roving bands will have nothing to do with them. They
will starve to death, and the soldiers will desert them. But I
would not be one of the soldiers for all the gold in the world,
for there are ugly reports of their practices, and among others,
Cannibalism is charged. Healthy men without gold have
suddenly disappeared in that neighborhood." Having learned
this much from the old philosoper, I felt like starting out fbr
the place mentioned. So I bade him good bye and took to the
road in the direction of the town. It was very hot, and being
very thirsty, and seeing a small brook, I stopped for a drink
of water. In looking for something with which to dip it up, I
observed in a stone wall near by, (with which that country
THE BANKER'S DREAM.
215
abounded,) an empty tomato can. I did not object to drinking
out of the can, but the thought of it, knowing it was a tramp's
tomato can, and that I had been brought down to use it, rather
crushed me. Although I was hot and thirsty, drinking out of
that tramp's tomato can did not leave either a cooling or re¬
freshing effect. "Can it be possible," thought I, "that the first
day on shore I have been brought down to this ?" But I
tramped on until sundown, and began to get very anxious
about my shelter for the night.
Seeing a large and apparently vacant house some distance
ahead, I decided to. make my first attempt to secure a night's
lodging. The house was open and deserted. The furniture
had been overturned as if the house had been ransacked for
treasures or food. It was a gloomy and awe inspiring abode.
It was a large three story building with extensive grounds. I
sat down on the veranda, and did some thinking. "How long
was this state of things to continue? Would it grow better or
worse?" While asking myself these questions, I observed a
tramp coming up toward the House from the same dusty road
I had just left.
I felt quite uneasy as the stranger came up, but I had re¬
solved to make the best of the situation, and give the fellow a
welcome. "Pretty warm day," said he, as he stepped upon
the veranda. "Yes," said I, "where are you from?" "Well,"
said he, "I am from- nowhere, and am going nowhere."
"Well," said I, "that is my destination." "Is there anything
to eat about-the place?" he asked. "I have not seen anything,"
I replied. "Well," said he, "I have not tasted a thing since
this morning. When I came along the beach I saw some fellows
digging clams, and went down to see what I could do, when
ne of them said, "Chum, got a match?" I answered him hy
-.tying I had. "Well," said he, "Go get some sticks and start
ore. and we'll bring up the clams and have » ha're " So 1
•216
THE BANKER'S DREAM.
;ot something to-day, but yesterday I didn't get a damn thing
nd I tell you I am hungry enough to eat a man "
This sent a feeling through and through me, which was any¬
thing but pleasant, and I immediately resolved I would know
more about my companion-lodger, before I would venture to
close my eyes in sleep, for while I was about ready to die, I
did not take kindly to the thought of being eaten up alive.
The man was good looking, his fingers were long, slender,
and delicate, and I knew he was not a laboring man. This
gave me some confidence in him. While sitting there he no¬
ticed a smoke issuing from a small house in the field, a short
distance away, and pointing to the same, said, "there is some
smoke over in that house, perhaps they are cooking something ;
what say? let us go over and investigate." Accordingly w.
started. Upon entering the house he took the lead, and went
right in without knocking or any ceremony. We found there
a man, his wife, and two children.
The man and his wife were middle aged, ordinary people.
"Have you anything to eat?" asked my companion. "Not
much," said the man. "I walked up to Salem today, and the
committee gave me some meal ; and some men came along and
brought a lot of clams and fish, and cooked them here, leaving
the balance for us. You can have some of them if you want
them." "Well !" said my friend, "anything is gratefully re¬
ceived now-a-days." "Yes," he replied, "I haven't had any¬
thing but fish and clams for two weeks. The little meat 1
got, I told my wife and children they could have. I tell you
I can't see them suffer.
We are suffering terribly though. I don't think my wife
cares whether she lives or dies. We lost a daughter about
two years ago of consumption. She was a beautiful girl and
as faithful as a daughter could be. She worked in the Salem
cotton mills when they run ; but the Doctor said she wasn't
strong enough, but she insisted, and kept at work. Sha
the banker's dream. 217
couldn't afford to ride, the fare was so much. The cars were
only run for the rich people along the shore that live in their
summer residences. That is, for those that didn't come down
daily in their private steam yachts. They said if the car com¬
panies dropped the fare, to let the poor people ride, they would
come in their private carriages. So you couldn't get the com¬
pany to do anything, and our poor girls had to walk in the
rain and storm, for they only made two and three dollars a
week when they had full work, and that was not very often
The poor things didn't have enough to eat They went into a
decline and we lost them."
During his recital of this piece of family history, I noticed
his wife, who was a frail woman, (and who, I should judge,
had been quite handsome when young) was sobbing heavily.
"I dislike to talk about such things," the man continued, "but
it is all everybody is talking about now-a-days. We lost our
only son last year, he was killed in the riot He was in the
militia, but it was not his fault, for he was drafted. None
of the w—king people would join it, and they resorted to a
draft. JL was going to run away, but his mother was sick
and had these two little children, and they had nothing to
eat. Some of these rich people about here told him if he
would go, that they would send over some cold victuals
They owned the house and said if he didn't go they would put
put them out in the street. The poor boy didn't know what
to do; so when the officer came after him, he went with them
He was not very strong, and not fit to go, but they were in
such need for troops, they took anybody. It was all strikes-
everywhere."
After this recital the man went to the stove and took off a
large pan of clams, and said in sad tones, "such as I have, 1
give unto thee." We took the clams, after first asking him if
he had enough for his family. He quickly assured us there was
sufficient; and added that -be would like to offer us
218
THE BANKER'S DREAM.
some of the meal mush, but that he could see we would not ac¬
cept any under the circumstances. After assuring him such
was the case, we went into the yard and sat down to our
steamed clams. My companion remarked that things were
getting a little serious. "Yes," I replied, "they are so. As
long as 'tis summer I suppose people can exist." "Yes," said
he, "but they tell me that people are dying off fearfully,
children and old people. There are lots that go two and three
days without anything to eat now. What will it be next
winter?" Well, I didn't eat many clams, although had I been
down on the beach, and dug and baked them myself, I could
have made a meal off them under the circumstances.
After finishing the meal, we returned to the veranda of a
once millionaire's home. I found that my companion for the
night, had been a bank clerk in Boston.
He knew all about the Boston young lady. He thought
just as I did about her, that she was a crank, and was work¬
ing for notoriety. "What was she giving up a fellow worth
fifty million for," said he, "if her mind was not 'off plumb.'
She did not know what was coming any better than anyone
else.
She called a public meeting, to call the attention of the rich
to the existing condition of affairs, and attempted to make an
appeal to the so called philanthropists of Boston. But Music
Hall was no sooner opened than it was half filled with Boston's
crack police, armed with rifles that could kill six hundred per
minute.
As she stepped forward on the platform and looked into the
muzzles of those rifles, she turned as pale as death. Some of
her former rich acquaintances tried to persuade her to adjourn
the meeting ; but she waved them back with her hand, and in
a clear, firm, but slightly tremulous voice, began by stating
the terrible condition in which she had found the women and
children of the working classes. But at this point the Supt.
the banker's dream. 219
of Police stepped up and commanded her to either adjourn the
meeting or submit to arrest. She chose the latter, and the po¬
lice cleared the hall. It was amusing to see the cuts of her in
the next morning's papers. After this, all her rich acquain¬
tances dropped her society, which I thought served her just
right."
After a short pause my companion continued. "This revo¬
lution which is upon us, would not have happened at all, if we
had had a million of regulars, as all other countries of our size,
and wealth, maintain. That was our mistake, and you can
bet all you have that when this thing gets straightened out
again, there will be the biggest standing army per capita, that
any nation has ever maintained. All this trouble has come
from the fact of granting the elective franchise, to men without
property.
Both parties were compelled to appeal to all the labor
elements including farmers, in order to get their vote; and to
suggest a standing army under such circumstances was politi¬
cal death. I tell you nothing but a monarchy is safe for the
wealthy classes." While I was guarded in my endorsement of
his view, I agreed with him in all he said, and I felt a great
deal more comfortable and secure than I would to have had
him cursing, and wanting to hang every billionaire that could
be found.
I slept only part of the night. I took an upper room, and,
shutting the door, fastened it securely, so that I felt compar¬
atively safe.
In the morning I felt the return of a troublesome appetite.
I never felt hungry when I had everything before me, and I
could then realize why men fight so in mobs when driven by
hunger. ^ My mind seemed to dwell upon a cup of coffee ;
but to get it was impossible. I was compelled to drink cold
water, and it was pretty hard. In talking with my companion,
f. found he had been on the road from the time Boston jad
220 the banker's dream.
liten destroyed. I remarked, that I was thinking of going
there. "You had better keep away," said he. "They can
pick out such people as we are. My advice is, to keep away
from all large places ; for all the devils incarnate that lived in
cellars, attics, sweat-shops and dives, are let loose, and are
prowling around outside those large cities."
I mentioned the fact that I had heard of a town near Salem,
in which they had order restored, or had maintained order
"Have you heard of such a place?" I asked. "Oh, yes," said
he, "you don't want to go there, for they will butcher you am;
eat you up. You know there has been no meat around here
for six months. What little stock in cows, pigs and hors, s
there was, gave out in less than a year. If you have some
gold you might be secure there for a while, but I would not go
near the place, those soldiers, the outsiders say, have become
cannibals, and the inhabitants ask no questions of them. 1
shall keep away."
After leaving this house, I tramped on in the direction of
.his town thinking I would learn more about it further on. I
speculated with myself upon the chances of bettering my con¬
dition, by living where the people were still under law and
order, sustained by military power, and with a gold basis. I
knew that when military power and gold would not protect a
man, that he could not better his condition by living where
there was no law or protection to private property. For I be¬
lieved if a man got control of one million or one thousand
millions of property, though all the rest of the people were
starving, he should be protected in his holdings before any
other interest under the government Protection to property
first, and life next Starving to death gave the people no
rights, that property holders, were bound to respect. It was
3Ímply a matter for voluntary contribution, and the intensity,
or the extent of suffering could have no bearing upon the law
which protected private property. Were it otherwise, all the
THE BAITER'S DREAM.
221
nation, State, county, or town need do, when the people were
starving, would be to make appropriations to meet the emerg¬
ency, and tax the man who had the thousand millions. This
would be socialism pure and simple, and no man would try to
get a thousand millions.
But I had something of more importance upon my mind
than political, or social problems. I was very hungry, tired,
and sleepy, and these are things a man cannot shake off, and
under present circumstances I could not shift them off on
others' shoulders, who had been more used to carrying them.
At this juncture a man came along with a basket of fish.
I accosted him and asked about the town. He eyed me rather
sharply and then said, "Were you ever there?" to which 1
replied that I had never been there, but had heard that things
were going along in an orderly way. "Don't you go there,"
said he, "there is law and order for the rich only, and besides
they are starving for meat and flour."
•T "Upon what do they live?" I ask od. "Well, thafs what is
puzzling outside people," he replied. Then coming a little
nearer and dropping his voice to a whisper, he said, "There
has been lots of healthy people disappeared suddenly around
these parts, and I have no doubt in my mind what become of
them ; for people who will be guilty of using military power,
and adopt a robber gold basis for forty years, to rob and
starve a whole nation, will do anything. I tell you this much,
you keep away. Good bye." The man walked' quickly away
and as I thought, with a feeling that I might raid him for
some fish ; which would have only been putting in practice his
socialistic slur and fling at the honest people of .the nation, who
during the past forty years had endeavored to establish an honest,
and sound currency, maintain law and order, protect
private property (for the masses had not burned and destroys d
public property, which they own) and also workmen who de¬
sired to work. Well, I could put no dependence on this man's
222
THE BAHKER'S DREAM.
«tatement, for I could see his mind was poisoned against law
and order, as well as a gold basis. So taking everything into
consideration, I resolved to take my chances, and see for my¬
self. When within about four miles of the town, I found it
was a town in which I had lived for some two years in my
early life, while attending school.
This was so encouraging, I felt anxious to get there, for I
was almost famished.
Knowing the town so well, I walked right in and took no
notice of any one. I saw no one excepting sentinels upon the
streets ; and these were stationed at every corner. They were
in military uniform with helmet of foreign pattern ; and each
was armed with a short rifle with sabre attached. This looked
odd, but I finally made up my mind I would speak to one, and
ascertain about lodging and something to eat I walked along
until I came to a very familiar spot, it being the old Academy
which I attended some forty years ago. Nearly opposite this
was a large factory which I remembered well. But how
different was everything now. The Academy was surrounded
by long rank weeds, and the windows broken in. Just at this
time, a long, thin, half starved black cat darted out of the
window of the "Academy. Its eyes looked like balls of fire.
The sentinel seeing it, started at once on the run with rifle
feady, and after hunting for a while around the house in which
it took refuge, now gave up the search.
But this satisfied me that some of the stories I had heard
outside the town, to the effect that they were meat hungry
might have a sprinkling of truth in them.
The factory which was on the other side of the street a little
below the Academy, was still standing, though its appearance
indicated that it had been closed for some years. Most of the
windows in it were broken, as if by the throwing of stones by
boya i While standing and viewing the spot, and noticing its
deflation, and how nearly deserted the streets were, I saw a
CHE BANKER'S DREAM.
223
man coming toward me, who had the appearance of a gentle¬
man, although he had a mournful and downcast look, and
his black suit looked rusty from wear. I accosted him, and
asked if he knew of a certain family who lived there some
forty years ago, during the sixties. "Yes," said he, "but
they have been gone from here some fifteen years." I then
inquired about some half dozen other families, and found they
had also moved away, or had died. Not being able to find
any one I knew, I made the remark that when I was there in
1867 attending the Academy, things were very different; that
the Academy was full of pupils as gay and happy as they
could be, and this factory also was pushed with orders, and
full of young women who seemed to do just as they pleased-
"Oh! Yes. I remember all about that, for I owned and
run that factory in 1865," said he.
"That was when we had old Abe Lincoln's legal tender
paper money. Any man could make money in those days.
But the rich changed all that In sixty-nine they passed a
law to burn it all, and times have been growing harder ever
since. This Academy has been closed for ten years ; and this
factory was finally closed in 1898. I run it until I lost all I
had ; and other parties tried, and lost all they put in. The
banks got it all. The manufacturers' trust crushed it to death.
In 1867, I was paying my help in reai crisp greenbacks»
'he best money ever known. I paid the men on an average
twenty-five dollars per week, and the girls eighteen. They
were as free as birds. They could leave when they chose,
and a dozen firms stood ready to hire them. And the same
with the men. The help run the factories in those days ; but
since then, the factories have run the help. They are all
closed now, and most all destroyed.
Ah ! If the people only knew enongh to return to the old
system of sixty dollars per capita, instead of about three dol¬
lars, as it has been the past fourteen years ; in fact, not even
224 THE BANKER'S DREAM.
thai, for the syndicate of banks, locked up every cent in the
country. There was not a cent in the people's pockets. It was
all bank credit. Oh they took everything the people owned.
Well ! it's all over now. No man is safe over night. I pre¬
dicted all this twenty-five years ago, and Lincoln, Thad Ste.
vens and Kelly, warned the people then, that the time we
have passed through would come, and end in revolution."
I thought it very strange that the first man I should meet in a
town with a gold basis, with military, and law and order,
should be a man born there, and advocating wild West notions
—a paper and silver money lunatic ; but as he walked on and
I was feeling hungry, I resolved to find something to eat At
this juncture, three fairly well-dressed young men- came up the
street. I made up my mind to inquire of them about an eating
place. But before reaching me, they stopped, and one of them
taking off his hat walked up to a gentleman who was passing,
and stood as if asking alms. The man shook his head decided¬
ly and walked on. I noticed he spoke to the sentinel on the
corner as he passed, and in an instant the sentinel started for
the young men, and at the same time must have signalled two
other sentinels on the corners of other squares, to his assistance.
The young men seemed unconscious of what was going on.
Tbey were good looking, and I should think had been skilled
mechanics or book-keepers. Suddenly the three sentinels
sprang upon them, and in another instant the three were
manacled. At first the men turned white as death. They
seemed dazed. A struggle then took place a few moments,
when the sentinels struck them upon the heads with the butts
of their rifles, and their hands dropped helpless at their sides.
They looked at the sentinels most beseechingly, and in an im¬
ploring manner, as they were dragged off by them.
I was stunned by the quick manner in which it all ha]>
pened. Why did those men turn so deathly pale when the
officers took them? Certainly, speaking to a man, or asking
THIS BANKER'S DREAM.
225
for alms, could uot be such a terrible cnme. This occurrence
left a terrible impression upon my mmd, and it so affected me
I began to tremble. I was afraid to look at any person. I
could see no one to whom I could speak. In fact there were
no men except the military, in sight, or in power in the town ;
and their action was law—and law on the spot.
I most heartily wished I was out of the town, and began to
question myself if 1 would be allowed to leave the place. I
was so frightened I did not dare to ask such a question, fear¬
ing the result. I walked for hours, growing more and more
scared, and finally, twilight approaching, I began to feel I
must do something. All stores were closed, and everything
begun to take on the appearance of nightfall. I finally re¬
solved to walk to some secluded spot and take some of the
gold from the belt I bad around my body, thinking it might
come in play in case 1 was questioned in regard to vagrancy ;
for this now seemed to be looked upon as the worst of crimes.
I accordingly walked off on a back street, and seeing an old
building empty, I went in and took out part of the gold. As
I came out I noticed a sentinel, who must have been following
me, step quickly behind a large elm tree. He must have been
in hiding there during the time I was in the old building.
I walked along with apparent unconcern ; but I noticed thai
the sentinel kept within a certain distance • of me. It was a
lonelv street, with but few buildings, and one an old slaughter
house, which as a boy, when attending the Academy, I used to
visit I seem—' to feel a nrem n'Hon of something terrible,
^■oui ro happen , as cattle when about to be slaughtered, seem
co haw • ui of blood ; and with a greenish look in the eyes,
begin tc plunge and struggle for escape, as the butchers rope
uhem into the slaughter house. Some such feeling of uncon-
c.ollal le fright took possession of me. By this time I was near
iug the Corner of a street, leading out of this terrible section,
when Í no'iood ano;her sentinel. I thought I would keep on ;
226
THE BANKER'S DREAM.
but ttie blood was freezing in my veins. I was then certain I
heard footsteps behind me, and looking around I saw the sen¬
tinel crawling upon me in a cat-like manner. Then to my
horror, both sentinels sprang upon me, and in an instant,
mapped manacles upon my wrists, and fastened some kind of a
plaster over my mouth. I wrestled and struggled until one
of them raised the butt of his rifle, when I desisted, and ti e
two dragged me back toward the slaughter house. When
within light of the inside of the building a scene met my view
which made my blood freeze. There were the dead bodies of
the three young mechanics I had previously seen dragged off'
in that direction, and I now knew why they turned so deathly
nnle when arrested.
They were all dressed and cut up, ready for the market.
Horrors ! I made one frantic effort to free myself when, to the
overwhelming terror of my now crazed brain, I saw the senti¬
nel lift the butt of his rifle and bring it down upon my head.
That was the last I could remember, until I felt a hand upon
i he place where the blow was struck, and opening my eyes, I
saw, as if in a vision in another life, my doctor whose hand was
on my head, my secretary, and James.
I closed my eyes, but feeling a sensation upon my hands and
feet, and a refreshing breeze, I again opened them and beheld
the doctor with his coat off, and a bottle and towel in his hands.
He stooped down and asked, "Do you kuow me?" I nodded
assent Soon I was able to look about me. There was my
private car with all its magnificence and splendor, there stood
my private secretary, white as marble, and James almost
frightened to death. "James, keep on rubbing his feet!" said
the doctor, "Secretary open that window a little more!" v By
this time I could smell camphor and drugs, and I heard the
doctor order James to go for another physician. Knowing all
now, 1 tried to speak, but the impression that a plaster was
over mv mouth was not whollv disoeiled. and I spoke with
THE BANKER'S DREAM.
227
great effort. I then said in a low voice, "I am all right now,
doctor. It was all a dream, but I am very weak." "Remain
perfectly quiet and do not think about it," said my doctor.
Oh, can any man describe my feeling when I found I was in
my private car with my attendants "I could never live and
go through that again," I thought to myself. "I wish I di I
not know what I have passed through. No, I would first like
to know what it all means, as much that my grandfather
passed through in dreams was shortly afterward realized b/
the world. Do events show the drift of society and sys ems,
tending to results like those presented in my dream ? Shall I
say 'dream?' No not dream. Vision? No not vision, but
rather the transference of thought now prevailing in the public
mind. In my exhausted and overworked condition, I became
mentally negative, and rendered susceptible to positive and
aggressive thought. This permitted 'coming events which
cast their shadows before them' to become photographed upon
my mind. Now I must stop thinking, for I find my mind in the
same state that it was on the Trans-Atlantic line Pier, when
my family sailed for Europe.
I am a little run down, and cannot run the whole world, as
I have certainly been trying to, financially, politically and
socially. Well, I will drop off managing both political parties.
No, that won't do, for my influence would be gone in Europe,
I can't give up the social standing of my family abroad, and
no man would be weak enough to sacrifice an opportunity to
add hundreds of millions to his wealth in a few years as easily
as I can. I can see we are all Hypnotic subjects of our sur¬
roundings. It must be Statical Hypnotism, the influence of
this luxuriantly furnished palace car, all my attendants, my
private steam and sailing yachts, my stables, besides my New
York and Newport houses, as well as these in London and
Paris. What do I know or care about the expense of these
tilinga?
228 THE BANKER'S DREAM.
I am only glad to have some outlet for the enormous income
which is constantly rolling in upon me. This even all exempt
from taxation, and really this state of things seems more like a
dream than the one I passed through last night Yet that—
whatever it was—lean never shake off my mind. But this
will never do! I remember my resolve upon the New York
Pier, that I would cultivate the positive lobe of my brain, and
become a man of blood and iron, if need be." With these re-
flebons I resolved to brush away all hobgoblins and fore-
•hadowings, as so many cobwebs, and get down to business.
Before James returned from the doctor's T had taken a little
toast and coffee, and felt a great deal better, but my hands
•»till trembled and I was still weak. My doctor came up to
me and said, "Well, have you had a little sleep?" "Sleep!"
said I, "I cannot sleep." "Do you feel better?" "Oh, yes,"
said I, "the toast and coffee has had a good effect." "I think
you are all right now," he answered, "if you will only get a
little sleep. The dootor I sent for is here, but I think it un¬
necessary to call him in. I will consult with him."
After my doctor went out I commenced to plan for the day.
But the first thing I wanted to know about was the market
and the strike, also my deposits; with those off my mind, 1
thought I could get some sleep. I took up my morning pape^
and the first thing I saw were headlines in heavy type all
across the first page, as follows:
"The Revolution spreading."
"United States Troops may fire upon the mob at any minute."
"Insurance, advanced twenty five per cent, in Chicago."
"California Militia will fight the United States troops."
"United States Court Injunction to be issued against the
leaders."
•"Iv of L. to '••i.'ilinfe bv arresting the Railroad managers."
THE BANKER'» DREAM.
229
"Tittrburg-, Buffalo and other Eastern clt'es partially tiei
Bp."
"Chicago threatened with destruction if the troops fire upon
the people."
"Water, gas and electric lights all guarded."
"Ice and coal supply exhausted."
"Wall Street, terribly excited."
"All Eastern Labor Organizations waiting for the word to
go out."
There was nothing else in the paper.
My first move was to order the Press throughout the country
not to mention strike again. I was mad that they should have
let it come over the wir« s at all.
But I found it necessary to keep cool. I told my doctor to
jump into a coupe with me at 10 o'clock, and I would go to the
bank and come right back. He protested; but I said, "go."
When I arrived at the bank, and attempted to draw my
money, all the officers were panic stricken. They declared it
would fail every bank in the city and bring a second panic up¬
on the country within a years time. Finally I settled the
matter by having the Clearing House endorsed for the bank,
to the amount of my account.
The excitement caused by my attempting to withdraw my
deposits, brought all the Presidents of other banks to this bank
in a very short time. And for fear my action would get on
the street, I made the proposition, which was gladly accepted
by the Clearing House Committee. I then postponed the meet¬
ing until the next day as I was very weak.
I then started for my car. As I passed the Press and Tims
offices, dense and excited crowds blocked the street, and again
1 felt I was going through the scenes of my terrible dream,
I was n u ch excited when I reached my car, and my doctor
insisted uj on my getting sleep, as soon as possible, and forbade
my reading papers, But my brain was getting like a furnace.
2*0 tiie banker's dream.
All I could see was ruin, but I closed my eyes and attempt'-1
i<> find rest in slepp.
On awaking, I ayain became disturbed by my dream. I
began to feel I was no longer a '-man of blood and iron." This
terrible dream had quite unnerved me. "Why," I cogitated,
"does this strange dream overpower all my resolutions?
I will go down to my bank in the morning, meet the mem¬
bers of the trust, and enter into business and forget all about
¡h But I must do something to get this off my mind ; and
reasoning it out, is the best way, as it will then stay out
I now have power with my money, and knowledge to ac¬
cumulate a thousand million in less than ten years. I can
then control both men and nations. Why should I flinch from
such an undertaking on account of a silly dream? I will
brush it aside. But what will I do with the thought, that
hundreds of other men will become nearly as rich as I ? I
know that accumulating wealth is not creating wealth, but
quite the opposite.
It takes the wealth from those that have created it, and
leaves them helpless to create more. Seventy men with one
billion each, like myself, would take everything the seventy
millions of people have. I am too intelligent to turn away
from what the result of such a condition of things would be.
It would be just what I saw in that terrible dream, and that
is what troubles me so." Following these reflections came the
silly thoughts that occurred to me on the Trans-Atlantic line
pier. "Humanity!" "Well I know one thing; there is not
•room enough in this world for both gold and humanity & One
or the other must be discarded. If I discard humanity, I am
sure I will realize the state of affairs pictured in my dream.
If I live for humanity I rr ust give up controlling this and other
nations. I certainly am not happy now. No man was ever
better equipped than I to lift humanity. I not only know
how, but I have the means and position to bring prosperity and
thx banker's dream. 23Î
|0y to seventy millions of people. I know the principle upon
which I can destroy humanity, and all that is necessary, is to
reverse the principle and restore it If the common people
only knew this secret as well as I do, how easily everything
could be equalized, and peace and good will reign on earth.
But should I dare whisper the secret to them, how quickly the
whole aristocratic world would tur® against me.
Well I must consider what step I will take. I can now
understand why men go into the wilderness and fast, that they
may have opportunity to grow into a mental state that will
enable them to commence a new life. How I could change the
whole face of things by resolving at this time to live for hu¬
manity's sake. What consternation I could create in Wash
ington, by exposing all their conspiracies; aud how false botl
parties are to the people. How quickly farms would be re
stored to the farmers, homes to the homeless, employment tt
the unemployed, bread to the hungry, and rest to the tired.
With my power over government to reverse just one prii -
ciple and that—Oh ! Pshaw ! I must stop. T must get rest
in sleep before I cr- ^»cide which step to take."
[end oí book first.]
»Note.—Believing that many of the rich of this«nation
are of a noble, generous and patriotic spirit and will not stand
idly by and see the producing classes trampled under foot by
the military power, backed by the money power of Europe and
America, I again appeal to their sense of humanity and j us-
tice to help in saving this Republic from its threatened over¬
throw »I desire, therefore, to again impress upon their minds
a portion of the thought expressed in the preface of this book :—
"To the possessors of wealth who are not inordinately rich, who
love a republic more than a thousand million dollars, and hu¬
manity more than gold, this book appeals, that they may stay
232
ifot«—continue!).
this approaching destruction, plotted abroad, and which with
Benedict Arnolds in the lobbies of State and National Capitols,
is likely to acoomplish its diabolical purpose. The American
people are able to point the finger in the face of every man who
has proven himself an Arnold in the legislation of the past
twenty years, and say : "Thou art the man." But they are
helpless to dislodge these traitors. It is the reasonably wealthy
and patriotic class that can accomplish this result, and in thus
protecting and establishing the individuality of our civilization,
protect themselves.
The producing classes acknowledge their inability to cope
with capital and control elections, by praying for a Crom¬
well to save them, and unless the class now appealed' to, lend
their support to the producers of wealth, the scenes hinted at in
this book may soon be partially realized."
Author.
* * * * All class distinctions are at an end, government is a th ng of the past
and the lawlessness of mignt has given place to the or 1er of law. While such bode-
ful recitals oí ill are apt to be received as fanciful by the thoughtless, he, who has the
real good of his country anxiously at heart cannot but fear from the protraction of pres¬
ent conditions, a time oí retribution which wi.I make the most lurid predictions of it
tame.—The Burlington Kan., CoarW.
* * * The idea of the book is. that debasing the currency and diminishing the
value of obligations by a free coinage of depreciated silver, would create universal pros¬
perity and prevent th*-accumulation ol propert\ in the hands oí a few It is assumed
that the community are the victims of .1 gigan'ic tiust which con only be overthrown by
abandoning the old'gold sta dard That lorm of lunacy can be effectively propagated by
the circulation of this readable paraphler, wh ch is both positive and plausible.—H. B. B.
— The Roman's Journal. Boston.
* * * From a literary standpoint the work deservedly stands hi • n, nianifes'ing
a deep thoughtful knowledge ol the subject m ated, pussesslng a happiness of diction,
and the whole treated lu a s yle showing considerable literarv ski'l. The work i- likely
to be wi lely read by persons of every political scho I of thought, and the trade will
rejoice that a shoe man who has been connected with them for over i quarter of a century
has been able .o produce a work possessing such merit as this undoubtedly does.—From
Shoe and Leather Facts.
A Book of Surpassing Interest and a Splendid Campaign Document
The Banker's Bream, by Thomas H. Pructor, of Vineland, N. J., is the title of a
new book that will create for itself aplace in history. It is more fascinating than a
novel, for it deals withfacts in such a way as to compel unflagging interest from cover to
cover. If ten million of these books could be rt ad before the next presidential election,
a new Lincoln would be discovered and elected to the executive chair. * * The
Banker's Dream shows the power of money to blind the eye to justice, the heart to mem
and the ear to love. It is a most thrilling book, one that all reformers should read, one
that bankers, merchants and all classes should carefully study. * * Read this « un¬
derfill work, by a successful manufacturer and careful student of political economy. Th«»
price places it within the reach of all, and all should carefully study it. Revolutions
may be averied if the masses can be shown what is the matter and how to cure the dis¬
ease that aflects us.—Coming Sation.
Thomas H. Proctor, of Vineland, N". J., bids fair to be the W . H. Harvey in literary
circles for the ensuing twelve months. Coin's Financial School has educated the Amer¬
ican public upon the silver question. * * It steps into the future te i or fifteen
years to the completion, the lulfillment of present systems with a coolness and logical
progress that leaves nothing for conjecture or evasion. It takes up the formation of
our.present money trust, step by step, interlinks the events of recent months so vividly
the most obtuse cannot gainsay. * * The realism ol this production, barren of any
show at effort at word picture-, on the part of the writer, is the strength and iascinatio'n
that holds the attention of the admiring reader to every s-entence i.s he fol.ows the nar¬
rative trom page to page. As stated at the cutset, its portrayals are such that no arti¬
fice can eradicate irom the mind of one that reads it, no matter m what station of life,
the culmination of events, or remove from the mind's eye that vortex of chaos to which
this whirlpool of greed is hastening the existing order of society It Is pre e liuntly
the book tor the present. By the time it has been on the market six m on tu s we pi diet
tor it an outpu. fully equal to Coin's ¡school in its palm est days, for the reason th it ihe
times have awakened the dormant t en-ibilities of a sleeping people, * * that will con¬
sume this volume at a ra'e to 6tr.iin t he output of the best equipped plants in book
production. In reply t.«» an a pi catum fr-«m this office for an edition of 3,000 copies as a
starter the author writes; * * Ai-d what we have said we say not from the stand¬
point of a book seller, but alone from our estimate of how completely the work meets
thecryingnee sof the hour — vt»///irf Monn,.
The Qational ßimetallist.
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