policy of the Pierce administration, the extension of slavery to free territory, and favored the admission of Kansas as a free state, favored the restoration of the action of the federal government to the principles of Washington and Jefferson, favored the principles set forth in the declaration of independence and embodied in the federal constitution, favored a railroad to the Pacific, and appropriations by congress for the improvement of rivers and harbors of a national character, required for the accommodation and security of our existing commerce. It was silent on the subject of the protection of American industry. The guaranteeing to every individual perfect protection in his person and property was deemed of much greater moment than the imposition of taxes to enable persons to engage in pursuits assumed to be non-remunerative, or to continue their prosecution.

The campaign of 1856, though a triangular fight, was really one-sided; at least, the enthusiasm was all on one side in the free states. The republicans held meetings everywhere, and they were well attended. I was on the stump myself three or four months, and though never much of a speaker, the people were so eager to listen that they came out to hear an indifferent talker. I gave them the naked facts, as I understood them, and I had reason to believe with some effect. Twice in my life I have found addressing political gatherings a pleasant pastime-in 1848, when the battle cry was for "free soil, free speech and free men," and against Cass, and in 1856, when the contest was for freedom and Fremont.

A daily paper called the "Republican" was issued from the office of the Reformer during the campaign, and I judge it was a spirited publication, but no one happened to think it would be a good plan to keep a file of it; so there is not, so far as I know, a copy of the sheet in existence.

John A. King of Long Island was chosen governor that year, and Samuel L. Selden of Rochester lieutenant-both republicans. I might add that Wesley Bailey, father of E. Prentiss Bailey, of the Utica Observer, was elected state prison inspector, and held the office three years. He was an old-time abolitionist.

Charles B. Hoard was sent to congress from this dis trict, Francis E. Spinner from the St. Lawrence-Herkimer district, and Henry C. Goodwin from the Oswego-Madison district.

The delegation in congress from this state contained the names of several men who became more or less distinguished-Daniel E. Sickles, John Cochrane, Erastus Corning, Edward Dodd, Clark B. Cochrane, Reuben E. Fenton.

Jefferson county sent to the assembly Calvin Littlefield, Cleanthus P. Granger and Abner W. Peck; St. Law. rence, Emory. W. Abbott, Benjamin Squire and Erasmus D. Brooks; Oswego, D. C. Littlejohn and Leonard Ames; Lewis, Lucien Clark.

Jefferson county was very pronounced in its republicanism in 1856, as will be seen by the official figures in that year:

Fremont's vote was 8,244; Buchanan's 3,426; Fillmore's 1,058. Fremont's majority over Buchanan 4,748; over both Buchanan and Fillmore 3,760.

The state agricultural fair was held in Watertown in 1856, during two days of incessant rain. The last day was bright, but the grounds were so thoroughly saturated with water that no one could get around without heavy boots or overshoes, so the exhibition was well-nigh a failure.

The fair was held on the grounds through which Keyes avenue now runs, south of Academy and east of Jay street. There were no buildings in that part of the town at that time.

CHAPTER XXXV.

Financial Troubles in 1857-Some Experiences with Panics and Lessons Therefrom-One Reason for Their Occurrence-Republicans Defeated This Year.

After a storm a calm. The year 1856 was one of intense excitement. Everybody was stirred up, the politicians especially. The next year was a quiet one. There was tribulation in the financial world-in the latter part of the summer a serious panic-and politics for a time went to the rear. As I remember, it started in Wall street, where several bankers and brokers went by the board. Among the men in New York who failed was John Thompson, a well-known broker, who had been an operator in securities for years, and was considered one of the strongest and most reliable men in the city. The suspension of Thompson knocked the underpinning from credit and confidence in business circles, as did the failure of Jay Cooke & Co., in 1873. A great many banking institutions suspended payment, and numerous firms and individuals were forced to do likewise. It was said that the country had overtraded; that more goods had been bought than were needed, more than could be paid for; that there had been too much trusting and too little payment; and this was probably the exact truth.

About so often people find they have reached the end of the credit rope. The aggregate indebtedness causes a greater strain on the frail fabric than it can stand, and so there is a break. A day for settlement comes along. Those who owe the most, and have the least to pay with, are hit first, and stop payment. This

renders it impossible for the men to whom they are indebted to pay, so they, too, stop payment. The failure of one man or firm obliges others to ask time when it does not involve them in financial ruin; so men who suppose themselves rich today find themselves. bankrupt tomorrow. Then they curse their luck, complain of the times, or denounce the government, or one or the other of the political parties. They never attribute the blame to the right cause-to their own want of prudence and foresight. Imagining that credit is a thing that may be expanded indefinitely, if they ever give the matter a thought, they wake up some morning to find that they have been laboring under a serious delusion; that what they supposed to be a reality is the exact reverse, the emptiest sort of a bubble.

Three times in my day I have seen the business of the country wrecked-in 1837, in 1857 and in 1873. In the year last named the financial troubles were more general than in the other years, but they hardly equalled those of 1837, which were appallingly destructive in localities, wiping out the property of whole communities. The worst thing about it was that the currency in use, consisting mainly of bank paper, was worthless or nearly worthless.

There does not appear to be any remedy for overdoing in the matter of trade and business. Men engaged in commercial, manufacturing and other enterprises find themselves making steady gains, are prone to think that if their business were extended they could make money faster, in other words, get rich quicker. So they branch out. They are seemingly prosperous, and others are induced to try their luck in the same direction. Credit stands by and lends a helping hand. It has one of the characteristics ascribed to the evil one: it coaxes people into difficulty, but is powerless to help them out. It is a good thing when it is well backed, but of no possible

account unsupported by solid cash or its equivalent. But through credit and their own imprudence and want of judgment, men overdo; that is, the more courageous and reckless ones do. Their example is extensively followed; everybody is apparently doing well; business is booming; the country is seemingly enjoying a season of unparalleled prosperity; everything is going ahead with a rush. This is the surface view of the condition of affairs. At length some of the biggest of the concerns find themselves in straitened circumstances; they have borrowed until they can borrow no longer, and they are obliged to suspend. Their suspension compels others to follow suit, until the entire debtor class is involved in a common ruin.

An undue haste to be rich is the grand cause of all our ups and downs in business. If those engaged in commercial employments would be satisfied with reasonable profits, if they would be content with moderate but sure gains, the country as a whole would be in a thrifty condition, and financial panics would be a thing of rare occurrence. However, the evil resulting from overdoing is one that finally corrects itself. The people learn wisdom from experience; or failing to do it, they are compelled to abide the consequences in the form of pecuniary disaster and suffering.

In politics there was no excitement in 1857. The republicans had had such a "walk over" in this state when Fremont was running for president that they little dreamed of being beaten the following year. The greatest effort was made to obtain places on the state ticket, which was expected to take care of itself at the election. But like many political calculations, this failed. The democratic state ticket was chosen by nearly 20,000 majority. It is possible the fact that hundreds and thousands of men found abundant employment in looking after money matters had something to do with