File:Abraham Lincoln (1897) (14775323944).jpg

Identifier: abrahamlincol1479coff (find matches)
Title: Abraham Lincoln
Year: 1897 (1890s)
Authors: Coffin, Charles Carleton, 1823-1896 Independent Order of Odd Fellows. Sovereign Grand Lodge
Subjects: Lincoln, Abraham, 1809-1865 Presidents
Publisher: New York : Harper & Brothers
Contributing Library: Lincoln Financial Foundation Collection
Digitizing Sponsor: The Institute of Museum and Library Services through an Indiana State Library LSTA Grant

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mes were hard. The period which people were looking for wheneverybody was to be rich had not arrived, but seemed farther off thanever. There had been a period of speculation in the East and South aswell as in the West. In Illinois the inhabitants were feeling the out-come of the legislation which appropriated $12,000,000 for the construc-tion of railroads and a canal. The bonds had been printed and a por-tion of them sold; but the rich men of Xew York and Boston, whoAvere expected to purchase them, had themselves been speculating, buy-ing farms and house-lots, borrowing money from the banks. Whentheir notes became due they were unable to pay them. The banks hadno more money to loan and were crippled. A firm in JN^ew Orleans,which had been buying cotton at high prices and borrowing money,failed to pay its notes when due. It was the beginning of a financialcrash. Men who supposed themselves rich suddenly found they werepenniless. Banks and individuals alike failed. Trade was at a stand-
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SEVEN YEARS OF ACTIVE LIFE 119 still. Yery little money passed between buyer and seller. The mer-chant was obliged to take farm produce at low price in exchange forhis goods. Creditors were suing those who owed them. Law^yers weremaking out writs and trying cases. Taxes were especially burdensomeby the action of State officials, who refused all bank-bills and demandedgold or silver, which had disappeared from circulation. People sawtheir farms sold for taxes and were powerless to prevent the sale.

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