The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-10-22

young EuWdru D8rQ6UL Dy name
had nothing but his own efforts to look to, anC
Mr.. Clinton Y. Johnston was in fair way o
being ruined.
The unpleasant difficulty, with bankruptcy
for termination, came about in this wise
Mr.. Johnston had been left large fortune, anG
had more than doubled it by his manufactory
and speculations in stock. At an evil hour, ht
engaged in banking. The temptation wa,
great. Our entire country had run mad on the
subject of banking. Fortunes, like card houses
were run up magically. The easy accumula
ton and control of capital stimulated every
branch of industry. Men of moderate mean.
swelled out to millionsires; men without mean,
initiated the milionaires, and grew rich by
appearing to possess what they struggled for
clearinghouse sprang up at every crossroad
and, under their fostering care, villages grew
into cities-on paper. Every farm in the Yves
was subdivided into lots, and each lot took ar
enormous valuation-on paper. Aud the lucky
owner of anything found his anything immense
ly valuable-on paper; while the yet luckieI
owner of nothing figured himself enormously
rich-on paper-snd lived accordingly. Every
thing was demonstrated on paper, everything
was represented by paper, and the solid earth
itself bid fair to become unsubstsntial in cloud,
of dazzling paper. Magnificent houses were
built on promises, and extensively furnished
with the same facility-carriages were pur
chased, to be drawn by horses, paid for by the
magical sixty days, and were driven by coach
men who speculated in stocks. Clerks, OF
nominal salaries, gave extravagant balls tt
young ladies, who sported diamonds with hun
dred'dollar handkerchiefs, and wrapped theil
lovely persons in thousand-dollsr shawls. AnG
go the inflated system swung easily up, carry
q ,,,1x IL Al
the inevitable collapse, and from fearful
height down they tumbled into frightfu
depth of ruin.
Mr.. Johnston could not resist the temptation
In an evil hour he left his safe, profitable bust
ness, to become the President of Bank anG
founder of imaginary cities, wherein there were
a busy buying and selling of imaginary lots
dis bank threw out its circulation, not reckless
ly as others, but yet beyond the dictates of pru
dence. AT the time my little story commences
the flrst fearful explosions broke upon business
ears,
Like the tone of the gun
That startes the deep when the combats begun
All was confusion and dismay. Mr.. Jobnstor
saw men and companies, he was forced to rel,
upon, go down in rapid succession, like brick,
In row, and his own bank threatened with 8
run. To save this, he promptly stepped for
ward, and pledged his entire fortune to the re
demption of its notes. This move was dictated
by his pride as business man, and the remem
brance that these notes were in the hands O
the laboring classes, and that the poor, thu
widow, and orphan, would be the principal suf
ferers in their depreciation or loss. Having
made this humane move, he waited impatiently
the result.
These commercial troubles gave occupation
to a new class of spectators, known as Brokers
They were the terror of the banks. First de
preciating, by insinuation and abuse, a curren
cy they had their eyes upon, they would pur
chase 1t up at heavy discount, and then un
expectedly present the notes at the Bank will
demand for specie. No clerk opened thu
door of his dim temple in the morning, bu
with fear and trembling. No officer repairing
to his polished desk, at the magic hour of ten
but regarded that door with anxiety, ant
watched each new conner with suspicion. The
fact that Mr.. Johnston had pledged his fortune
to the redemption Of the circulation did not
help the Bank. While the notes, at q distance
were at fcarfal discount, and SO quoted
his pledge Of redemption made a dealing in
them, by the heartless brokers, or bears, as they
are called, comparatively safe.
The morning was one of those mild, breezy
specimens of early summer, which, redoleni
with the last breath of spring, had not We,
warmth enough to make one realize the ener
waiting effect of our climate. Miss Ella John
sion, habited in charming negigee of morn
ing wrapper, which displayed to the best ad
vantage her graceful form, arose from before
the coffee urn, and walked into the Handsomely.
arranged parior, IS We are pleased to term the
drawing room, followed by her lover. Mr. Bar
nett's carefully-adorned person proved that he
had not yet arrived at the hopeless state indi
Gated by neglected dress. Mr.. Clinton John
ston had retired to, what it pleased him to call
the library. The Aunt was engaged in house
hold duties, 80 that the lovers found themselves
alone This loDg-hoped for advantage was
greeted at first by only an awkward Silence
Ella, seated at the piano, ran her delicate fin.
gers carelessly over the ivory KEYS. At last
Mr.. Edward, in low, hesitating tone, said
"Well, Cousin, my visit is about drawing to
O close"
" l am very sorry" was the reply; and then
as if having said too much, she added. "Fa
Their expected you to be with us all summer"
he will not suffer much at nv departure y
why do you say that?" she asked, re-
proachfully.
II don't know hut of late his manner has
greatly changed: Why should we deceive each
other, Ella? Your father knows of our
mean my attachment, and is dispeased. l am
poor, and he has other plans for his dan ghter. y
Don't talk in that absurd way Edward
Father is very fond indeed, proud of you, and
this bitterness is cruelty uncalled for. He has
said nothing as yeti
Because you will not permit me to approach
him. l will go now-I cannot bear this sus
pense." =
I" Please do not" earnestly exclaimed the
girl, some other time-not now, Edward
please listen to me. Father has so much aux.
iety, such trouble, just at this time"
cannot wait longer, Ela-I feel as if do.
ing wrong In rot saying at once what is SC
near and dear to us. Let me 90 to your fathe,
at once"
She made no further objection, and the young
man sought her father. he found the banker
immersed in papers, and, apologizing for the in
terruption, plunged at once into the subject
To his confused utterances Mr.. Johnston listen.
ed quietly, and, when he had ended, said
:" regret this. This is very painful to me-
L know that you are attached to your Cousin
and You are every way worthy of her. But,
Edward, / have other views. To tell Won the
truth, my dear boy, while have the reputation
of being man Of wealth, approach BANKRUPT
cy, and find all my possessions crumblinp
about me-"
l do not care for wealth, sir; 1 only ask for
your daughter. ! am young, and willing to work
for her support"
"You do not care for wealth, and will no
doubt be quite able to accumulate it, when
you do. But my daughter has been bred to
other habits and expectations.,'
LET us hope otherwise. Let me assist you,
Sir. Certainly, We can weather this storm: il
cannot be 80 bad as you seem to anticipate.n
~ cannot tell. A run upon my bank at
this time would ruin US. By nv pledues have
secured confidence in the immediate neiObbor.
hood but what has secured me at home. courts
speculation abroad. am in hourly dread OF