The spirit in which the secretary of the treasury received the message seemed to be that of all present after a few minutes. Many questions were asked, bearing chiefly upon the $100,000,000 in reserve of which mention had been made. Most of the bankers present, or the institutions which they represented, were money-lenders, and they regarded the great fund thus disclosed as a serious menace to the money market. Wharton gave personal assurances that this gold should not be used to manipulate rates or work demoralization in any way. It was only in case of abnormal and unhealthy conditions arising, such as serious stringency, that it would be used at all in that field. Various phases of the situation were talked over in an informal way until midnight had long passed. Then it was decided to meet again for the consideration of the means to be employed for strengthening public confidence, and relieving the general suspense. It was eventually decided to accept the offer of a trusteeship for $100,000,000 in securities, and three banks were named for the purpose. The public effort to strengthen faith in the financial situation took the form of a circular to the national banks issued by the Clearing House Committee and indorsed by the bankers who had attended the private conference. Nothing was made known in this circular about the source and nature of the assurances given to the committee. Their guarantee of the soundness of the situation, coupled with the great deposit of gold which was announced, was quite sufficient to change completely the tone of the market. Copies of the circular were given to the press, and it was published broadcast. The pressure to sell on the Stock Exchange diminished, and the market gave promise of soon becoming natural and self-supporting. CHAPTER VIII. FABULOUS BUT MYSTERIOUS BENEFACTIONS. The private mail of the president of Harvard College contained one morning, the latter part of April, 1895, a letter which was ever afterwards preserved as the most important document in the archives of the great university. Its appearance before it was opened gave no indication of its importance. It was enclosed in a plain, square, white envelope, postmarked “New York,” and in addition to the address it was marked “Personal” in bold letters, heavily underlined. As the president opened it and took out the single sheet of note-paper within, another slip fell upon the table, blank side uppermost. The shape and the perforated edge around two sides of the slip suggested a check, and the president carelessly turned it over before looking at the note. It was a check, and when he caught sight of the figures in one corner the serene dignity of the eminent _savant_ was betrayed into an exclamation that made him seem for the moment quite like other men. He readjusted his spectacles in genuine agitation and stared at the check for some moments before he recovered his self-possession sufficiently to read the letter. This was the epistle: