The country was thoroughly aroused, and to avoid a nation-wide raid upon banking houses the bankers took radical steps. The first measure resorted to was the enforcement of the rule requiring savings-bank depositors, at the option of the institution, to give sixty days' notice before withdrawing deposits. The second expedient was one which had been resorted to during former years of financial unsteadiness. "Emergency currency" was issued. This currency took various forms. (1) The clearing-house loan certificates issued in denominations ranging from $500 to $20,000, used for settling inter-bank balances; (2) clearing-house certificates in currency dimensions to be used by banks in paying their customers; (3) clearing-house checks which took the form of checks drawn upon particular banks and signed by the manager of the clearing-house; (4) cashier's checks (in opposition to the National Bank act) secured by approved collateral; (5) New York drafts which were cashier's checks drawn against actual balances in New York banks; (6) negotiable certificates of deposit, and (7) pay checks payable to bearer drawn by bank customers upon their banks in currency denominations. These were guaranteed by the firm which issued them. Other devices were used to aid the banks and to block the spread of the panic by limiting cash payments by the banks. The governors of Nevada, Oregon, and California declared legal holidays continuously for several weeks, thereby allowing the banks to remain closed. In some places the size of withdrawals was limited to $10 or $25 daily. The panic was felt to a great degree on the New York Stock Exchange because the banks refused to make loans, but this stringency was relieved by a bankers' pool, headed by J. P. Morgan, which loaned $25,000,000 at the prevailing rate of interest. With the strengthening of the Stock Exchange another stage of the panic passed. [Illustration: Hundreds of people waiting in line.] The panic of 1907. Run on the Lincoln Trust Company, Fifth Avenue entrance. In spite of the use of the surplus of the Treasury the banks showed a loss of $50,000,000 in actual cash during the five weeks of the panic. Now demands were made on foreign countries for gold. The Bank of England made no move to block the great withdrawals of gold except to raise the official discount to seven per cent. The flow of gold did much to stay the ebb of confidence. Some contended for an issue of paper money and after a long discussion by the officials of the Treasury, it was decided to sell $50,000,000 worth of Panama two per cent bonds and $100,000,000 worth of three per cent notes in the hope of calling from its hiding-place the money which was being hoarded. The result of the venture was not satisfactory and the loan operations soon ceased.