hope you will excuse my troubling you with this long note, and not trouble yourself to answer it. With hopes that you may be blessed in health, and remain long as the head of your State, I am "Very truly your friend and servant, "A. E. SILLIMAN. [1] The cost of the war being practically packed away in loans. [2] "In my opinion, any other than a _very slow_ contraction of the excess of credit issue will be followed by a general dislocation of existing contracts. They are essentially 'nine-pins,' and if you knock over a few they will most likely bring down all the rest." CAUSE OF FINANCIAL CRISIS IN 1873 _1862._ Total _liability_ of all the banks in the United States $1024 mills. Increase of _capital_ in the preceding nine years 117 mills. Increase of _liability_ in the same nine years 248 mills. _1872._ Total _liability_ of national banks, including the _State_ banks _only_, of the city of New York $1759 mills. Increase of _liability_ in said ten years $717 mills. Increase of _bank capital_ in said ten years $78 mills (!) Add legal-tender notes and fractional c. 400 mills. ----------- Total $2159 mills. "_Showing_ "Money means in the hands of the community in excess of that of 1862, _$1117_ mills. And this _$2,159,000,000_ is the _hub_ of the wheel from which radiates the _individual_ debt of the community, until it reaches the apple-woman at the corner. "Perhaps the above may vary, more or less, _20 or 30 mills_. "The banks now number, I believe, more than 2200. In 1854 the number was 1208 " 1873 " " " 1945 _Nineteen years_ an increase of 738 In 1862 the number was 1492 " 1873 " " " 1946 _Eleven years_ an increase of 454 _New_ banks with an increase of capital only of _$78 mills_. "In considering the position, the banks are recognized _as part of the public_ in their representations of their stockholders, and it is not intended to dissect out of their liabilities their _individual_ status." CHARLES O'CONOR TO TILDEN "FORT WASHINGTON, _March 16th, 1876_. "MY DEAR GOVERNOR,--I had the honor of addressing you some time ago concerning the expediency of repealing a section of 1864 and an act of 1867, both of which most absurdly recognized a right of action in tax-payers for maladministration by public corporations.