I have given much space to this Kansas controversy, for I wish to impress upon the readers of this volume that the war was not caused by agitation for the abolition of slavery, but by aggressive measures for the extension of slavery over free territory. A large and influential class of southern men were born politicians, and were mainly slaveholders. They had, from the beginning of the government, a large influence, and held more public offices of chief importance than their northern associates. They were constantly complaining of opinions expressed by a comparatively few Abolitionists against slavery, while the great body of the north were either indifferent to or sympathized with them in their opposition to the Abolitionists. CHAPTER VII. RECOLLECTIONS OF THE FINANCIAL PANIC OF 1857. Its Effect on the State Banks--My Maiden Speech in Congress on National Finances--Appointed a Member of the Committee on Naval Affairs--Investigation of the Navy Department and its Results--Trip to Europe with Mrs. Sherman--We Visit Bracklin's Bridge, Made Famous by Sir Walter Scott--Ireland and the Irish--I Pay a Visit to Parliament and Obtain Ready Admission--Notable Places in Paris Viewed With Senator Sumner--The Battlefield of Magenta--Return Home. In the summer of 1857 there occurred one of those periodical revulsions which seem to come after a term of apparent prosperity. On the 24th of August the Ohio Life Insurance & Trust Company failed. That single event, in itself unimportant, indicated an unhealthy condition of trade, caused by reckless speculation, high prices, the construction of railroads in advance of their need, a great increase of imports, and the excessive development of cities and towns. All credits were expanded. The immediate results of the panic were the suspension of credits, the diminution of imports, the failure of banks, and the general or partial suspension or lessening of all industries. The revenues of the government were greatly diminished. On the 1st of July, 1857, the balance in the treasury was $17,710,000. On the 1st of July, 1858, the balance was reduced to $6,398,000, and during the year preceding, the United States borrowed $10,000,000. On the 1st of July, 1859, the surplus was reduced to $4,320,000, and during the year preceding the United States borrowed $20,774,000. This sudden change in the financial condition of the treasury was an indication of a like or greater change in the condition of every person engaged in productive industries.