In traveling from the Atlantic to Minnesota we came by way of the Great Lakes and the Sault St. Marie canal. Having spent a couple of months in Minnesota I returned to Europe again via Philadelphia, New York and Quebec. The reader may remember that the Northern Pacific railroad was building at that time, and that Jay Cooke, by means of his enthusiasm and great popularity, had succeeded in raising large sums of money for this stupendous enterprise. The Union Pacific railroad, south of us, was already in operation, and its owners, fearing the competition of the new road, had resorted to all conceivable schemes to undermine the confidence of the public in the Northern Pacific road and its promoters. Many of those who had furnished money began to feel uneasy, but Jay Cooke went ahead, full of hope and confidence in its final success. Just as I called at his private office in Philadelphia in August, one of his bookkeepers handed him a card from a prominent moneyed man in Philadelphia who wished to see him, and the following conversation took place between the two: "What can I do for you, my friend?" Jay Cooke said. "We begin," said the capitalist, "to lose confidence in your railroad schemes. I have bought $20,000 worth of bonds, but I am getting a little afraid, and came to ask your advice." "My dear sir, the Northern Pacific Railroad bonds are just as safe as United States bonds." "If this is your conviction, will you please exchange them for my bonds?" "Certainly. Here; give this"--he handed him a slip of paper with a few lines on it--"to my cashier, and he will give you United States bonds in exchange." The gentleman withdrew perfectly satisfied, and Jay Cooke turned to me with the following explanation: "I have seen the Northern Pacific country; that's the reason I am so confident in the success of this railroad enterprise. If we only succeed in accomplishing the work, I shall certainly prove that I was right; but if we fail, our antagonists will get a grist to their mill. But, whatever the result may be, no one shall have a right to say that I did not stake my fortune on my conviction."