After Appomattox, every one seemed bent on finding a short cut to opulence. To foreign observers, the United States was then simply a scrambling mass of selfish units, for there seemed to be among the American people no disinterested group to balance accounts between the competing elements--no leisure class, living on secured incomes, mellowed by generations of travel, education, and reflection; no bureaucracy arbitrarily guiding the details of governmental routine; no aristocracy, born umpires of the doings of their underlings. All the manifold currents of life seemed swallowed up in the commercial maelstrom. By the standards of what happened in this season of exuberance and intense materialism, the American people were hastily judged by critics who failed to see that the period was but the prelude to a maturer national life. It was a period of a remarkable industrial expansion. Then "plant" became a new word in the phraseology of the market place, denoting the enlarged factory or mill and suggesting the hardy perennial, each succeeding year putting forth new shoots from its side. The products of this seedtime are seen in the colossal industrial growths of today. Then it was that short railway lines began to be welded into "systems," that the railway builders began to strike out into the prairies and mountains of the West, and that partnerships began to be merged into corporations and corporations into trusts, ever reaching out for the greater markets. Meanwhile the inventive genius of America was responding to the call of the time. In 1877 Bell telephoned from Boston to Salem; two years later, Brush lighted by electricity the streets of San Francisco. In 1882 Edison was making incandescent electric lights for New York and operating his first electric car in Menlo Park, New Jersey. All these developments created a new demand for capital. Where formerly a manufacturer had made products to order or for a small number of known customers, now he made on speculation, for a great number of unknown customers, taking his risks in distant markets. Where formerly the banker had lent money on local security, now he gave credit to vast enterprises far away. New inventions or industrial processes brought on new speculations. This new demand for capital made necessary a new system of credits, which was erected at first, as the recurring panics disclosed, on sand, but gradually, through costly experience, on a more stable foundation.