That the “Object-Lesson” was intended for the West and South is evidenced by the records. Out of 169 banks failing from March 5 to August 4, five only were in Eastern States, forty-eight in Southern and 151 in Western states—Dunn’s Report. Dunn’s Report for July 21, 1893, says: “A large proportion of the suspended Colorado banks and mercantile institutions will pay in full and resume business, inability to borrow money on or sell ample collateral alone being the cause of the Denver banks closing their doors.” No doubt the panic reached proportions not at first intended by the National Bank Presidents and threatened their own financial standing, as Mr. Branch suggests is the case in time of panics. But they had a remedy, no doubt decided upon beforehand. While they refused credit to the Southern and Western banks, they issued Clearing House certificates to the extent of $63,152,000 to themselves, an act which was in violation of the law. There is so much evidence obtainable to the effect that the National Bankers are guilty of every count in the indictment contained in the Panic Bulletin that a book could be filled with it. In a speech in the United States Senate August 25, 1893, Senator David B. Hill, referring to the bankers, said: “They inaugurated the policy of refusing loans to the people even upon the best security, and attempted in every way to spread disaster broadcast throughout the land. These disturbers—the promoters of public peril—represented largely the creditor class, the men who desire to appreciate the gold dollar in order to subserve their own selfish interests, men who revel in hard times, men who drive harsh bargains with their fellow-men regardless of financial distress. It is not strange that the present panic has been induced, intensified and protracted by reason of these malign influences. Having contributed much to bring about the present exigency, these men are now unable to control it. They have sown the wind, and we are now all reaping the whirlwind together” (_Congressional Record_, Vol. XXV, Part I, p. 865). August 8, 1893, Senator Teller said, in a speech in the United States Senate: