his possessions, their future value would attest his sagacity. But at present the securities of speculative enterprises were practically worthless as procurers of ready money. The extreme circumstances had come upon him with startling rapidity, so that he found himself in the unpleasant predicament of having used for temporary relief some of the bonds belonging to the Parsons estate which he held as executor. He had forwarded these to Williams merely as a matter of convenience before he had become anxious, expecting to be able to replace them with funds coming to him within thirty days from a piece of real estate for which he had received an offer. He had held off in the hope of obtaining a higher price. The following week, when signs of danger were multiplying, he had found the would-be purchaser unwilling to buy at any price. Realizing the compromising position in which he had placed himself by his action, he had cast about feverishly for the means to redeem the hypothecated securities, but all his resources were taxed of a sudden by the advent of the panic. It occurred to him to ask Selma to allow substitution of the twenty thousand dollars, which had been apportioned, to her as her legacy, for the bonds, but at first he had shrunk from the mortification of disclosing his condition to her, and now that the situation had developed, he feared that he might be obliged to borrow this money from her for the protection of his other interests. It gave him sore concern that he, a champion of moral ideas, a leading church member, and a Representative of the Federal Government should be put in such an equivocal position. Here again there was no opportunity for conciliation, and dignified urbanity was of no avail. If the condition of drooping prices and general distrust, a sort of commercial dry-rot, which had succeeded the panic, continued much longer he would be driven to the wall unless relief were forthcoming. Nor was it much consolation that many others were on the verge of failure. Financial insolvency for him would mean the probable loss of his seat in Congress, and the serious interruption of his political career. From what source could he hope for relief? The preparations for the autumn campaign were already being considered, and there was likelihood of another close contest between the two political parties. But for the worry occasioned by his plight, he would have resumed the contest with hopeful ardor, appreciating that the pecuniary distress of the community would be likely to work to his advantage. His own nomination was assured; his re-election appeared probable. But after it what could he expect but the deluge?