Dick McGill didn't know which way the cat would jump, and kept pretty still about it in his paper; but he printed a story on me that made everybody laugh. "There was once a Swede," said the paper, "that was running away from the minions of the law, and took refuge in a cabin where they covered him with a gunny sack. When the Hawkshaws came they asked for the Swede. No information forthcoming. 'What's in that bag?' asked the minions. 'Sleighbells,' replied the accomplices. The minion kicked the bag, and there came forth from under it the cry, 'Yingle! Yingle!' We know a Dutchman who is addicted to the same sort of ventriloquism." (Monterey _Journal_, September 3, 1857.) In 1856 we cut our grain with cradles. In 1857 Magnus and I bought a Seymour & Morgan hand-rake reaper. I drove two yoke of cows to this machine, and Magnus raked off. I don't think we gained much over cradling, except that we could work nights with the cows, and bind day-times, or the other way around when the straw in the gavels got dry and harsh so that heads would pull off as we cinched up the sheaves. At that very moment, the Marsh brothers back in De Kalb County, Illinois, were working on the greatest invention ever given to agriculture since the making of the first steel plow, the Marsh Harvester. Every year we broke some prairie, and our cultivated land increased. By the fall of 1857, my little cottonwood trees showed up in a pretty grove of green for a distance of two or three miles, and were ten to fifteen feet high: so I could lie in the shade of the trees I had planted. But if the trees flourished, the community did not. The panic of 1857 came on in the summer and fall; but we knew nothing, out in our little cabins, of the excitement in the cities, the throngs on Wall Street and in Philadelphia, the closing banks, the almost universal bankruptcy of the country. It all came from land speculation. According to what they said, there was more land then laid out in town-sites in Kansas than in all the cities and towns of the settled parts of the country. In Iowa there were town-sites along all the streams and scattered all over the prairies. Everybody was in debt, in the business world, and when land stopped growing in value, sales stopped, and then the day of reckoning came. All financial panics come from land speculation. Show me a way to keep land from advancing in value, and I will tell you how to prevent financial panics[14]. [14] The author, when his attention is called to the Mississippi Bubble, insists that it was nothing more nor less than betting on the land development of a great new region. As to the "Tulipomania" which once created a small panic in Holland, he insists that such a fool notion can not often occur, and never can have wide-spread results like a genuine financial panic. In which the editor is inclined to believe the best economists will agree with him.--G.v.d.M.