Now, sir, we come to the crash of 1873. On the 15th day of September, 1873, this nation was in a more prosperous condition than perhaps it had been for the last twenty-five years. Every branch of industry was prosperous, every interest of the people was prosperous; but in a day, at the drop of the ball at twelve o'clock on the 16th of September, the panic struck. What produced this tremendous panic and crash in this great and prosperous country? It was over-speculating in railroad securities. It was by men undertaking to do what it was utterly impossible for them to do, to wit, for individuals to float untold millions by their own credit; and when the people became alarmed for fear the crash would come, the crash came, and there was no salvation from it. But, sir, on that very self-same day the nation was more prosperous than it had been for the last twenty years in all its interests--business, banking and every other. The crash ought not to have extended one yard beyond Wall street and the few producers of railroad iron who were manufacturing for these defunct railroads. But, sir, the panic was so great that it spread until it became universal, and values sank until there seemed to be no bottom, and everybody was affected throughout the length and breadth of this broad land. But, Mr. President, that panic was of short duration. Many failures took place, and particularly among stock and railroad operators; but the main business of the country still went on with a few notable exceptions. Some manufacturers stopped for the want of money; others stopped for the want of credit. The men that had been issuing their paper without intending to pay it, issuing millions of dollars of paper which they knew they could not meet at maturity, trusting in luck to meet their obligations--those men cannot borrow money; their lines are full everywhere; nobody will loan them money; but, sir, upon undoubted security money is to-day cheaper than it has been at any time for the last twenty years. These great borrowers, without the expectation of paying at maturity, are to-day all out of the market. No man will loan money to a person who does not pay at maturity. Every man that desires to borrow money for legitimate business can borrow it to-day cheaper than he could borrow it at any time in the last twenty years. Sir, you may legislate for this class who have over-speculated, you may legislate for the benefit of the men who have built factories, built steamboats, built mills, bought mills, bought mines, bought everything for sale, and given their paper knowing they could not meet it unless they could borrow the money over again; you may legislate them $100,000,000 or $1,000,000,000, and you will not help them in the slightest degree....