e the course of financial events in Benham since its
evolution from a sleepy country town began had been steadily prosperous.
There had been temporary recessions in prices, transient haltings in the
tendency of new local undertakings to double and quadruple in value. A
few rash individuals, indeed, had been forced to suspend payments and
compound with their creditors. But there had been no real set back to
commercial enthusiasm and speculative gusto. Those who desired to borrow
money for progressive enterprises had found the banks accommodating and
unsuspicious, and to Benham initiative it yet appeared that the
development of the resources of the neighborhood by the unwearying,
masterful energy of the citizens was still in its infancy.

But now, after a few months of inactivity, which holders of speculative
securities had spoken of as another healthy breathing spell, the
tendency of prices had changed. Had not merely halted, but showed a
radical tendency to shrink; even to tumble feverishly. Buyers were
scarce, and the once accommodating banks displayed a heartless
disposition to scrutinize collateral and to ask embarrassing questions
in regard to commercial paper. Rates of interest on loans were
ruthlessly advanced, and additional security demanded. A pall of
dejection hung over Benham. Evil days had come; days the fruit of a long
period of inflation. A dozen leading firms failed and carried down with
them diverse small people. Amid the general distrust and anxiety all
eyes were fixed on Wall street, the so-called money centre of the
country, the Gehenna where this cyclone had first manifested itself. The
newspapers, voicing Benham public opinion, cast vituperation at the
bankers and brokers of Wall street, whose unholy jugglings with fortune
had brought this commercial blight on the community. Wall street had
locked up money; consequently funds were tight in Benham, and the plans
of its honest burghers to promote enterprise and develop the lawful
industries of the country were interrupted. So spoke public opinion,
and, at the same time, hundreds of private letters were being despatched
through the Benham Post Office in response to requests for more margins
on stocks held for the honest burghers by the fraternity of Wall street
gamblers. There was private wailing and gnashing of teeth also, for in
the panic a few of these bankers and brokers had been submerged, and the
collateral of Benham's leading citizens had been sw