away, the consequences upon business would not have been worse. It was
much the same in all the large cities of the state, as land speculation
was more active there than in the rural districts, and no matter what
may happen, some value always remains to farm lands, while under such a
collapse as that of 1893 the greater part of city property becomes
utterly valueless for the present, and much of it forever.

There was, however, a great difference between the consequences of 1893
and the previous disasters of 1857 and 1873. Although the disturbance
was great, we were better prepared to meet it. Population had increased
immensely. The area of civilization and production had kept pace with
immigration. Manufactures of many kinds had been introduced, and
although we were seriously wounded, our hopes of recovery had solid
grounds to rest upon, and we were not dismayed. The only remedy in such
cases--industry and economy--was applied, through necessity if not from
choice, and recovery has been slowly progressing up to the present time
(1900), when we may be classed as convalescent.

Will this experience serve to prevent a recurrence of the follies of the
past? Most assuredly not. Those who have reaped wisdom will have
surrendered the speculative arena to others before the financial cycle
rolls around, and history will repeat itself, notwithstanding the state
never had a better future outlook than at present. It does not follow
that the panic due about 1913 will be caused by over speculation in real
estate. It is more likely to be produced by the excessive and fraudulent
capitalization of all sorts of corporations, called trusts, which will,
of course, succumb to the first serious blow.

With the exception of the events I have narrated, including the
financial troubles of 1873 and 1893, nothing of special importance to
the state has happened, except a few occurrences of minor moment.

MINOR HAPPENINGS.

Sept. 5, 1878, President Hayes made a short visit to the state, and
delivered an address at the state agricultural fair.

On the 7th of September, 1876, an organized gang of bandits, which had
been terrorizing the State of Missouri and surrounding states with
impunity, entered this state, and attacked a bank in the town of
Northfield, in Rice county, with the intent of looting it. The cashier,
Mr. Haywood, resisted, and they shot him dead. The people of the town,
hearing of the raid, turned out, and opened fire o