The Life and Work of James A. Garfield, Twentieth President of the United States / Embracing an Account of the Scenes and Incidents of His Boyhood; the Struggles of His Youth; the Might of His Early Manhood; His Valor As a Soldier; His Career As a Statesman; His Election to the Presidency; and the Tragic Story of His Death.

by John Clark Ridpath

At 11:42 A. M. came the crack of doom.

Treasury Department, September 24, 1869.

“Daniel Butterfield, Assistant Treasurer, United States, New York:

“Sell four millions (4,000,000) gold to-morrow, and buy four millions (4,000,000) bonds.

George S. Boutwell, Sec’y Treasury.

“Charge to Department. Sent 11:42 A. M.”

“Within the space of fifteen minutes the price fell from one hundred and sixty to one hundred and thirty-three, and in the language of one of the witnesses, half of Wall Street was involved in ruin.

“It was not without difficulty that the conspirators escaped from the fury of their victims and took refuge in their up-town stronghold—the office of the Erie Railroad Company.

“During the day and morning previous, the conspirators had succeeded in forcing many settlements at rates ruinous to their victims.”

On March 14, 1870, General Garfield spoke on the subject of the civil service. The speech abounded in details, and was pointed with references to classes of salaries which were too high. On April 1st of the same session, he delivered a great speech on the tariff question. It was characterized by its conservative avoidance of extremes, and will stand as the best expression of modern scholarship, practical statesmanship on this most important public question. It is probable that there can nowhere be found an argument on the subject of the tariff which more nearly approaches perfect legislative wisdom.