The campaign progressed satisfactorily to the managers of the McKinley interest and the great candidate deeply endeared himself to the public by expressing unbounded faith and unwavering hope in the judgment and good will of the common people. The campaign, however, presented many new and confusing phases and there were obstructing conditions that had never before arisen. Populism had grown formidable and party alignments had become much confused. A feeling of extreme anxiety had grown out of the uncertainties of the business situation. The wheels of industry stood still, and all business was inert, alarmed and awaiting the results of the election and the developments that would follow.
The world was interested, for “Hard Times” was walking with it, arm in arm, and holding it back. Europe preserved an anxious silence, Asia felt the unusual depression of uncertainty, South America was eagerly listening for the result. Election day came and the vast mass of voters in the United States arose early, impressed by the words of William McKinley as to what should be done. Patriotic duty was the thought of the hour. Upon that day a vast majority of the sovereign voters, throwing off all trammels, cast their ballots in favor of industry and against calamity. The day was bright throughout the land, the friends of industrious prosperity took the color of the day, and the noiseless fall of ballots established and stamped the people’s will. The result was quickly known—McKinley and prosperity were elected. The largest popular majority ever given was that by the people for the people, and William McKinley’s power as a campaigner had wrought wondrous good to the republic and the world.
CHAPTER XVI.
GOVERNOR McKINLEY’S FINANCIAL TROUBLES.
One of the sad events in the career of President McKinley was the loss of his fortune in the year 1893. It was during his first term as Governor of Ohio, and was a period of humiliation and anguish to the Governor and his wife, but they met the crisis with that quiet fortitude that ever characterized them, and found friends in abundance to aid them in their distress. This money trouble was not brought about by any wild speculation on the part of the Governor. He had never evinced any desire to seek riches through such agencies, and so faithfully had he applied himself to the people’s interests that, notwithstanding his years of hard work, he was worth not to exceed $20,000, which was invested in securities and real estate.
The difficulty which swallowed up the Governor’s fortune, and that of his wife, resulted from his endorsing notes for a friend. This friend was Robert L. Walker, a capitalist banker and manufacturer, of Youngstown. Mr. Walker was president of the Farmers’ National Bank of Youngstown, the Girard Savings Bank, a stamping mill company, a stove and range company, and was interested in several coal mines in Western Ohio and Eastern Pennsylvania. He was one of the strongest men in the community, was supposed to be worth more than $250,000, and enjoyed the confidence of everybody who knew him.
When Major McKinley returned from the war and was ambitious to become a lawyer, he found the struggle a hard one. His service as a soldier had not enabled him to save anything of consequence, and when poverty pressed him he turned to Mr. Walker for aid. He was not disappointed. Mr. Walker proved a friend in need, and the Major was not the man to forget a kindness. After he entered political life, he again had need of financial assistance. In his first congressional campaign his expenses were heavy, and it became necessary for him to raise $2,000 with which to cancel a mortgage on his wife’s property. Mr. Walker loaned him the money, and it is probable that at subsequent periods other loans were made to the Major. He was constantly under heavy expense, owing to the illness of his wife, and had no regular income save his salary of $5,000 as Congressman.
The first loan was repaid by Major McKinley out of his salary within two years, and it is certain that all of his subsequent financial obligations were promptly met up to the time of the crash.
Under such circumstances it was not strange that Major McKinley, having become Governor, and having become possessed of some money of his own, should be called upon to help out his old friend when he needed a little accommodation. Mr. Walker applied to the Governor to indorse his paper from time to time and the Governor willingly accommodated him, never questioning the amount, nor the circumstances for which the money was required.
These accommodations were spread over a considerable period of time, and it is probable that in the course of his business Mr. Walker took up many of the notes endorsed by the Governor. But his affairs became more and more involved, and early in 1893 Mr. Walker informed the Governor that he was in great need of money and asked the Governor to endorse his notes, which he desired to have discounted. The Governor did not hesitate an instant. The man who had befriended him needed aid, and so far as the Governor could render it he did so. Governor McKinley understood at the time that the notes signed by him aggregated about $15,000. They were good at any bank in Ohio, and no trouble was experienced by Mr. Walker in discounting them.
The Governor gave no further thought to the matter until February 17, 1893, when Youngstown, as well as the commercial circles of Ohio, were startled by the announcement of the assignment of Robert L. Walker. A judgment for $12,000 had been entered against the Youngstown Stamping Company, and inability to meet it caused Mr. Walker to assign. As soon as the fact became known Mr. Walker’s other enterprises began to topple, and the next day all were swallowed up in the crash.