The two years that followed were marked by no events of striking interest. The affairs of Judge Bigelow continued to assume a better shape, under the persistent direction of Mr. Wallingford, until every dollar which he had invested in the cotton mills was withdrawn and placed in real estate or sound securities. Long before this there had come an open rupture between the old man and his nephew; but the Judge had seen his real character in so clear a light that friendship was no longer desirable.
CHAPTER XXX.
And now we have come down to the memorable summer and fall of 1857. No gathering clouds, no far-distant, low-voiced thunder gave warning of an approaching storm. The sky was clear, and the sun of prosperity moving onward in his strength, when, suddenly, from the West came a quick flash and an ominous roll of thunder. Men paused, looked at each other, and asked what it meant. Here and there a note of warning was sounded; but, if heeded by any, it came too late. There followed a brief pause, in which people held their breaths. Then came another flash, and another rattling peal. Heavy clouds began to roll up from the horizon; and soon the whole sky was dark. Pale face looked into pale face, and tremulous voices asked as to what was coming. Fear and consternation were in all hearts. It was too late for any to seek refuge or shelter. Ere the startled multitudes had stirred from their first surprised position, the tempest came down in its fury, sweeping, tornado-like, from West to East, and then into one grand gyration circling the whole horizon. Men lost courage, confidence, and hope. They stood still while the storm beat down, and the fearful work of destruction went on.
No commercial disaster like this had ever before visited our country. Houses that stood unmoved through many fierce convulsions went down like brittle reeds, and old Corporations which were thought to be as immovable as the hills tottered and fell, crushing hundreds amid their gigantic ruins.
Among the first to yield was the greatly extended house of Floyd, Lawson, Lee, & Co. The news came up on the wires to S——, with orders to stop the mills and discharge all hands. This was the bursting of the tempest on our town. Mr. Dewey had gone to New York on the first sign of approaching trouble, and his return was looked for anxiously by all with whom he was deeply interested in business. But many days passed and none saw him, or heard from him. Failing to receive any communication, Squire Floyd, who had everything involved, went down to New York. I saw him on the morning of his return. He looked ten years older.
It was soon whispered about that the failure of Floyd, Lawson, Lee, & Co. was a bad one. Then came intimations that Mr. Dewey was not in New York, and that his partners, when questioned about him, gave very unsatisfactory replies.
“Have you any notes of the Clinton Bank, Doctor?” said a friend whom I met in the street. “Because, if you have, take my advice and get rid of them as quickly as possible. A run has commenced, and it's my opinion that the institution will not stand for forty-eight hours.”
It stood just forty-eight hours from the date of this prophecy, and then closed its doors, leaving our neighborhood poorer by the disaster over two hundred thousand dollars. There was scarcely a struggle in dying, for the institution had suffered such an exhausting depletion that when its extremity came it passed from existence without a throe. A Receiver was immediately appointed, and the assets examined. These consisted, mainly, of bills receivable under discount, not probably worth now ten cents on the dollar. Three-fourths of this paper was drawn or endorsed by New York firms or individuals, most of whom had already failed. The personal account of Ralph Dewey showed him to be a debtor to the Bank in the sum of nearly a hundred thousand dollars. The President, Joshua Kling, had not been seen since the evening of the day on which the doors of the Clinton Bank were shut, never to be opened for business again. His accounts were all in confusion. The Cashier, who had succeeded him on his elevation to the Presidency of the institution; was a mere creature in his hands; and from his revelations it was plain that robbery had been progressing for some time on a grand scale.
As soon as these disastrous facts became known to the heaviest sufferers in S——, the proper affidavits were made out, and requisitions obtained for both Dewey and Kling, as defaulters and fugitives from justice. The Sheriff of our county, charged with the duty of arrest, proceeded forthwith to New York, and, engaging the services of detectives there, began the search for Dewey, who, it was believed, had not left that city. He was discovered, in a week, after having dexterously eluded pursuit, on the eve of departure for England, disguised, and under an assumed name. His next appearance in S——was as a prisoner in the hands of our Sheriff, who lodged him in jail. Very heavy bonds being required for his appearance at court, there was not found among us any one willing to take the risk, who was qualified to become his surety. And so the wretched man was compelled to lie in prison until the day of trial.