This was the real moment of panic. Even Whitney and Towle were at their wits' end. Finally, in desperation, and as a last resort, Whitney rushed to the governor, threw up his hands, and asked for mercy. "What would the governor sign?"
Massachusetts' able and fearless Governor Wolcott, who seemed to have been expecting some such outcome of the battle, gave his answer clear as an anvil-blow:
"You have told the people your company would give them cheap gas. Bind yourself to do it by amending the charter so that the highest price your gas can be sold at will be sixty cents. Then I will sign."
There was nothing else to do.[10] At the last minute the amendment was inserted. The governor's representative gave the word that it was satisfactory, and it passed.
I was in my office taking care of the market. Of the stampede I knew nothing. Suddenly came the word: "The Whitney bill has passed on the governor's recommendation." Both stocks started to jump; then a halt, then—I didn't try to stop the decline, for I saw something terrible had happened. In a few minutes the news was on the Street: "The charter was not worth the parchment upon which it was engrossed."
The biter had been fatally bitten.
The market closed with the tape and ticker fiercely, exultingly shouting "Ruin!" with each tick and slip: and that night Whitney's head-quarters was little better than a mob. Frantic men demanded money, money due to them for votes, money they had promised for margins to the brokers before the Stock Exchange opened the next day, and swearing desperate consequences to Whitney and Towle regardless of the effect upon themselves.
Early next morning there came to my office two wild-eyed, desperate creatures, Towle and Mr. Patch.
I had spent the night going over my accounts and those of which I had charge, and in addition to a quick, real loss of over a million dollars, I realized that the immediate future was so hung with dark clouds that I dared not anticipate what the coming day might mean to me and mine; but when I looked upon the big, powerful man, who had always seemed in any light in which I had heretofore beheld him to fear neither man nor God—when I looked and saw his plight I pitied him deeply, sincerely. He carried a large travelling-bag, and Mr. Patch two others.
"Lawson, for God's sake, don't do what they are all doing—don't upbraid me! I've got to get out into the world and be dead to all I know—family, friends, every one. If I stay, it's State's prison or worse, and Whitney says I must go. I've got all the papers together and Whitney has given me what cash he had on hand, and this check of $10,000. Do me one last favor, get me gold for it. I know I have no right to ask any favors of you, but think if you were in my place. I have a wife and children, and—" and the great, strong man wept like a child.[11]