understanding not to pay for them unless you
are caught.' This attempted fiscal operation, however, did not work, and
resulted in a good proof of the old adage that it requires 'a rogue to
catch a rogue.'

"A railroad treasurer boldly states that he has without authority
over-issued stock of the company to a large amount. He offers it to a
broker for sale, with the understanding that all received over a fixed
value is to go into his (the treasurer's) pocket. From the fact that
this man is not arrested for maladministration of the company's property,
we judge this to be a legitimate operation, and that this may hereafter
serve as a model or standard of morals to all presidents, directors,
treasurers and managers of railway and other great corporations."

IX. BLACK FRIDAY.

In the month of September, 1869, one of the most gigantic attempts to run
up the value of gold ever made was attempted by a powerful combination of
Bulls, consisting of a set of unprincipled men whose only object was to
make money. Their scheme came near attaining a success which would have
broken the market utterly, have unsettled values of all kinds, and have
precipitated upon the whole country a financial crisis of the most
terrible proportions. Nothing but the interference of the Secretary of
the Treasury at a critical moment averted this disaster. As it was, the
losses were fearful. Men in Wall street were ruined by the score, and
for several days the best houses in the street were uncertain as to their
exact condition.

An account of this formidable transaction is interesting as revealing the
method of conducting the great operations of the street.

[Picture: SCENE IN THE GOLD ROOM--BLACK FRIDAY.]

"On the 22d of September, 1869, gold stood at 137.5 when Trinity bells
rang out the hour of twelve. By two it was at 139. Before night its
lowest quotation was 141. . . . An advance of three and a half per cent.
in five hours. At the same time the Stock Market exhibited tokens of
excessive febrility, New York Central dropping twenty-three per cent. and
Harlem thirteen. Loans had become extremely difficult to negotiate. The
most usurious prices for a twenty-four hours' turn were freely paid. The
storm was palpably reaching the proportions of a tempest.

"Nevertheless, the brokers on the Bear side strove manfully under their
burden. The character and purposes of the clique were fully known.
Whatever of mystery had