urday.
Business went on as usual, but among the leaders of the country
consternation was beginning to spread. The banks closed at their usual
hour--three o 'clock on Saturday, and so far as I knew no one profited
by the secret knowledge, though later accusations were made against
some people. The serious nature of the impending disaster never really
dawned on me, not being either personally concerned in either bank or
having any experience of finance. When the collection came around at
the cathedral on Sunday my friend whispered to me, "That silver will
be valuable to-morrow." It so happened that on Sunday I was dining
with the Prime Minister, who had befriended all our efforts, and his
tremendously serious view of the position of the Colony sent me to bed
full of alarms for my new friends. We were to have sailed for England
next day and I went down after breakfast to buy my ticket. The agent
sold it, but remarked, "I am not sure if Newfoundland money is good
any longer. It is a speculation selling you this ticket." Before we
sailed the vessel was held up by the Government, as only a few of the
ships were taking notes at face value. Those of the Commercial Bank
were only fetching twenty cents. Besides the banks quite a number of
commercial firms also closed. The directors of the banks were all
local merchants, and many were heavily indebted to them for supplies
given out to their "planters," as they call the fishermen whom they
supply with goods in advance to catch fish for them. It was a sorry
mix-up, and business was very difficult to carry on because we had no
medium of exchange. Even the Governor to pay his gardener had to give
I.O.U. orders on shops--there simply being no currency available.

Matters have long since adjusted themselves, though neither bank ever
reopened. Larger banks of good standing came in from Canada, and no
one can find anything of which to complain in the financial affairs of
the "oldest Colony," even in these days of war.

Newfoundland has a large seal as well as cod fishery. The great
sealing captains are all aristocrats of the fishermen and certainly
are an unusually fine set of men. The work calls for peculiar training
in the hardest of schools, for great self-reliance and resource,
besides skill in handling men and ships. In those days the doyen of
the fleet was Captain Samuel Blandford. He fired me with tales of the
hardships to be encountered and the opportunities and needs for a
doct