greatest of all wars. To use
an illustration popular in Wall Street at the time, there was to be an
unexpected run on Uncle Sam's Bank and the Stock Exchange was the
paying teller's window through which the money was to be drawn out, so
the window was closed to gain time. How to reopen this window in such
a way as not to pay out any more money to the foreign creditor than
would suit our own convenience was the problem which soon began to
agitate many ingenious minds. As time went on plans for performing
this difficult feat poured in upon the Committee of Five in constantly
increasing volume, and they were frequently accompanied by a request
on the part of their authors that, when adopted, the credit for their
success be publicly attributed to them. An edifying confidence was
thus shown in what were usually the most visionary of these schemes.

* * * * *

Space does not permit the presentation of all these multitudinous
suggestions, but as a matter of information we shall quote extracts
from some of them. In point of time, the first communication to the
Committee on this subject came on August 4th when a prominent banker
appeared in person, and gave vent to the following oracular utterance:
"When the Exchange reopens it should not do business from ten till
three, but should open from ten o'clock to one. All transactions
should be for cash, and must be delivered and paid for the same day,
no contract to be allowed to stand over night." He also made the
prediction, which was amply verified, that many weeks would elapse
before the Exchange could be reopened at all. Some little time elapsed
before anything further was presented on the subject, but by the end
of August the flood of plans began and went on increasing until the
Exchange resumed business.

On August 31st a communication was received from a well known
"Statistical Organization" for "Merchants, Bankers and Investors"
which said, in part: "In behalf of my clients, who are exceedingly
interested in making it possible for the Stock Exchanges to open
safely, I am getting the opinion of important bodies relative to the
proposed legislation suggested on the enclosed slip, or any other
which you think would serve the purpose." On the enclosed slip was the
following proposed legislation "to enable the Stock Exchanges to
open."

"Be it enacted: That until the President considers European
conditions fairly normal it shall be a m