And Waterman was a despot,
imperious and terrible. "I have taken care of my bank," said one
president; "and I intend to shut myself up in it and wait until the
storm is over." "If you do," Waterman retorted, "I will build a wall
around you, and you will never get out of it again!" And so the
banker contributed the necessary number of millions.
The fight centred around the imperilled Trust Company of the
Republic. It was recognised by everyone that if Prentice's
institution went down, it would mean defeat. Longer and longer grew
the line of waiting depositors; the vaults were nearly empty. The
cashiers adopted the expedient of paying very slowly--they would
take half an hour or more to investigate a single check; and thus
they kept going until more money arrived. The savings banks of the
city agreed unanimously to close their doors, availing themselves of
their legal right to demand sixty days before paying. The national
banks resorted to the expedient of paying with clearing-house
certificates. The newspapers preached confidence and cheered the
public--even the newsboys were silenced, so that their shrill cries
might no longer increase the public excitement.
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