Page:Oregon, her history, her great men, her literature.djvu/295

294 ity. It was properly called a "banker's panic" for the reason that it started through fear on the part of wealthy men that something was about to happen* and clearly illustrated the saying that "there is no coward so great as money." A lack of confidence in one instance was sufficient to frighten others, and the condition became national in twenty-four hours. Many of the greatest banks of the country suspended payments and closed their doors. Others, dependent upon them did likewise, and for a time business was completely paralyzed.

The Effects of the Eastern Panic Reached Oregon, and though our banks were in splendid condition many of them were forced to dose because the balance due them from eastern banks could not be had. To meet such an abnormal condition Governor Chamberlain, at the solicitation of a committee of Portland bankers who went to the capital on a special train for that purpose, proclaimed a series of bank holidays, beginning on October 28 and lasting for five days. At the end of that period, however, the danger had not been lessened and he automatically continued the bank holiday season from day to day until conditions had righted themselves and the fright had passed. The method to which the Governor resorted was novel; hut it answered a good purpose and served to alleviate a condition which might have been far more disastrous than it was.

The North Bank Road. The Spokane, Portland and Seattle Railroad, popularly known as the "North Bank Road." is a joint property owned equally by the Northern Pacific and Great Northern railway companies. The construction work was begun on the Northern Pacific in Minneseta in the summer of 1870; but the failure of the Jay Cooke Company in 1673 threw it into financial straits and it afterwards passed through many troublesome times before reaching its Pacific Coast terminus The Great Northern reached