No man can imagine, all the languages of the world cannot express, what the people of the United States suffered from 1873 to 1879. Men who considered themselves millionaires found that they were beggars; men living in palaces, supposing they had enough to give sunshine to the winter of their age, supposing they had enough to have all they loved in affluence and comfort, suddenly found that they were mendicants with bonds, stocks, mortgages, all turned to ashes in their aged, trembling hands.

The chimneys grew cold, the fires in furnaces went out, the poor families were turned adrift, and the highways of the United States were crowded with tramps. Into the home of the poor crept the serpent of temptation, and whispered in the ear of poverty the terrible word "repudiation."