“On September 20, the New York Stock Exchange halted trading for ten days. Grant received emergency pleas for purchases of Treasury bonds to add liquidity to national banks, while Thomas Murphy, the former New York customs collector, wired: “Relief must come immediately or hundreds if not thousands of our best men will be ruined.”2 Not since 1837 had such a spasm of fear flashed through Wall Street.”

“On September 20, the New York Stock Exchange halted trading for ten days. Grant received emergency pleas for purchases of Treasury bonds to add liquidity to national banks, while Thomas Murphy, the former New York customs collector, wired: “Relief must come immediately or hundreds if not thousands of our best men will be ruined.”2 Not since 1837 had such a spasm of fear flashed through Wall Street.”

— Ron Chernow