And now we have come down to the memorable summer and fall of 1857.  No gathering clouds, no far-distant, low-voiced thunder gave warning of an approaching storm.  The sky was clear, and the sun of prosperity moving onward in his strength, when, suddenly, from the West came a quick flash and an ominous roll of thunder.  Men paused, looked at each other, and asked what it meant.  Here and there a note of warning was sounded; but, if heeded by any, it came too late.  There followed a brief pause, in which people held their breaths.  Then came another flash, and another rattling peal.  Heavy clouds began to roll up from the horizon; and soon the whole sky was dark.  Pale face looked into pale face, and tremulous voices asked as to what was coming.  Fear and consternation were in all hearts.  It was too late for any to seek refuge or shelter.  Ere the startled multitudes had stirred from their first surprised position, the tempest came down in its fury, sweeping, tornado-like, from West to East, and then into one grand gyration circling the whole horizon.  Men lost courage, confidence, and hope.  They stood still while the storm beat down, and the fearful work of destruction went on.

No commercial disaster like this had ever before visited our country.  Houses that stood unmoved through many fierce convulsions went down like brittle reeds, and old Corporations which were thought to be as immovable as the hills tottered and fell, crushing hundreds amid their gigantic ruins.

Among the first to yield was the greatly extended house of Floyd, Lawson, Lee, & Co.  The news came up on the wires to S——­, with orders to stop the mills and discharge all hands.  This was the bursting of the tempest on our town.  Mr. Dewey had gone to New York on the first sign of approaching trouble, and his return was looked for anxiously by all with whom he was deeply interested in business.  But many days passed and none saw him, or heard from him.  Failing to receive any communication, Squire Floyd, who had everything involved, went down to New York.  I saw him on the morning of his return.  He looked ten years older.

It was soon whispered about that the failure of Floyd, Lawson, Lee, & Co. was a bad one.  Then came intimations that Mr. Dewey was not in New York, and that his partners, when questioned about him, gave very unsatisfactory replies.

“Have you any notes of the Clinton Bank, Doctor?” said a friend whom I met in the street.  “Because, if you have, take my advice and get rid of them as quickly as possible.  A run has commenced, and it’s my opinion that the institution will not stand for forty-eight hours.”