gave him sore concern that he, a champion of moral ideas, a leading church member, and a Representative of the Federal Government should be put in such an equivocal position.  Here again there was no opportunity for conciliation, and dignified urbanity was of no avail.  If the condition of drooping prices and general distrust, a sort of commercial dry-rot, which had succeeded the panic, continued much longer he would be driven to the wall unless relief were forthcoming.  Nor was it much consolation that many others were on the verge of failure.  Financial insolvency for him would mean the probable loss of his seat in Congress, and the serious interruption of his political career.  From what source could he hope for relief?  The preparations for the autumn campaign were already being considered, and there was likelihood of another close contest between the two political parties.  But for the worry occasioned by his plight, he would have resumed the contest with hopeful ardor, appreciating that the pecuniary distress of the community would be likely to work to his advantage.  His own nomination was assured; his re-election appeared probable.  But after it what could he expect but the deluge?

One source of the effectiveness of Horace Elton was that he was wont to exercise foresight, and make his plans in advance while other men were slumbering.  He had been prepared for the panic because he had been expecting it for more than a year, and the ship of his financial fortunes was close reefed to meet the fury of the overdue gale.  Also he was quick to recognize that the wide-spread depreciation of values would inevitably be followed by a period of business inactivity which would throw out of employment a large number of wage earners whose ballots as a consequence would be cast against the political party in power.  As far back as the time when he made the acquaintance of Selma at Washington and selected her as the wearer of his cameo pin, he had been incubating on a scheme for the consolidation of the gas companies in the cities and towns of the state into one large corporation.  For this corporation he required a liberal charter, which the next legislature would be invited to grant.  He expected to be able to procure this franchise from the legislature, but he judged that the majority in favor of the bill would not be large enough to pass it over the Governor’s veto.  Accordingly it was of the first importance that the Governor should be friendly to the measure.

This was the year of the Presidential election.  Both political parties were seeking to nominate their strongest candidates for the various federal and state offices.  A promoter of large business schemes was at a disadvantage in a campaign where party feelings ran high and national issues were involved, and Elton knew it.  He commonly chose an off year in politics for the consummation of his business deals.  But he had chosen to push his bill this year for the reason that he wished to be in a position to buy out the