f　in　those　thirteen　months。　　He　was　going　to　see　Aileen；　and　find　how　she　felt　about　things　in　general；　and　then　he　was　going　to　resume　some　such　duties　as　he　had　had　in　his　own　concern；　with　Wingate　&　Co。　　He　was　going　to　secure　a　seat　on　'change　again；　through　his　friends；　and；　to　escape　the　effect　of　the　prejudice　of　those　who　might　not　care　to　do　business　with　an　ex…convict；　he　was　going　to　act　as　general　outside　man；　and　floor　man　on　'charge；　for　Wingate　&　Co。　　His　practical　control　of　that　could　not　be　publicly　proved。　　Now　for　some　important　development　in　the　marketsome　slump　or　something。　He　would　show　the　world　whether　he　was　a　failure　or　not。
  They　let　him　down　in　front　of　his　wife's　little　cottage；　and　he　entered　briskly　in　the　gathering　gloom。
  On　September　18；　1873；　at　twelve…fifteen　of　a　brilliant　autumn　day；　in　the　city　of　Philadelphia；　one　of　the　most　startling　financial　tragedies　that　the　world　has　ever　seen　had　its　commencement。　The　banking　house　of　Jay　Cooke　&　Co。；　the　foremost　financial　organization　of　America；　doing　business　at　Number　114　South　Third　Street　in　Philadelphia；　and　with　branches　in　New　York；　Washington；　and　London；　closed　its　doors。　　Those　who　know　anything　about　the　financial　crises　of　the　United　States　know　well　the　significance　of　the　panic　which　followed。　　It　is　spoken　of　in　all　histories　as　the　panic　of　1873；　and　the　widespread　ruin　and　disaster　which　followed　was　practically　unprecedented　in　American　history。
  At　this　time　Cowperwood；　once　more　a　brokerostensibly　a　broker's　agentwas　doing　business　in　South　Third　Street；　and　representing　Wingate　&　Co。　on　'change。　　During　the　six　months　which　had　elapsed　since　he　had　emerged　from　the　Eastern　Penitentiary　he　had　been　quietly　resuming　financial；　if　not　social；　relations　with　those　who　had　known　him　before。
  Furthermore；　Wingate　&　Co。　were　prospering；　and　had　been　for　some　time；　a　fact　which　redounded　to　his　credit　with　those　who　knew。　Ostensibly　he　lived　with　his　wife　in　a　small　house　on　North　Twenty…first　Street。　　In　reality　he　occupied　a　bachelor　apartment　on　North　Fifteenth　Street；　to　which　Aileen　occasionally　repaired。　The　difference　between　himself　and　his　wife　had　now　become　a　matter　of　common　knowledge　in　the　family；　and；　although　there　were　some　faint　efforts　made　to　smooth　the　matter　over；　no　good　resulted。　The　difficulties　of　the　past　two　years　had　so　inured　his　parents　to　expect　the　untoward　and　exceptional　that；　astonishing　as　this　was；　it　did　not　shock　them　so　much　as　it　would　have　years　before。　They　were　too　much　frightened　by　life　to　quarrel　with　its　weird　developments。　　They　could　only　hope　and　pray　for　the　best。
  The　Butler　family；　on　the　other　hand；　what　there　was　of　it；　had　become　indifferent　to　Aileen's　conduct。　　She　was　ignored　by　her　brothers　and　Norah；　who　now　knew　all；　and　her　mother　was　so　taken　up　with　religious　devotions　and　brooding　contemplation　of　her　loss　that　she　was　not　as　active　in　her　observation　of　Aileen's　life　as　she　might　have　been。　　Besides；　Cowperwood　and　his　mistress　were　more　circumspect　in　their　conduct　than　they　had　ever　been　before。　Their　movements　were　more　carefully　guarded；　though　the　result　was　the　same。　　Cowperwood　was　thinking　of　the　Westof　reaching　some　slight　local　standing　here　in　Philadelphia；　and　then；　with　perhaps　one　hundred　thousand　dollars　in　capital；　removing　to　the　boundless　prairies　of　which　he　had　heard　so　muchChicago；　Fargo；　Duluth；　Sioux　City；　places　then　heralded　in　Philadelphia　and　the　East　as　coming　centers　of　great　lifeand　taking　Aileen　with　him。　　Although　the　problem　of　marriage　with　her　was　insoluble　unless　Mrs。　Cowperwood　should　formally　agree　to　give　him　upa　possibility　which　was　not　manifest　at　this　time；　neither　he　nor　Aileen　were　deterred　by　that　thought。　　They　were　going　to　build　a　future　togetheror　so　they　thought；　marriage　or　no　marriage。　　The　only　thing　which　Cowperwood　could　see　to　do　was　to　take　Aileen　away　with　him；　and　to　trust　to　time　and　absence　to　modify　his　wife's　point　of　view。
  This　particular　panic；　which　was　destined　to　mark　a　notable　change　in　Cowperwood's　career；　was　one　of　those　peculiar　things　which　spring　naturally　out　of　the　optimism　of　the　American　people　and　the　irrepressible　progress　of　the　country。　　It　was　the　result；　to　be　accurate；　of　the　prestige　and　ambition　of　Jay　Cooke；　whose　early　training　and　subsequent　success　had　all　been　acquired　in　Philadelphia；　and　who　had　since　become　the　foremost　financial　figure　of　his　day。　It　would　be　useless　to　attempt　to　trace　here　the　rise　of　this　man　to　distinction；　it　need　only　be　said　that　by　suggestions　which　he　made　and　methods　which　he　devised　the　Union　government；　in　its　darkest　hours；　was　able　to　raise　the　money　wherewith　to　continue　the　struggle　against　the　South。　　After　the　Civil　War　this　man；　who　had　built　up　a　tremendous　banking　business　in　Philadelphia；　with　great　branches　in　New　York　and　Washington；　was　at　a　loss　for　some　time　for　some　significant　thing　to　do；　some　constructive　work　which　would　be　worthy　of　his　genius。　　The　war　was　over；　the　only　thing　which　remained　was　the　finances　of　peace；　and　the　greatest　things　in　American　financial　enterprise　were　those　related　to　the　construction　of　transcontinental　railway　lines。　　The　Union　Pacific；　authorized　in　1860；　was　already　building；　the　Northern　Pacific　and　the　Southern　Pacific　were　already　dreams　in　various　pioneer　minds。　The　great　thing　was　to　connect　the　Atlantic　and　the　Pacific　by　steel；　to　bind　up　the　territorially　perfected　and　newly　solidified　Union；　or　to　enter　upon　some　vast　project　of　mining；　of　which　gold　and　silver　were　the　most　important。　　Actually　railway…building　was　the　most　significant　of　all；　and　railroad　stocks　were　far　and　away　the　most　valuable　and　important　on　every　exchange　in　America。　　Here　in　Philadelphia；　New　York　Central；　Rock　Island；　Wabash；　Central　Pacific；　St。　Paul；　Hannibal　&　St。　Joseph；　Union　Pacific；　and　Ohio　&　Mississippi　were　freely　traded　in。　　There　were　men　who　were　getting　rich　and　famous　out　of　handling　these　things；　and　such　towering　figures　as　Cornelius　Vanderbilt；　Jay　Gould；　Daniel　Drew；　James　Fish；　and　others　in　the　East；　and　Fair；　Crocker；　W。　R。　Hearst；　and　Collis　P。　Huntington；　in　the　West；　were　already　raising　their　heads　like　vast　mountains　in　connection　with　these　enterprises。　Among　those　who　dreamed　most　ardently　on　this　score　was　Jay　Cooke；　who　without　the　wolfish　cunning　of　a　Gould　or　the　practical　knowledge　of　a　Vanderbilt；　was　ambitious　to　thread　the　northern　reaches　of　America　with　a　band　of　steel　which　should　be　a　permanent　memorial　to　his　name。
  The　project　which　fascinated　him　most　was　one　that　related　to　the　development　of　the　territory　then　lying　almost　unexplored　between　the　extreme　western　shore　of　Lake　Superior；　where　Duluth　now　stands；　and　that　portion　of　the　Pacific　Ocean　into　which　the　Columbia　River　emptiesthe　extreme　northern　one…third　of　the　United　States。　Here；　if　a　railroad　were　built；　would　spring　up　great　cities　and　prosperous　towns。　　There　were；　it　was　suspected；　mines　of　various　metals　in　the　region　of　the　Rockies　which　this　railroad　would　traverse；　and　untold　wealth　to　be　reaped　from　the　fertile　corn　and　wheat　lands。　　Products　brought　only　so　far　east　as　Duluth　could　then　be　shipped　to　the　Atlantic；　via　the　Great　Lakes　and　the　Erie　Canal；　at　a　greatly　reduced　cost。　　It　was　a　vision　of　empire；　not　unlike　the　Panama　Canal　project　of　the　same　period；　and　one　that　bade　fair　apparently　to　be　as　useful　to　humanity。　　It　had　aroused　the　interest　and　enthusiasm　of　Cooke。　　Because　of　the　fact　that　the　government　had　made　a　grant　of　vast　areas　of　land　on　either　side　of　the　proposed　track　to　the　corporation　that　should　seriously　undertake　it　and　complete　it　within　a　reasonable　number　of　years；　and　because　of　the　opportunity　it　gave　him　of　remaining　a　distinguished　public　figure；　he　had　eventually　shouldered　the　project。　　It　was　open　to　many　objections　and　criticisms；　but　the　genius　which　had　been　sufficient　to　finance　the　Civil　War　was　considered　sufficient　to　finance　the　Northern　Pacific　Railroad。　Cooke　undertook　it　with　the　idea　of　being　able　to　put　the　merits　of　the　proposition　before　the　people　directnot　through　the　agency　of　any　great　financial　corporationand　of　selling　to　the　butcher；　the　baker；　and　the　candlestick…maker　the　stock　or　shares　that　he　wished　to　dispose　of。
  It　was　a　brilliant　chance。　　His　genius　had　worked　out　the　sale　of　great　government　loans　during　the　Civil　War　to　the　people　direct　in　this　fashion。　　Why　not　Northern　Pacific　certificates？　For　several　years　he　conducted　a　pyrotechnic　campaign；　surveying　the　territory　in　question；　organizing　great　railway…construction　corps；　building　hundreds　of　miles　of　track　under　most　trying　conditions；　and　selling　great　blocks　of　his　stock；　on　which　interest　of　a　certain　percentage　was　guaranteed。　　If　it　had　not　been　that　he　knew　little　of　railroad…building；　personally；　and　that　the　project　was　so　vast　that　it　could　not　well　be　encompassed　by　one　man；　even　so　great　a　man　it　might　have　proved　successful；　as　under　subsequent　management　it　did。　　However；　hard　times；　the　war　between　France　and　Germany；　which　tied　up　European　capital　for　the　time　being　and　made　it　indifferent　to　American　projects；　envy；　calumny；　a　certa