Panic of 1837 and Wild-Cat Banks.-After the closing up of the United States banks in 1832, and the transfer of its deposits to State banks, there was a great increase in the number of small banks, especially in the South and West, where the influx of population was a constant stimulus to the desire for speculation. The scarcity of capital in those regions made it easy to put in circulation anything that purported to be money. Thus, any enterprising individual could, with a very limited capital, or indeed with no capital at all, open a bank, issue $10,000 or more in small notes, and pass them over in easy loans to land speculators. Another way of playing the same game was to nominally establish the headquarters of a bank in a remote or inaccessible point in the State, say of Georgia or Illinois, where the bills purported to be issued and to be payable. The real place of business, however, for the circulation of the notes of the bank was a distant city, New Orleans, perhaps, or Buffalo. These institutions were called wild-cat banks, and this mode of doing business wild-cat banking. It took only about four years of this method of swindling to bring on the crash of 1837, one of the most painful and prolonged crises in our financial history.

Pan Electric Scandal.-The Pan Electric Company is a company claiming patents which would be valuable if the Bell Telephone patents were declared invalid. The promoters of the scheme are alleged to have distributed some of the stock among Senators in order to secure, if possible, legislation favorably affecting their company. A. H. Garland, at that time Attorney-General, received some of this stock while Senator, it is charged, and when the Pan Electric Company applied to the Attorney-General to begin suit in the name of the United States government for the annulment of the Bell patents, comment was naturally rife. The application was heard by the Solicitor-General, the AttorneyGeneral being on a vacation, and after mature delibera

tion favorably decided. The holding of this stock by the Senators had previously been the subject of inquiry by a congressional committee.

Panics. (See Commercial Crises.)

Paper Blockade. (See Blockade.)

Pardon. A pardon in its legal sense is the remission of the penalty imposed for the commission of a crime. When partial it is called a commutation of sentence. The effect of a full pardon is to restore the criminal to all his rights and privileges as a citizen. It is regarded as a deed and must be accepted to be valid. It cannot, however, be recalled when once made complete by delivery and acceptance. The pardoning power is inherent in the sovereign. In the United States the power of granting pardons for offences against federal laws is delegated to the President. In the States it is usually given to the Governor, but it may be left to the Legislature, or entrusted to a Court of Pardons, as in New Jersey.

Paris Monetary Conference.-There have been three such conferences. I. The Conference of 1867 met in Paris, June 17, 1867, at the invitation of France. The United States was represented by Samuel B. Ruggles, of New York. The Conference voted in favor of the single gold standard, "leaving each State the liberty to keep its silver standard temporarily," and also in favor of the five-franc gold piece of France as the common denominator for an international coinage. The conclusions of the Conference were to be referred to the governments taking part in it. The answers were to be sent to France, to which nation the power of reassembling the Conference was given. The Conference adjourned July 6th. It was not re-assembled. II. The Act of Congress of 1878, authorizing the coinage of the standard silver dollar (see Coinage), directed the President to invite the European governments to a conference for the purpose of fixing the relative value of gold and silver, and of promoting international bi-metallism. The Conference assembled in Paris, August 16, 1878, the United States being represented by Reuben E. Fen

ton, of New York; W. S. Groesbeck, of Ohio; Francis A. Walker, of Connecticut, and S. Dana Horton, Secretary. The Conference voted that silver as well as gold was necessary for use as money, but that all questions connected with its adoption as a standard alone, or together with gold, ought to be left to each country to settle for itself; that the restriction of the coinage of silver was similarly a question for the determination of each nation for itself, and that the establishment of a fixed ratio between the two metals was impossible, in view of the differences of opinion that prevailed. The Conference adjourned August 29th. III. The Conference of 1881 was called by France and the United States for the purpose of devising a plan for the establishment "of the use of gold and silver as bi-metallic money," and of fixing a ratio between these metals. The Conference. met at Paris April 19, 1881. S. Dana Horton again represented the United States, as did also William M. Evarts, of New York; Allen G. Thurman, of Ohio, and Timothy O. Howe, of Wisconsin. After considerable discussion the delegates of France and the United States declared their belief that the fluctuations in the relative value of silver and gold were injurious to commerce, that free coinage (see Bi-Metallism) of gold and silver by the principal commercial countries would give the stability desired. That the ratio of 15 to 1 was the ratio best adapted to the purpose, and that the agreement of England, France, Germany and the United States would suffice to insure the success of any such combination. An adjournment was requested to give time for diplomatic negotiations, and it was voted to adjourn until April 12, 1882. The Conference never re-assembled.

Particularists were those American Whigs that, in the early history of our government, feared that the federal government would be unduly strengthened to the detriment of the independence of the States.

Party Conventions. (See Nominating Conventions.)

Patriot War. (See Canadian Rebellion.)

Paternalism means the system of government that, instead of confining its attention to the preservation of order and the enforcement of justice, descends to the regulation of the details in the life of an individual. These, experience has shown, can best be left to the individual himself. As the term implies it is fatherly care and supervision over the individual by the state. One of the most highly developed examples thereof is the German Empire of to-day.

Pathfinder.-A popular name given to John C. Fremont, in allusion to his success as an explorer. Patronage. (See Civil Service Reform.) Patrons of Husbandry. (See Grangers.) Patrons of Industry. (See Grangers.) Patton Resolutions. (See Gag Laws.)

Pauper Labor is a phrase which we hear chiefly in connection with a discussion of free trade and protection, the advocates of the latter doctrine maintaining that protective duties are necessary to prevent the competition between American labor and so-called European pauper labor. The lower wages and less comfortable position of laborers abroad has led to the adoption of the phrase. It came into use about 1842 and has been reiterated ever since.

Peace Conference, Congress or Convention.In January, 1861, several States having already seceded, Virginia issued an invitation to the other States of the Union to send delegates to a conference to be held at Washington for the purpose of devising a plan for the peaceable settlement of the existing difficulties. The Conference met February 4th, fourteen free States and seven slave States being represented. The voting was by States. Ex-President John Tyler was chosen to preside. A committee of one from each State was appointed to report" what they may deem right, necessary and proper to restore harmony and preserve the Union." There were several minority reports: the majority report was, however, adopted. It recommended several amendments to the Constitution, as follows: 1. In the Territories north of thirty-six degrees, thirty minutes

slavery was to be prohibited. In Territories south of that line the institution was to remain as it then was, and no law was to be passed abridging the right of a man to take his slave thither. The status of new States was to be determined by the Constitution adopted by them. 2. No new territory was to be acquired except by discovery or for naval and commercial stations or depots, without the concurrence of a majority of the Senators from the free States and a majority of the Senators from the slave States. 3. Neither the Constitution nor any amendment thereof was to be construed as giving Congress power to interfere with slavery in any State; nor to abolish it in the District of Columbia without the consent of the State of Maryland and of the owners, nor without compensation to the latter; nor to prohibit representatives and others from taking their slaves to the District and bringing them away again; nor to prohibit slavery in any place under the jurisdiction of the United States, if within a slave State; nor to prohibit the inland_slave trade between slave States, but not in or through free States. The slave trade in the District was prohibited: Section 4 provided for the delivery of fugitive slaves, section 5 for the prohibition of the foreign slave trade, section for the payment to owners by the United States of the value of slaves that might escape by reason of the interference of mobs with federal officers, and for "securing to the citizens of each State the privileges and immunities of citizens in the several States," while section 6 ordained that sections 1, 3 and 5 and Article 1, section 2, clause 3, and Article 4, section 2, clause 3, of the Constitution were to be amended or abolished only by the unanimous consent of the States. This plan was introduced into the Senate, but was voted down, and in the House it likewise failed. It was satisfactory to neither party.

Peace Organization. (See American Knights.) Peace with Dishonor. (See War, the, a Failure.) Peanut Politics is an expression used to indicate political acts having in view some peculiarly small party advantage.