At the beginning of November 1881, the Chinese Exclusion Act, which was controlled by the Bencoil Party and some conservative Republicans, had begun its first round of debate in the US Congress, and the centrist Republicans, represented by the new President Chester Arthur, were trying to resist and prevent the catastrophe from happening.

The party's most proud political star at this time was Senator Bollins Farnbe of Georgia, whose eloquence, financial prowess, and extreme ambiguity were the basis of his rise in politics, and he made a big splash in Congress, refuting John Sherman with little refuge.

Hu Chuyuan ignored a problem...... Joseph Pulitzer was a Benjamin party, and at least until he came into contact with Hu Chuyuan, he was also discriminatory against the Chinese, and in his newspapers, he never said anything bad about the Chinese.

Fortunately, Joseph Pulitzer was a man of justice after all, and although he was full of disdain and criticism of the corruption brought about by the Republican Party's long rule, especially the moderate compromise of the former President Grant, he was also aware of the unshirkable responsibility of the Myoke Party in its discordant and anti-black stance.

For this reason, he chose to quit the Mingzhu Party for the time being, and presided over a new report as a non-party person.

When the first round of debate on the Chinese Exclusion Act in the U.S. Congress ended and passed the majority vote, President Chester Arthur, who was moderate Republicans, chose to use the veto vote to ask Congress to re-examine the bill on the grounds that it was too strict.

According to John Sherman's advice, there will be at least a few months before the second round of debate begins, as the Benji will make the most of the opportunity to build momentum for the upcoming Senate election.

At this time, Casserf Law Firm appealed to the District Court of New York City on behalf of the National Chinese Association, accusing the United Pacific Railroad Company of abusing Chinese laborers, resulting in the death and disability of 5,427 Chinese workers, demanding criminal prosecution of a number of senior personnel, including the company's president Stanford, and 44 grassroots managers and supervisors, and demanding that the United Pacific Railroad Company compensate 5,427 Chinese workers, including 73 American Chinese workers and their descendants.

The total compensation is $57.38 million.

There is always no shortage of markets for the really big news, and almost on the same day, the news was reported on the front pages of various newspapers in New York and influenced the media throughout the United States to follow up on it.

Over the past two years, George Cassef's team has gathered a great deal of evidence and, accompanied by Baptist clergy, has excavated two large cemeteries and exhumed more than 2,000 Chinese workers' remains.

Including within the United Pacific Railroad, they also found more than 20 employees with good behavior as important witnesses to make accusations.

With the firm's consent, some of the shocking evidence was released, preferentially through the New York Times and the Washington Post, the most important newspapers in the news and newspaper industry, followed by the Chicago Tribune, the Boston Herald, the San Francisco Bay Journal, and the St. Louis Post.

In short, as long as it is real news, American newspapers will not give up.

At the same time, after consulting with Albert Russell, Hu Chuyuan branded John Sherman as a "clumsy and kind fighter", reported on him positively, labeled Bollins Farnbe as a "cunning and murderous politician", reported symmetrically, and labeled the president of the United States a "brave man".

The New York Times, The Washington Post, The Boston Herald and The St. Louis Post were the first to use these provocative labels and provide in-depth critical coverage of the United Railroad, reopening the bribery case six years ago and attacking it together.

Before the outbreak of the labor abuse case, the company was already the largest listed company in the United States, with a market value of as high as 270 million US dollars, and it is also the only listed company in the US stock market with a market value of more than 100 million yuan.

After a half-month slump, its stock has fallen from $4.84 per share to $2.71 per share.

December 7, 1881, the U.S. stock market can remember this day.

The New York Times reported that almost all of the Western Railroad companies were indicted and guilty of unforgivable crimes.

On the morning of the newspaper's publication, the entire western railroad stock of the United States was plummeting, and in the afternoon, large-scale capital began to withdraw from the stock market, and the sharp decline soon spread to the entire railroad stock, and expanded to steel, coal mines, iron ore and other affiliated companies, and a new American stock market decline has broken out.

On December 8, the New York Times began a series of reports on the number of Chinese laborers employed by the railroads in the western region, their related treatments, and the estimated number of deaths and disabilities.

On 10 December, the "San Francisco Bay News," the "Boston Herald," and the Washington Post simultaneously set up a special column to report on the Chinese workers' murder case for a long time, and began to expose the general ways in which the Chinese workers were abducted to the United States.

On December 13, the New York Times made persistent efforts to expose the crimes of Charles Crowker, a former Missouri judge and the main person in charge of the western section of the Pacific Railroad project, through information provided by Casserf Law Firm, and that after the death of a number of Chinese workers, Crowk used his connections in political circles to bribe at least more than 20,000 U.S. dollars to at least the governor of Missouri and a group of officials, so that the Central Pacific Railroad Company evaded the supervision of the state political ape agency.

This is a great disaster.

It also exceeded Hu Chuyuan's expectations, he did guess that the stock of the United Pacific Railroad Company would plummet, but he did not expect that the entire US stock market was so fragile, and in just half a month, the market value of the stock market on the New York Stock Exchange evaporated by 80%.

This has become a financial catastrophe worse than the stock market crash of 1873.

The reason for this situation is mainly due to three reasons, the first is the shadow of the stock market in 1873, and the second is the small base of the number of shareholders, the US stock market seems to be very prosperous, but the total number of real shareholders does not exceed 800,000, and a large part of them are concentrated in New York; Third, the main investors in the New York stock market are still the major financial institutions, especially banks.

Affected by the stock market crash of 1873, none of the major pillars of the United States are currently listed, such as Rockefeller's Standard Oil, the DuPont family's DuPont, and Carnegie's United Steel Company...... None of them are listed, and the main stocks on the stock market are concentrated in railways, steel, banking, real estate and trading, etc., which are greatly affected by the railway industry, and once the railway stocks plummet, they will also plummet.

The Union Pacific Railroad Company was formed by the merger of several railroad companies, led by JP Morgan.

JP Morgan was of course a very clever man, and he devised a plan to divest all the land assets approved by the US political axe to grant to the railroad builders out of the joint company, separately list the railroad company, and cash out more than $100 million in debt through the stock market, so that the investment companies could recover their capital.

This trick was quickly learned, and almost all railroad companies in the United States went public, selling shares to redeem investors' principal.

As a result, most of the railway companies' shareholdings have become very fragmented and prone to sell-offs and crashes.

This is also a reason for the stock market crash.

Bank stocks are another matter, because the vast majority of banks in the United States have the right to issue money, after the stock market is listed, it has become a common means in the banking world to use the ultra-high market value to issue additional money.

Especially when the Fed is not operating and the Securities and Exchange Commission is not having reliable rules, this loophole approach has made all the banks profitable, and the risks come at the same time.

Along with the first crash of railroad and banking stocks, the collapse of other stocks was inevitable.

If the loss in 1873 was European capital, then this time the loss was Wall Street in the United States, which had just grown wings and was beaten head-on and bled all over the ground.

The development of things was completely beyond the expectations of Hu Chuyuan and everyone.

Now what?

No one knows.

One thing is clear, if the lawsuit continues, the Union Pacific Railroad will go bankrupt, the other small railroads will not end well, and the financial turmoil will continue.

On Christmas Day 1881, under the leadership of John Sherman and J.P. Morgan, Stanford, the president of Union Pacific Railroad, approached the law firm of Casserf and Yung Wing to settle out of court and offer to pay $14 million.

Rong Hong refused.

Hu Chuyuan also supported Rong Hong's refusal to negotiate.

Justice can't be measured in money, and they're not short of money, so he wants Stanford to go to jail, and if the New York City District Court doesn't support it, they appeal to the New York State Superior Court, or even to the U.S. Supreme Court.

Hu Chuyuan is not short of money, so the National Chinese Association is not short of money.

The Russell family and the Wu family couldn't stand it, and Wanqi Bank and Hanhua Bank were also deeply involved in the disaster of the stock market crash, and the total amount of money they invested in the stock market was huge, and now it has all come to naught.

During these days, Hu Chuyuan lived at the Imperial Hotel in Manhattan, New York, only a ten-minute walk from the courthouse, and he rarely went out, sitting in his room silently most of the time.

Wu Shuzhen accompanied him silently.

They have all decided that there will be a belated justice no matter what.

(To be continued)