Chicago Daily Tribune Newspaper, September 28, 1873, Page 2

THE CITICAGO DAILY TRIBUNE: SUNDAY, S8 IPTEMBER 28, 1873 The Chicany Tiibune, Sundny Morning, Soptombor 28, 1873, THE BITUATION, Tho panie is ovidenily subsiding, Both in tho city and throughout the country the news 18 nltogothier bottor than it wad twonty-four hours ago, Ib is ostimated that tho roceipts of currency hero for Baturday and Buu- doy .will bo a million and a quartor dollars. Much of this curroncy cones co! ned to privato commirsion houees for tho pwiclnge of gealn, Who influx hae alrondy revived busi- ness on the Board of Trade, and prices advanced on Saturday, with an active demand, It was roported on yesterday morning that & number of manufacturers hiad decided to dischargo their hauds, but an in- vostigation showed that tho rumor was ground- loss. Tho bank menting Inat evening wisely do- cidod not to adopt tho lonu-cortificate plan in vogue in New York, which is simply & sys- tom of requiring tho croditor banke at the Clearing-Houso to take thoir balances in tho bills recelvablo of the debtor banks at 25 per cont discount, instend of taking thom in greonbneks, Of courso this systom cannot last forover, and the question {8 whether it can last until Congress meets and applies its wisdom to tho situation. Money {8 quoted in Now York at 7 per cent. This, we judge, is the quo- tatlon of “ bauk bulancos” and notof currancy. ‘Theso bank balances, of course, are salable or loanable to parties having notes maturing in the banks, and to the oxtent that they are thus sold or loaned, and jndebtednoss canceled thereby, they tend to xeliove tho monoy mar- ket ns offoctually as though greonbacks were employed, It is eaid that thoe Now York Stock Exchango will be reopened on Tuesday, Iu Boston, the policy of issuing loan-cortifi- cates for tho purpose of adjusting bank bal- nnces has beeon docided upon, but not yot car- ried iuto effoct. The dispatchos from Washington report an nltogother more cheerful tone than on Friday. The ounly discouraging item of news comes from Momphis, whoro it appears that some of tho cotton-pickers sro quitting work bo- cnuso their wages aro not pald. It is believed that tho heavy flow of ourrency Bouthward will speedily arrest this stampede, nud save the unpicked cotton from spoiling in tho flelds. Whothor banks suspend or not, the curroncy of the country must and will go to the cotton aud grain producing sections as fast a8 exprass trains can move it, And when the cur- rency is oxhausted, gold will follow close after it. Itis undenioblo thnt the West and Bouth hold the long arm of the lever in the proeent smergoney. Tho City of St. Louis has decided to issuo £3,000,000 of city serip. This is undoubtedly & wise step, and far preferable to discharging men from work on needed improvements, A similar step may become necessary hero. Tho serip be- Ing mnde receivable for taxes, and bearing in- terost, will bave an intrinsic valuo, snd will suffer little if any depreciation. POLITICAL. Three Republican Ticlcets in the Ficld in Grundy County, Special Dispatch to T'he Chicago Tribune, Monns, Iil., Sept. 27.—Some threo woeks ago & Republican Convention was held, nominating county officers. A woek after & Farmers' Con- vention was held, aud ali tho offices wore again fillod by Repubfican nominces. The Democrata woro dissatisfied, and ab & meeting of the leading members of the Democratic party, held s week ago, it waa resolved to call n mags convention to nominate s mew ticket. ~ To-day tho Couvention was held. About sixty delegatos wore prosent, about one- half of the towns boing roprosonted. A com- mitteo was appointed to seloet a list of eandi- dntes, Thiy committeo roturned o full list of Republicans, and the following wora chosen a3 caudidutos: L. B. Lott, for County Judge; L. W. Cluypool, County Clerk: A. Huiford, Trons- urer; R. G. Stonson, School Superintenacut, ‘This action of the Republicaus in monopoliz- ing all the ofticors oxasperates the other party, nd, a8 thero ars now threo Republican tickets in the field, it is probublo that a clean Domo- eratic ticket will now bo elocted. Morgan County Republican Nominn- tionws. Spectal Dispateh lo The Chicago Tribune, JacksoxvinLe, I, Sept. 27.—The Grantitos 8ot the politicul pat boiling Lore to-day. ‘Their Couuty Convoution nominated the following ticket: Couunty Judge, B P. Kirby; County Clork, A. C. Woods ; Aesessor and Treasuror, Charles Packard; Suporintendent of Schools, Houty Tuggins o County Commissionors, D. Dotrick, Willinn Davis, aud A, A. Crum. . They attompted to secure farmer’s votes with the following, among othor resolutions : Resolved, That we condemn as dlshonest and in- cousfatent with the principles of the Republican party what fs kuown ok the back-pay law, and demund from our representutivos iu Congress its mmediate repeal, Resolved, That raflway companica are commoi car- ricra, and us such subject to legislulive control, and they should bo required by luw to serve the pubic for o reanonablo compensation, and without favor or dis- crimination, Atesnlved, That wo demand that the utmost economy and prudence bo exercised n the collection and dis- bursement of public funds, and that no moro public Iands bo dounted fn uid of railvonds, but that they be regerved for sule to actun) sottlers, Another resolution coutained some high- sounding phrases about the pnst records of the Rapublicat party, aud one squinted towards free trade. ‘Thore were 288 delegates in thie Convention, but not twenty paid any attention to the rouding of the resolutions, for all wore hustliug to get homo. Senatorinl Nomination in Towa. Speeiul Dispateh to The Clicago Tribune. AcGreaon, Ia,, Sept. 27.—Hiram Dailey, of Chickasaw County, was nominated for the oflico of Senator by the Republicans of tho Forty- faurth District, on the 263d ballot, Tho Hon. H, D. Noble, of Howard County, sud Andy Felt, of the Nashua Post, were i thie field, which mnde tho contest o lively oue, Folt proposoes to bolt Builey’s uomination THE WEATHER, WasuiNaroy, Sept. 27—7:30 p. m.—On Sun- day, tor } nglund, eloar woather willl pro- vail, Wit fight to frosh winds. mostly from the Bouth and Went. TFor tho Middlo States, olear and partly cloudv warm weather, and gentle to freall winds., mostly from the Bouth saud Boutheast, Tor tho Bouth Atlantic States, light to freshk wuortheast to east wiuds, purtly cloudy Woather, ard occasional const rolns, For the ™ ! Statos, Liaat of the Mississippi and for? 47 essce, gon- tle aud fresh eastorly to woutherly windy, partly claudy weuthor, aud occusionnl rain ureas, ~ For the Obio Valloy, fresh south and southeast winds, and portly cloudy wonthor, Fur the Lowoer Luke rogion, winds shifting to_southeast and northeast, lower temporature, and, possibly, ocensionsl rain, Tor the Upper Luke region, winds veering to casterly and southerly, an partly oloudy weathor. Afietnoon tolegraphio reports from Toxas and Daota missing. e KANSAS CITY LIVE-SCOCK MARKET., Ransas Civy, Mo, Sopt, 27, —Cattlo—Recolpts, 5,88; shipments, 9,010, Tho wisponsion of currenoy bos ment st butks continuus to affect doalers, Operations are cifely amoug local dealors, aud on tma, Sales, through Toxus steors ot §2,2 uative cows and stuers 8t $1.90; through Toxas cows at $110G1.30; smooth T, it B lea to packers on twenty $3.80, Hog oporations Lght, dayw’ paper, Balew ndd —_—— OCEAN STEAMSHIP NEWS. Quzenstowy, Bopt. 27.—Arrived out, Oubs trom Naw York, and Olympus from Boston, BRIGHTENING. A More Cheerful Feeling in Chicago Finan- cial Circles. The Suspension of the Third National Pro- duces no Unea- siness. Calmness, Candor, and Com- placency Control the Contrary and Curious, Receipts of Currency Here, $1,250,000. Meeting Last Evening of the Glearing-House Association. A Majority Report Submitted In- dorsing the Issue of Loan- Certificates, Messrs, Blair and Sol Smith Threaten to Withdraw if ¥ Is Adopted. A Resolution Agreed to that the Issue of Certificates Is Inexpedient. No Undue Excitement Among Manufacturing In- terests. Effect of the Lock~Up on the Chicago Railroads. The Situation Greatly Im= proved in New York City. The Stock-Exchange to Open on Tuesday Next. Money Obtainable in Wall Street at 7 per Cent. ‘Western Country Banks Still Present a Firm Front, CHICAGO. The financial situation was tho subject of con- voraation yestorday, beginning in the morning when the Third National Bank closed doors. That was the only ovent of any importance that occurred, and, in spito of it, the focliug of confl- donce grow stronger ag tho dny wore on, and last evening there was a battor tone and spirit than at any timo during tho week. Bankors felt in excellent spirits, because tho outlook ssemed to thoir experienced vision brighter than ever. The crisis may bo said to haye passed. We give bolow detniled accounts of the meoting of the baukers and the investigations of our roporters among the banks. —— BANKERS' MEETING. GATHERING AT THE CLEARING-TIOUSE, An adjourned meoting of the Clearing-Houso Association was held last ovening, President Sol Bmith in tho chuir, THE ATTENDANCE. Among those presont wore the followiug gen- tlemen: Henry Greenobnum, Presidont of whe German National ; Mr. Smith, of tho Merchanta® Savings Loan aud Trust Cowpany; Mr. Clarke, of the Hiboruian; Mr., Nasb, of the Illinos National; Mr. Forrest, of the Hido and Leather ; Mr. Wheeler, of the Union National; Mr. W. Smith, of the Third National; Mr. Bhorman, of the Fourth National; Mesars, Ellls and Me- Gregor, of the BSecond National; Mr. Bangor, of the Central; J. H. MoVioker, of the DBunk of Commorco; Mr. Dox, of the Hibernian; Mr. Tyrrell, of the Trust Company ; Ira Holmes, Manufacturors' Nutional ; Mr. Otis, of the Commercial National ; Mr. Rutter, of the Traders'; Isane G. Lombard, of thoe Fifth National ; Chauncoy Blair, of tho Merchants’ National; George Ives, of the Union National ; B, Lowenthal, of the Intornational; T, . Hoswell, 8. W. Rawson, Union Trust Com- pany; L, J. Goge, of the TFirst National; Chouncoy T. Bowen, Cook Connty National; Juliun I, Rumsey, of the Corn Exchange Na- tional ; C. F. Groy, of the Iide and Leathor Bauk ; Jobn W. Bunn, Eeq., Springfleld, 111, THE MISSING BANKE woro a8 follows : The Becoud National, Third National,'Northwoatorn, Mechanice’ Natioual, J. M. Adsit, Prairio Stato Loan and Trust Company, Dank of Moutreal, and Btote Bavinga Institu- tion. Wo wero in error in tho roport of Friday's meeting in stating that William Sturges way presont and reprosented tho tho Northwestern National, It was James E. Sturges, Eaq. TUE COMMITTEE NUT QUITE UEADY. Tho Olair asked if the Commiitos appointed ab tho last mooting waa ready to 1eport, Mr. Rumsey, the Ohairman, ssid on account of a dolayinitho meoting thoy could not quite finieh, A roport, which a mojority, at lest, would sgreo to, would be ready iu a fow minutes, The meoting practically took a reccss for a short time while the Committeo continued its consultation. On resuming busiuews, Mr, Greenebaum presented the following MAJOKITY REPORT: ‘Your Committee, to whom hus been reforred {ka sub- Joct mattor of issuing Cleurlng-Houss certificates in a amount not_exceeding $1,00,000, in deuomiustions of $1,000 exch, payable on detusnd to thoe holder there. of, with interest %10 per cent por anngm, and b bs furnished to any member of the Associativa in anig. gregate amount’ Do) sxcoeding 10 per cent pf the avie —-—— ago dopostt-aceount for Lo lnst threo months, helid by siich momber, on s nxacuting to tho Canimittoo of Fivo, to bo relected by tho Clearing-1oune Asuocintion, an ordinary form of collatoral note, nayable on demand, with tutereat ot 10 por cent per aunnm,” with power of mlo of collnterals withont natice, Buch domand noto ot to exceed 60 per cent. of billa rocotvablo nnd of the amount of collatorals Jadgod a8 scourity with {hn aald ommitico a8 n apecind doposit for the Todomption ot tho loan-certificaten horenofter named, And such cale Interala to consiat elilior n_billa receivablo, to bo ap- proved of by tho Connnlttes, or in honds of the City of Chicago, of Caok Connty, ar of the Slato of Tiinolk, or warcliouse recoipta of gran and provisions wored iy requin _ warchotnes, or uch othor mtocks nmil bonds se the Commitico way approvo of, Aud in cano ouy moember | depostting United States gold o sllver, or United Staten bonds, or United States gold-cortificates s u pecurity, bis noto ahall o taken for the pur valuo of such securlly, Bald lonn-cortificato sball ‘bo oxouuted in tho followlng form, fo-wit : ! Cit10AG0 OLEARING-ITOURK ABSOOIATION, CHL0AGO, Oct, 9, 1873, —For valua roceived, tho Chichgo Clear- ing-Houso Associution promiges to pay to thc holder liercof tho Aum of $1,000 an demand, with intereat 8410 por cont per mimum, Thls cortifleats tian boert 1sauted o o membor of o Clearing-1iouso Associntion 88 No, —, ngainat in call mote scoured by collatorals in nccordatico with the action lind by thio Clearing- Houno Ansoclation st thelr mealing lold Bept, o1, 1875, Qlifeago Olearing-Houso Association Loou-Cortlicate Commiltico,” Such carllteata alall bo recalvallo at tho Clearing. House in payment of balancos, and received by cred itor banka fn tho proportion thelr reapective crodits bear to the nggregato amount of dobtor balancen patd Juto tho Clenring-Touso, Anud in caso any holdor de- sirea to recalvo tho currenoy for any of (o loun-cer- t{ficaten hie may hold, ho shinll givo ono_ day mnotico fo tho Clearing-Houso Committeo, who alnil Smmedinte- 1y, on rocotving such notice, mako & pro-rata demand on all the members to whom cortificates linvo boen ls. sued and whoso call-notes aro still held by ssid Commiffeo, to an amount suflicfont (o covor tho amountof foan cortificates for which tho currency han buen called for, Aud, in caso any momber called shll £ofl to rospond at once, tho Clearing-Houno Commitico shall soll a sufliclont amount of {ho”security lodged by such dofaulting membor to roalize tho aniount of Lis Pro ratacall, And in case much ealo slinllin any way reduco tho ‘margin of (1o acenrity loft in tho hands of ithe Commit- teona socurity for tiio bnianco of tho indebteduces of such member romaining unpatd In the honda of said Committeo, and such membor abal fall, within forty- efght hiours of such motica of sale, to doposit addi- tional acourity suflicient to mako up the required mar- aln of 25 per cant on the same, ho Alial] stand suspond- ad from metbership in tho Cloaring-Tfouso, and the Committeo aball cail 8 moeting of the Clearing-Houss Assoclation, o Vo called todeclde what further action shiall bo Lind in tho promiacs, Tho partics holding any of tho Olearing-Houso certificatos shnll bo entitied to recalve dnterest ot 10 per cont por annum for the timo thoy may havo voluntarily hold them, THE MINORITY REFORT, Mr. Rumaey prosented o minority report, 88 follows : Tlio banks of Now York, having adopted tho plan of {ssuing learing-Houso certiflcten, thiolr experionco of ita workings inducos s to believa that it s sdvisablo to adopt some such plan by this Association, but wo have not had timeto consummate any plon which we fool fully propard toadviee, J. B, Rtutary, T8AA0 G, LoMnaRD, MR, GREENERAUM MOVES TO ADOPT TIIE LAST O Mr, Greoncbaum moved that tho mlnorni T x(nrt bo adopted. Tho motion was seconded by . Rumaoy. Mr. Olark, ono of tho Committes, said it accmed to him the Closrh\&-unuuo bad beon doing all Mr, Rumsoy wanted dona. The busi- noss of the Commitfce was to make o report for tho prosent meoting to sct on. In the limited time tho Committee had, having only mot at o'clock, it did all it could, and tho membars would liko to hiave tho mattor discnasod, aud new idens clicited. To adopt the minority roport was sim- ply going over tho samo ground again) and lend- ing to the choico of n now committeo. Mr. Ramgoy thought those romarks pertinent, ‘Thore wors niany vaiuablo ideas iu tho majority report, but, as ho could not Bee his way clear in some things, ho had eubmitted tho minority ro- port out of & senso of duty. Btill he would like to hear tho majority roport discussed. Ho him- solf mi(zvbt be convinced, and it was duo to the Committeo to considor what thoy had submitted. The wminority report should not be adopted at once. . Clark said the Committes hiad protty near- 1y agrecd, evon iu the limited time thoy had. Ms. Grecnebaum hoped his motion wonld rovail. Tho munority roport simply snid t was desirablo to adopt & plan somewhat liko tho Now York one, but that thoy were not agreed a8 to dotails, That wos tho condition of tho Asgociation, for it was not yot quito agroud as to the detailuof & plaa. Whon his motion was agread to, lie should move to tako up tho othier and consider it section by saction. THE MOTION AGREED TO. ‘His motion was agreed to, and the majority- report was taken up in order that it might be votod down or amobded. MR GREENEDAUM EXPLAING IS PLAN. Mr. Greonobaum said that, the iden of issuing such certificates having boon approyed, how was it a8 to the security of his plau ? Could thoy iesuo ono wafe in all respects, and which would bring the mouey whon wanted ? e bolieved the one submitted would do it. Thoy could appoint & good committeo of truastworthy men to suporvise tho matter, and a call-note thus guaranteed was sufliciont for ell purposes. It thoy could got 25 per cont on a whoat receipt, they regarded it safo, or whon they gave 25 por cent on Cook County bonds, They would Luve certificates running for & short time, which could Do cashed at ono duy's notice, If any one do- posited $25,000 with him, ho was individually ro- sponaible for it all, but if any one had £25,000 in Cloaring-ITousc certificates, and was called on for monoy, all tho members of the Associution couid respond, and it would be but 24 per cont ou each momber. A man who had 320,000 of cortificaton issued to him ‘nm] up only $4,000. [t would cronte an sdditional currency, boaring 10 er cont intoreat, payablo and collecizbla &t call, ‘o wanted nothing botter in his vaults, 1OW ABOUT TUE INTEREST. Mr. Ives wanted to know Low they would man~ age about sottling the mtorost. Mr, Greencbaum said overy certificate wonld be rogisterod, 'The Clearing-flouse manager know where they wero lodged and he would make out tho statoment and charge tha 10 por cent to tho banks entitled to it, Mr, Dy Koveu could figuro it out to a cent. Ilo would know just how long a cortificato had been out. DBeing payablo ou call, when tho negessity for inflution consed, it could be called in at once. By November every momber of the Association would coasoe to lonn upon tho others, though feoling grateful to their agsociates for thoir nid, Mr. Blair understood from Mr, Greencbaum the Association fayored issuing the cortifleatos without a dissonting voice. He did notso undor- stund it, and did not favor issuing cortificates, Mr. Rumsoy called for the roading of tho mi- nority report 80 My, Blair could sco just what liad beeu adopted. The Chair said 1o resolution iad baon adoptod in rolation to issuing cortificates. They had adopted tho minority report, but wete_not nomw discussing tho quostion of issuing corlificates. The mivority report was read, MR, RUTTER EXPLAINS, Mr. Rutter uaid tho Committee was awaro of tho difficulty of miking watisfactory play, but they had fried to presout somethitig which, if adopted, would load to united action, Tho uority report expressod what all felt, the neces- 8ity of doiug something, but duubt os to what to do. Bull the majority felt it thoir duty to pro- sonk something which would be an exprossion, n plan, on whick'they could procoed at least iu ono way and thon wmend it. ‘Ilic Conumttee hnd thus done its duty i the limited time it had, and he was propared to utand by its action, and hoped tho Association would at least adopt something on which thoy could go forth to tho public aud say the bauks lLere snd olsewhore wore unitod. A OLOOMY VIEW OF THY OAVE. Mr, Reed voted for the minority report, sinco it had m it the principles of concarted notion, The Northwest dewandod it, The panio was bo- ioning, and the banks must do what Judgo §)unglnu ouco enid thoy must—have a long pull snd strong pull all together, Any man who set up bis Individunl ndyantage wasunworthy of any Iufluence. 1To was in business in 1837, and other panics sluco—in 1867 sud 1861—and, whilo not a croaker, Lo bolieved the presont one wonld overshadow thowm all, It was tho natural, loug- oxpocted result of the war, ‘Ihey munt stand togethor aud go down onstly, {f they went down atall. It might result inachango in tho cur- roucy, enda roturn to gold, o did not think any single institution could stand tha tornado of the comiug punie, 1t auything could be douo, it waa by union, MR, BLAIR WANTED NO CERTIFIOATES, Mr, Blair wanted uuited action, But how? His opinlon was, they did not want thoso certitl- cates. Ho did not think it politie, ‘I'hey wanted money, aud theso things conld not bo converted into them, A bank with a lot of thom could not convert thom. As to individual iutorests, ho did not think his bavk had any, Individual intoreat would induco tho banks to shut down, and keop tho mouey of othor poo- ple whieh thoy had looked up. Still, it wad & hard tima for tho banks. Yeoplo did not trust thom. ITow was confldence to bo restored 7 Busineas had stopped for want of action, Thesa certificatos would not movo the crops, Thoy wore clogged hore for want of munoy, not for want of souothing to raske sattlomants botwaon the banks, The sountry bankers wauted money, and ought to have it. PAY OR BREAE, It a man could pay, bo ought to, Tf not, lot himstop, 1ils bank could pay, Why should paople gbjaot to bis bauk paying itk debts? e did not fight othier banke, but be did not want any of thess certificatos, and did not seo how thoy could be used, Qther banks bosides bia wore going through, and ho would do all he could to help them. Hut theso certificatos could not pay the country bankers the monoy they reqluh'nd to move the crops, ‘There wns unitod action among tho bauka ag far ag Uioy agrood. ¥ OERTIFIOATRS AIE 184UED THIS DANK WITH- DRAWB, 5 If the Acnoclation issucd cortificntos, his bank would withdraw. - It could meot all its domands, and lio id not aeo why other banks shouid ob- Ject. o was not fighting tho rosolutions, Ilo ahusfly sald Lo dtd not want tha cortitleates. 'Cho panio wopld not lnst long. 1t was of short du- ration. ‘But tho poople muat have the wmoney, To provont the breaking down of the countr, cnrrmlmndunln, thoy should lot thom have thelr due. Ha wanted to be uniled. MR ONEENEBAUM OROBB-QUESTIONS. “Mr, Grooncbaum ,inquired if Mr. Blair adid not think that there must bo & cortsin amount of owrrency Clearing-1fouso bafances. Mr. Blolr said ovory bauk must have s surpius of money, uevom\rfluudrml thousand, Thoy muat ol have {t. You cau't do tho business of & nhK without money. \r. Groonebanm asked it drafts dramn b conntry corrospondonts ‘came to tho oily sn wore prosonted through the Oloariug-House, would not his cortifiates pay thom at thio Oloar- lufiil.lnnso? x Mr. Blair said a rule could not ba mado to apply toall onsos. If a meu's cheok wag pro- sonted it must bo paid, Mr. Grocnobaum eaid that in Now York they woro cortified * good throngh tho Clesriug- Houso,” A DEFENSE OF OERTIFICATES. Mr. Clarke said tho Committce had mado thoso loans payable on domnnd, on_ono day's notice ; strictly n domand loan. Thoso who wanted to go’ on n curroncy bnsis could best afford to walt twenty-four hours. Mr. Blalr know the trouble waa owing to tho lack of ocur- roncy. 1lo know thore was n_good cro(}n; tnat tho whont crop would mooed. $50,000,000 to ro- movo. Hitherto the orops lnd beon removed by credit, tho modus oporandl of which ho ex- plained. What institution in tho oity could movo the crops ? Thoso banks hore could not tako tho riske, for thoy might want their monoy for their depositors, If these cortificates could Do converted in twenly-four hours, where could o eafor secnrity bo found ? Horo was & good noto, and tho rosponeibility of the bauk on tn}l of it, or they gota warohouso receipt similarly guaranteod. \Was not corn at 25 por cant below valuo & good socurity ? What was the risk of issuing thom? Why did Mr. Blair object, if thoy mado him soouro ? If thoero was no rislk, then all thess mon should come in. Cook Coun- ty ‘bonds woro good sccurity, and 8o was gold. To meet all objactions, it had boon made a time loau with 25 por cent margin, UGH MONEY, BUT NO CONFIDENCE. Mr. Blair said it » man could not pay to-day, tho prosumption was ho could not to-morrow. Thore wasa noed of money. 'Thore was as much s s month ago, butit was honrded upsa it loft the bauks, which could not collect their “bills rocoivable.” Lots of them wera going to protest. There wero hoavy collections for Easte ern banks, half of which would not be collected, ‘Tho trouble camo from not paying the couutlr-ly banks, The crop could not boe moved, bocnuse thore was & panie. It was honestor for a banker hero to give the country banker his mouey, even if it-lod to a failura, for otharwise the roputation of Chicago would bo ruined, and they would never got any credit again, Ho did not want to come, but he Dbad o, It was his duty to oxpress his opinion, EVERYDODY BINOERE. Mr. Groonobaum moved the adoption of the report, He was suro Mr. Blair was sincero aud logical in what he snid, It was sound from the gontloman's staudpoint, which was, to pay till you had to _stop. But othor bankers hed & dif- Teront standpoint, hnd not 80 much money nud would not bo 80 long in gotting through it. Al o wanted wau & goueral consont in the sincority of ona another's motives. Mr. Rumaey would liko & little more talk (this was 10 o'olock) 80 ho moved to_take it up by sections, in order to discuss and amend it, re- sorying the right to voto agalnat the whale of it if it did wot suit him in its final form. He would like to try his hand aund seo if ho could not improvo soma of the scctions. A DIRECT VOTE WANTED, Sol Smith suggosted that thoy had botter vots, and not tnlk till miduight. They bud had meat« ings onough to decide somothing, The question was whethor they would issue qnlm certificates, Tio hoped all pending questions could bo with- drawn and & voto taken on the naked quostion of issuing loan cortificates, Then thoy would know whero they atood. Mr. Groouobnitm withdraw his report, and the question came up on Mr. Smith's slggestion. Mr. Nash failed to sco, even if they had certificatas, whoro thoy would got monoy to sond iuto the country. How would it be of auy avail to movo the crops ? 300 LORWENTHAL, Mr. Loowenthul said one question had been overlooked., Mr. Blair sald curroucy must be gent to country corrospondonts, That was true. But how did Now York stand now ? Quce it sup- plied us, Now it did not, since it bad not it to sond, Did not Chicago occupy tho snme posi- tion to its country bankers? ~Tharc was cur- rency onough, if not locked up. It would come whoi Now York lot 1t out. Tho cortificates were morely tomporary roliof. Mr. Blar wanted to know how tho currency came to be lacked up. Mr. Loewenthal set it down to lack of confi- donco. Mr. Blair snid it would not be restored if Chi- engo banks did not pay. ANOTHER MAN THREATENS TO WITHDRAW. Bol Smith was \\'mlug‘,l.o do anything to sus tain our businesa credit, but ho did not sco how goneral auu)wusirm and loan cartificates would atford relief. A diaft on Now York had beon of- fored nt 6 per cont discount for currency. A manufacturing establishmont here had often callod on him for £30,000 for his pay-roll. Low could the epeakor pay him and ropluce it, oxcept at a promium of 5 por cont? It was impossible for Chicago to do a3 thoy did in New York in tho ugo of loan certificntes. How could they got along for a day by paying checks with loan cor- tificates good through the Cloaring-Touse 7 _As for his bank ke proposed to pay out every dollar ho biad 80 long au oheoks woro progonted, aud then go Into liquidation. Ho would not run it on the bagis of & dopreciated currency. In one ‘weak, on his houor a8 a Lanker and man, if tho ‘bankers stood up, there would be more cur~ roncy horo than for a twolve mounth. Every chook prosonted st his counter Baturdey bLind_been paid, and the doposits mado good about two-thirds or 67 per cont of what was drawn, 1Te regrotted to differ aud op- poie suy plan which #oomod to look to ro. iof, 1Ie had a large stelie in Chicago, and would do anvthing, but he did not 8o any propo- sition which would enablo bim to pay his credit- oru, 80 if the Associntion paid loan” cortificates Lo must withdraw from it, Mr, Greenebaum wanted to know : Would the intorest of Mr, Smith's bank or tho country nuf- for if r, Bmith wonld try tho oxperimont” for a day or two, aud only withdraw if disappointed, {)mvhlcd ko could uot get the currency or cor- iflcates, Mr, Smith sald it was merely n call loan. He bad plenty in his bank, but could not get any mouey ou them., Ile hnd no objection to any plan which facihitatod settlements at the Cloar- ing-House. o would withdraw if the cortifi- cato businesn was agrood to, THE RESOLUTION ADOPTED. ‘The motion that tho Association agree to isamg loan cortificates wns then modified, or turned upsido down, and mado to read: Resolved, That, in view of the improved condition of affairs in Now York and in tha country generally, the bunks ru{n‘clfil-\‘hd Ju the Association duem it inoxpos dient to issuc any Oleuring-Houso certificates, THE VoTE, It wag adopted—yens, 12; nays, 4, na fol- lows ¢ Yeas—Tirst Natlonal, Tifth National, Merchante! Natloual, Manufacturers' Nutlonal, Commerclal Nue tiounl, terclmute’ Savings Dank, Corn Exchaugo, Traders Nutional, Central National, Gorinan Nutiount, Hide lluid Laathor Dank, Unfon Loun aud Trust Come pany—13, Nuya—Fourth Natlonal, Mechanics’ S Nl Mo otk Gk EXPLANATIONS, Mr, Greencbaum explamed his voto. Inns- mucn a4 ho had drawn up the roport, and Lad dotormined to voto to do anything that soemed ood to' the majority, and’ inasmuch a8 tho majent(y nnpnnm to yote in tho aflirmative, ho would do tho sumo thing and vote * yos.” It was suggested that sovein! banks present had not voted, and that they be requosted to put themaclves on tho rocord, Br. Ried decliued to vote, and said no Associa- tion could forco Lim to, There waa no power in s Agsocintion to force its membors Lo vote, Mr. Rutter wauted harmony, and, though a mombor of tho Committes, would voto for the rosolution, to keep in harmony with what was ovidently tho majority. KEEP ON 48 BEFONE, Mr, Lombard moved tho bauks contlnue to do business l&! :hay l:latlhbecn d;!lng.:'!ucunlly which was agreed to, aud the meatin, b Baltast 10 'slaok, glalli e T —_—— THD NATIONAL BANKS, THE FINST NATIONAL, Immediately aftor tho confirmod report of the susponsion of the Third Natioual, which some- what startled the publlo, there was a rumor of & heavy intendod run on the First Natlonal, and somo appreheusion was real{zed as to the ability of this bank Lo stom the tide, True enough, the domand at tho countor of the First National grow strong, but thero was nothing like tho semblanco of & panleky run, From 11 o'clock in the morning until 2 o'clock tho aftorncon thors wan o constant and stondy demand for courroncy at thia countor, and overy chieck was mot prompt- 1y by a ewiling Canhior,who diaburaed groonbacks to tho greedy. Thoro was nothing like confusion or oxcltomont about the bank, and tho stroot rumors, as usual, oxnggeratod the reality. Aftor baoling hours, a reporter of ‘I'ie ‘'mnuse con- vorsod with the accomplished and cool-lieaded cashier, Mr. L. J. Gago, and tho substanco of the information derived from this gontlemau may thus bo briefly summarized: Tho so-called “run " on tho bank had not amonnted to any- thing sorlous, and was not precipitated by rosle dont dopositors or country corrospondents, Numbors of small chooks, that in tho usual courso of bumeiners would have lain in other banke for at least a dny, or passed through the Oloarivg-House, hind bren prosonted immediate- ly in consoquonco of the susponsion of other banks, and this had occasioned & tomporary small oxcitomont. All of theso chocks have beon promptly paid on presontation, and such payments had to s small oxtont oxcecded tho smounts of doposits during tho day, Tho ro- sult was that the amount of sotual curroncy on hand had beon somewhat roduced since the oponing of tho bank in the morning, but they hnd closed businoss with s largo surplus, and woro abundantly able to meot all logitimato do- mands thoy could foresco. Mr. Gago thought the day (Baturday) was the trying ono in_ the emorgonoy, and that all those who hnd atood tha brunt would fssue successfully from the con- flict, and have attosted thelr nbility to moot all obligations, & THE SECOND NATIONAL 18 regardod ng hopolonsly insulvent, and the pre- dictions by tho beut posiod financiers are that it wifl not ‘resume, As roported in guulnrdny'n TRINUNE, the bank is making such adjustments a8 it can with forbearing ereditors, and its offi- cors hopo to bo pormittod to go into quict and voluntary liquidation, The disaster that has ovortaken them s not wholly attributablo to the prosont crisis, but to unfortunate provious dis- appolutments, aud tho present has crushed tho hopo of nuE immedinto redomption. The oficers maiutain that thoir socuritios aro good, and that every dollar of obligation will be paid if timo is gronted and no_hard mensures aro adoptod to force thom into bankruptey, TUE TIIND NATIONAL closed its doors in the morning, a notico bolng prsted on the door Botting forth that, owing to sho contiuvued financlal tringoney, tho manage- mout dosmed it propor to suspond businoss for the progont. Thin way signed by the Prasidont snd Cashior. ‘Tho Prosident Mr, J. Irvin Ponrco, folt confidont and serono, aud so did il who lind accounts with tho bauk, There wes no unonsinesss ; it waa n matlor of o fow days, and all would be right. Tho best feeling prevailed, and there was no abatemont of tho confidenco that has always oxisted in the' community toward the institution, A crowd of idlers who had not o cont in tho bank, stood round for n whilo, studying the architecturo of the building. 'I'hey scomed satisflod aftor fo short timo that it was u vory fino spocimen of architecturo, and moved off to pursue their studies somorwhoro olso, THE FOURTH NATIONAL. TEverything was vory quiot at tho Fourth Na- tional, and only a moderate busineas was boing done. Thoy wore paying nil positive domands, but strongly discountonancing large drafts, an woro genorally succossful in satiefying anxious oues of their stability, and provonting uunecos- gary withdrawals or curroncy. They said thoy wora not in meed of currency, and had not drawn on (he Eust for any, nor chocked for their balances sinco tho incoption of tho financial troubles. Their receipts from tho ‘West had been considerable during the day, and they had not beon chiecked against, dug the amount of doposits exccedod tho sum of outgoing pay- monts, leaving a conmderable currency gain in their vaults for the day, Hore, os olsewhoro, thie precautionnry mousure was adopted of ro- fusing paymonts to dopositors whose debts would maturo in a briof time. 'This was simply tautamount to resocving sums of cash held ay security for obligations soon due, and though not strictly logal, nor in times of ordiuary busi- noss justifiablo by tho code of trado, was held to be u necosuity to consorve tho general intor- outs of tho publio. In this hour of doubt it was deemod & suicidal policy to pay 31,100 to-day wheu tho bank held A’ notes for 32,000 due in three or four days aud not secured by cash- communding collatoraly, It was this course, E\mmml by this, na woll as other banks, which nd given riso to the unfounded rumor of tue suspension of this bauk on the previous day. AT THE FIFTH NATIONAL everything was quiet during the day, and busi- ness was condncted with zmrfi.‘cl composnro, Tho urbane Cashior was emiling and choertul, nud readily devoted timemnd good humor to evory busitioss applicant. Iosaid that in the moriing, owing to tho doeply regretted suspon- sion of tho Third National, they had anticipated & gonoral run,” but had beon most agrocably dinppointed. Upon an invostigation of tha reasons why no ¢ run * had occurred ono of tha chief doveloped [facts was that the do- posits in fhis bauk had been very largely drawn upon befors, leaving - only o comparatively smafl balance, which iwas the monay of staunch business mon who bad no fear of failuro, The rocnil)tn of money on Friday, ho said, had boen much loss than paymonts, in con- sequence of the fuot that this bank hud boon compelled to redecm chocks heretofore given on other banke which Lad suspouded, During yes- tordsy tho case wns exactly rovereed, aud the amount of doposlts exceeded tho sum of pay- ments, lonving tho bank with an augmented our- reucy balauce. Largo amounts of currency, he gaid, bad beon received from the East Saturday, and he thought Tuz TRIBUNE cetimate in yeu- terday's issue was very nearly correct of the sums in sctual greoubacks that lind come to tho city during tho day. Thebauk, ho had no doubt, would bo able to respoud to every demand in the logitimato line of trado, but, 88 & procautionary monsure for protection, they were Tofusing cur- roncy on eight drafts. THE COMMERCIAL NATIONAL. One of tho most rlnnsnul and assuring visits mado by that ubiquitous individual, I'ue Tnin- UNE reportor, yostorday, was to the Commorcial Natiousl Bank, whore hio had tho ploasura of & moat entorteiving aud instructivo intorview with tho popular Prosident, Mr. IL, T, Enmes, Horo business had been conducted with remarkable confidonce snd quict during the day, and the result was ahandsome addition to tho cash funds in the bank's vaults. Mr, Eamcs, after the nu- nouncement of tho suspension of tha Third ~ Nations), *‘just over tho way," on the corner of Dearborn and Washing- ton streots, had anticipated & “ruu. But he, Tiko othors, hind been disnppointed, and the rec sult of thaf failure of promise was ouly uatistuc- tion, Thore had not been tho slightost indica- tion of alarm horo during tho day, and every- thing hadboon ploasantly coudncted with that con- soryative quiot that marks tho solidity of every- day transactions. 'The doposit roculluu during the day had excooded the currency withdrawals by over 50,000, 'This bank had not duving the imponding crisia oxporiencod any necessity for suinmoning Lustorn aid, and had not called from the Last anything moro than its ususl and cus- tomary balances with which it was credited, and whion” were rogularly forwarded. DBut here fairness does uot go to the oxcoss of gonorosity at the eoxpenso of security, and sofoty is niot bazarded for fictitious reputation, Evory domaud over tho countor, ovon though it bo legitimatoly mado, is not honored. Whero socurities for maturing dobts to tho banlk are in whole or in part held by tho bank, thoy ate not rolinquished. Iazardous games of chauco aro not lnnym]‘ If Smith or Jones presents a check for any given sum which he may have on dopos- it, it {4 promptly honored if "the Lauk holds noue of his obligations near maturity. If his paper is hold by thio bank, and tho day of pay- imentcloso at hand, tho bauk's safety from spe- ciflo loss is secured by tho rofusal to pay the check, Thin 8 ouly tho solf-lusurance agninst tho possibility of loss. But in cnses whore de- positors uro 1ot debtors, the full sum of their currenoy credits is trausforied to them on de- mand, “Mr, Eumos has fall faith in tho spoedy and happy wolution of pending cumrucmuna. From country correspoudents recoipts of cash woro acknowledgnd yestorday, atd » footing up of balauces due exbibited & vreditablo resorve in the bauk vaults, TUE CORN EXUUANGE RATIONAL folks wero soreno rud happy. Thoro was no ex- citemont liere during the day, and the deposits exceeded owrency payments by over £50,000, Qurreucy recaipts by umeun dont to the bauk sud to ifs oflicors aud Diroctors, all of which fs mado subject to blank demauds, wore reported by tho President to oxcood $160,000, und wheu tho bank closed it curronoy tronsure i vault was about $200,000 moro than whon the bank closed on Friday evening, 'The oflicers oxprossod thalr confldont uutlmlmuou of anothor rocolpt of $136,000 bofore Monday morniug, and biad 1o doubt of their ability to pay all dowands, and bold open doors il tho orduiary current of trado flowed poacofully aud swiftly fo Chicogo's continued prospority. : TIE CENTRAL NATIONAL S continned conducting its Lusinoss 88 though nothing had happened to disturb the soronity of the cial world, The reporter ¢allod upon {ts Presidont, W. F, Endlcott, who atonce ex- prossod Lis willingnoss to convorso upon finan- cial toplea Immodiately concorning aud outside of tho fntorosts hais controlling. ~ A livply con- vorsnilon was soon in progross, tho salfont parts fl‘ which are woll worthy of publication, Thus rany 2 Reporter—Woll, Mr. Endlcott, it muatbe & sourco of intonso matisfaction to you to continuo careylug on your business o uaual, Bo so kind na to toll mo whore llos the socrot of your nirongth ? Mr, Dndicott—With pleasure, sir. Our strength mnhll‘ llos in “the fact (hat tho busizioss of our hank 18 purely locnl, and_ i thus but littlo affectod by outside trouble, Additional strongth has beon galned by a restriction of Lusinoss and goneral proparation, during the pust woak or 60, for tho shook, which I saw wan inovitably coming, . Reporter—Am I to undoratand you to say that it in dangorous for & city bank Lo tranaaot coun- try business,—to bocomethe dopository of funds bolonging to Interior concorns ? Mr, Endicotl—No, sir; not exactly; that fa boo ueoping, But X will aay this, that tho tak- ing on deposit on call of large suma of money, aud puying thorofor from 4 fo 6 por cent_ intor- eit, Is cssontially unsound banking. Buch suma of money aro virtually under a bond to bo re- loaned by tho bank, if possiblo on call, if not on time. Upon tho occurronce of & financial flurry theso dopositors with ono consont apply to with- draw the funds, tho bankor oslls in his loans if Eouslblu, and, if not posgiblo, the funds cannot 0 withdrawn. Tho ovil roaulting from this un- sound systom ia folt oven more hore than in Now York, whero a bankor finds no difficulty in loaning such funds, on oall, mooured by what Is, ordinarily, vory readily convertible col- Intoral, in the shape of atocks. Hero such col- lateral'in ot nvailable, and tha banker is forced to rofonn hin interest-boaring country deposits on call, on securitios, with perhaps from thirty to sixty days to run. Tho fix he is in when theso blg balnnces aro oalled for is apparent. Toportor—Ilow do you find customers bohay- ing? Do thoy approciate your ondosvors to keop goiug ? Mr.” Eudicott—They do; and havo, almost without oxeoption, the nimost confidenco in us, Wo had more curroncy in our vaults iast night than on Thursdny night,—n fact which speaka for.itaclt moro efloquently than worda, Toportor—Havo outside customers approschod you with n view to businoss ? Mr. Endicott—\Within the last fow daya we bave had applications to take many now ac- counts, but when favers wore required they hava ‘beon, of courso, refused. Reporter—What do you think of tho prosont pasition? Mr, Endicott—The ultimate rosult rests with thao poople of the United Btatos. Thoy have the sny whether there will be a financisl crash ornot. ‘Thoy aro sitting on the question like a jury, and tho gentonce of tho Court depends upon thoir dooisfon. THE OITY NATIONAL BAXK was going abend as usual, Mr. Roed, the Prosi- dont, survoyed from his room in tho front of the bank the few customors with an air of compla~ concy. Horocoived TuE TRINUNE reportor witha Denign urbanity that waschnrming, andcheot fully romarked thot, in his opinion, the worst ot the unio, so far as Ohfcago was concerned, had ocon een. The bank Lo controlled promised to come out bettor at tho close of the business day ’\\st progresying than it had done all week. The cash moans of the bank were steadily in- oromping; tho customers were bringing in curroncy 8teadily. Ono man who bad a £9,000 deposit on call brought in whils tho reporter was in the Presidont’s sanctum a gon- tleman, the lucky propristor of two pocketfulls of greoubncks, sggrogating $3,000. An auimat- ed couveruation eusuod upon the introduction of tho gontleman with tho greeabacks, What had I bettor do with my currency " asked the lucky propriotor of the banker. + Exorcieo your own judgment in the mattor,” rojoined the Lanker, After a littlo consideration of the subject, & ‘movement towards tho offico was made by tho gontleman, and in flvo minutes tho rocelying teller hiad countod that money, and tho usual re- cofpt was given in exchange, * This i the sort of thing that is wanted to restoro affairs to their natural _course, With regard to the pay- mont of intorost on largo call doposits, Mr. Reed oxDrossod. himself in un- quulified terms: **I consider tho system aa di- rectly against the principlos of sound banking, but it is an unavoidabla ovil, Wao do it because New York baukers do it. If we deoling to do 80, these balances will be sent to Now York."” Ay the roportor loft the bauk, he woundered whethor it would not bo botter to lot them go to New York rathor than take them on conditions which imperil the safoty of the bank receiviug thom. TIE NATIONAL BANK OF ILLINOIS waa wido open aud transacted its usual business. A conversation with one of tho officors brought forth the assurance that the bank would ‘*wonthor it," a8 ho_ said. The panic had not made any difforence in their business, Their accounts were all com-~ mercial; they kopt no grain accounts, nor woro they indebted to country banks, The issue ot loan cortiflcates:would rolievo the stringoucy, and ennblo the West to move the products of tho hurvost to tho markets, Thoey would get other bouk credits from the Last, and, in that way, & tumpornrty[ medium of oxchange would bo estab- lished. Ho would like to see froo banking, pro- vidod that, for overy dollar of bank curroncy ia- suod, o groonback would be withdrewn from cir- oulation. That would prevent inflation, Con- traction was tho only routa to specio payment. Inflation sfforded only tomporary relicf, like putting cold wator in the mouth to allay a tooth- ache, whnich began to acho worae wheu ho water way ejocted. TIHE COOK COUNTY NATIONAL hind suspended oporations on Friday, but Mr, B. F. Alleu, tho Prosidont, sunounced his inten- tion of resuming Monday morning. Ie thonght the universal stringoncy was s novel exporionce for finances, Tho Ereaaul Banking Inw should be altered. Sonator Logan, who liap- penod in, remarked that there was no floxibility to it, and it should be changed. Mr. Allen thoughe the people bohaved magnificently, and, having sottled down to the conclusion that' thay could not get currency immediatoly, wore con- tont to wait, and in that they were sensiblo. "Things having reachod the bottom, would look upward from this on, and the outlook was not all cheerless or gloomy. THE MANUFACTURENS' NATIONAL. At the Manufacturers’ National Bank a Tnin- g reporter found au air of subdued guiet pro- vailing, and tho Prosidont, Ira Holmes, placidly sonted at his desk awaiting furtber do- velopments and the arrival of customers, Whon aslked s to what was tho Intest financial events which had como undor his notice, ho unhesitate ingly answered, “ Wo aro going into liquidation, At n'mecting of our sharetolders, hold yesterday, it was resolved that the bank go into liquidation undor the torms of Sec. 42, Art, 9." Roporter—How do you expect the bank to como out ? Mr. Holmes—1Ve shall bo able to pay our do- poeits in full, Tho figures show that to pay $000,000 we have $1,600,000, which must bo Tooked upon as & sntisfuctory state of affairs, Teportor—How do your customers look upon tho nrrangoment ? Mr. Ifolmes~—I may say that they aro all well pleased with it. I bave lad nothing but tho vory kindest feclings from overy man who has an pccount with uu. Reportor—How long will it take to wind up the affairs of your bank, sir? Mr. Lolmes (meditatively)—I think we ought to be ablo to settle with all’ depositors satisfac- torily within from twonty to sixty daya. y Toportor—How soon do you gonsider a relief? ;rm;l tho prosout stato of affuirs may be looked or Mr. Holmes—It's a long road that knows no turning, At present there are no signs of im- provement, Reporter—Do yon think that Tnz Teipuxe in its articles upon the panic has fully shown up the causoe of the disastor ? Mr. Holmos—I do, but I wonld add_this, that T thiok that, if tho counsels of Mr, Coolbaugh, oxprossed at the firat mooting of the Olenring= Houae, had been heeded, aud the banka had all closed thuir doors, and taken time to consider tho unture of the disaster, the bost means to meet it and to allovinte Eublln exoitement, no permnuent trouble would have occurred. After tho gonoral suspension, the banks would hava wmet togetber aud considered wmat- ters. Ourrency paymouts being suspend- ad, Olenring-Honso “cortifioates would Lo insued until the banka understood ono anothor's position, Tho Chicago banks would have besn able to retain uunugh currendy to keep ordivary busiuess going, and to keep the laboring clauses nnt:pliud\vlm sutlicient funde tokeep themselvos ol ug. B TIE UNION NATIONAL, Mr, Coolbsugh, Fresident of the Union Na- tional, after banking hours yestorday kindly fa~ vored ‘e I'RIBUNE roporter with a longthy aud astuto survey of the tinanoial situation. It would bo an iijustico to thia distinguished finan- cier to attempt, when the roparter took no notes of whot was in many particulrs a private con- versation, to roport Mr., Coolbaugh's Ial guage. s views of tho sltuation wero rel oratod a8 exprossed to other leading financiora with whom he has been in consultation during tho past woek, aud he declarad them to bo cou- firmoed by developmonts In the monotary world wnce their first advancement. Without batu{.h;u any of the qonfidence ro- posed in the wriler, or attempting to'give Alr. Coolbaugh's languago, a briet viows lngumn glvg::‘l-.K e Tho President ot tho Union Natlonal is por- feotly confidont of tho wisdom of the nmr:fao adopted b{ tho Bank; ho fully apprecintes tho Larsh critloisina that have beon passed upon him ginoo tho suspension, and roalizos fully that ho hes encrificed tomporary roputation “and e premacy, but hazarda his reputation upon tho wiadom of the courso adopted, and the Requonce to ropult. No ono, ho unys, moro rogrots tha financial necosnlty” that compolled tho snspon- sion than himeolf and the other ofiicora of the Bank, but, in their united judgmont, it was forced upon them “by advorse olroumstances boyond thoir control, It was utterly impossible for tho banks of Ghicago to hold out with ourroncy pufl'monts when ovory otber city in the country hind suapended, and ourroncy was hold at a promium, Had thorg beon concortod notion on the part of loeal banks, doeveloping somno tomgumry romedy for ponding diMculties, though hazardous, tho clinan botweon ~sun‘imnsion and full paymont might have been bridged over. But whon such conatruction could not bo necomplished, propara- tion for: tho fancied inevitablo behoovad every consorvativo and safe investing mtorest, It waa a4 impraaticable for thobanks of Ohicago to main- taln buainoss on & curroncy basis at promium in this hour of uncertainty and gloom a8 it would bo to ttkeml‘»z apaoial resumption on tho part of ono city whilo tho balance of tho nation waa do- Ing business on lcEnHzfld promiges to pay. e had little doubt that tho financial problem waa 88 yot in the inlufiumnnn of its propounding to the country, and that its solution would require time and govornmental interforenco, tha latter to bo exoused, if not justifiod, by tho paat ace coptod ploa of public nocossity. "The nows yes- torday morning of tho suspausion of the Boton banks was roceived Ly Mr. Coolbough aa confir- mation of tho prophocios ho hnd made, and confirming justification of the course adopted by the Unlon Nntional. Mr, Coolbaugh haz no prediction of the outcomo of the prosont situation, but stands rendy to coincide with any action of tho banks that, in his opinion, will afford any pormanent relief. 'THE MEROIANTA' AND NONTIWESTERN, The Morohnnts' National and tho Northwestorn National were in porfoct contidence and security. Thero was nothing at_oither indicative of any- thing but serenity and safoty. Tho samo courso rogarding debtors and oreditors, hoth clnssos be- ing reprosented in the same_indlvidual, as ob- soryod in the Commereial, Fovrth, and Fifth, and First Nationol Banks, wero hera obsorved,— and officors oxpressed tho complotest confidence iu the futuro, TOE NATIONAL DANK OF COMMEROE, susponded on_ Friday, declared ita read{nens to rosumo whonever ofhior susponded banks taok $ho fnitiativo, and ssserted its porfoct solyoncy. Their susponaion had not Loon forced by the desolation of thoir vaults, but dictatod by the eamo financinl viows that had diroctod tho course of tho Unlon National, THE GERMAN NATIONAL ond its energetic President, Mr. Groenebaum, woro doing; business, paying and receiving monay a8 usual, and Mr, Greonsbaum believed the ex-~ citoment would quickly subside. Ho intondod to kaop on with his business as herotofore, e — BAVINGS AND PRIVATE BANES. TIE CHICAGO SAVINGS INSTITUTION prosonted no indications of excitemont. A fow persons had boon calling during the week and glving notlce of thair intentlon to withdraw thoir ‘bolances at the ond of sixty days, Others came, and, getting explanations, dopartod, satisfled that their money wns safo, Tho President, Mr. Yungoe, was not despondent. He felt he had done, and was doivg, his duty, and had the con« ncioueness of it. Ho was in favor of frco bank- ing a8 against United Btatos bonds, as in former times, If banka wors frao they should bo overs bauled by Examiners, appointed by thae Governmont. Ho belioved there should be somo chock, esome control, and tho Dost way would be for tho Government to havoa paternal surveillanco over tho institutions, The country was woll off, but o general distrust pro- vailed, and overy ono felt like locking up all the money they had. Thero was no floxibility in the currency a8 at present managed by law, Thero should bo devised some means by which to re- doom bonds for currency in times of noed. A spacial sousion of Cougress to logislate for tho crisis should bo convened. No ono could svoid bowing to the emergency. When an avalancho camo the safest courso wee to get out of tha way, and when a tornado hove in sight it was bottor to lio down. THE MARINE BANK, 5 of which Mr, Scammon is the presiding goddoss, was doing abont the same bueiness as on tho day bofor 6, which was far from boing heavy. Tho clerks bad pleuty of leisuro. At the far end of tho bank is a sort of Punch and Judy box, where Mr. Scammon roosted *liko a bitd of ovil omon,” and told those who quostioned him that overything was *‘bust” worwe than '57 or stumptail timos, e waa a poor comfortor, and was waiting, with tho pationce of Job united to the mecknuss of Moscs, for Cougressional re- liof, and & freo bouking law. Mo dosirod apecial gession of Congross. TIE HIDE AND LEATIIER DANK was visited, and My, Grey mado a kindly and encouraging talk, Thog were paying everything at all hazards, and wonld keop on paying. " They ‘wero novor go well fixed, and nover had so much currenoy 1n proportion to thow sssots. Ho did not put svy faith in Congressional interferenco. 'Tlis was o financial disonso, and, like any othor dinoase, there could bo no pormauent curo un~ til it worked itsolf out. Lot tho oruption take place, ond tho patient, when entivoly relioved af bad matter, would experionco & lasting ro- liof and a perfoct curo. Ho did uot be- lievo in violent 1omedics. The country was all right. Tt was full of wealth, and thero wonld bo uo trouble if bankers wero not panic-strickon, Evorything would be sorene in n short time, and all that was needed was 8 moderate amount of Job's prodominant virtu TRESTON 4 KEAK were doing rogular business yesterday, and an- nounce their intention of continuing in the same sntisfactory conrse, Iuformation was reccived yosterday that the flim of David Preston & Co., of Detroit, which had suspended for one day in its savinga departmont, Lhad resumed business with renowed confidence. THE HUIBEBRNIAN RANK furnished no uows—nothing to dilate upon. The oflicials could give no information further than that thair businesy was unintorrupted and eatisfactory. 'The indications pointed to botter times in the coming weok, and tho aspeot of things was bright. THE FIDELITY prosontod nothing now. Quictness Teignod Aus premo, and Mr. Haines folt good, Ho was buoyant and cheerful, and inclinod to the opin- fon that we Linve seen the worst, and things have already bogun to mend. THE INTERNATIONAL BANK ia conducting the business of ita customors as usual. The Presidont, B. Loewenthal, says he finds the customers very reasonablo, 1o ox- pressed bis opinion that the allowing of interest ou call doposits was & pernicious systom, and shiould bo abolished, o considered that tho Times' articlo hnd nuch to do_with the panic. ‘I'lie banks previous to that publication were get~ ting along nicoly. Tho immadiate conrequeico of tho intlnmmatory article was a rush by coun- try and city depositors to withdraw their " funds, THE 6TATE BAVINOS INSTITUTION, through its President, had nothing net of an unfavorable naturo to.report; what change was observable was decidedly for the bet- tor, The noticos for withdrawal had decronsed vory cousiderably, Tho rush of cuatomers was, for a Saturday vory light indeed, as cnmpnmd with previous days of the week, Ilo belioved tho bottom had beon struck at Inst. Oune reason why the State Savings Bankshould have natur~ ally a Leavior run than the other bauks, and o vory simplo reason, too, was that its business in about ton times a8 largo as that of ordinnry sav- ings banke, Taking iuto consideration that tho bauk has no luss thun 16,000-0dd accounts, the bobavior of the customers genorally is quite ;= pralsoworthy, L'he President of tho Bunk said ™ tho publication of inflammatory head-lines by tho 2'imes * was bad,” ** it had muoh to do mn causing tho prosent tronble,” ete, THE MEBOIDANTS' LOAN AND TRUST COMPANY was going abiead smouthly. Tho Prasident ro- ported cousidorably loss checking against nc- county, and stated that ho considered the ex- citement was allaying, TIE BECULITY BAVINGS BANK ' was found running as usual, 'Tho Prosident of this institution did not enter into tha compact which most of the saviugs banks bouund themselvos by, not to pay out deposits suve upon notice, but oxerofyon his judgment in oach application, Lo bank, not having been long staitod, is not muoh troubled with tho disagrooable cffects of tho panio, THE BANK OF Oil110A00 was ata stand-still, A fow dopositors hiad given notice of withdrawal, but further than that there is nothing to say. TIK BANE OF MONTREAL wag undisturbed, aud nothing shortof & first~ olags earthquako can veor it from the eyen touot of its way. N THE GERMANTA DANK Pnud end received oash, and will koep on do~ B 80, OTNER DANES visited furnished nothing to write about, and all ~