The New York Herald Newspaper, September 22, 1873, Page 3

~ TH ee ee SCARE. The Sabbath Excitement at the Hotels F Over Financial ‘Troubles. SCENES AT THE FIFTH AVENUE. Conference of President Grant and Secretary Richardson. What the Bankers, Brokers and Merchants Proposed and What Government Will Do. THE PROSPECT BRIGHTENING Five-Twenty Bonds To Be Redeemed to an Unlimited Amount. Tke President Refuses to Issue Illegal Tender Gut of the Forty-four Millions Reserve. VIEWS OF COMMODORE VANDERBILT. He Did Not Give Succor to the Union Trust Company. Contradiction of Rumored Suspensions. Soundness of Jay Cooke, McCul- doch & Co. and Others. WALL STREET ON THE SABBATH. ‘The Wall street excitement was transferred yes- verday to the uptown hotels, notably among them the Fifth Avenue. Here all the magnates in the ommercial, financial and poittical world of New York might be found at some time throughout the flay or evening. The throng was excessive, and aot alone the wide hall of the hotel, out the mein stairway, barroom and read- ing room were crowded. The scene at ight was a reminder of the war times, fhere was the same intense eagerness to hear every scrap of news, the same craning of necks in the direction of any man who in the centre of a Nstening group ventured aloud an opinion or a plece of private information. The news that the government had concluded to purchase forty mll- tions of bonds at par was received with general favor. The discussion of the finaacial situation was carried on with that ABSORBING INTEREST that can only be evoked where money is at stake. The evidences ofa panicky feeling were plain to perceive, but at the bottom there was a conscious- ness that the evil predictions of the croakers were Qot destined to be entirely realized. All the distinguished men in the Wall street ‘world might be seen at some period of the day talk- ing over the crisis. There was every disposition to look at the brightest side of the pictie and avoid alarm as far as possible, “Will the Stock Exchange open to-morrow ?” was a common question, and when answered in the negative was followed by the implied inference that al the banks would close. The VARIOUS MEETINGS of financiers elsewhere reported added to the in- terest of the day. There can be no doubt that, despite all the gross exaggeration and the evil tendency of many to inflate the pub- tic alarm, the overwhelming spirit of the mass of men most deeply concerned in the present unhappy state of affairs wasin favor of the most conservative action, of repressing alarm ana re- storing confidence. It was only natural to expect that the unprecedented excitement of the past four days would become contagious, and that, from the millionaires of Wall street, who were first affected, the alarm should work ite way down to the strata of the poor, whose humble reserves ‘were among the sixpenny saving’s banks. Satur- day evening the uptown savings banks had an un- | usual run made upon them, and there is @ painful apprebension that the coming week will subject these most useful institutions to an unexpected pressure. Itistobe hoped nothing of the kind will happen; and it is certainly the business of every man who ts better informed than his hum- bler neighbors to discountenauce the UNNECESSARY EXCITEMENT that prevails. The masses are as sheép in mo- Ments of supposed peril, aad it is but required that one or two shouid lead tue way ior the thousands to follow foolishly. Of distinguished ana wealthy men who have the confidence of the community much is-expected at this crisis, and much is within their power to do towards allaying the present alarm and obstructing the course of pos sible ruin to multitudes, It was evident in the. general {eelin; that prevailed among the respectable crowd of men asserbied at the Fifth Avenue yesterday that no time was to be | lost towards banishing the prevailing sense of in- security and restoring affairs to their normal basis. The adjoining columns contain fall accounts of the poem of the day—the meeting at the Futh Avenue Hotel, where the President of the United States deemed tt fit to be present, and the other meetings subsequently held, at which meas- ures were discussed to mect the emergency oi the hour, COMMODORE VANDERBILT expresses himself to.one of the HERALD reporters and declares thas he advanced no money, a8 haa been rumored, to the Uniou Trust Company. He ‘Was atthe meeting whereat President Grant at- tended, and affered to give $10,000,000 to relieve the strip; oa the goverument came forward with $80,000, which was, to say the least, a remarkable offer on the Uommodore’s jd but was declined with thanks, The egal tender currency, which is 80 much heeded, cannot issued fo the banks 1m the shape of a loan, and the only way out of the aificulty will be through the py) bonds, which, if turned into the Sub Treasury in sut- diciently large amounts, will sooa tap a reiresning STREAM OF GREBNBACKS, fhe government is certainly decided on redeeming @n umimited number of five-twenties. A reporter of the HERALD hag been among the mercantile men and Lg. irom their conversation the impression that they feel uneasy over tue situation and appre- hend trouble. Certainty if the banks should con- clude to-close to-day it would seriously embarrass the.commercial classes; but @ step like that will be the very last to be taken without good and sul- ficiemt camse. A great many mien Lave lost their WERAK HEADS at this jnpeture, but there is enough of coolness and wisdom left to save the community from any serlons-peril. In a period of excitement like this many evil-disposed persons come to the surface and do their malicious best to fam the public alarm. Of these are such as delight in misinforming the members of the press, and resorting to various ane AN gh aan misrepresentation with a view to mi . A cable despatch from London, stating that the house of Jay Cooke, McCulioch & Co., Londen, had suspended, was sown ob Saturday by a Well- Known firm sn Bro lway. This ig the despaten :- , Loxnon, Sept. 20, 1978, Jay Cooke, MeCwlloch & Co. oF this city, suspended todey, a ratt sor £10000 Wus'presonied dna’ payment refused. ‘The following is @n apewer to the statement of the suspension :~ New Yorn, Sept. 21, 1973, To mx Eprtor oF rap Mrnato— Jn your \esue of today the Nawe of our London house, Jay Cooke, McCulloch & Coy 4 erroneously tcluaed in Ae dat of huspensions. gut Tau, Bunaly correct thi o> r ithou Riterrapaon fat SaP Goons UC, In the account of Wall street on the Sabbath will be found @ few corrections of statements given publicity through some of our evening contem- oraries calculated to mislead. It 18 possible, in oa like be present, for MAY Misstarcments to NEW YORE. HERALD, MONDAY, SEPTEMBER 22, 1873.—TRIPLE . SHEET. obtain ae dreslation, but it is beet to know thet it mavors af good or evil. The Ariistant ‘will continue to purchase fiveoty maty Danae with his notice of Sat- P On paying, ry eurrency at the average ¢ sales on THOMA! LILLHODSR, Assissant Treasurer. By order of the The President and the Secretary of the Treasury at the Fifth Avenue Hotel. Yesterday morning, at tem o’clock, President Grant and Secretary Richardson were in consulta- tion together to devise means to relieve the mar- ket and restore confidence. The meeting was & private one, of course, but’ during its course a great many prominent persons were constantly calling to see the President and to advise him as to the course to be taken. The rooms in which the consultation took place “were at one time crowded with persons anxious to see what would be the upshot of this most im- portant meeting. Among those present were H. B. Claflin, Mr. Whittemore, of Whittemore, Peet, Post & Co.; Mr. Anthony, of Anthony & Hall; ex- Governor E. D. Morgan and many of the most prominent brokers in the street, including Jenkins, Van Schaick, Van Vaukenburgh, Charles Osborn, William Heath and others, all of whom were deeply anxious as to the result of the meeting, and showed their anxiety by their looks and eonversa- tion, The serenity which characterized all the financial men the evening before seemed to have quite abandoned them, and serious concern as to the future seemed to animate ali, Whether this was simply anxiety as to the action of the Presi- dent or not, could not be learned, GOVERNOR MORGAN, it is sald, was one of the first to request the Presi- dent to do something to relieve the market. He exposed to him thatif the trouble continued any longer the merchants and allthe monetary and industrial interests of the country would suffer terribly, and that some immediate action was necessary to re-establish confidence. All usual means seemed to have failed, and the distrust was such that some gupreme action was necessary. What this was, of course, he (the President) aud Mr, Richardson were best able to decide. Reverdy Jonnson was also present at the meeting, and said that unless the government relieved the banks on Monday universal suspension would probably be the only alternative, and would have to be resorted to. Mr. Van Schatck also said to the President that the only means of now bettering matters was to issue some part of THE FORTY-FOUR MILLION DOLLARS IN RESERVE in tne United States Treasury, and allow the banks to issue whatever collateral would be considered suflicient; but that this would not be of any valine unless done immediately and the decision taken on the spot. Another prominent banker, who 1s said to be closely identified with the government, also advised President Grant to take this step, He said that, under the present aspect of aituirs, it wes necessary to take a bold, decisive measure which would stop the feeling which was creeping in everywhere, and which was one that could only cause not only one of the greatest nancial, but also one of the greatest commercial embarrassments that any country was ever sub- jected to, All values under the present pressure must become almost worthless, and the disaster to the poor would be univer al it was now not a juestion of pradence in relieving—it was'a ques- ion of neceasity. ‘The Government was the onl, power capable of relieving the pressure. Wit! the necessary suspension o! the banks, under the resentaspect of affairs, it wascertain that even usiness men must either suspend opera- tions or sell their goods for cash at such a that only fatlure was in pros pect. for all but big houses, With the Withdrawal of all accommodations business must necessarily recetve & blow Jrom which 1t would be ard torecover. Mr. Morton algo spoke to the President in the same strain, advising some action, and several of the presidents of the most promi- bent banks in the city told President Grant and Secretary Richardson that it was an impossibility too on any longer with their business ucless de- cided action were taken. A CONSULTATION THEN TOOK PLACE between the President ana the meg ee oo the Treasury, and after some time Mr. to ardson asked the meeting what eifect it would have upon the market and country if the govern- ment were to.go on Leta 4 to buy bonds. ‘The universal auswer was that this was only @ hulf-way measure, which would satisty no one and do no good. The test of this plan had been made on Saturday, Haag ei gad tie plan had failed to work. Two and a half million dollars had been offered in place of the $10,000,000 which was expected, and the same fol Bey pect take place again. The eople who had bonds did not want to part with em, They were mainly held by those who bought them as a steady and secure investinent, and no sum at all adequate to the want could be found in these securities, Shortly afler this and alittle more consultation the meeting adjourned. m t tO cSerk again was held, and it was supplemented by an addition ol bank presidents, and, besides those of the morn- | ing, there were present George Opayke, Commo- dore Vanderbilt and sume other persons of note, But the meeting was just as excited as ever. Vanderbilt was in long consultation with the Presi- dent and, it appears, Made & proposition to relieve the market, a full account of which will be found in an interview haa with the Commodore by one of the HeRaLp reporters, published clsewhere, This Pen ee was summarily rejected by both the President and Mr. Richardson, and the Com- modore departed @ much sadder man than he came, After this many more propositions were made, but the result seemed to be only to add to the per- Pay, in which the President and the Secretary found themselves. After, however, some further consultation the President said that he could. not do_anyti that was not legal, and he doubted much whether it was Bee jegally to issue any part of the $44,000,000 on such @ basis as that ropesed by nearly Gil those who had spoken with 11. Aiter this decision & number of the most influen- tial bank presidents met together and consulted, } and, together with a select lot of prominent brokers und financial men, decided to make another onslaught on the President and Secretary of the ‘Treasury at four o'clock. ‘This Was the last meeting during the day, and as it was felt by ali that THE SUPREME EFFORT was being made by which either prosperity or ruin were to ensue for all, the determination to do everything to persuade the President oecame para- mount, and the feeling of indignation thata re- lusai to these appeals had been made was very great. Atone moment it was stated in the corri- Gor down below that the President had said:—“I will issue seventy-five millions of legal tenders and trust to Congress tostand by mein my action.” But tis was only an hearsay from & banker who bas constant dealings with the goverament. At the later meeting a great constitutional lawyer and jurist who was present advised the President that it was clearly uncoustitutional to issue tiie currency of the country in the way which was demanded by the Merchants’ Committee and others; but that he thought the President, in the present state of affairs, and in view of the difi- culties which were likely to overtake the whole country, might stretch a point and go so jaras to issue thirty millions of the forty-four million re- | serve, and then stand 4 the country for his justi- fication, In answer to this, the President said that under the circumstances ho would not take this course, but would wait a day or two until he could see THE RESULT OF THE PRESENT PLAN, but if vue thing continued as it had done in two or three days he might be imduced to take the ad- vice of the gentleman, The President then said that the conctusion come to was that the government would buy all the five-twenty-bonds that should be offered to any extent and pay for them at one cent above par, aud 1 mtg the most that could be done by gov- ernmen Commodore Vanderbilt's Views. A HeRatp reporter last evening called upon Commodore Vanderbilt at his residence in Wash- ington place, to ascertain whether or not he had paid over, as reported on Saturday night, $2,000,000 to the Union Trust Company. “] don’t think,” said the bright-eyed servant girl who opened the door for the Hxratp representa- tive, “I don’t think that Mr. Vanderbilt will have time to talk to you to-night.” This was rather a drawback at the start, but the girl went up stairs with a note to the Commodore which the reporter handed to her, and soon atter- ward the genial old gentleman came down to the Tegeption room, THE UNION TRUST COMPANY. “I am always happy,” said he, ‘to give you newspaper men all the information I can im matters of this kind, when the public are interested, so far aslam able. I see by the note you sent up to me that you want to know whether I advanced $2,000,000 to the Union Trust Company on Satur- day. learn that such a statement was given out by somebody on Saturday; but I will tell you just here that there is not one word of truth in it. I advanced nothing and have paid over nothing. I will say frankly that when I got wind of the trouble in the company I went down there and took a jot of securities with me to heip them along; but when I did get there the business was closed up, and there was nothing for me todo. I could not, you, know, interfere alter the company had suspended. I was RUADY TO DO ALL T COULD, but Igot there too late. That was the long and the short of it.” ‘Do you suppose that the company will resume buginess to-morrow?” eNow you ask me too much,” replied the Com- modere. “I have no more information on that point than you have’? The reperter here remarked that the people gen- erally were Jeartully excited as to the luture, and asked the Gonymodore whut he thought about it, retary of the Treasury. “Well, wy deat bar. gus the Feplv. “1 QO Bot.) Thor know what to say about the fature. You say you newspaper people are in the dark yet, and don’t know what to say about the result of all this panic, Tam in thesame state of doubt myself, I have’nt the remotest idea of WHAT THE RESULT WILL BR. At present the outlook is very, very gloomy in- deed.”” “is it ible,” asked the reporter, “that the failure of one firm could have brought about all this disaster ?”? “No, sir,” was the prompt reply; “no one or two or three (ilures could have caused it, There 1s at the bo*tom of it all a something that is rotten, 1d it may be that when the storm is over the yy street men who are sound and honest and have always been so will not regret that the tempest overturned even them for @ short time, Many have gone under who deserved a bette? fate, but the lesson of this wild spirit of specula- tion that has ruled the street so long will, I feel confident, be fruitful of good effects, Solid men hereafter will be appreciated, the speculators, who only care for themselves and bring about the ruin of others by the nefarious trickeries they en- fags, in for their own benefit, will, from this out, feel certain, be compélied to take a back seat; in fact, get out of the way altogether,” THE OFFER OF A MILLIONNATRE, “I dare say you heard that the President was in town to-day to confer with th Seoretary of the ESRAEy in relation to Grate said the re- porter. “Yes,” was the answer. “1 wasup at the Fifth Avenue Hotel to-day and met both of them and several other gentlemen who had come together to confer about the situation, I offered to extend relief to the financial community to the extent of $10,000,000, I offered it in this way—to give $10,000,000 in as securities as the government could give, provided the government would give $30,000,000, Somehow," added the Commodore, “the proposition was not well received. However, Lleft early in the even- ing, and J dare say some decisive measure of re- lief will be fixed upon.” HOW THE CRISIS WILL END, “How do you think this crisis will end, Commo- dore?” queried the reporter. “I cannot say,” was the reply. ‘I am as much in the dark about it as you are. It may wind ae shortly, and yet it may not; but whether it will end shortly or not, tt will for many long years here- after be regarded as a great disaster.” This ended the conversation, aud the reporter withdrew. What the Bank Presidents Say. After the meeting of the bank presidents at the Clearing House on Saturday afternoon a reporter of the HERALD calied upon Mr. ©, P. Leverich, PRESIDENT OF THE BANK OF NEW YORK, at the corner of Wall and William streets, to as- certain his views on the monetary crisis. Tue fol- lowing interview then took place:— ReporTeR—What is your opinion, Mr. Leverich, onthe action taken by the Clearing House this afternoon ? Mr. LEvericn—I think that action was well con- sidered, and that it will do much to clear up the trouble which has been doing financial men ever ‘60 much injury during the past three days. Such @ state of things cannot possibiy last, in my opinion, and I think that hereafter there will pea better state of feeling all round and that the feverish ieeling will quiet down. REPORTER—To what do you attribute this panic ? Mr. LEVERICH—To men attempting to do more than they were able to; toover speculation; to that desire which men have nowadays to become sud- denly rich. They carry too much on their shoul- ders, and break under the load which they think will be their means of prosperity. It is a false basis, which in the end must cause such disaster as this which has taken place. RePoRTgR—In what manner do you think the ac- tion of the Clearing House will ameliorate matters? Mr. LevERICo—By restoring confidence to every- body, and particularly to the banks, This isaue of loan certificates to the amount of $10,000,000 must ease the pressing need for cash. Everybody will be secured, and yet there will be a medium of ex- change created on a sound basis, ReporTeR—Did you think the action of the Stock Exchange in closing its doors to-day a wise one? Mr. Levertco—Undoubtedly so, In the present state of the stock market there was no use in giv- ing men an opportunity to vent their panicky feel- ing, and by closing the Board banks were given o reason to withhold any more certifications, of which there seem to be too many around already, and also gave brokers an opportunity to look into their affairs and prepare themselves for the busi- ness of Monday. Everything was in such a state thag there was really no opportunity todo this while the Stock Exchange was open and every moment men were going to the wal; unable to atand the pressure. Rerorter—And yet I heard a good many men Say it was an arbitrary act which has no justifica- tion? Mr, LEVERICH—Oh, these were men who would make money out of anything, and who, in spite of seeing the disaster around them and the promise of terrible suffering, were still intent on working their own small ¢! They were few, however, and not worthy of consideration, ReporTge—Then you think the market on Mon- day worning will open with an improved feeling? ir, LEVERICH—It can hardly be otherwise, and I am greatly mistaken if from this afternoon the mer does not quickly subside, and that in a few jays matters will have assumed an altogether dit- ferent tone. Ratopere Wil the Stock Exchange open on day Mr. Leverron—Undouvtedly. There is no reason why it should not, ‘he indux of visitors anxious to see the Prosi- gent ‘Was 60 great at this moment that the reporter er Areporter of the HERALD called upon Mr. F, D. Tappan, PRESIDENT OF THE GALLATIN NATIONAL BANK and chairman of the Executive Committee of the Clearing House. This gentleman had taken a prominent mgve in the proposition, approved by the bank presidents, to issue the §10,000,C00 of loan certificates. Alter the reporter asked the question as to the probability of the future Mr. Tappan said:—‘ihis issue of loau certificates is the only means that I can ace of relieving the market at present, and, besides, Is a periectly safe afair, The banks bring tletr securities to the Clearing House and we allow them seventy-five per cent of the face of their securities, whatever they may be—so long a8 they are good—in joan cer- tilicates, guaranteed by the Clearing House and bearing interest at the rate of seven per cent. When this is dove the banks will have all the avaul- able medium of exchange they want and the mone‘ tightness will have ceased,” This was the unaul- mous opinion of the moeting of the presidents, Kerokren—But how will it benefit operators? Mr. TapraN—lIn this way; that, by furnishing the banks with plenty of values the money tightness must cease, and that once brokers and others are able to make loans the street resumes its usual aspect. The effect is diroct upon all of us. PORTER—Do you look upon this as @ bank panic im any way? Mr. TappaN—I do not. 1 consider it purely a brokers’ panic, The banks are not really affected. It is true the Commonwealth burst; but it was not @ sound bank and has not been for some time. Two years ago it was in trouble, and I have never believed in it much. You may see what they are by the manner in which they did business, The true reason of {te fatiure, as¥ found when I went up to examine it this morning, is that it over- certified one man, Edward Haight, to the extent of $170,000, You may imagine that any institution with that way of doing business could not be cons sidered very sohd. , CRE How do you think things will be on 0 ‘Mr. “TApran—3Mach better, I should judge, ti oe 1 do not think there will be mach able, Rerorrer—Was the closing of the Stock ux- cheng agood move? Mr. Tapran—Oh, yes. It saved a good deal of trouble and was @ well considered act. Had it keptopen there is no telling what would have bap- pened. ‘A Haran réborter saw Mr. Morrison, tho PRESIDENT O¥ THE MANHATTAN COMBANY, one of the strongest banks in the city, regard- ing the present state of affairs. In answer to @ question as to his views om the subject of the financial deraugement he sald:—“The action of the Cleariug House to-day in authorizing the issue of $10,000,000 of loan cer- tificates was a wise one. You see, not only will It relieve every one of the banks, as well as the brokers, but it will serve to demonstrate the con- dition of our banks. The banks will come up with their securities, aud the committee of the Clearing House will decide as to their worth, exactly as does the board of directors of a bank when any one comes in for a loan. If tue securities are not paid, in the opinion of the cominittee, they will be thrown out, and not only that, but if we think the banks are weak we shall throw them out. You see we cannot put ourseives in a difficulty to oblige others. Thave no doubt thatin tuts way there will be a general improved fecling among all parties on and alter Monday, I we find that $10,000,000 is not enough, them we shall issue $20,000,000 worth, But I consider it a sure means of making em? easy. If this means should fail, then there would be trouble, But I cannot anti- cipate that. Remember that we have trie@ this means once beiore, in 1357, and it worked to a charm. It was under precisely the same clicum- stances as these, and it was done suddenly to relieve @ sudden necessity. But everybody was in several — that refused yesterday to lend $750,! $1, 00 worth of government bonds. What truth is in so extiaordinary a mr, MOBRISON—This Matter requires explana tion, Some few Gaye oge I ansicipaled from what Isaw that the Union 4 Company might find itself in dificuities, So I sent our ier to them one evening as he was going home to teil their secretary that he must send down to our bank carly in the mori all the deposits he could, as if there was a rush they had not enough with us to amount to @ flea bite. The next morning the Union Trust Company sent us down $1,000,000 de- posit with which to pay of whatever checks they ad given. My anticipations proved correct, for in @ very short time we apes out $800,000 of the million which tbe Union Trust Com- pany had sent us. The other $200,000 also melted away in the same manner, and J sent up to the company, telling them by all means to send down money just ag they got in sums how- ever small, so that as fast as checks came inI would pass it out, but I told them I would not go over the amount of their deposit with us on any account, Sure enough, next day—that was yester- day—they continued sending down money, aa fast as hey got {t in, and we continued paying out. Suddenly the: whs & stop and no more money came in from them, while the nuimber of people with checks from them increased every moment, I sent up to tell them how matters were, but no money came, aud the rush was such that I actually had to ask the people waiting for money to stand back to let our own customers in, At length their President came cown and told me he had $1,000,000 worth of United States bonds, and said he would leave this as security if 1 would continue to pay out on them to the extent of the demands of tne people who came in, He did not say $750,000 of any particular sum, but I told him that 1 would not go into any transaction, as that would be robbing our own depositors, and if my drawer got empty and a run began on us then we should be th trouble. He continued toask me, but I refused, and finally he went away, promising to send money dowD as 8000 as possthle, ‘Ihe people outside were impatient, and at tree o’clock 1 shut the doors and allowed no more in, About this time some money arrived, and I went around to each one asking how much were their snacks, and when all was through I counted up and found Thad money enough to pay them, ani succeeded in doing it in one hour, That is the whole story.” The reporter went to Mr, H. G. Qhapman, the PRESIDENT OF THE STOCK EXCHANGR, in the afternoon, and asked him of the closing of the Stock Exchange. He said:—‘l have no reason to doubt it. It was the best thing we could do, and prevented @ much worse time than we have suffered already. There Is no telling what would have happened had we not done this, ‘The Goy- aay Jommittee did it after mature deltbera- lon. REPORTER—Will the Stock Exchange open on Monday? et been decided, I Mr, Guapaax—It hag not don’t know, and it all depends on circumstances. THE PRODUCE BANK, corner of Co!lege place and Robinson street, has a capital of $200,000, Mr, Raymond, its aang states that his bank has very little business wit! brokers, and that the deposits on hand will average about $600,000, On the 1vth inst. the directors heid a meeting for the purpose of declaring a divi- dend, but it was thought advisable to postpone the same in the present state of monetary affairs until the 15th prox. Our balances at the Tradesmen’s Bank, which i3 our redemption agency, are $60,000 in excess of the sum agreed upon. Our directors are gentlemen of large means, and if a contin- gency arose for an increase of capital we could easily coadruple the amount of our present pos- sessions asa bank. Our business has been quiet and not the first indication of a run has occurred; on the contrary, our daily deposits largely exceed the payments of checks, Mr. Shepherd Knapp, PRESIDENT OP THE MECHANICS’ NATIONAL BANE, said to the I{kRALD reporter that, iu his opinion, the action taken by the Clearing House Association at its session on Saturday afternoon was the most jueicious and practicable that could be devised under present circumstunces, . ‘The $10,000,000 loan certificate authorization will materially help the finances of the city banks and cause money to relax irom the stil rates demanded, At ali events, public confidence must be restored when the knowl. Less becomes diffused that the banks are able and willing to meet their obligations. He was present at the meeting, and approved of the energetic measure adopted, and, if the $10,000,000 does not suffice, we can increase the sum to $20,000,000, Colonel Christian Schwarzwaelder, PRESIDENT O¥ THE GERMANIA BANK, No, 185 Bowery, who was one of the “lookers on in the Vienna” of the financial mart on Saturday, on being questioned as to his opinion oj tne present state of monetary aifairs, replied :—**As far as our bank is concerned, we are in no way affected py the affairs down here. In our quiet way up in the Bowery we pursue cur regular course of business. 8 and bonds don’t come in our line, as we trausact only a regular, legitimate banking busi- ness, As a matter of course, the tendency of the last two days’ fatlures of eminent houses has made Teady vey | more stringent than usual, but it has not lessened the supply, and only made it @ littic harder and more expensive to obtain.”” What the Mercnants Say. INTERVIEW WITH H. B. CLAFLIN. Horace B, Claain, the dry goods merchant, was Met on Saturdey byw HERALD reporter in Wall street, having just been to learn the result of the meeting of the bank presidents. In answer toa question as to his views of the situation, Mr. Clafin expressed himself very hopefully, and said that he did not believe this money crisis woula have any permanent effect upon trade. “The credit of the eountry,” said he, “is at the bottom good, and the country iteeif was probably Bever more really prosperous than it is at present. It is true, we have indulged in a great deal of over speculation, and some men have iortgaged them. selves up to their necks in their race for fortune. But all this is not to say that the merchants who represent the great industries are not in a good condition. 1 look on this panic in the city asa Durely speculative one, and I don’t believe it will affect us—that is, if it stops where it is, and I be- lieve THE END HAS DEEN REACHFD. The action of the Clearing House Committee to- day has been a very wise one, and will, I have no doubt, restore universal confidence. The system proposed is @ safe and a good one, and will work well, On Monday I think all this trouble will be over and things will goon well. In no manner can trade be affected by this, and Ihave no idea that the panic will touch us. Had tt continued, cer- tainly I think the resaits might have been very serious, because, see, country merchants are coming into town how with money, and a stoppage of the ciroulation of currency would be a very ge- rious alsaster. But ali is right now.” Yesterday, at the Fiith Avenue Hotel, Mr. Claflin seemed to have completely changed his mind, and was one of those most anxious to prevail on tne President to do something to relieve the financial condition of affairs, MR, F, WETHERELL'S OPINIONS. This gentleman, a well known dry goods mer- chant, was of opinion that the situation demanded some very radical remedy. If that remedy did not come at once it was not hard to see that fearful trouble would ensue, the end of which could not be seen. It was evident that ali wanted the direct interference of the President at the present moment in devising some means to pat the banks mpon their feet and re- lieve the terrible monetary pressure. It was @ question whether the strongest houses could staud this state ofaffairs much longer. Tuey must either rely on the President's adopting a curative poiicy or suspend, There seems to be no alter- native. —. JAMPS MACKIN, roduee’ dealer Kill, member of Assembly ‘that district and:! ident of the First Na- tional Bank of Fishkill ing, told a HrwaLp. re- rter that the trouble Bad calied him home to jew York. He consideret Aspect of affairs as being much better, and thag the banks will tide over the dificulty. Hie bank cleared through te Third National Kank of this , Which was all right. However, if the ci did want money from the country very much afraid they would succeed in getting it. Money was too it here for this, and even at the time whenmost country merchants came to town and haye- Money there is none around. It is very lamentable, but it is very true, MR A. T. PAINE, of the firm of Paine, Woodwin & Nowell, 63 Worth street, believed all the banks in New York would have to suspend to-morrew, and that general busi- neas would be at a stand-still. The time had come now when merchants had to look at this thing in the face. It was evident that banks could be on no longer and thot merchants woula have to look out for themselves, There was only one way to do it if the govern- ment refused to accede to the Proposed arrange- ment of issuing greenbacks aud that was to sell bes ata loss. Me proposed himself, if necessary, 0 put down his goods fity per cent, and then he would sell for grecnbacks cash. It this was the only way to raise money and to nese straight he would do it rather than fail, This was a plan which he hed tried in 1867, and he would try it again and pay one hundred cents to the dollar. MR. FRANK SHENVIN, the dry goods merchant ld that he was much afraid this pauic would produce muci disaster, but there was no need of him being more alarmed than at present. The only plan that was really possible was the one advocated by all merchants and financial men, that the government shouid come to the rescue of the people, for it now came down to th He mnderstood, the President was looking scary at the Grangers and did wot want to help the “blasted monopolist.” Would not such a blow at trade reach upon the working classes and simply make the rich richer and the poor poorer it was always this way—the poor sugered in the glad, and the certificates romained in circulation until all the trouble was over. Then they were withdrawn, If this danger lasts long, the certifi- cates will remain; if not, then they immediat hd R ul a of mediately withdrawn, egargl ac the Stock Pkshange Governors, at fa ly satisfied it was @ wise one and saved the banks great troubie, a8 well as the brokers themselves. Had ae gone on as usual, there is no telling where ‘we should have pulled up. RgporrsrR—I have one question to ask you. @ hes heen a Fonort spout pad I have Weard jf end, MR. B, L. HARDON of the firm of Marion & St, Lona, said the fact was that the whole system, both bank- ing, loaning apa >) Wee rotten, aid inat Eau : cl 0 bound come soak ihe: iat isaster was ‘worse it would be- i it was aid < i sou Pd poe national bonds for it, If this was tlle; as the President said, then he believed in letti every- suspend betore he would put such a prece- dent in existence of a President of the United States being the first to break its laws. Let all go to the wall, but preserve the national honor, What example would it be, when a corrupt government should be in powar, for the President thus to set 19 Ox! ing himself against the i- tution of his country! pepe OPINIONS OF WESTERN MEN. At the Asniand House, where the Heratp re- porter called, @ number of Western men were ex- pressing their opinionain no measured terms of be action of the poverniient in regard to the present crisis. Said one enthustastic gentleman, “I almost feel ® contempt tor the rulers of our country when I remember that the men they now refuse to help are the men who furnished the money that saved for us our country whole agit was left to us. They asked no ques- tions when they edvanced freely of their wealth as to whether the North should prevail against the South; but they said we will try and win; we will take the chance, and if the government is worth nothing private investments will have to row in the same boat.” One gentleman said he did not think the pres- sure had begun to be felt out West yet; but he was morally certain that ifthe government did not do something, and that very quickly, the West would show before long a xery. poor band, and that some of them would lose oy the dea, THE SOUTHERN MEN aro not so despondent as might be imagined, but some few of them, who have money deposited in New York, are greatly exercised as to what they will do if a general suspension takes place to-day, Ths money is here tore ppuspose of paying their debts to Northern merch: for goods, aud if they cannot control it when aioe will’ Lge bey ih ad acted promptly rs ey, very muc of this trouble woul have been saved; but it seems as if the Sout had et sudered enough for her secession actsy’\Wiiat aoes this great land Grant to the Pacific Railroad amount to? People were swindled into the belief that it would secure them fully for all investments, but it 18 not so, It wasa bubble, and has burst. Let the govern- ment advance inoney; that will stop this panic. Buying bonds at par is a poor remedy. People are not apt to sell at a sacrifice to helpstranvers. God knows what Monday will bring me, said an old man, Appeals to these gentiemen who only look at the hard facts of the case were of little use; they want tosee the government take quick and effective action in the matter, and they aay they are willing to abide that issue, Wall Street on the Sabbath. Stately Wall street, with its grim and gloomy buildings, that on Sundays frown down on the casual passer, presented yesterday a scene at once striking and unusual. The quiet that pervades this Street on the Sabbath was broken by an influx of curlosity mongers, who came to view with open- eyed wonder the scene of the nation’s treasure boxes, and where for the past few days scencs have been enacted that have shaken to he foundation the fortunes of the mer- chant princes and bankers of the New World. Fortunes so colossal that were believed to be impregnable have been swept away like chaff before the winds. But, at last, there seems to be @ surcease of the agony; and, though men who a few days ago counted their fortunes by millions are to-day beggars, there is at least a menta, quietness they have not known for weeks; and as one glances at these whilom millionaires there seems to be a firm resolution on the face of each to again put their shoulders to the wheel and see what Dame Fortune intends to turn up for them. WALL AND BROAD STREETS YESTERDAY. From an early hour Wall and Broad streets were viaited by a large number of people who stood at the street corners or at the foot of the Sub-Treasury steps, Many carriages were seen driving through the street, many of them containing members of the fatr sex, who looked at the celebrated place, and making, tor all the writer knows to the contrary, innocent jokes about “puts and calls,” or “being long of stock aud short oj gold.” DRAMATIS PERSONAR. Occasionally one of those wicked coupés, a8 Thackeray used to call them, would come to a halt, and some highiy res pectable lookin, utieman, with a white necktie, looking of a religious turn of mind, would enter his ofice, pull down the binds of the’ windows opening on the street, light a cigar, if of a sanguine turn of mind, and then commence to count his stocks and securities, concluding his operations by opentng his safe and jooking at sundry balances in the ledger. ‘The police on duty were muci amused with these mysterious visits of “lame ducks,” as they irrever- ently termed them. Many firms on Saturday had their clerks employed in making up accounts, up eded, their em- the government 3 which, since the gold panic, has been attached ne over-anxious creditors. The Sheriff and his deputy have been busy all day, and they inform me that seven diferent parties have filed their claims, and attachments to the amount of $90,000 have thus far been made, Thomas Coggshall, Postmaster, and Alfred Smith, the real estate millionnaire of thig city, are the attachees of Mr. Hatch’s yacht, the Resolute, and her captain has been appointed’ keeper by the Sheriff, ‘Tne former gentleman flies his claim on behalf of the Aquidinek Boat Club, of this city, of which he 1s the president, and the lat ter for $45,000, which, previous to the firm’s sus- pension, was deposited with them and credit VG, him for the same. Mr. Hatch is one of Newport’s favorite visitors, and sympathy from the poor a3 well as the_ ric ig’ freely expressed for him at this place. His elegant stone mansion on K street 1s one of the finest ims in the city, and is furnished throughout im ‘he most costly manner, Even the Sheriff while im the discnarge Of his duty felt it an exceedingly un- pleasant one and hoped he might never have occa- sion to proceed further in the matter, Additional! claims are expected to be presented to-morrow. The Effect in Utah. Satr Laks Crty, Sept. 21, 1873. The financial crisis in New York, tt is said, wil? cause @ postponement of fruition narrow gauge schemes, pout one aus ia mining operations will be Action of the Chicago Savings Banks.’ CHICAGO, Sept. 21, 1873. A meoting of the officers of the diferent savings’ banks in this city was held to-day, at which all the savings Institutions of the city were represented. After discussion of the financial excitement and trouble in New York, and the probability of the e. tension of the panic to this city, it was unani- mously resolved to notify their depositors, through advertisement in the newspapers aud personal no- tice, that they will avatl themselves of the privi- loge given them by their cbarters of giving sixty days’ notice before paying their depositors, This action was deemed a simple act of prudence to forestall the effects of any excitement which the news of the panic in New York may create among their customers, THE GOOD INDIANS. Horrible Atrocities in Texas by the Pets of the Peace Commission—Letter from a Mail Agent—Murder of a Gen<- tleman and Son and a Lady and Child. JACKSBORO, Texas, Sept. 14, 1873, To THE EDITOR OF THE HERALD:— Tread in your paper of September 3 a letter from the Indian agent at Fort Sill, speaking of the good, ness and righteousness of the poor@udians at that place, saying they were all good children except @ few of the young braves (young devils) who would go to Texas and take a few horses; that they would turn them over as soon as they returned to Sill, and that the chiefs were trying to persuade them to stay at home; and he thought by kind words and kind treatment they could be kept on the reservation. It filled his heart with joy and gladness to meditate on the change that was coming round; that tho murders and massacres reported were a hoax. ‘This morning was brought to our place the re- mains of Howell Walker and sof, who were murdered and mutilated by the Indians yesterday morning, September 13, about twetve miles from here, while watching for deer ata spring. One of the party escaped to tell the story. Mr. Walker had bis hatr all cut off, one ear cut off, his bowels cut out and one rib removed. He was cut in seve- ral places with a knife, and is a horrible sight. His son had his hatr-all cut of, and one hand (the leit one) cutoffat the wrist. He was aiso badly cut and bruised. The party that went alter his body Seporteg, a large Indian trail, supposed to be thirvy-seven Indians. A detachment was sent from the fort (Fort Richardson) after thei, but was about twelve honrs belind them and had the night to travel in, and could not make much speed until morning, when the Indians would be so far ahead that they could not overtake them. This morping the bodies were brought in for burial. Mr. Walker was a very fine mau, weil liked by all—a man of means and a good citizen. It has been but a few weeks since Mrs. Williams, at Camp Colorado, was murdered, and her daughter, eight years old, car- ried off, and alterwards found hanging to @ tree badly mutilated. ‘These are facts be- yond dispute, and this is the way the good ctnidren—tnose righteous devils frour the reservations at Fort Sill, Dakota ‘erritory— to miduight and past, and the brignt lights from the windows gave Wall street @ novel app¢arance as midnight tolled from Trinity chimes and the Sabbath day opened. BANK OF NORTH AMERICA, The reporter at the Bank o/ North Amert ica and was told by one of tts oMcers that the rumor that the bank had suspended payment on Sato day was incorrect, and that the doors will be opened this ie | as usual. The trouble was brought about by the Bank of New York, at hail past twelve ou Saturday, reinsing the certified checks of the bank, which tiey declined bo receive on deposit. The shares of the Bank of North America sold on the 19th inst. at 102, The Bank of North America was established tn 1851, and haga capital of $1,000,000, and possessed at the commencement of this year a surplus fund Of $166,000. The President is Mr. John J. Donaldson ; W. Dowd, Vice President (sormerly of Dowd, Baxer Whitfield); Air. J. Beardsley, caslier. There are ten directors, among whom may be mentioned Messrs. Donaldson, Watson E. Case, Hosford, Dowd ond Mr. Leonara. THE NATIONAL BANKING ASSOCIATION, The second visit paid was to the National Bank- ing Association of Wall street, whore several clerks were at work. They declared that the re- port that the bank had suspended was incorrect, as all checks presented on Saturday had been duly paid, and that this morning business would be carried on a8 usual. The capitai of the National Banking Association is $600,000, Mr. F. Chandler is President and Mr. M. F. Reading cashier, EXPECTED ARRIVALS, The arrival of Mr. Pitt Cooke, of the firm of Jay Cooke & Co., who has been recruiting bis health by @ protracted European trip, is expected at an early hour this morning by the National steamer Egypt. The vessel leit Liverpool on the 10ta and may therefore be considered due. The Hon. Hugh McCulloch, ex-Secretary of the Treasury, ane now of the firm of Jay Cooke, Mc- Cuiluch & Co., of London, also accompanies Mr. Pitt Cooke. THE ORISIS THROUGHOUT THE COUNTRY, Nothing Known in Washington of the Government Programme=lIliness of General Spinner, WASHINGTON, Sept. 21, 1873, ‘The result of the protracted conference in New York to-day between President Grant and Secre- tary Richardson on the partof the government and the leading bankers of New York has been awaited here with much interest. The Comp- troller of the Currency suid to your correspondent this evening that the action of the national banks ip New York in strengthening each other was not only commendabtle, but in his opinion would make further government aia unnecessary. He had received @ telegram from Secretary Richardson to the effect that he would return to Washington Monday morning, but had not indtoated what the policy of the Treasury De- partment would be this week, bat he beileved that it would still be a liberal purchase of bonds. The report that the Secretary has said that it was “not his funeral” is substantially the same remark made on Thursday, when the news of the crisis was first received. It was stated in this correspondence last night that the Treasury Department was wiiling to purchase bonds with greenbacks to the extent that might be necessary to relieve the present crisis. ‘This he said he was ready todo, and he has thus jar accommodated the banks of this city in that manner. It was not supposed that the conference would amount to ything more than a confirmation of this statememt, As to the right to use any portion of the legal tender ro- serve, Secretary Kichardson, it can be stated, wrote @ portion of the argument of Senator Wrigh: of the Finance Committee, on ihe right to expand the Legal Tender circulation, tf necessary, to $400,000,000, 80 that he has no compunction of con- science in drawing on the $44,000,000 reserve, He has also stated that his large currency are doing, and still they are reported to be doing the Master’s will to the letter. There are many more cases that come tomy mind had I the time aud disposition to write tiem; but if 1 were to re- port allsuch things to tie people they would not come to our frontier country, and the Only, Laie tion we have are the settlers. elle ve the ofMfcers and soldiers on our frontier do all. they can to hunt out the Indians, but do not seem to do much good. ‘The Indians are mounted on as good stock as the soldiers and have the same kiud of arms lurushed by the government, and as long as they are al- lowed to leave the reservation 80 long will they continue to murder and steal in our country. My opinion 1#—I speak for myself alone—that if aman who thought more oi life and liberty than he did of the almighty dollar was sent to these reservations, aud the government would say to the indians, “You must stay on your reservation,” and punish them if they did not, we would have less troubie here. This is not the only place that is troubled. but all over the frontier tt is the same, H. C. BROWER, Agent Jacksboro Mail Route. THE TRANSPORTATION OOMMITTEE. A Quiet Day at Niagara—The Farmers To Be Consulted in Chicago, Niaaana, Sept, 21, 1873. The Committee on Transportation spent the lat- ter part of yesterday and to-day in as much rest as can be obtained in seeing Niagara. Assembly- man Weed leit to-day for home, being the last of the New York Legislature rematuing with the arty. To-morrow a delegation of citizens from ckport and Lewiston meet the committee here to accompany them to Lewiston, where tuey are to be heard on the subject of the Niagara Ship Canal, On Tuesday morning the committee leave for Chicago, Where, ou Thursday, arrangements will be made to hear several representatives of the farmers’ granges;and itis desired by the com- mittee that all who are interested in that move- ment in the West will be iene during the session of the committee in that city. INCENDIARY FIRE IN LOWELL An Ancient Dwelling Burned to tha Ground. Lowe, Mass., Sept. 21, 1873, An ancient dwelitag, probably one hundred years old, called the Manston House, built so as to afford protection against Indian attacks, and situated pear the Merrimack woolen mills, in Dracat, was buravi by an incendiary about 1 o'clock this morning. ‘The fre endangered the property of the Com- pany’s boarding house: which were saved by the efurts of the fire department, a line of hose 1,900 feet long being iid irom the mills, Mr. Bar rows, the agent, presented $200 to the Firemen’s Fund, and Major ory, owner of the honse, $50. The loss is $2,000; {nsured In tue Blackwater Com- pany, of Water.own, N. ¥., for $1,000. Major Einory offers $600 reward for the detection of the. incenuiary. FIRE IN BRIGHTON, MASS, Boston, Sept, 21, 1873. This evening a fire was discovered in one of the lumber yards of Granville Fuller in Brighton, on the Charles River. It spread with great rapidity and communicated with two other lumber puild- ings aud a lime house, ail of which with their con- tents were destroyed, The loss is csatimated at $10,000; partly insured. * NOVA SCOTIA Collision at Sea—A Fishing Vessel and Twelve Men Lost. Hautrax, Sept, 21, 1873, The steamship Nestorian, from Newfoundland, reports that on the day she left, an American steamer arrived in a dainaged condition, havin been in collision with a fishing vessel at sea. balance was in expectation of Mnancial trouble this month, Henry D, Cooke estates that he has forwarded to the New York house a proximate statement of the nancial condition of the Washington branch, but deciines to say what it ts. Re Spinner is very ill aud hardly able to sit up. The First National Bank of Washing- ton. WASHINGTON, Sept, 21, 1973. The Comptroller of the Currency nas directed the colieetion paper of the First National Bank of Washington to be deposited tor collection with the National Metropolitan Bank, which is located next door, Correspondents are requested to correspond with the latter bank in reierence thereto, thus Jocilitating the business of fhe regelver The Property of Mr. A. T. Hateh, of Fisk & Hatch, in Newport, Attached. Newrort, R. L, Sept, 21, 1873, A. Haton, of the firm of Fisk & Batch, has property iu this city valued at upwards of $125,000. fifteen meu on board the fisherman only three .Werosaved, paneer AFFAIRS IN UTAH. SALT Lake OIry, Sept. 21, 1873, ‘The butcher of Bingham Canon, tried for the murder of Cotton and his two sons, several weeks since, was acquitted last night by the jury in the Probate Court. Oliver Ames and the directors of the Union cific Railroad go Kast to-morrow morning, ac- eecpanied by Genera Superintendent Sickles, ‘A s(range aid fatal disease producing great con- sternation is very prevalent at Kelton. Persons die in a /ew hours after tuey are attacked, The disease resembles fever, “POUND DROWNED, ‘The body of Dink Weltner, a scaman, belonging to the steamer Rotterdam, was found in the Eaat River, of Martin’s Dock, Brooklyn, yesterday afternoon. Deceased has been missing since Fri- day, The remains were identitied by the snipmates ol ‘Weltmens ‘Tue Coroner Was )