, 1864-07-19

What They Demanded and What He
Declined

What They Demanded and What He
Declined
NEW YoBK, Monday, July 18-The fSub
Committee Of the Banks to confer with Sec
rctary Fessenden relative to the loan Of ffty
millions, this morning reported that the Sec
than for the tull amount in greenbacks,
Whcrcupcp the banks determined that the
loan was impracticable.
Money Article n. T. Tribune, Saturday.
Enormous rates are paid for temporary ac-
commedation. in the hope of escaping tatsl
losses. The proposition By clique at the
Clearing House to kill Off the National Banks
and make pet banks Of the members of the
Clearing Houses of New York, Boston and
Philadelphia WAS promptly rejected By the
Secretary Of the Treasury, as the scheme de-
served He also dismissed the very cool
proposition to give the banks a call. upon tl's
proposed Issues OF go1d-bearinE bonds and
$50 notes at par. Some money Will pro5a.
biz be rot trum the banks Of the Atlantic
cities, but nothing beyond temporary relief
can be afforded. The people have never Eau-
I'd thus tlr to respond to the call Of the
Treasury, and to them recourse must uoT be
had. The Secretary does not appear to be IN
as pressing need for money as was generally
supposed, and is disposed to wait until he
sees his way Clearly before committing hlu-
self to any policy.
No surprise need be felt at the de1ay or
failure IN the conferences between the As:o-
cfated Banks and Mr.. Fessenden, after rel j.
ing the following impudent demands made
upon him through the Clearing house, on
bis arrival in this city. When we intimated
required him 10 discontinue the services OF
the new National Banks altogether, we were
not aware that It YVES followed by the more
extraordinary and mouEtrous de1nandthat he
should sell his new stocks to no other party
than the Associated Banks, until they had
decided, on their reserved option. to take
tie whole on their own terms! 1t is said
to-day that the Associated Banks. as body,
are not responsible for this most insulting
document, and that 1t is the unauthorized
emanation of ane or more parties CONNECTED
With the Clearinghouse OF the Banks Be
this as it may, It Is certainly unfortunate that
the imprint Of The establishment should be
e III oS ns dit osaf ssiI to
| the city, IN shape 81 obnoxious to his com
mon sense and the public credit Of tht
| United States
| FTut-The payment to the public creditors Of AZ
amount OF nominsl interest bearing lega1-tenae
| notes {eay Is 100 per cent? equal to the amonn
Withdrawn 1rum circulation. say fofty-seven mil
Second-rhe iseue, under the power conferred B.
the second SECTION OF the late loan act OF one haa
dted million doEars Of Treasury notes, ps, able on
year alter la,e bearing interest At the rate Of s
i,er cen u1n, pasab:e srmi-annpay 10 be tss7ed i
denominations u ten dollars and upTard, con
vc1tible 1T the pleasure Of the holder into ELK pc
cent th,fts-ye4r bonds. and recctranl= in pa5men
| tor all dues or loans to The Government suc
notes not TO be a LEGAL tender. except to the Coz
ernmcnt fir I'LL due: other thsn dunrs on imports
1Aird-The issue Of one hundred million dollar
"f Treasury Notes, payable At the explration
,hree .cars, barring interest at the rate Of sese
i aud thfce-tepths percent pr aupum. payable semi
annually, in lawful money ol the United statet
and convertible, at maturity. into aiK per cen
T. dos 81 atsato IN
rFyrfh-The issne OF two hundred million dol
lars Of efx per cent bonds Of the United Stat et
a. ne ea4u; o. fae ~ re
| ak per centum per annun, principal and fnteres
payable In coin; 10 be issued IN coupon OF resil
| tered bonds OF not less than five hundred dollar:
: FIN When the forts-eeyen million dollars !
! legal tender money, and the one hundred nsllso
d. Ilarr Of six per cent one-year notes, shall has
a esa Teasay reeeed
Trfaaurr shall be retained and Cancelled.
AztA.-1t IL sugsest:a that Tue banks o. Ns. i;
Government the sum Of fifty million do'lar4, r
| celyins therefor etther the elx per cent honus
he sevcn and th1ec-tenths Treasury notes: o. pa
banls 5e authorized 10 sei euch m bonds or notes
their par value and accrued interest, In relmburs
E mcut of The loan of dfty millions made TO the Go
| crn1nent. on condition that the Government eha
draw directly on the bauke for the proseeds OF Il
luan. aud thar the deposits Of the Govcrnre1
| funre, held b, the National Banks, he withdraw
. from th.1n into the Treasury. and that al Cover
. melt moce,s. other than the proceeds of ioan
mude abore proposed. shalt ~ they are receive
Seret.N-That the tas.ness Of the Governme'
T | with The lauks VI the cities named be conouet
:. | through the medium Of the serctal cleari
| hpu.er and The ba'ancee resulting b. settled
Temporary loan c*rtific4tee Of deposit. payable
n demsnd il sau tnl mouey Of the United State
Ia shat the limitation OF thIty day.< and ten a.
nntice on deposits made By the hanks of
;. three cities be waived, &c Autoorze5 by the ID
r. / art
: E.qkth-The banks tn have the opHon oI taki1
a, paF. Inc two hundred million dollars Of Six
!, cent honds, and the une hundred million dolla
= Of stveu InI thru e--cnths Trese1ry notes. at p
ard that, mill .he sec .r1iea fnt the proposed 10
If fifty millions Of collars shall have been recty
j. | By Tue banks, no othfr Government loan shall
i ri, ,,+i+fi+ T"1ffed EtMfeA