Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-30
THE GOLD PANIC.
Opinions of the New York Press.
BOutweII's Reasons for His Conduct
In the Matter. sI-a
It's Effects in Boston, Philadelphia,
Baltimore and San Francisco.
President Grants Part in the Dis
graceful Conduct Of the
Gold Gamblers.
OUR NOON DISPATCH.


houses which escaped the crash in gol6
last week. Houses which suffered by thS
fall in the gold market, and were brought
to the verge of ruin, could not be expect.
ed to withstand the double shock, and il
is expected that to-day win record the
fact that very large nurgber of hrms
have gone under. II the Gold Exchange
Bank should fail to meet Its obligations,
or II a run should be made on that insti.
tuition, it Is expected that the crash In
Wall street Will be entirely overw whelm-
ing. That the bank is in critical condi-
tion Is felt certain; that It has lost the
confidence OF the brokers Is fact. With
this support withdrawn from it, the end
Of that institution must soon follow.
The Herald calls on Congress to enact 9
law on gold gambling, and holds seereta-
~ Boutwell, responsible for the present
bad state Of monetary affairs.
The Tribune says the feeling against the
! Gold Exchange Bank is Justly deeper
! now than at any previous time, and the
general uncertainty In Wall street con-
tinues, with an expectation on the part of
many that there are still troublous times
ahead OF us.
Senator Wilson intends Introducing 8
bill at the next session of Congress to
stop the operations Of gold gamblers In
Ws!I street. He intends to make 1t apen-
atty to sell or purchase gold unless the
full amount OF cola s9ld i actually deliv-
ered.
OUR MONT DISPATCHES.
Ngw YORK, September 2e.-There was
stormy debate in the Gold Room to-day,
and alternate remarkable depression and
buoyaney on the Stock Exchange The
failures, reeeiverships and injunetions,
form q group OF events which make the
day without an equal in the annals of
Wall street. At the early session of the
Gold Room the following was presented
change Gold Bank:
To the Committee of the Gold Board:
An official Of this Bank went into the
Gold Room on the morning of the eith
inst, and suggested TO a few that It would
be impossible TO clear the trans
count of a rumor, but ON a consultation
It was decided to be the duty of the bank
TO make the attempt even at some -sacri-
flee. The bank assumed the clearing
movement in the usual manner, and re-
eeiyed in payment of a balance a very
large amount of gold and currency. Il
was necessary to restore large portion of
these amounts 70 the dealers, or wide
spread disaster would haVe followed, and
TO do this the bank was forced TO. depart
from the rule of receiving all balances be- |
fore paying any, and went on paying the
dealers portion of the balance of their
statements. reserving a safe margin where |
practicable, and trusting to the deal
eFs 10 make good any ovordealing |
on ths dnal statement. This was
the course pursued on Thursday and Sat
urday, and ON Saturday eOmmIttee was |
appointed at An informal meeting OF this /
dealers, TO confer with the Directors, who |
went into an investigation, extending |
through Saturday and Sunday, on the
plan to declare piRs dealers rejected from
the Clearing. and assume the gest ss good, /
the only basis OF settlement they deemed |
practicable. The bank acted on this in /
paying dealers on Monday. The smer-
gency OF the settlement with the Clearing !
House Of the banks, on Monday and /
Tuesday was passed by transfer
ring to the Committee Of the Clearing
House, sufficient amOunrto secure the
bank. The bank has now at its control,
sfter settlement With the Oleqring House
Bank, an amount not far from its capital /
and surplus, with which to liquidsto the
dealers statement, as soon as It can be
what is due from the bank to
the dealers and from the dealers to the
bank. 1t Is the expectation that these re-
suits eau be approximated to-day, and
from all the evidence now accessible, we
believe the bank TO be solvent and able 10
pay all its debts. No complications exist
al present, except Oh our dsalers' state
ments. The bank bas pot failed or sps-
pended. II has paid all It's obliga-
tIons, as has been stated. 1t paid
Mondays obligations at the Clear
ing House IN gold at par, and on Tuesday
81, 100000 in gold, and say 81 5000 in
(signea, a. n. BENEDICT,
President.
The committee Of twenty appointed By
the Gold Exchange have worked steadily
on the statements of the dealers since
pm. yesterday, and at pm, only two
remained to be received, viz;
Those OF Smith, Gould q Martin, and
& Co. The net results, as
far As ascertained, is that the dealers are
short with the Gold Exchange Clearing
House about $1,000, coo of gold, which
smith, Gould 4 AaTtiG are offering to
sell them al I9I. There appears %
be no doubt but that the Committee Wiu
succeed In effecting the clsarings on Fri
days business, the settlement being made
on ;he basis determined on yesterday.
The difference between 1855 and the actual
price will remain 70 be adjusted between
the dealers themselves.
At s:45 pun, the committee of twenty
reported to the Gold Room, in executive
session, that they bad referred the matter
Of making up a statement from the tlekets
of Smith, Gould & Martin 10 competent
and requested 10 be released
from further duty. The report was ae-
espted and agreed to.
The trsasaHtIops Of Friday are settled.
The Exchange Clearing HOUSE and Gold
Board then adjourned until to-mofEog,
The President of the dold Room has
Sses served with an injunction, granted
on the application Of Smith, Gould, Mar
tin a Co., restraining him from selling
gold on their account, according to rule,
The following resolution was passed by
the New York Stock Exchange: L
Dealers in gold win be allowed in the
Long Room until such time as the Gov
erning Committee shall eject plan es-
Gold Room, under the dirs.s-
ion OF this Association"
The stcek Exchange, later in the day,
passed a resoiutioE tG deal in gold
N the Hall OF the old opes
Board Of Stock Brokers. Tho dealings are
70 ieSlu tomorrow at II o'clock.
a meeting sf ths Joint Committee rep
the New YOrk City Bank, the
Clearing HOuss and the Nsy York GSla