The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1873-10-09


REDWOOD FALLS, MINNESOTA.
General News Summary.
Washington News.
A dispatch from Washington Of the sd says
that the failure Of Jay Cooke & Co., and the
First National Bank Of Washington, had just
begun to be severely felt n that caty The
Reform School for Boys, the National Soldiers
and Sailors Orphans Home, the Smithsonian
Institute, the Children's Hospital, and othe,
institutions had lost sums ranging from So.
600 to 81, 600. At the time of the failure Ex
President johnson had $4,000 to his credit
Judge Macarthur, of the District Court, So.
GOO; Senator Patterson, of South Carolina
$4,000; the widow Of a former Navy Agent
$4,000, and Gen. Hunter had large balance
The President, on September sd, issued hie
proclamation announcing that differential
duties on imports in France and the United
States had been abolished.
Advices from Washington of the oath were to
the effect that the authorities had been disap.
pointed at the renewal of the financial trouble
in New York on that day. 1t was reported
that the Secretary Of the Treasury
had telegraphed to the President that
in his judgment the purchase of bonds should
cease whenever the amount of currency used
should reach slo,OoO,OOO. The President had
not replied to this dispatch. An application
had been made to the Secretary by leading
financial men to anticipate the redemption of
the ZS0 ON O00 If Hvo 1.
falling due in January next.
Information had been received at Washing
ton, on the oath, that Collector Weidner, Of
the Second District of Alabama, was default
or to the amount of $4,000. Orders had been
issued for his arrest.
The wheat crop, according to the returns to
the statistical division of the Agricultural De-
partment, published on the oath, presented an
average of 95, which is about the same as the
September report of 1872. The area of culti-
walton had been much larger this year than
last.
A Washington dispatch of the 25th says
that the President had returned to that CITY
permanently. At a consultation held between
the President, the Secretary of the Treasury
and the Attorney General, the latter officer
held that the bonds of 1874 could not be
redeemed legally before maturity. It was
therefore decided that the Treasury could take
no further steps to relieve the New York
market, except as 1t was affected by the
regular transactions Of the department. DR..
Luiderman, the Director Of the Bureau of the
Mint, had predicted that the effect of the stock
panic would be to hasten the resumption OF
SnaPip To caiH hof xr-itb sn N ~
it was his belief, that silver and gold coin
would be medium of circulation at currency
rates. In anticipation Of this result he had
ordered the minis to largely increase the coin.
age, and stated that more bullion would be
coined during the next three months than al
any previous time in the same period. Secre.
tary Richardson had stated that it would be
a good policy for all the banks to suspend fur.
Their currency payments. 1t was rumored in
Washington, on the 25th, that the President
had been advised to call an extra session of
Congress.
A Washington telegram of the 26th says that
the President had rendered the Office of Chief
Justice to Senator Conkling, of New York,
and that he will accept.
A Washington dispatch Of the 26th says the
Mixed Commission on British and American
claims had made its final award, and concluded
its business one day in advance of the time
fixed by the treaty. In brief, the result of the
inquiry had been, that the United States Gov
eminent pays to the English sufferers by our
late war two per cent. of their claims, amount
ing to S1,929,Sl9, while American claims
against England had been all disallowed.
A disnatcb from, Wo sh;ur<ov - <ho Ockp,
says that the liabilities of the First National
Bank of that city are about 81 ,25O, 600, of
which $4,000 is due other National Banks.
is assets are not given.
A Washington dispatch of the 2Sth says
the President had expressed his determination
to recommend to Congress the adoption Of q
system of free banking. The Secretary of the
Treasury had ordered the anticipation of the
payment of the November interest. The
following letter had been sent by the President
to the parties named:
EXECUTIVE MANSION, Sept. g. 1873
Messrs. II. B. Claiin and Charles L. Anthony:
GENTLEMEN: In response to the views you have
communicated as to the using by the President Of
currency to restore confidence and legitimate trade
and commerce. have the honor to Communicate
the following: The Government lie DESTROYS Of doing
Oh LA ts poNcT W IclcNe Tue pfeseuC u0SeLLle0 con-
dtion of business affairs, which is holding back
the immense resources Of the country now await
ing transportation to the seaboard and market.
Il the the
threatened destruction Of business, with its accom-.
panying disasters. to all classes Of people. To re.
establish this feeling the Government is willing to
take all legal measures at its command, but il +
evident that no urgent efforts will avail
without the active cooperation of the
bank and VIII, p9oneSed eo.pS5stiSns q IS
paid out in the purchase Of government indebted
ness: and the withdrawal Of large deposits from
the Treasury, the banks are strong enough 10 ADOPT
liberal policy on their part, and by general sys
TEN OF discounts to sustain the business interests
of the country. Should such course be pursued
the S4.0o 900 Of reserve will be considered as
public necessity as the circumstances Of the coun
try may require. Close attention will be given Il
the course pursued by those who have the means
at their command of rendering all aid necessary to
restore trade TO its proper channels and condition
With view Of Strengthening those who carry out
the measures above indicated. orders have already
ing in November. q. s. GRANT, President "
A Washington dispatch of the Goth says that
the depositors Of the First National Bank Of
that city would not receive to exceed fifty pei
cent. of their deposits.
Foreign Intelligence.
A dispatch from Gibraltar Of the ed says
terrible explosion had occurred on the steam.
er Broombaugh when she was at sea 100 miles
of that port. Four persons were instantly
killed and many SO seriously scalded that II
was feared they could not recover.
A Madrid dispatch of the 23d says the Bank
of France had agreed to advance 100, 0O0, 900
francs to the Spanish Government.
A dispatch from Teheran, Persia, to London,
OF the 23d, announces that the Shah had re-
turned to his capital. The whole population
turned out to escort him to his palace.
Advices from San Domingo, of q late date,
were to the effect that the revolution against
the Government Of President Baex had Is.
sumed alarming proportions, and that there
was every prospect Of its speedy success. The
towns of Monte Christi and Guayabin were in
possession Of the revolutionists, who were In
close proximity to Porto Plata.
A London dispatch Of the 2Sd says that Jay
Cooke, McCulloch & Co., of that city, had
thrown out the drafts Of Jay Cooke & Co. that