The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-10-04
OUR WASHINGTON LETTER.
WASHINGTON, D. c., Sept. q.

OUR WASHINGTON LETTER.
WASHINGTON, D. c., Sept. q.
The weather is agreeably warm,
much warmer than it has been for the
last two weeks. There has been but |
little rain lately, and consequently the |
farmers and market gardeners have
had good times in gathering their har-
vest for market. The climate and
soil in this vicinity are specially adapt
ed to fruit growing and market gar
dening, and all fruits and vegetables
grown in this latitude should be very
cheap.
The statement of the condition of
the First National Bank of Washing
ton is not as satisfactory as some have
anticipated. Its estimated resources
are $2,697 ,341.76. Its liabilities are
1862, 1884. It appears that more
than seven hundred thousand dollars
is due the First National Bank from
j. Cooke & Co., and one hundred
and thirty thousand from other banks.
Also loans and discounts for more
than half million of dollars; on real
estate loans, some of which are in liti-
gation-nearly two hundred thousand
dollars. There are grave doubts
whether more than from 60 cents to
Is cents on dollar can be realized.
The depositors here, I think, will
consider themselves lucky if they even
get three fourths of the amount due
them.
Mr.. Dodge, Statistician of the Ag-
ricultural Department, has returned
to his post, and is pushing the August
and September report through the
press as rapidly as is consistent with
correct report of the various crops.
The public are but little aware of the
immense labor necessary to secure 4
reliable estimate of the years crops.
The reports from the counties, in L.
500 of which boards of correspondents
have been organized, are to be COM
pared with the known aggregate pro-
duction of each as determined by the
census, and the figures tested by a
variety of methods which Mr.. d. has
established. The correctness of these
reports is attested by the fact that
commercial men are anxiously antici-
pating them. The wheat crop of the
country is 50 per cent. of an average,
with an increased acreage which will
probably bring up the entire yield to
the average quantity. The acreage OF
corn has been reduced per cent, In
volving loss of million bushels
mostly in the Northwest. More than
half the counties reported are below
average. Of the cotton States, all re.
port cotton crop less than last yea,
, except Arkansas and Tennessee, the
former showing an increase of pei
cent. The oats crop was average Oh
above in most of the Southern States
and in Vermont, Minnesota and Ore
gon, and below average in all thu
others. Rye and barley were below
average, as also potatoes and gras
crops. Fruit crops show the terribl,
effects Of last winter.
The resumption of specie payment
is very desirable result, but it cal
only be secured by patiently battling
with difficulties necessarily growing
out Of our position. The financial ex
ertion required for the suppression 0
the rebellion was followed by an in
evitable reaction which required pal
liative remedies to allay. The sud
den return to specie payment in 1856
would have crushed every industry il
the country. It could not have beel
accomplished without reduction O
the paper currency, which would hav
arrested the whole industrial and com
mercial movements of the country. L
convert the 7-3O national bonds to g.
it was essential that gold be kept u
to % per cent. premium Now tina
these have all have been converted
and that very large portion of tn
IS has been transmitted into SIS, tn
reduction of the gold premium ma
go on safely. As to the reduction {
the paper circulation, Congress, in il
first blind efforts to reform, was CON
PEELED, by great suffering interests, t
pause in its career when forty -fou
millions had been called in, and gre;
efforts have been made for the reissu
of that amount, but without success
The growth of our population has e
fected the practical reduction of OF
greenbacks to IS per head. Our p,
, per money Of all kinds now amour
' to less than eight hundred millions,
y which one hundred and forty million
: of legal tenders are held in the vaul
OF the national banks as legal r
!, serve, leaving about six hundred ar
81 fifty millions for circulation, or $751;
o per head, reduction of 40 per Ger
> since the close Of the war. IF we wi!
to convert our securities to low
~ rates we must not reduce our circul
= ton.
L Silver is encroaching upon gold
8 the aggregate of our exports of pr
: cious metals. Since January l, 49,
n our exports of gold have been 81
= 251 1913; of silver, "a, 944, 421; 60
e hree-eights and silver five-eights
) the entire aggregate. Utah and n
- vada are leaving California in the re