, 1873-09-25

tonal aum Of SO 600 hs authorized. Tho follow.
Ing resolution ailorted:
"That all checks, when certified by any bank shnll
10 r;t ..mp'd Or written Payable through tho oioar-
lhs following resolutions were a1so alopted!:.
"rhnt in order 70 supply The public doanl for legal
Clearing -nopse Committee BE- authorized to purchase
any part Of to,oooooo Of United States bonat.
pfSs"'f s seesery es fsf'Psn s rs..s e y:
d!yaed among the Ns~ York sssoe'sed Ssnfs pro ras
by tho rourna of ast week an tlla to COMMITTEES he
authorized 70 aaaeas tho share Of each bank by drafta
IT WAS FURTHER RESOLVED,
That each member Of tho Association consider him
self spcesi COMMITTEES to ascortain where such bonds
could 10 lad to Invite participation I'll tls effort Of
every inatitution aud Individual in the community,
ar o fop9st Tho result to tic Chairman of tho Assoca
Tho following resolution Wa also unanimously
adopted:
That tho preatdent OF tho United atatea and the
Fl t1ls Assoeiso y teesraps % prepay @ n.y. ostsana.
ng United States bonds duo on tho lst Of January,
Tho following resolution WIS also unanimously
| adopted:
"WnknEAs, Tho banks composing tho Clearing
HOUSE Association, in order to allay public excitement
snd rehto.o confidence, arc united together by com,
that end, have genoray relnquised for tile common
good whatever aupcrtorlty In position any Of thcm
possessed over their nsaocates; and
"WuEnEAs y would DO iinanifestly unfair that any
9heF hn DECLINING TO- pasenae n tho
o he * sac1eo ~ m
"Resolred, That any mombsr so conducting htnaclf
1hall 10 renorsed to tho Manager Of tue Clearing
and checks upon shall be drawn by i'm
mediatey to Special Agent appointed BY him for
That purpo1c, in behalf Of the Association"
COMMITTEE OF THE arouK EXCHANGE
n nj liza fnrbA
Committee their vews as to tho proper course to 10
pursued BY tho banks to themselves from further
complications, and enable tho Stock Exchange TO re-
sumo operations With safety to tho bAnks themselves,
md those wlose interests they represent The CON-
mlttee say "The true plan in tho present emergency
In opinion Is llat those banks who content 70
make c!earances With each othor atou to tho cxont
Of ther associated capital guarantee payment Of checks
HOUSE. It may seem inyidious or rnknd to deprive
Of tho existing association Of banks Of It's
::tato , q, Affairs i Is nocess.ry to lsvs
oT t. ase a k ,vs !.
banks Of Nsw York suffer the dagraco OF suspension
of payment. There is no need that this stop bo aken
notied 10 rodeo ther liabin an enrta fhcS en-
# Tho other banks will adopt suggestion, can,
with safety, reopen Stock Exchange, nrst passing
h al 10 Of e9E ds n be sa,
the banks entering ino tho mutual guarantee. This
would At once preclude all demanas for legatenders
the manifestation OF confidence on the part Of tho
banks ia themselves and corresponding cyl
5snis .houn BY the stock E1ehsnses snes would IN
cur Judgement influence tho public mind that, in
aiSad a Of our oakn w9ud 30
ca credit To enable bankB who assent to our rropo-
aal to feel that TINY not entering into ~ unlimited
guarantee Of those whose condition there ts not now
investigate
that bank clearinga DO made IN hour earlier than at
that On The s tue Gns
President Of tho Stock Exchange should DO ut
titled TINT such bank world thereafter bo excluded
should not begin until after the clsarances
Offset to which would probably have to c1send tho
time beyond quarter rast p H., our present limit
na
O'Clock 30 ns to complete the dnys transacttons. The
whole arrangement Of course, to 10 temporary until
usual course. We would further recommend the
adoption by tho aaaocated banks Of resolution that
they will not for ten ays after tho reoponlng of the
Exchange, call IN any loans to brokers which su
ctcntly Becured but TINT on tho contrary they will
to the extent o. neir shty mike new loans n upon 1p
Of those measures We believe the present panic can
DO stayed md that confidence Will return: Signed
by Abram D. bsys, Edward Hing, Il. T.. Cutting, Jr
Hourly 9. Chapman, John H. Garland.
Tho banks arc paying manufacturers pay-rolla In
greenbacks.
The Cashier Of the Fourth National Bank expresses
tho opinion that the ssue Of $1,000 GOO additional
loan certificates by the Clearing Houle, aud tho
promise to repeat this nctiou II necessary, has placed
the banks
ON a SURE FOUNDATION,
and that no further trouble need be apprehended.
at the various savings banks throughout tho city
matters extremely quiet to-ay. Persona appear
to be rcsanng their again. aud have confidence