The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-26
THE GOVERNMENT DECLINES TO
PURCHASE MORE BOMBS. ~---
Suspension Of Southern Banks n
A PROPOSITION FOR RELIEF FROM
THE NEW YORK PRODUCE
EXCHANGE. 80. - ,.,,
Etc. Etc. htc'
Associated Press telegrarns.J
NEW YORK.

NEW YORK. -, .,.e.
NEW York, September 25.-MF- .Hillbouse
saws he has exhausted the orders to purchase
bonds. and will await further orders. -,
The dry goods merchants report trade oull
but sound. The rumors OF failures among
them are groundIess. 49,
The morning journals take very hopelui
view of the financial situation. this morning,
and it is the general impression. that the
The members of The firm Of Jay Cooke IL
Co. meet daily, and have decided not to sac
rificc their securities in order to- meet their
but TO await the restoration o.
public confidence. -.
MIR UoweS. of Howes & Macy, say they
have the best securities. but don't propose
to sacrifice them at current rates.:
There is no Stock Board to-d1y. =
THE following notice is OH the door OF the
Suh.Treasury: "PurcbaScs Of bonds ut thus
office are for the present suspended" In
answer TO Inquiries the Sub-Treasurer, states
that he cannot say whether any pure bases
will he mlde to-day until he is. advised from
Secretary Richardson telrgraphs that his
duties require him in Washington, and ht
cannot meet the Clearing House Committee
in New York. 49,. -. = ;,
3P. M.-The feeling continues Improved
The run OH the Jersey City ssavins5 banks
has ceased. :.,E-.
Gold closed at 111S. 49, ..s
The SUPERINTENDENT Of the clearinghouse
states that about three millions. In new LOAF
certificates have been issued. a..
n ipr Ennlnlffpp Il SlOSE
Exchange met to-day to devise SOME plan fol
clearing stocks. a committee 81 seven Wa
amounted, and brokers were requested u
send in their statements. ...... go
THE NEW YORK PRODUCE EXCHANGE; PROPOSES
PLAN FOR RELIEF tT:..- .s '
The following preamble and resolutions
were adopted by the Produce Exchange 10.
day: Az.
Whereas tue critical condition OF the
commercial interests of the country reqUlre
immediate relief 10y the removal OF the DOCK
in negotiating foreign exchanges: therefore,
/" Resolred, That we respectfully Suggest
TO the Treasury the following plan for relief
in this extraordinary emergency Ihat
currency he Immediately i>suedto DRINKS ana
bankers upon satisfactory cyidencethat Sold
has been placed in special deposit III inc
Bank of England by their CORES ponaehts
in London to The credit OF the Unlted states,
to be used solely in purchasing comnlerciat
bills OF exchange.
Resoired, That the President and roe
Secretary of the Treasury are respectfully
requested to order the immediate prepay.
ment OF the outstanding loan of the tniteu
States due january /, 1874"
WASHINGTON. r.
THE GOVERNMENT DECLINES TO Ptk-
CHASE MORE BONDS OR TO TOUCH TIE
RESERVES ENSA T1ONAL KuhORS-
WHAT THE SECRETARY or TIE TREA-
SURY SAYS.
Especial telegram to the Dispatch.l
WAsllISGToS, September 2j.-The excite
ncpt which has attended the financial trou.
,es for some days was renewed to-day by
The announcement that the Government did
not intend to continue the purchase of bonds
,win~ TO the limit Of twelve millions having
been exhausted by the sub-Treasury in New
York. . .:~..s..
The widest rllmors have been in circul; :
ion during the day, and a perfect Hood OF
plans ana suggestions have been shoWered
By telegraph upon the Secretary of the Trca-
;ury, asking him Tor further relief. Among
he widest reports in circulation was one
hat he had advised all the banks TO suspend
while in fact nothing OF the
Kind was ever intinated By him.. and an
equally absurd sensational rumor was that
III eytlu session Of Congress would be called
With a view to the pending tinpncial distress.
What further action is to be taken1by the
government will not be determined until
tomorrow after a Cabinet consultation. -.
The Secretary of the Treasury. ssid to-day
he banks had been assisted as far us the
public service would admit; and the, legal
lender reserve would not be" drawn upon
for that purpose. If it becomes NECESSARY
'or the legitimate demands of:the Govern
nent service to initiate the currency, beyond
the minimum three of hundred aud afRtg.Six
millions it will be done, but only for the USE
Of the Government, and, as it'n6w appears,
not for the purpose of further, 6ond ,pnr,
poses. ...- .... ,pf rssR hsSe
The determination, it is ufdHstoed, Vas
reached in conference today '6et1ssn tAs
Acknowledgement and the S.cretaYgfpf the
Treasury which was held Gt,the Treasury
Department, and lasted about two hours.
While Mr.. Richardson is falE1c convinced. Of
bis legal right to encroach upon the legal
tender reserve Tor the use OF thee Jyfrh-
ment, he believes that it is only in, case Of a
great emergency, and then it is"to be re-
iuced again--viz., three hundred, and filt,-
six miliops-at the earliest practical Ole mc-
ment. ...... ".ii,,s,c; u ''-F'
The impression tonight is>that Il. tie
questions involved will be decided ata Cab,
met meeting tomorrow, when, full sons ides
ration will be given to all the various, appeals
md suggestions made to the: Government.
Everything was very quiet atthe banks here
.o-day. and there was no indiralson @oG iii,
easiness. The Washington City Swings
bank, which has been for the;Past four days
subjected to qaitea heavy run, decided this
morning to take advantage Of It's privilege,
and require sixty days notice, from :depDs-
itors. :: -; :: :.
lAssociated Press telegram =: - :.
WARRINGTON, September 25.-A S-stated
that Secretary Richardson declines .antici-
pating the seven-forty bonds which .mattire
in December and January. i (, * - ;.
The Washington City Savings Bank,
known as-J. r. Ruff, after five days run
has posted the sixty days NOTICE clause. -
The treasury aud navy employees: were
paid to- day for the present month to relieve
local slringency. i, -. - ,,.r
Two million dollars in currency remain
iaf rN Or f1rr