Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-30
WASHINGTON.
Grant Determines to Prepay the No.
Vember Interest.
Richardson will Cover $14,0OO,000
Reserves into the Treasury.
Revenue Receipts Falling Off,
There being no Currency to Pay Taxes

There being no Currency to Pay Taxes
Special Telegraphie Correspondence OF the
Louisville Courier-Journai.
Secretary Richardson's Views.
WASHINGTON, Sept. 2S.-Secretary Rich
ardson takes hopeful view of the financial
crisis. He expressed the opinion on SAtur-
day last 10 your correspondent that the
present disturbance would not continue
long, and that when it should be over the
country would be the better for 1t. Aomt-
ting that for the present, there would %
of revenue, he was confiden6 taat
the Treasury would be able to meet all cur
rent and accruing obligations. Having
large apparent balance in ths Treasury, he
had felt obliged to do something to relieve
the money market, and had purchased
series of the 500 bonds, by which means
the sum of $3.50, 900 per annum in interest
had been saved to he people.
The gaI-Tender Reserve.
1t was apparent from the tenor Of tn
Secretary's remarks that he felt that be ha0
dore enough, and that he would not adopt
any of the plans now urged on him By the
Wali street clique. The Treasury will
have no money to spare on experiments for
some time to come. The Secretary stated
that to replace the currency used in the
purchase of bonds, he should put about
fourteen millions of the legsl-tender reserve
as cash in the Treasury; this had been done
on several former occasions. At the proper
time the currency would be reduced to the
average heretofore observed.
Governments Foreign Agency.
In respect to the appointment of bankers
in London to succeed Henry Clewes, Ham,
bicht s. Co, the Secretary states that the
subject had not been considered. The
house of Jay Cooke, McCulloch q Co., in
London, who were yet strong, he said were
paving the drafts drawn on the former
house by the American Ministers, Consuls,
ETC., and there would be no embarrassment
to the public service on this head. The
drafts for quarterly salaries, expenses, ETC.,
will soon be presented and it would seem
ths. Cle%es, Hambicht & Co. have taken
care of these drafts by special arrangement,
doubtless to the end that they may retain
their position as American bankers in Lon
don. And it would also appear that, not
withstanding their suspension, the President
is unwilling to substitute for them q SOL
vent house.
Revenue Receipts Falling on.
The panic is already affecting thu reVe-
nue. The internal revenue receipts, which
the commissioner had estimated at 9,OOO,-
600 for the current month, were only S.
$4,000 on Saturday, and will not c. me up
to the estimate. If the present stringency
nor
this branch of the revenue may be expected,
and the manufacturers will be unable to get
currency from the banks WhereWith to pay
their taxes, and will have to curtal their
operations.
The customs revenue is sill more seri'
ously derapged. So far, only about $1S,-
OOO, 900 have been collected for the present
month, which is considerably below what
was anticipated month ago, If the pres
ent state of things shall continue, we'll in
formed officials predict that the falling OF
will be fifty PEI cent. at least, for while.
Public Economy Required.
In view of these facts, it is certain thai
there will have to be avery careful economy
in public expenditures.
A Suspended Deposit.
Henry Clewes, Hambicht q Co., of Lon
don, are supposed to have had about two
| hundred thousand dollars of public money
in their bands st the time Of their suspen
sion.
The First National.
The report of the Receiver upon the af
fairs of the First National Bank Of this city
is silent about the return OF Presiden
Grants deposit, and it is thought that Con
gress viii appoint special COMMITTEES Il
| investigate the affairs of the pank. Sucl
an investigation would throw much light o.
official, Congressional, and District corEur
ton.
Letter From President Grant.
The following letter was written to-day
EXECUTIVE MANSION,
WASHINGTON. Sept. 2S.
MeSSrs. II. B. CtGfin and Charles l.. AIl
thong:
GENTLEMEN: In response to the view
YOU have communicated TO me touching th
present stringency in the money market {
the country, and the necessary steps to re
store confidence and legitimate trade sn
commerce, have the honor to communl
cate the following: The Government is dc
sirous of doing all in its power to relieve II
present unsettled condition of business a
fairs, which is holding back the resources
, the country, now awaiting transportation
the seaboard and market. Confidence
the part of the people is the first thin
needed to relieve this condition and to ave
the threatened destruction of business wit
, its accompanying di"asters to all classes
| the people. To re-establish this feeling Il
| Government is willing to take all Leg
measures at its command; but it is eVideI
= that no Government efforts will avail Wit
/ out the active cooperation of the banl
l and moneyed corporations of Il
r country. With the fourteen mi
, lions already plid out in the purchase {
:. Government Indebtedness, and the with
{ drawal of their largest deposits from tt
, Treasury, the banks are now strong enoug
I to adopt q liberal policy on their part an
3 by generous system of discount, to So
| | tain the business interests of the countr
q Should such q course be pursued, the fort
s four millions of reserve will be consider
: as money in the Treasury to meet the d
mands Of public necessity as the circur
stances Of the country may require. Clio
attention will be given to the course pU
sued by those who have the means at tht
command of rendering all the aid necessa
to restore trade to its proper channels al
condition. With view of strengtheniI
G the hands of those who carry out the mea
] ure above indicated, orders have alrea
4 been issued for the payment of the intere
' accruing in November. q. S. GRANT.
e To the Associated Press.
, WASHINGTON, Sept. 29.-The Preside
: and Secretary Richardson were in cons
tation to-day on financial m alters.
f A Postal Hitch for want of Curren'
: The refusal of the National banks
Philadelphia to pay drafts on them in CT
rency having threatened to deprive the pC
tai money order Office in that city OF
q sources on which it largely depends for
t mittances from county offices the post m;
@ ter was to-day authorized to draw for
d limited amount on the departments resel
e deposited in the sub-treasury at New Yo
:. Partial embarrassments were foresha
8 owed by numerous te,egrams from Weste
b postmasters Saturday, but they genera
report to-day that the banks have resum
Currency payment.
Inventive Yankees Pat ont.
e The Paeot Office to-day refused to