Wilmington daily commercial., 1873-09-24
The Presidential Action.

REAsoSs FOR THE COURSE pURsUED SET FORTH
CLEARLY by GEN. GRANT HIMsELF.
Special Dispatch to the New YORK Timegl
WAsHSGros, Sept. 22.-lhe President ar.
rived here this morning, and took rooms at Will
lards. He was accompanied by Secretary Rich
ardHon, Gen. BabcOck, aud Major Poore He re-
paired TO the Executive mansion at All early
hour, and transacted considerable amount
OF official business before the first visitor appsar-
ed. On taking up the morning papers he wa.
surprised to mud very absurd statements tele-
graphed from New York in regard to the reason.
gwen by him for refusing 10 com
ply with the demands of tho in.
fltonizts yesterday. The character nf
the dispatches indicated that the partie. yylo
hent thom participated 10 freely in the trouble
and excitement AZ to have entirely lost their
heads. They represented him declaring that
the proposed transfer Of the greenback reserve
from the Treasury to the banks would be nncnn
stltutlonal. The dispatch closed with the sensa.
tional assurance shat the President had said in
case ahairs grew worse on Monday he would
consider this expedient, whether constitutional
or not. Ike fact II, az is well known to all who
participate IN the conference or couyer.atinn
with the President, that the question OF tha com
stltutionality Of the power was not considered
nor was the word constitution mentioned bv him
or by any one IN conversation with him. What
the President did say Was that the action asked
Tor was clear violation Of the law, and 1t would
he establishing a most dangerous precedent 10
comply with It, and that even in the face of
threatened danger, he could not entertain the
proposition.
The President this morning discn-sed the
subject with his visitors, several membera M
the Cabinet with much yigor and cleArnea.
lie dehned the line between the stock broker
age, railroad, and initiation intoreBta and The
legitimate commercial interest. yery cleari,'
aud remarked that he was fOrclG.y struck wiz
the fact that while the former which reDrass,.
teu Tue power ana influence that had absorbed
the money OF the country in speculative enter.
pr ses, was demanding illegal iIilation tGa
commercial interests that had suffered because
OF TINS lhuaton were equally energetic in pro-
testing against 1t. Looking, then, at the Actual
condition, agrcnlturally aud commercially If
the country, he found no difficulty, he said In
Resisting what seemed to him not only an unwi.e
bnt positively Illegal action. In the discussion
Oi tie question Of the power Of the Secretarv
to iszue any portion of the legal-teudor re-
serve he remarked that ii the current
revenues OF the country should at
any time not be sufficient to quidate itg currenf
Obligations, he would not hesitate to encroacI,
upon the reserve, or II financial disaster shonld
threaten the ruin Of the best business iuterests
OF the country, he might consider the question
oil relief through such means; but under no other
circumstance would he recommend the exercise
q ne power, which though he believed il him
Soii 10 exist, was nevertheless questioned by
hsh authority. In the present iuncture be
halu mat the country coAld rely upon him TO ex
tehd every legal and proper aid for the pTotee
uoh ol legitimate DusineHs, and in this conneo-
nm na'I"s learned that Assistant Treasurer
hllhouse construed the order to buy bonds IN
cover only the balance called for on Saturda,,
ana not taken, he Immediately requested Secra-
tary hchaldsOn TO give him notice TO Inv All tLa
bonds that were offered. and the latter M onno
gave instructions &C 'Jrdingly