New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24

hSlroau' thrown overheard. Tho country now
feeling the direct results Of the Chicago and Boston fires
four hundred million dollars could not be Withdrawn
from busnessrcommunity, and placed into brick and
mortar without being scarcely felt The Government
coun 90 nothing for the relief Of tho country there
was no authority for any to undertake the respons
biity of advancing funds and though they offered to
buy bonds no one would sell present rates Perhaps
should the Government agree to take bonds at
any bid offered and several millions should
| thus be placed circulation some temporary
| relief might be afforded. But in his opinion the
Government had been pursuidg suicidal policy the
past eight years as had mercantile houses, and
which would ultimately terminate dlsastrously. Tho
overtaxaton Of people TO pay of one generation
debt which should BIO left to wo another indirect
cause OF the present state OF affairs The panic OF 1857
brought about by the OF affairs as the pres
en had proved no lesson and could look for nothing
better than had then occurred 1t poor picture
draw but the truth should be expressed In his opinion
| the end was not yet, by any means.
@. 8. BUSHNELL. EXULTANT ABOUT UNION PACIFIC.
C. S. Bushnell of New-Haven, one of the
directors Of the Union Pacific Railroad, gave his views
OF the and effects Of the renewal Of the panic
He said that the Union Pacific stood alone the only
troubled railroad in the list That road able to
earn two millions year and pay the interest all its
outstanding obligations. This had not ruied 1t
at all. Where sold at 90 it would in few months
sell at and he congratulated those who purchased to-
| day and were willing to wait.
"As TO the ipresent trouble, Mr. BUSHNELL" asked a
| TRIBUNE reporter " what is to DO the end Off 7"
'Tho banks Will all have to suspend greenbacks TO-
morrow. They in fact all virtually suspended.
They have been entirely depleted OF greenbacks already
| by the country banks"
| Do you then apprehend general prostrationf"
"NO, general prostraton for the interior will
hold its The banks IN the country have nearly all
got their currency away from wast and they not
involved in wild investments like those here Their de-
positors and business all ready TO rally round
them too There is cutthroat policy there the banks
trying down the bankers. II the banks had sus-
| tanned Ciews, all might be going on WELL"
william r. Travers and Mr. Cutting here approached,
| and the former suggested to Mr.. Bushnell that the
Union Pacific ought put ont its certificates in small
| denominations currency. Mr. Bushnell laughed and
| said they would be better than the greenbacks.
eyes" said Mr. Travers; because could get more
| Of it,"
Mr.. DOVES PROPHECIES A NEW BANKING POLICY.
Mr.. Doves, Vice President Of the Bank OF North
America, who also observable IN the crowd, said
that the sympathy for Clews came mainly from bank
ers who interested like him in sharing the business
and the profits Of the bank 1t preposerous to
demn the banks for refusing Cews money on his secur
ties when they might possibly be short themselves
Resides" said he "tAese bankers privileges that
belong Of right and by law to the banks. They
take and bespaying deposits and leave us usu
ally with unavailable securities, which may be good
enough ordinary cases but which will enable us
TO weather storm like this They in fact direct
rivals of banks and some Of the best business
OF the banks"
is there not something radically wrong in the whole
system of business between the banks and the bank
ers 90
"Yes, the whele system is wrong and this row VIII
teach ali a system OF busDess-something better
Certifying checks for instance, the Bank of North
America did the other day securities which was actu
ally not in its possession is something that has been
done every day for years. but II will never be done
again. The banks are going to pursue a new line Of
policy hereafter"
you suppose that new ssue OF loan certificates
will be agreed upon by the Clearing House
Association ?"
"Yes, probably"
''Do you think it possible that general suspension
Will ensue tomorrow
mo, do not. You may say that the banks have all
virtually suspended They pay out no greenbacks,
as it is if the merchants keep their heads on they
will come all right in a few days"
"There ~ a very general belief here among bankers
that other banks should have come b. the relief Of
Clewsl
"As his own bank the Fourth National, discarded him,
don't that any else should have taken him up"
railroad man from Missouri in the crowd proclaimed
that If Opdyke failed it would have the worst effect
possible on the West for every there knew and be-
leved in the house. They did not ego so mueh' on
Clews He said there were Western and Southern
buying freely their money did not TO the banks
II went TO manufacturers ana importers many Of whom
kent IL in their safes for the present until the storm
should blow oyer.
A BUNDLE oT UNEASY THOUGHTS.
MANY arguments were held on the subject of
opening the Stock Exchange. broker who had been
rather remarkable for his during the early days
OF the panic yesterday only the most gloomy
pects ahead hope" he said " that the Exchange
will not omen for SIX months. II it opens
broker will fail They can't help 1t; and IL will spread
ruin throughout the country" Others were unable to
name any advantage that could be gained by postpon
ing the crash which seemed to them inevitable at
fine II It must come" remarked gentleman with
an anxious expression Of counenance, let it and
be over with Let us know the worst, and then start
afresh."
In the crowd at the Fifth Avenue Hotel. night.
were a young merchants who expressed great
indignation at the stock gamblers, whom they looked
upon as the authors Of all the evil Let tho Govern
ment keep its hands Of the matter, and let the gam
blers 20 down." exclaimed enthusiastic merchant,
emphasizing his remark with an expletiye
group were discussing the effects upon mercantile
business opinion prevailing that IL ought not to
effect II at all But it does effect IL already said
who had lust Joined the company "rhe shipping busi
ness Is at sandstill mpossibity ofobtaining
foreign exchange at any price, Shippers unable to
receive goods, and have therefore practically sus-
nended He expressed hope that the Government
would take some measure 10 reieVe eAGnaDBe, Dut was
unable 10 suggest bow 1t could be done.
The brokers-especialy the younger ones-were loud
m their demands the Secretary OF the Treasury
should come 10 their aid-legay he could without
law II he must when election pending" they
said there never any difficulty OF finding way Of
afording relief, when hard times were threatened
There never was any law in the way then"
A FARK PROSPECT FOR TRADE AND MANUFACTURE
reporter of The TRIBUNE, commissioned
| fhe Oman ia To
the dry goods business visited the st. Nicholas and
Grand Central Hotels last euening There was no