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

Our own views of the measures popularity
proposed for relief in the existing financial
crisis have been fully expressed. AT various
times we have given in our news columns
equal space to the expression OF diverse
views frequently advanced by business
men. We append some communications
from responsible sources, urging plans
which. although unsatisfactory to us, GER
tainIy deserve from their origin, 1t not from
their merits, careful consideration. The fol-
lowing is from one of the largest and most
conservative stock firms in Broad-st.-one
which is popularity believed to be at present
entirely free from any embarrassments or
complications. In substance they say:
We recommend the Government TO authorize the issue
Of anv part or all of the FortytOur Millions Currency
Instruct the Assistant Treasurer at New-York and
Phiadep hia continue TO purchase all classes or
52Os and 10 adoance par in esrreney all denoHfnd-
dons Of United states Bonds. Interest on bonds thus
deposited to cease until called for.
Immediate relief IS necessity II this plan Is adopted
the Government will be entirely in its advances
Bonds which not for sale can be made available
currency will become elastic, confidence VIII DO re-
stored. and the crisis passed.
We need hardly repeat that, in our judg-
ment, any device for depicting still further
the Government funds is unsafe for the
Treasury, as well as useless to the Street.
There is money enough here now, if people
chose to use it. But if more money Is to he
drawn from the Government (besides its pur-
chases of bonds), this plan-where all are bad
is probably as little Objectionable as any.
A merchant of high standing writes:
TO the Editor OF The Tribune.
SIR: The action of the Government has been Of such
bunging and datOry character that has afforded no
relief to the banks or the business community The
Savings Banks who hold the earnings OF the million have
been able to realize the currency their Government
bonds which they had either locked up in their vaults
or disbursed TO their small deposors who in turn have
boarded them The result is that little or none OF the
currency distributed by SubTreasury has, or proba
bly, will soon enough find its way into the banks or &C
| tive business centers.
so long az the panic seemed confined 10 Wast 1t was
no concern OF merchants, but when brought face
TO face with a condition Of things which, unless
changed. will seriously complicate and damage the
whole commercial and manufacturing interests Of the
country and bring the machinery Of trade and domestic
exchanges to a stand still, merchants have special rea-
son TO insist on being heard Whatever will
now check back this rising tide Of ruin should
| be adopted and carried out with a strong hand.
The action of the Government having proved failure
only one other mode of relief to be let-hat is
s3 100000 Of legaenders TO pay sOOO0o OF deposits
which are being rapidly drawn out. Suspension Is a
measure but 1t seems TO me the only course left TO
avert a commercial crash. 1t is necessary as means
of sefprotecton to the banks themselves well as to
the merchants and creditors of the banks will find their
assets northeast the them continues Ia it not
the surest way OF restoring confidence TO let the banks
suspend release themselves from the obligation to pay
legal tenders and them the freer to issue their re-
serves. Very respectfully, MERCHASr'
Eeo-Y York, Sept. %, 1873.
Practically the banks have suspended the
payment of legal tenders now. 1t does not
seem to be the judgment of our more judicioas
and conservative bankers that further steps IN
this direction are necessary. 1t must be con-
fessed, however that an exceedingly strong
pressure, particularly among stock brokers and
private bankers, exists in favor of such a