The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-29
.reatest nossihIe efiiciener in CARRYING ON the

happily iDaugllrated, and earnestly request
that it shall be supplemented by joint resO-
luton TO discount freely commercial paper of
undoubted character. which on y like occa-
sion in 1860 and 1861 30 efIrctually and so
promptly triulnphed over the insane pancs
of those days.
" ResOlced, That we have undoubting con-
fideuce that Il policy Of liberal discountng
will Immediately restore tranquility to the
public mind, as it did in the years above
named, and thus bring to the Golfers Of the
associated banks S13,000,0D0 of @recnbacks,
paid out by the Government within the last
few days in exchange for Government bonds,
and which are now boarded by savings
banks and individuals"
THE GOVERNMENT AND THE FINANCIAL SIT
rATIoS.
from the Washington Observation-Disclosures
Organ.
The President, in conversation yesterday,
asserted.most positively that he does not in
tend To make any change in the Government
agency at London, adding that the slSpen-
sion Of Cews Il Co., which involved the
suspension Of the London house of ClewS,
Habicht & Co., was the result Of TN ,voida-
BILE misfortune, and that no dishonorabe
faint attaches to them on account Of it. The
news since received. that Clews e Co. will
soon resume. shows that the Presidents
confidence in the house has not been mis-
placed.
In further conversation the President re-
itcratcd his determination to do everything
in his power and The power of the Treasury
to relieve the public from the distressing IN
tlGcnccs of the pending financial disturb
ance, and repeated his previous declarations
regarding the rottenncss Of the basis on
which the stock jobbing operations are car
ried on in New York and elsewhere. He
added that the Government had already
proceeded to the extent of lis ability I'M
der the law 10 relieve the market, and.
commcnin" upon the result o! the pur-
chase of bonds By the New York sub
treasury, remarked that so far rs the rail-
road stock jobbcr: are concerned they VIII
require relief every sixty days so long a.
they transact business on their present basis.
He expressed the opinion that the merchants
and solid business men of the country VIII
take advantage of the low rates OF exchange
now prevailing in the management OF 1htir
fall business transactions, and seemed 10 DC
satisfied that in the end the panic will be
productive of great good in destroying The
Imaginary foundation Of certain business In
tercstS ana placing the substantial business
men Of the country OH more lcliablc foot
ing.
CLEARISG-HCUSE CERTIFICATES.
Baltimore sun.
The banks generally OF the chief cities
lave adopted The plan OF settling balances
with clearinghouse certificates instead OF
rrccnlpack> during the present furry. 10
the general public it may be wei! to explain
what this action signifies. In atime like The
present everything which tends to cconom'ze
The use OF currency is pro tdnto 4 relief 10
the money market. New York led oil in
the operation, she being the monetary centre
of the country. the place where other BANKS
keep greater or less balances. She h0ua
respond with currency when the banks OF
other cities call for their funds. But for al
of her own purposes she may use anything
which her own banks may agree to consider
GOOD. and 50 may those Of Baltimore and
other cities. All the banks meet once each
day at the clearinghouse To exchange
checks. Some one hank. for instance, turns
into the clearinghouse checks drawn on
other banks for 500, 900. The other banks,
perhaps. turn in checks on that bank Tor
$3.50, 900. The one bank therefore owes the
clearinghouse $4,000. Usually this sum
would be paid to the clearinghouse IN
rrccnbackS. In order, however. to ccono-
miZc the use Of grecnhaciS, the one QtS con-
dition being shown to be perfectly solVent)
passes its own check for Sj0,0O0. Other
banks against which there Is balance do
the same. The clearinghouse then issues
its certificates for an equal amount TO ihe
hank, which have balance coming to them
from the days alcaringS. The system l.
perfectly buSincss-like, though it neccssi-
tatcs frequent examination of the assets OF
the several debtor banks by the Clearing
House committee.
SAVINGS BAHEs.-T Brooklyn EdJle. i'll 2
moor man or woman have fifty or Il hundred
dollars i; is not easy for him or her to i'll
vest it in such Il way that it shall be ut once
entirely safe and reasonably productive. No
real-p>tatr owner cares to receive so small 2
sum on bond ana mortgage. The poor man
or woman might buy Il bond, Government
or railroad, bet might be deceived as to the
real value of the bond, or the bond might
be lost or stolen. In any event there would
be more or less anxiety about the money.
,Il,St here the savings bank offers its valuable
aid. 1t takes this particular fifty or Il hun.
drrd dollars. and many more smaller ana
larger suns, and putting them together so
invests the money on bona and mortgage on
real estate. or in the best public stocks and
bonds, that it is able TO pay the dcpositor Il
better interest than could be obtained Ill
anv other perfectly safe way. But 10
secure this desirable end It's invest
mcutS must be more or less permanent. Ii
cannot sell it, mortgages and stocks ii i lew
hours notice without sacrificing them. Ii
it sacrifices them it can hope for no prollts,
and there will be no interest to dlridca among
depositors. Yet the bank cannot give every
body his or her moneys Immediately Wltll-
out sacrificing lis investments. The unreal
souableneSS of Il "run" is therefore appa-
rent. The runners do not want their money
to use. They only desire to get hold OF II
and assure themselves that it is safe. If they
leave it in the bank it is not only safe, but 1t
is earning interest. If they take it out 1t
stops earning interest and is in daily danger
of being lost or spent. The mass Of men and
women of moderate means who deposit in
savings banks are intelligent enough to see
this. They make no "run." They are free
from panic, and in this set l good example
before more eminent tinancier>.
Extract from private letter from a farmer
and miller Of Augusta county:
"How is the money market! It's unwiSC
for you knowing ones TO allow 4 panic III
Richmond. If every one will do his duty ii
can be prevented. -,
"Though it my be hard for time, it will
save the city and be the means of L bright
future.
1.-THE question is, Will you do it,"
SS1u mi e.