Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-23
The Latter Don't Know what They
Want.


The Latter Don't Know what They
Want.
Vanderbilt Offers to Back Uncle Sam
with Ten Millions.
Nothing Definite Determined on.
at the Fifth Avenue Hote'. yEN
NEW YORK, Sept. 2l.-Tbe conference
at the Fifth Avenue Hotel to-day in rela-
tion to the best means Of averting financial
disasters in Wall street has abscI bed public
interest in almost an unprecedented degree.
The fact that President Grant and Secre-
tary Richardson, and other high officials OF
the Government had come here to consult
with leading bankers and merchants, was
generally known this morning, together
with the fact that those invited TO the con-
ference would meet the President and
financial officers of the Government In the
Fifth Avenue Hotel during the day. In
consequence, not only bankers, brokers and
merchants were in attendance, but the gem
eral public flocked thither and listened TO
the, groups of Wall street men here and
there, discussing the situation. The gene
raj public, although knowing little Of the
technicalities of stock speculation or OF the
causes which tended TO rroduce the present
alarm, nevertheless seemed to feel that the
| occasion was tranght with Importance to
all.
The Conference.
President Grant, Secretary Richardson,
Senator Morton and Gen. Babcock were
ready before noon to hear the views and
suggestions of prominent merchants and
fnanciers, some of whom had previously
held conference and reduced their plans
to tangible shape. At the conference the
most conspicuous were Commodore Van
derbilt, Henry CleWs, Isaac 81. Bailey,
Seligman Bros, Geo. 81. Opdyke, VIM. Or
ton, President Of the Western Union Tele-
graph Company, P. P. Sharpe, James a.
Burk, VIM. l.. Scott, of the Erie, Penn
sylvanis, Bank; Robert Lennox, Horace B.
Ciat1in, George E. s. Sanford, of the Ad-
ans Express Company; Mr.. Vail, Of the
Bank of Commerce, and John Hoey, Presi
dent of the Adams Express Company.
First Plan Proposed.
First, general proposition was made by
a committee appointed that the present
financial difficulties should be relieved by
drawing on the legsl-tender reserve. The
committee had not agreed at this time as to
the amount of Euch reserve which would
| be probably required TO effect the object
| sought to be attained, President Grant
and Secretary Richardson sent for many
members of the committee in turn, and
heard their views on the subject.
After upward of an hoar spent in this
way, and after listening to the reading of
the written views of several prominet MEM
bers of the committee, President Grant and
Secretary Richardson instructed the COM
mi.tee that nothing could be done until
some precise proposition had been submit
ted.
The majority OF the committee proposed
verbally that the Government should, if ne
cessary, place the whole leg'l reserve of
S44, ,000, 900 in the national depositories in
this city.
Secretary Richardson opposed this, and
said he was utterly and infexibly opposed
to issuing any considerable portion of the
legal reserve for the use of the city banks.
To use Mr.. Richardson's own words, quoted
on the authority of one of the committee:
"This, gentlemen, is not my funeral"
Gen. Grant and Secretary Richardson re-
quested the committee of financiers to agree
upon their views, and submit them in writ
ing, as briefly and plainly as possible, what
they (the financiers) thought should be
done on the part of the government, stlpu-
lating that the name Of each one recon-
mending the course 10 be agreed upon be
appended to the paper.
The Master of the Situation.
The COMMITTEES had retired to agree upon
proposition to be submitted to the Presi.
dent aud the Secretary of the Treasury,
when Commodore Vanderbilt entered the
parlor in which the President ard bis
finance officer were seated. The rooms on
the corridors adjoining the audience cham
bers were quickly thronged with the crowd
waiting impatiently for the exit of the rail
road king, and reryously impatient to CLEAR
the fsintest idea of what might be the result
of bis visit to the President.
The COmmodOre's Offer.
Commodore Vanderbilt made propo
sition that the President authorize the
Secretary of the Treasury to place $50, 900,
1000 of the legal reserve in the banks of thi'
city, and on that condition he Commodore
Vanderbilt) would add $l0,00O,OO0.
President Grant replied that he wa!
anxious to do all in his power 10 relieve tn
present financial embarrassment, and x
prevent the impending disaster. He must
however, conform to the Constitution.
An Excited Appeal 60 the President
MIR. Opdyke and others represented Il
President Grant and Secretary Richardson
the necessity for immediate acti N, but the
were informed that the Constitution coul'
not be violated.
I At this point, Mr.. l.. r. Cutting brok
forth in nervous and excited remarks on th
: importance of the Government taking i'm
mediate action on this matter. He said a.
ready people have begun to surround tn
savings banks of the city, expressing thei
/ determination to wait at the doors all night
I and make rush on the opening ofthe bank
tomorrow morning.
wild RumOr spresding Dismay.
A rumor was spread with lightning rapid
ity among the crowd, and was generally be
lieved, that Grant and Richardson had com
to the decision that they would place d
part of the legal reserve at the disposal G
: the New York city banks. This creates
7 intense CONSERVATION among the crowd
/ | who throDged the corridors of the hotel
5 There were some who said that no decision
( on the subject had been sTrived at, and tina
/. another conference was to be held durin
! the evening. 1t was wildly asserted b
? scores that all the banks in the countr
: would suspend, and that a run would tax
3 place on the savings banks tomorrow an
D would spread commotion throughout th
( masses of this and other cities Of The UnioI
Capitalists not Able to Agree.
While the gentlemen named and other
: were giving their advice to the President q
I to the course that should be adopted, an
the crowds in the corridors and lobbie
were indulging in all sorts CT speculation
as to the probable result of the days worf
the bankers, presidents of banks and cap
talists were endeavoiing to agree upon
4 proposit on to be submitted. But, althoug
they had been conferring till 9 o'clock, the
could not arrive at any conclusion, and n
: paper was presented to the President.
A Might RumOr.
I 1t is stated tonight that, notwithstsudin
D the action this afternoon of President Graz
3 and Secretary Richardson, they will author
ize tomorrow the placing of q portion
= the legal reserve necessary TO prevent
crash.
Jay Cookies London HOuse Mi
2 trusted.
= The navy account of the Government
which has been wi h Jay Cooke, McCu'loc
g. Co, of London, has been transferred
the House of Henry Clews g. Co, Lopdol
n / aolo nj.