Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-09-30
THE FINANCIAL PANIC,

A number of additional banking establish
ments. in New York and elsewhere, have sus
pended since our last issue-among them the
noted house of Henry Clews d: Co. The
situation in New York shows no change in the
money market. A considerable drain on the
currency by banks and capitalists outside of
the city has been going on since Saturday
week. This being irrespective of the lock up
BY firms and private individuals, has crippled
the banks in respect to currency, although
they have managed to retain sufficient to meet
the most pressing needs of the community
Merchants and tradesmen are growing more
anxious and uneasy under the continued ten
sion, and consienments from the interior have
been stopped temporarily under the advice of
shippers. On the whole, the condition of
STAIRS remained pretty much without change,
the outlook being, if anything, rather more
hopeful.
President Grant and Secretary Richardson
refused the request of New York bankers to
place $40, 000, 900 of surplus funds on deposit
IN New York banks for their relief, aud the
Herald says: 1t only remains for President
Grant to maintain firmly the position he has
taken. The fate of Wall street gamblers and
politicals banker is immaterial the preserva-
ton of the national credit is of more valid im>
portance. Let the caldron of s'the street"
seethe and bubble as it will, as long as the
Government securities remain firm and the
commercial interests are unframed, there will
be little sympathy for those who fall into the
boiling liquid and disappear from view the
country will be the safer and the more respec-
table for their destruction.
THE NATIONAL BANK CURRENCY.
The Comptroller of the United States Treas.
ury states it is probable that all the National
banks which have applied for currency will
shortly deposit their bonds and obtain their
circulation under the recent call. He be>
ieves that the whole of their circulation. au-
thorizsd by the act of July II. 1870, will be
issued before the melting of Congress, where
upon he will make a requisition upon the East
ern banks for the withdrawal of S25 900, 900
OF their currency, to be distributed in the
Western and Southern States, as provided by
this act. He considers the provision in the
law relative to this withdrawal Us mandatory
upon him and not discretionary, and that the
reanisition upon the Eastern banks will place
the currency question under tina. law in such
condition that Congress will take immediate
action upon the subject, either by repeating
the sixth section of the act, or by passing a
law authorizing the issue of an additional
1925, 100000 for the West and South. as nro.
posed in his last report, or by both.
@ The Wheeling Register remarks upon
the almost universal reduction of the rate of
county taxation which has been made in West
Virginia: 'tIt is a stubborn fact which the
Radicals cannot explain away that, no.wi,h-
standing their oft repeated predictions of high
taxes aud their earnest desire for financial em>
barrassmene as the result of the adontion Of
the new Constitution. the taxes have been res
duced in nine-tenths of the counties of the
State. In jackson county the levy last year
was eighty cents on the hundred dollars; this
year it is only thirty-eicht! The good peo>
pie Of Jackson as we'll as those of the State
at large merit congratulation on this improved
condition of affairs"
% Messrs. Jay Cooke d; Co. have made