Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-26
Three Million Loan Certificates Used
Yesterday.

Yesterday.
Stock Exchange Will not Open till
Monday, if Then.
The Destrab1lity of Universal Suspen.
sion.
NEW YORK, Sept. 25.-Mr. Howes, of the
firm of Howes & Macy, suspended, says
they had not borrowed dollar and die not
intend to borrow one. All have plenty of
the very best of securities, but we do not
purpose to sacrifice them at the prices now
current. The fact of the matter is, gen.
eral suspension of the large banking insti-
| tutions has became a necessity and the
sooner it takes place the better. The
small houses can afford to hold out per-
haps, but the large. ones must suspend or
go under. People who bring their money
10 us and expect to get per cent interest
must not think that we put it into corn
er to look at. No, we invest it, and we
cannot convert our investments on the
Jump without great damage to ourselves.
At any rate we don't purpose to be the au-
thors OF our own ruin. So our depositors
will wait.
Views of Hugh MeCuIIOch.
Mr.. McCulloch, ex-Secretary of the Treas
ury, in the course of the conversation said
the only course to be pursued for safety
now is bold one, free alike from fear or
excitement. The suspension of Henry
Ciewes q Co., regard as very unfortunate.
That firm have understood to have been
very successful one and doing alarge bus
iness. In my judgement it would have
been wise of its friends to have prevented
such an occurrence at all hazards. The
failure of one house Of its prominence does
incalculable harm by weakening the sense
of security in the public mind. Men get to
that stage of uncertainty in which they say,
"To whom dare we lend now?r
Using Foreign Exchange for Cur.
rency.
Anumber of the Foreign Exchange bank
ers in this city have suggested to the gov
ernment as Washington the purchase of
foreign exchange as measure of relief for
the stringency of the currency market.
The suggestion is said to be now under
consideration by the Treasury officers.
The following explanation Of the terms of
the suggestion is made. The foreign bank
ers of New York offer these terms to the
Loan Committee of the Clearing House
Association: awe will sell you cur sixty
day bills on London and take in payment
loan certificates. We purpose to take these
certificates to our bank and place them to
our credit; We will then buy the bills on
Europe drawn against the shipment of pro-
duce and draw cur checks therefore on
your banks, payable through the clearing
house. We thus obviate the necessity of
having greerbacks in forwarding grain and
produce now illing our market. Relief can
be given in this way without increasing the
demand for greenbacks,"
The Opening Yesterday.
No purchases of bonds are making at the
sub Treasury, awaiting Instructions from
Washington. -.. ....
1I:I5 A. III.
Affairs on the street are in the main quiet
and the market for stocks is confined to
bids and offers, no sales being reported thus
far. [For bids see our market reports.l
The government gold sales advertised will
not take place to-day.
Secretary Richardson declines to antici.
pate the payment of interest on bonds, due
December and January next.
Deep Disappointment.
Stocks advertised for sale at auction have
been withdrawn. The Express says the
announcement that the Government has
stopped buying bonds caused deep disap-
pointment to-day. No little Indignation
was expressed against Secretary Richard
son for his decision. Yesterday reports
were current that the Government would
stop buying, and we were induced by the
Treasury officials to denounce the report
as malicious. The advance in the Bank Of
England rate to four per cent. is q natural
result of the shipments of gold. This
morning gold opened firm at 111s owing to
the advance in the Bank Of England rate,
but afterwards declined to 111h, and still
later rallied to 1119a when it was announced
from Washington that the bonds of 1874
would not be anticipated By the Treasury.
The rates paid for carrying ranged from fiat
to six per cent. The crowd in Broad treet
shows 8 material decrease, and few trans
actions in stocks have been consummated.
Prices are marked up and down according
to the views of parties, and no fair quota
tions can be ascertained.
Good Policy.
A Washington dispatch says Secretary
Richardson has stated it would be good pol
icy tor all the banks to suspend further cur
rency payment.
an EAbEh COuSEcSSs
1t il rumored that the President had been
advised to call an extra session of Con-
gress.
Petition for Relief by the Movers of
Grain and Cotton.
The produce exchange to-day adopted
the following resolution:
Whereas, the critical condition of the
commercial interests of the country requires
immediate relief by the removal OF the
block, in negotiating foreign exchanges;
therefore,
Resolved, that we respec fully su gest to
the Secretary of the Treasury, the following
plans for relief in this extraordinary emer-
gency: First, that currency be Immediately
issued TO the banks, or bankers, upon sat
isfactory evidence, thst gold has been placed
on special deposit in the bank of England
by their correspondents in London, to the
credit of the United States, to be used sole
ly in purchasing commercial bills of ex-
change, and that the President of the United
Sta'es and the Secretary of the United
States Treasury, are respectfully requested
to order the immediate prepayment of ,he
outstanding loan of the United States due
Jan. l, 1874. fa rE
The steamship Cambria brought S1S2,OOO
in gold. -r-1 s7as Ell. @
Too Busy for Business.
A telegram from the Secretary of the
Treasury states that his official duties pre-
vent him from visiting New York and con-
sulting with the Clearing House committee.
H.