Liberal Republican. [volume] (Dallas, Or.) 1872-1???, 1873-10-25
NO. 80
THE SITUATION.

The cTedft system VI tHo cnn
received, in the failure Of Jay Cooke, !. :
q blow SO suddep and unexpected, that :
for time It paralyzed ths commerce sa
of the country back to the remotests >
village. II is by no means yet ascer-
tanned how lar the credit system thus I
stricken can recover, nor exactly how 2
far il has received fatal injury. One
thing. however, is certain, that the
trade and commerce of the country ana
production and industry must be .
renewed whether upon the fragments
of the broken credit of the past, or "'"
upon an entirely new and perhaps '"s'
u.ore enduring basis. In the interval :
of doubt as to the shape matters or 70 -
assume, and where the existing st"te OF =
things is to end, there is at least the
comforting assurance that the work or
restoration must begin on the basis OF -
the grain and provisions of the country, =
and that here IN the West we must
feel the cheerful warmth OF the nrst
breeze OF returning business conducted :.
on substantial foundation. The New
York Stock Board met yesterday FOR
the first tine since Sept 20, and 1t was - !.
reported that all the unsettled business
up to that date, after arduous chorss. 90
had been satisfactorily closed, and that -
there had been no suspensions, Ihs
sale Of stocks was Hunted, with a.
slight improvement in few DIVIDEND
beorinc railroad stocks, ,aud decline in
others. especially in Vaudesbilt's line.
In Philadelphia, the suspended
houses of F.. w. CLARK & Go. And of /.
De Haven & Brother presented states
men.s of theft assests and liati!i'ies'
which a, least loak favorably- on paper
In our lhI!a3cpLia dispatches is list
of the various corporations which to- to-,
day will pay ,oniannual interest on 90 naf,og
their debts AID mortgages. s>s -
The Sec.etary Of the Treasury has
written 4 letter to the officers OF the
New York Produce Exchange, giving 4.
his reasons for declining to lend
National currency to banks and Others
upon the pledge of gold placed in the !.
Bank OF England, the said currency to
he used only tor bills of exchange.
The reasons Of .hc Secretary are,
conclusive, that it is no part OF the y.
Government TO buy and sell gold as
matter of trad , or to lend money on
pledge of gold. or any other security ,asr
This puts an end to the various schemes q
By which it has been proposed that the Ga
President and Secretary of the Treasury b
can use the public money to extrlcate 81
corporations or individuals from 6nane b
cial embarrassment. a.4I H5g
The fual closing of the Union
National Bank, as announced Ia
Yesterdays Tribune, had for time ga
depressing effect upon the local market,o.
but this wore off during the day, and
hope for speedy termination OF the u
panic again revived. We present this Ha'
morning the opiaions OF various Weii> 80
known merchants on the effect OF the @bi
second suspension of that bank. lar.
Kansas City. where there are large lev
transactions in stock for this markets ~
tho closing produced for tnese'sa
considerable excitement. 1t did not ,ps.
Interfere with the shipment of stock kbas
nor did it have the effect of suspending 4is
the preparations for the season sosm
hacking. The flow of currency to- !.
Chicago continues und,minished, the
receipts yesterday aggregating S3,OOos' a
600. The receipts within the last skin.
DAYS amount to considerable sum. Boo
and rs long us the world wants bread. III
the money must come here to buy it.5sss
AS soon as the immense stock now an ss
store has been moved, shipments to the ~
city will be renewed. The irailroad III
receipts having fallen of, they do ''nes
now deposit, but pay out from theirsv
own treasury to their employees. Them
receipts of internal revenue has fallen >
off. but this is natural consequence
of the interruption of distillation. +
Such was the general aspect of the
situation last night Chicago Tribune.