Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-29
# intrinsic values is entirely forgotten, there.

of intrinsic values is entirely forgotten, there.
fore,
Be it Resolved, That we heartily endorse
the action Of the Secretary of the Treasury in
his efforts to stay the tide of ruin by afford
ing temporary relief, and in his wise discrim-
ination in the use of the resources at his
command
RESOLVED, That we urge upon him the
necessity of bringing before Congress plan
for general banking law through which the
benefits of ouropresent system may be more
generally extended, and serve more fully the
growing interests Of the country.
RESOLVED, That the great sources of wealth
OF our crops and general productions are
more promising than ever, and that therefore
the enterprises of the country have a greater
chance Tor profit and success that the sudden
ana wild decline in the values is the re-
suit OF the panic, and without reasonable
cause.
RESOLVED, That we deem it our duty to
avert in every way the indiscriminate sacri-
hce OF securities, and to express our hearty
condemnation OF those who by personal profit
attempt to aggravate the evils and cause a
still greater decline in value at the board.
John Barker, George S. For, and Thomas
A. Biddle were appointed a committee to con.
fer with the hank officers on the situation of
affairs.
= Baltimore, 81. The day closed without
additional excitement or reports of any fail
ures. The stringency in money continues,
but all the banks paid out literally on small
checks to supply the business demand.
Knoxville, Tenn, 81. The Exchange De-
post and Knoxville Banks have suspended
payment of checks for currency this morning
IN consequence of the sudden dem apds of de-
positors. The commercial banks also sus-
pended payment of all large amounts.
Augusta, Ca, %. There is a better feel
ing in this city to-day, but otherwise the stu
alton is unchanged. Nothing is doing in cot
ton for want of currency; some few bales of
were forced at 10 cents 1t is be.
lieved the suspended banks will resume cur
rency payments early next week.
Allentown, Pa, 81 The bankers of this
city resolved to follow the example of New
Y ork and other cities.
New York, %. A committee of the pro-
duce exchange have been appointed to confer
with the loans committee and clearing house
committee with view of effecting an arrang-
ment by which the moving of foreign ex-
change may be accomplished.
Salt Lake, 81. There was considerable
excitement here to-day. The first National
bank did not open their doors. A notice
states that the cause OF suspension was owing
to the failure of the eastern houses and their
inability to obtain currency. Their liabilities
are amply secured.
Washington, p. The Secretary of the
Treasury, will not for the present, issue his
programme for the sale of gold and the pur-
chase Of bonds next month
Louisville, Ky, ~. The following banks
have supended payment temporarily to- day
German bank, Masonic savings bank, West
ern bank, German insurance bank, Louisville
banking company, German savings bank, and
the Central savings bank. A run on this bank
has beep steadily increasing for the past three
days. All of them have abundant resources;
many being able to pay two dollars for one
on deposit. The other banks in the city are
heavily drawn on, but are all right
The suspended banks are all savings institu-
lions, conducted and owned principally by
Germans. The lack of systematic action tend
ed to the suspension of these banks Every
bank is looking out for its own safety.
Dubuque, Ia, 81 The Commercial Ma
tional Bank of Dubuque. in this city, is the
only National bank that is meeting demands
in full in currency, and to-day their deposits
decreased.
The Merchants National bank is paying in
bills receivable, and small amounts in curren.
cy.
The run on the German savings bank and
Peoples savings bank seems to have entirely
subsidized.
Chicago, ~. Business continues very quiet
on the exchange, but there was more inquiry
for cash grain, mainly by outsiders, who have
brought in currency with which to buy at the
present low rates, and prices were firm and
generally higher.