Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-10-02
The Result OF President Grants Visit
to New York.

A New York dispatch of the 22d says:
president Grant, Secretary Richardson, aud
Gen. Babcock were in consultation in New
York yesterday with the leading banks and
business men of the city to devise some means
of relieving the financial condition. The prop
ositions of the New Workers, which were sub
mitted in writing to the President, all urged
very strongly the issuing of the so-called
green-back reserve to the amount of forty
millions of dollars. Reverdy Johnson rein
forced their appeals by written opinion, in
which he said that, although the action pro-
posed was unconstitutional, it was demanded
by public policy. and if he were President he
would not hesitate to take the step. Secretary
Richardson's opposition to this movement was
very strong and the President stoutly sup
ported him. The Secretary said, in very vigor
Gus slang that he would never consent to it,
as it was none of his funeral The result of
the conference was an order from the Presi-
dent that the Assistant Treasurer at New York
buy bonds on Monday to any amount offered.
How much relief this will afford does not APP
pear Government bonds were a drug in the
market on Saturday the National Trust Com
pany, which had nearly million of them in
Its possession, being unable to raise dollar
Herewith to save itself from suspension"
Subsistence of the Panic in New York.
New YORK, Sept. 22.-Wall street to-day
presented most extraordinary spectacle. 1t
would be difficult. in the necessarily brief linn
its Of a newspaper report, to give a correct
idea of the excitement which prevailed. But
the excitement to-day was, apparently, of an
entirely different kind to the intense anxiety
observable OH Friday and on Saturday, which
had its origin in condition of universal panic.
The streets, that is to say, Wall street and
Broad street. were crowded.
1t was difficult for pedestriauto thread his
way through the different groups which occu-
pied the streets and sidewalks alike.
Confidence increased as the day advanced,
and about 2 o'clock, there was a sudden shrink
age of the lines at paying tellers windows at the
banks and banking houses. The heavy bust
ness done ill day had been dispatched with all
possible speed, and as soon as it was known
among the merchants that the purchase OF
bonds was uninterrupted. and that the rule
adopted by the savings banks, of requiring
thirty days notice for the withdrawal of all
large sums, was accepted without any disturb
ance at the savings banks, TIA certifcation of
money checks was not pressed, and it was evil
dent at the banks that the depositors were be-
| ginning to believe that the storm had passed.
No embarrassments are expected IN any OF
the private banking firms who have sustained
themselves through the late crisis. The sus-
pension of the Union Trust Company is gener
| ally attributed to the defaulting Secretarys
neglect to call in the $500, GOO loans order
ed on Thursday. According to general report,
he completely lost his mental balance and
| showed no disposition to submit the affairs of
the company to inspection. His whereabouts
| are still unknown. 1t is currently reported
that the company win be ready to resume bust
ness in a few days. 1t is little remarkable
| that only one of the trustees of the company
had any money on deposit in the institution,
and that, with the exception of two or three,
owned but very little stock This may account
| for the bad management OF the concern.
Messrs. Jay Cooke & Co. are out with
statement giving names of banks and banking
houses who will pay drafts O! their CORE
spondents. All drafts against deposits made
since the suspension will be paid on presenta-
| ton. Et
The National Trust Company, which sus-
pended payment on Saturday. state that their
! liabilities do not exceed "a 000, 900, and that