New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-26
LETHARGY AFTER THE FEVER.

wAIL-sT. MoRBIDLY lNACTIvE-PAINFUL UNCER-
TAr,TY IN REGARD TO TIE TREASURY RE-
SERVED FUND AND GEN. HILLHoUsEs NsTRUc-
roNs-EFFECTs OF TIE PANIC UPON COMMERCE
Yesterday was one of uncertainty rather
than Of excitement The crowd in wallst. was almost
entirely composed Of bears" in stocks who eagerly
demanded that the Exchange be opened, ana sun
larger number Of investors who we're anxious TO pur
chase stocks outright in order to lay them away Inc
excited groups which have lined the sidewalks, orna-
Inented the subTreasury steps and distracted the con
fused street, were missing yesterday.
The great event Of the morning, and the one which
excited most public attention the announcement on
the doors Of the subTreasury building that the pur
chases Of bonds had been discontinued On
Wednesday Gen. Hlhouse had been very busy
IN circulating the information that about
ns00ooO in greeDbacks had been paid ont from
the Treasury Yesterday the astounding fact became
known 20 many that over S24OOOOOO had been paid out
II bas also been discovered that Gen. Hlhouse was not
authorized buy bonds TO an unlimited extent as re-
ported on sunday night He was instructed TO stop pur
chasing when certain contingency was reached 1t is
now known that this contingency the expenditure
Of S5OOOOO greenbacks Very nearly the whole Of this
amount had been absorbed by the street by O'Clock on
"Wednesday and hence the announcement that the
Treasury bad stopped buying Strenuous efforts were
made Yesterday learn whether this amount was part
Of the 81 100000 reserved fund in the Treasury Gen.
Hhouse declines answer inquiries, and natural IN
ference that IL part Of the Treasury reserve
The result this uncertainty much speculation and
grave doubt
Few incidents served to indicate the gloom Of the day.
Further than the well settled fact that the Treasury had
declined make further purchases OF bonds there was
nothing calculated TO depress The street encOur
aged from time 10 time by unofficial announcements
that purchases would be resumed. But these favorable
sl.a dam CHo lae
settled upon all. Happily there not even whis-
per that the stock Exchange would open. The wise
GovernngCommlttee backed blythe universal sentiment
Of the influential part Of the press, kept its doors closed
The Clearing hOuse banks refused positively 10
90 more than certify large checks Small
amounts could. be easily drawn, but II a man
wanted a few thousands aud could not give
satisfactory that he needed it for legitimate
business purposes be had TO be contented with cerh
cation OF the banks Indebtedness RemOrseless, the
banks needed no individual pleas determined they set
their faces against the individual for the general good
This served 20 encourage. At the came time the an
Of Secretary Richardson, that the Govern
would not anticipate the payment Of the interest
bonds OF 1874 created depression and discomfort
Or this announcement presidents of banks freely
pressed the opinion that they must combine still
further 70 protect themselves, and croakers
asserted that such decision must necessarily force the
private bankers into temporary suspension This de
oson Of The Secretary has rendered the measure of
relef adopted 10y the Clearinghouse Committee, yester
day by the collection and sale Of bonds, practically
imperative While they might have collected bonds
from among themselves, there was no purchaser for
them. The Treasury gold sale too postponed and
this with from other Cities helped 20 render the
street morbid but inactive.
This inaction is a necessity. Every movement thus
far for relief by the Clearing house Association Stock
Board the Government decreases business aud the
eona hal q mel for he
hae Of panic 70 feed upon. After the day worn IT.
ss out and no further failures had been announced
the feeling became appreciably improved They not
rumor about banking house or broker and the panic
makers retired disguised. The hnal result Of the day
and panic that the whole matter has been taken out
OF the hands Of those superficial people are readily
excited and the control Of events far they con
tFoabe " remanded to the hands Of the able and
serious olass who the head and front OF the most
subsisutia bans These have left private bankers 10
slif, for themselves Two three like jay Cooke d
Co Henry Ciews q Co., and Fisk a Hatch, overloaded
With doubtful railway securities, have succumbed.
Howes Macy strong stll and retaining the confidence
Of their dspOsItOrs have made wise suspension which
vii probably enable them 10 resume within week.
TIE upeasiness has now extended 10 commercial
circles especially the shippers OF grain and other prod
nee who are compelled 10 accept bills OF exchange.
These they cannot exchange into greenbaeks, aud hence
there danger that che immense volume OF breadstuns
which pouring into this city from the West and the
eottob sugar from the South, will be detained here
for want Of available funds send them abroad where
ready market good prices await the ~ phase OF
The financial revulton IL just beginning TO DC felt.
Uoless rthei s obtained orders for consgnDents
non The West aud South viii soon cease altogether III
hoped aud believed that within few days the needed
s1ti vii be obtained either BY the shipment Dere VI