davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE PROPOSITION.

The capitalists conference meantime continued
to deliberate earnestly with closed DOORS until the
hour of two when recess for dinner was taken and
lulI throughout the hotel ensued Soon after that
hour, however the stir renewed, and the dellb-
erations were continued. Mr.. Johnson had mean
time made a rough draft of his letter of advice to
the President, aud at once submitted 1t to the con-
ference, TO which had now been added IL. b. Clallin
and many others. so that the financial estimate OF
the strength Of the convention was put at repre-
sentation of "a hundred and fifty millions" The
proposition to write the letter had been made in the
form of a request to advise the President, as a law
YER on the authority to lend the Treasury reserve
of SH.OOO,OOO. The opinion had been pre-
pared and the meeting was called to
order by Mr. Opdyke who presided, to listen to
its reading The memorial addressed by the mer-
chants and bankers to the President sets forth the
urgent need of the mercantile and banking interests
of the country for immediate relief and asks that the
President authorize the Secretary of the Treasury
TO loan to the national banks the of S2OO0OOOO,
the national banks to jointly pledge themselves to
become security for such loan. This was signed by
II. b. Clahin and large number of merchants and
bankers. No broker allowed TO sign it, in order
that no suspicion might be entertained that
the amount was needed for speculative pur-
poses The letter sets forth the extreme gray
ity of the OCCASION the entire financial interests
of the country being threatened, and refers to the
petition of the bankers and merchants that the
S4OO0OOO of, reserve greenbacks be issued. With
reference to the legal authority of the Secretary OF
the Treasury TO reissue the entire amount or any
portion of it lawyers differ in opinion. Mr.. johnson
recalls the attention of the President to the fact that
on a former occasion, during a period of monetary
stringency, the sum of $5OOOOOO was issued by the
O.. Al
people hailed this as a of relief and had in
dorsed this action of the President by rejecting
him by an almost unprecedented majority
The letter was read to those assembled and
elected their approval A few trtng alterations of
phraseology were made by Mr.. johnson, and his
secretary was directed to make clean copy of the
letter for presentation 10 the President.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
CARLEToNs DEFALCATIoN 100000.

The ONLY story of actual crime that has been
developed by the breaking up in Wallst. is the de-
facation of Charles L. Carleton. Secretary of the
Union Trust Company. At the examination of the
affairs Of the institution Friday night, rapid and
general as it was, it was discovered that at least
SSjOOOO worth of Government securities and
railroad bonds, which had been kept in
a new underground safe, had disappeared,
and probably as much more. Mr. Carleton
had left the Office late i'll the forenoon, and
though when he went out it supposed he had
gone to lunch, he has not yet returned As evening
approached. and the Secretary still missing.
rumors dstrust began to spread themselves among
the officers and clerks Late at night the surprising
discovery was made known. Mr.. Carleton has been
connected with the bank for five years and has not
once until now been under suspicion. He is a son
of the Rev. DIR. Carleton formerly of the Methodist
Book Concern. and it is stated that one loan of
$4,000 was made tohis father. Mr.. Carleton lived
in elegant style at No 80 South OxfOrd-st Brooklyn.
where TRIBUNE reporter found three servants who
were greatly alarmed at the absence of their master
and the rumors they had heard of his doings. Ii
was learned that Mr.. Carleton last at home
on Friday morning. when he left at the usual hour
for the office AS he traced by the detectives to
the New-Jersey Central depot it is believed that the
defaulter first went TO his fathers home in Eliza
beth, N. j., but nothing further concerning his
whereabouts is yet known.
Augustus Schell was asked by TRIBUNE reporter
about Cartoons frauds.
Regarding Mr.. Cartoons defalcation can you
state the exact or estimated amount that he has
takeni"
mo; but the clerks have been examining the
books all day. and will undoubtedly soon find out.
! do not however, tbink-at least trust not--that
the amount of his defalcaton will exceed $4,000
The matter was a complete surprise to u.s. for
although we were aware that Mr.. Carleton did some
business on his own account, and also lived hand
somely he did not, apparently, do more than could
have been done with his salary; aud he came to us
so highly recommended tive years ago, and has since
served 30 faithfully, that we did not or an instant
distrust him."
Mr. Schell further stated that be did not know
where the defaulter had gone, though he believed
he went to Jersey.
From another source the following facts we're
learned IL has been known for some time that Mr..
Carleton has been in the habit of specializing in
eral stocks. He was largely interested in Western
Union, and the sudden large fall probably brought
him very great loss, and placed him in desperate
circumstances. Envelopes that were picked up in
the Office showed that he also speculated in Union
Pacific. One transaction Is known in one
of the other fancy stocks The extent
of the defalcation is not yet known, rs
the examination which was in progress all
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE DECISION ANNOUNCED.
40 FUNDS TO BE LOANED-LARGE PURCHASES OF
BONDS TO BE MADE.

no FUNDS TO BE LOANED-LARGE PURCHASES OF
BONDS TO RE MADE.
In the main hall of the Union League Clubhouse
a large number of fnanciers had cOngregated,
awaiting the result of the conference. Many were
the surmises as to what would be done, but the
iority were of the opinion that the President would
adhere TO his resolution not TO authorize the issue
of QTeenbacks as loan. Finally, about o'clock
D. M, some one came down from the
dining-room and announced the utimatum
of the President. IT was that the SubTreasurer in
this city would be authorized to purchase amount
of L. S. fve-twenty bonds that might be offered,
and also 10 buy the issue of per cent bonds. COM
monty known as Sis. This includes the currency
SKIES the ten-forties and the new ives. The price
is to be par in gold and accrued interest. In case
the Stock and Gold Exchanges are not opened, the
ruling price on the street is to be taken the mar
ket price.
Soon after making this announcement it was also
announced that the President and Secretary
Richardson had departed for Washington.
HOW THE ANNOUNCEMENT WAS RECEIVED.
The prevailing opinion among the majority of
those present was that the relief afforded not
adequate 1t was urged that the Government had
offered to purchase S1OOo0,oOO of Government bonds
on Saturday and that but S2,70O,OO0 were offered
Among those who Of the opinion that the re-
lief afforded by the purchase Of bonds not sufh-
eient was Mr. George Opdyke. He also cited the
small Offering Of bonds on Saturday as proof that
few would be offered to-day Those persons posses
sing bonds, he thought. would be likely to hold on
to them, as they the best security one could
hold in times like the present. He thought it likely
that the banks would not open their doors this
morning until mutual understanding had been
reached by the officers
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
RFTTPN To THE HOTEL.

Night had now come and with the return of the
dignitaTies TO the hotel after they had dined the
scene became more stirring than during the day.
The crowds in the Hobbies rendered passage possible
only by patient Glowing, and the pile of trunks
against the walls occupied by large detach-
ments Of humanity az "coigns of vantage" The
street in front was parity filed and the doorways
were iammed. Above stairs. about the southwest
angle where the interest centered promenading
ladies had served to keep the ways clear, and in
their brilliant costumes and with their gleeful man
ners offered somewhat suggestive contrast to the
earnest groups of men among whom they prom
enaded.
The capitalists were ready in Room 10 and at va
rious places about the corridor waiting to receive
the ultmatum of the President. Jay Gould APP
peared upon the scene and attracted about him an
interested crowd until he disappeared the private
room of the Capitalist Committee. Augustus Schell
also appeared one of those who had not previously
lent his presence TO the scene.
Rumors flew about thicker than the crowd. 1t
was known that the President was closeted with
Senator Morton and Secretary Richardson. Then
it was said that the President bad suddenly dsap-
peared and taken the 800 train for Washington
Finally it was known that Reverdy Johnson was in
AT the conference Of the officials and was urging
relief for the banks As each of these rumors took
shape the earnest talk increased, and men among
the capitalists ookiheart OF sought the aid of ar
fetal courage. 1t not until after o'clock that
the rumOr took shape that the President had de-
clined TO give the relief asked for and that nothing
beyond the purchase of an unlimited number OF
bonds could be offered. The expression Of opinion
tended pretty general over this news to convic-
tion-that every bank woud have to suspend.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
JAY GOULD PRoPHEsIEs A CRISIS.

Charles j. Osborn, one of Jay Gould's brokers' was
found complacently cOnversing with a number OF
friends at the Fifth Avenue Hotel, early last even
ing. When asked regarding Mr.. Goud's transac-
tions in Wall-st, he calculated something about
brokers secrets and honor and kindly referred the
reporter to Mr.. Gould for information Il will
state howeverD said he, /" that there is no man in
this city who has been 80 willfuly and wrongfully
abused as Jay Gould, than whom none have 30 gal
lantv and hOnorably conducted themselves in Wall
ST.. nor who have done more to prevent
the present panic, and assist the bankers and
brokers in their trouble. During the two years
have been connected with his business interests
have ever found him a man OF honor and good
sense who has always paid bis losses without muir
muir. no matter how they were brought about. He
has done much to assist the Wal-st men because he
maid his losses every one, large and small quietly,
and without attempting to take any advantage,
while those who oppose him have played the coward
and suspended payment"
friend who stood by emphatically corroborated
this statement.
AT about s D. m. Jay Gould quietly entered the
Fifth Avenue Hotel and ascending the steps to the
narlors of the second floor became the observed Of
all ewes. Passing along the main corridor he was
stopped by several Wall-st men, who sought his
views and information. Briefly answering these,
he turned to walk in the direction of the suite Of
parlors reserved for President Grant and Secretary
Richardson, when he was accosted by TRIBUNE re-
porter In response to his queries, Mr.. Gould said
that he had not been consulted by the Govern
ment officials az to the course which they should
pursue in relieving the excitement and the pressure
upon the financial center, but he would recommend
the issuing Of portion of the Si4,OOo,0oO. Unless
something of this kind was done there would be a
general crash which would shake the country
He said that he had this crisis coming for six
months, and had made his arrangements according
ly. Mr.. Gould then turned, and saunterlng TO the
room in which were the capitalists, soon engaged
in conversation with Gen. Casey.
Az he left the hotel he was accosted by another
TRIBUNE reporter aud asked " state the result
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
socrotarv Richardson held firmly to his purpose ana
az, Da;5t FIRMLY hacked him in it.

Secondary Richardson held firmly 10 MS PurpoSo anu
tho President firmly backed him III IT,
,,,, Dnro,npxT DECLINES VERBAL PROPOSITIONS.
pi,oII,, ot about noon, the President gave notlce
A.. ~ I'D entertain no proposition which was
- u.otod clearly and briefly in writing and signed
-, ooh canitalist present in the conference Some
y ensued over this, and the conference
1.oooroo more intensely earnest than before. Con
sntatiop was informally had with ikeverdy John-
sop who stated that the President had no power to
any such use of the Treasury reserve, but that
no Thought that he would be supported in such ae-
tion if he deemed the exgency of the case required
IL and was backed up by the leading financiers of
the city and country. The result of long debera-
tion on this point was that the capitalists proceeded
to make out their written petition, and prevailed
upon Mr. johnson to accompany 1t with written
opinion of his own upon the legality of the proposed
issue In few moments interview with Mr. John
son he stated the following facts to The TRIBUNE
reporter:
REvERDY JoHNsoNs OPINION.
"The President without doubt. is without legal
power to issue any portion of the forty millions lie
1.-THE Presdent says as much as that himself, and on
meeting me in the corridor asked my opinion about
it, told him that there no legal warranty, but
if were in his place. and deemed that the exgency
demanded such measure, would surely order it.
This has become a national calamity. Tomorrow,
unless relief is given, all the city banks viii suspend
The result would be general suspension throughout
the country, and prOstratiOn unequaled even by
the catastrophe of 1857. The President conceded
with me in the matter and am to write him letter
on the subject at 3 o'clock
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE PRESIDENTS ULTlMATUM.

II Is ANNOUNCED BY SENATOR MORTON.
Soon after o'clock ex-senator Reverdy johnson
called on Senator Morton, in his room in the hotel,
TO learn the effect of his letter ON the President
Soon after his entrance George Opdyke also in
on the same Grand The following conversation
ensued:
Mr.. Johnson-Did you see my letter to the Presi-
dent
Senator Morton-Yes the President read il in my
presence, and passed it over TO the Secretary Of the
Treasury, who also read it very carefully.
Mr.. Johnson-You read it, did MT youi
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE PRESIDENTS VIEWS AT DINNER.

Meantime the President had left the Fifth Avenue
Hotel and gone to the Union League Club to dinner,
on the invitation of II. b. Clatlin, John Hoey, and
Others He departed with these gentlemen
about a. o'clock p. m. During the dinner the
subject Of issuing the reserve greenbacks
and other plans of relief were discussed
al length. The President was willing to do any
thing for the relief of the financial community, pro-
vided the law would bear him out in SO doing. See
retary Richardson was opposed to issuing the re-
serve greenbacks because lie believed there no
legal authority for so dong He said he appreciated
the condition of the financial community, but was
unwilling to violate the law to afford relief. Many
of the arguments of the day again brought for
ward but no new measures submitted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
PRICE FOUR CENTS.

day Yesterday is not yet completed. II Is not
supposed by those who knew him best that he has
been long addicted to these speculaions lie seems
to have taken it up recently and his losses es-
pecially are supposed 10 have been very recently
The fair presumption is that his intimate relations
with some of the trustees Of the Company who
were conspicuous spectators, led him into his mis-
fortunes He probably invested in the same stocks
that they did, bnt, being younger and more san
guine. he expanded his operations. There IS no
evidence yet found TO show that he has leit tue
city.
Detective Capt Irving, Detective Sampson, and
other officers of the Central Detective Squad, were
still searching for the fugitive Secretary of tho
Union Trust Company but at a late hour last night
no tidngs of his whereabouts had been received at
Police Headquarters.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22

OF the deliberations of the evening He replied omi-
nously that there would be general breaking Of the
banks-not one would be left intact--and genera
crisis be precipitated upon the country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
MANAGER CAMP sANGUINE.
nE TMINKs THE HANKS PERFECTLY sECUR

ne THINKS THE BANKS PERFECTLY SECURE
About 10 o'clock MIR Camp, General Manager OF
the Clearing house. entered the hotel, and at once
became the center of an anxious crowd, who were
deslrous of learning his views of the dangers which
threatened the morrow. Az soon az possible TRIB-
UNE reporter obtained n few moments conversation
with HIM. The reporter asked what would be the
course of the banks to-day. He answered:
They will go right on as usual. Every check
passed in the regular way through the Clearing
house will he paid. The banks are in no danger
and there is no thought OF their suspension Ii is
impossible that they should suspand-or rather
thought so till l came in here and found how mad
these people are. 1t seems in this bedlam as if
anything might be possible. | have been perfectly
astonshed at the questions that have been asked me
since came in here. The people seem wild. | can't
think what is the matter with them"
gentleman standing near said that tho people
had been talking about what the President was
going to do until they had gone crazy the
subject.
Mr. Camp-What is the President going 10 do !
Nothing hope The banks don't want his money
nor to be medded with they are able to take care
OF themselves. They were never stronger than they
are to-day and the action of the bank officers yes
terday made them doubly strong. OF course, if all
the depositors of bank come on it at once
they break it at any time,
and if all the depositors in all
the banks demand their money at once they may
break them; but they're not going to do this, and
the banks not going to fail suspend. They
will stand by each other, and will all be strong.
There may be delay from lack of clerical force
to make out certificates fast they demanded,
but don't think this will be the case Men of
sense not going to draw ont any more money
than they need, and wen supply force sufficient for
that.
A gentleman standing near Mr.. Camp whispered
in his ear: Il have $4,000 in bank, and shall let 1t
stay"
Mr. Camp-0f course you will, and 80 will every
other man Of sense. Ii will be perfectly safe.
Mr. Camp moved away. still followed by an ever
changing crowd, and wherever he went he left
brighter faces than he found. lyon have done us
more good said broker, than anything we have
had tonight
Yes replied another, that's the way to talk
whether it's true or not"
+. ID. Tappen President of the Gallatin National
Bank and President of the Clearinghouse, left the
Union League Club with number of friends,
and arrived at the Fifth Avenue Hotel at about 10
p. IN. He appeared cheerful despite the troubles
which menaced the institutions. In response to the
inquiries of TRIBUNE reporter. he said he did not
know what course the banks would pursue to-day,
but felt quite confident that they would open their
doors this morning as usual
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE UNION TRUST CoMPANYs TROUBLES.

IT WILL NOT RESUME TO-DAY.
Sanguine hopes entertained on Saturday and yes
terday that the Union Trust Company would re-
sumo this morning are doomed to sad dsappoint-
ment. IL is recognized by all tnanciers that this
bank 10 the MalakoG Of the situation. IL IT fails
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
mY rrLrGRApn mol rnr rRrnrYEl

[BY TELEGRAPH TO THE TRrBCSEl
WASHINGTON Sept. 2l-Gen Spinner in an inter.
view with a Sdrreporter yesterday, denied. in pro-
fame terms, that Secretary Richardson had trans
erred few DAYS before its SUSPENSION 10 the First
National Bank of this city $4,000 in currency with
out security, as was stated in THE TRIBUNE of Fri
day. Notwithstanding the denial, the facts as
stated true. and it be so shown: and it can
also be shown that Gen Spinner himself protested
against the transfer Of the money to that bank. and
that Mr. Richardson took the responsibility himself.
1t can also be shown that the Government, before
the bank had wholly collapsed, succeeded by
brilliant maneuyer in obtaining $4,000 Of the
currency. which is now in the Treasury. Mr. Rich
ardson as is well known by his subordinate officers
and the few persons with whom he ventures 70 dis
cuss financial matters, believes in increasing the
fractional currency to its full limit of $j0000OO0.
The circulation was about S3SOOOOOO when he be-
came Secretary, and it is about S4i0O00O0. His
idea is to substitute far possible the new fifty
cent notes for the 81 and 81 bills, because the legal
tender circulation cannot exceed S3J6,OO0,OO0. by
issuing as much fractional currency as possible, he
increases the circulation, and his transfer to the
First National Bank was in currency of the denom-
nation of 30 cpnts
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
AN ALLEGED TRANSFER IN CURRENCY DE
MED.

GEN. SPINNER SAYS THE STATEMENT OF TRANS
FER OF 100000 TO THE FIRST NATIONAL BANK
Is FALsE-THE FACTs-TTE sECRErARY's FINAN-
CIAL OPINIONS.
Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-04-01
The Legislature +.

The bill to enable the trustees of Mt. Tabor
church, in Augusta county, to receive and hold
a bequest under the will of Margaret Cole, de-
ceased, and the bill to authorize supervisors oil
Bath county to borrow money to defray the COS.
of erecting bridge over the Cowpasture river,
passed by the Legislature. were approved by
the Governor on the Goth and are now laws
The bill providing for the funding of the
bonds belonging to the literary fund has pass
ed both House of the General Assembly. The
passage of this bill will add about $4,000 tc
the funds tor the support Of the public schools
in the State
Both houses Of the Legislature have passed
resolution endorsing Gov. Walkers plan 70,
the assumption by the general government oil
the debts of the States.
Both Houses have passed the bill abating in-
terest during the war.
The Legislature passed bill exempting from
seizure for debt, BY gsrnishee or otherwise, q
salary of $50 month of Iaboring or other
person.
On Friday, there was long and fruitess
discussion on DanVille r. r.. matters aud. the
assessment bill Tor taxes, which had been re-
ported back with amendments, was laid on the
table aud thus throws US back on assessment oil
last session.
The following county judges were then elect,
ed: for Charlotte county, Robert G. Bouldin
fer Fairfax and Alexandria, James Sangster
for Grayson, George W. Cornett for Halifax,
Thomas Leigh; for Lunenburg. William II.
Perry; for Montgomery, John Gardner for
Nelson, George S. Stevens for Page, j. E.
Stewart; for Princess Anne. Francis NJ. White
hurst; for Russell, Henry Fry; for Washing.
ton, Reuben Nj. Page.
Oakland Institute, Doe Hill Highland Co.,
was Incorporated; the Rock bridge McAdau
road Co., and much routine business done. We
rejoice. with the people, to know that this body
adjourns, sine die, tomorrow.
Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-04-01
Haze YOm Heard The NetOs ?
The Beautiful Blees Sc WING MA
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handsome work, rapidity of movement. ease of
management, great durability, neatness, and
convenience. Its machinery is arranged upon
principle which prevents arrangement As
the tension is easily controlled its stitch IS
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All who are in want of the BEST SEWING
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of business and examine for themselves. We
will take great pleasure in showing our Ma
chimes. Are ready for applications for County
agencies. BAKER BROS,
sep "a General Agents, StauntOn, Va.