, 1873-09-22
MONEY AND cow VERGE.
MONETARY.

SATURDAY EVENING, Rept. 20.
Tho aspects Of financial affairs havo changed |
no rapidly to-dny TINT expectation linn vibrated |
Utmost from hour to hour botwoen the cxtromeB |
Of hope ard foar. III the morning everybody |
had road overy word in a} tho dispatches from
Now York, Ind compared tho prices of stocks |
with those Of yesterday, a1l compared opinions
with cvory ono they mot. Tho general rcBu. OF
thls was all almost unanimous opinion that
EVERYTHING LOOKED BETTER.
Tho announcement that tho Secretary OF tho
Iroasllry had ordered Tho purchase of e1O,000,-
goo Of Government bonds for currency revived
Tho confidence Of many porsons who did not
understand tho situation any better than to bc-
eve that tho panic was the result OF deficiency
pf currency. But, na might reasonably havo
hoon expected, tho proposal Of the Treasury to
buy bonds had no material OBJECT. THO bauks
Of New York are; of course, short Of
currency, but II every United ssatca
bond they hold as coltaterals were
converted into currency at once, 1t would not DO
80 drop In tho bucket" Az for othor holders
Of Uuitod States bonds than bauks. fow Of thom
would care to convert their Investment into cur
reuoy which they would no Obliged to deposit In
eome bank, whereas they could hold Tho bonds
In their pockets, or in their prlyate Bafos.
Nevertheless, tho absence Of any bad nows from
New York up to about II o'clock induced largo
majority of people to think md say that tho
worst WAS over. But, whom Tho telegraph sud
denly announced that the Union Trust Company
OF New York had closed Its doors, tile ontiro
financial aspect
CHANGED IN AN1SsTASr.
Prices Of stools in Now Yock foil from to i
por cont, and In lcHH than helf an hour tho prices
Of wheat aud corn in this market fell over centa
per bushol. For while there was great uneaaI- t
gave way, however: to feeling Of roliof Us soon
AY it was announced that that Aoe-bed OF r,1-
mora, aud suspicion, and panic, tho Now York
Stock Exchange, MAS closed. Everybody folt
place WAS not opened agntn for month. r.
nally 1t WAS announced, OIL what waB believed to
be good authority, that tho Secretary OF tho
Treasury would iBsue as much Of tho "744,~
fdence; in other wurds, t!lat the Government
would expand its credit mud mako direct ionns to
Tho New York bnnks by dopositing portion or
II Of the 44,000,0Q0 Of greenbacks with them.
This seemed to leTise conildenco hero in cl1eago
At onco.
EVERYBODY FELT RELIEVED.
for, although there arc fow people who will do
feud tho principle Of GovcEA.nent interference
tn tho money market any moro tlan they would
The sama interference i'll regard to Religious Boz
lief there ia question that the proposed rem
edy would, in this instance, produce tho desired
1esult Of restoring confidence in tho Now York
only question is as to the aivisabiity Of setting
precedent tl,jt wlll be coming back to plague
us on every trivial occasion, for tho sake Of sub.
duing panic day or two soonor than it would
eubside Of itself.
When 1t IL remembered that thoro las been
no considerable loss Of property in nuy part OF
the United States sinco the Boston flo; that tho
collapse Of the Northern Pacific and other bub-
blca hAe been foreseen for q year, and that pru-
dent men havo kept clear Of entungloments in
It; and finally that the United States IL rich in
tho possession OF unusualiy largo crops Of cotton
and wheat, both Of which are III donanl for for
erations, wo ray, ought to convince anybody that
there can be no prolonged crisis, no permanent
depression Of prlcos Of ANYTHING TINT ought not
to bo depressed. Tho farmers md the 1ner-
rs a rulo solvent. No bank il ever expected to
lave legal-tondcr funds on hand to pay every
depositor in full on domand but every bank
has securities which will aesl for as much rs
they ever did, and tho notes Of solvent merchants
that will DO paid IN, full. Just as soon as reason
is restored. Notwithstanding an the frauds, do
falcationB, and mismauagemont OF tho past year
in the New York banks, there ia probably not
oil every dopoBtor in full within month. Still
smother roassurng feature Of great importanco
in tho present crisis is, that there is no dauger
Of loss IL the currency.
IN THIS CITY
tho amount OF regular financial business trans~
acted waB, if anything, smaller than ycBtertlny.
In tho preaent excited condition of tho public
mind tho banis Of course feel disposed to dis
count just III little as possible, though at tho
same time they arc meeting any reasonable de-
ma1lds OF their customers.
Now York Exchange was practically unsa!able
today, for tho obvious reason that our banks
do not want to increase their Now York balances
until the panic in tat city over. This, however,
is no objection to shippers bills drawn against
grim, and accompanied by the bill Of ladi1Ig,
except the fact that currency s scarce, as 1t las
been for month past.
The country demand for currency was lighter
to-day, as It always ii Oil Saturdays. The cou,-
try banks have drawn for 30 much currency
during tho past few works that, as n rulo, their
balances here are small, mud they cannot check
for much more. II il the Ba,no with the Now
York balances Of tho Chicago banks; the do
maud for money to move the crops had called
tho bulk Of Western capital homo HOMO time
ago.
TIE FRANKLIN nAsK,
OF this city, wan unable to meet the debit balance
against it at tho Clearing House to-day, and
was therefore compelled to suspend. The banl
which nearly @l0U.00 il savings deposits Tht
officers Of the bauk Atate Tint thoy will be ablt
to pay everybody as soon MS the panic is oyo
and thoy can emil in their loans. The Franlkli.
ability to pay $4,000 debit balance was know.
to tho othcr bauks OF tho city al curly az /:
o'clock, aud if there had been any disposition Il
Oolator up weak concerns, The ApoHledGo OF LII
weakness OF the Franklin Bank could onai!y Aay,
been kept from the public by tho other men
bers Of tho Clearing House, but there is no sueI
disposition.
The cearings OF the Chicago bapkB for til
week wore:
Udft. Citarsnoa. balance
Monday ay............... &, ,2a5, ,87G80 S526, ,JG2 4
Tuesday. 6,15U, l3B.U4 ns,GG3.S
Wednesday .......,........ 6,agl lal,g4 41SGal Z
Thursday. 4,957, .40GJ Bug, ,b5B.:
Friday. day................. f,aD9, ,89755 405, HID. =
Saturday .......,.......... 4,10B,655l2 3l2,9l7.l
Total. Sc, ,844 1a014 $o.Glo, ,243.s
Gorreapg week last year.. 2l,259, ,564.45 2lls2Jl.
a COMFORTING OPINION.