The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-09-23
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not delivering them mp TO the Madrid
government. It is rumorcd that the
Cabinet have determined to re- call the
present Captain. General of Cuba.
MADRID. September 22.-The Cortes
has adjourned. The Government has
proclaimed the suspension of the con-
stitutionai guarantees aud regulating
the press throughout the country. The
Government occupied Malaga on Satur-
day.
DUBLIN. September 22.-10, 600 per.
sons attended the Fenian Leonard g
funeral at Decogheda.
TcleRrnphic-Amerlca Matters.
THE FINANCIAL DIFFICULTIES ENDED
YELLOW FEVER IN MEMPHIs-ACTIoN OF
TIE COMPTROLLER OF THE CURRENCY
YELLOW FEVER In sHREvEPoRTSDRATH
OF A Observation-Disclosures DISASTER
SALE OF GOVERNMENT BoNDs-PREs1-
DENT GRANT IN wASHINaToN-sToRM IN
FLORIDA, 90.
New YORK, September 20.-The Of.
hoers of the banks and the Clearing
House Association, at their meeting this
afternoon, unanimously resolved that
until the first of November next, any
bank In the clearing house who shall
issue to that bank certificates to the
amount OF seventy-five per cent. of the
cash value OF such assets, that such GER
tlhcates shall be accepted in settlement
OF the clearing house differences, in the
place OF legal tender notes. They fur
ther resolved to pool all their legal ten
der notes. and make common cause
against any attempt to break any OF
them. The issuing of these certificates
will be carried to the extent of the full
assets OF the bank, if necessary. The
practical effect of the issue will be to
eoonomize the use of legal tender notes,
these certificates taking their place; it is
an exhaustion Of the bank credits and
facilities, but not Of irredeemable paper.
Banks to which loan certificates may be
Issued will be charged, in addition to
the seven per cent interest, one.quarter
OF one per cent, to defray the expenses
consequent on carrying out this plan.
A member OF the Governing Committee
of the Stock Exchange, when oues
toned. this afternoon, in regard to oIos.
ing, said shat the banks began tn refuse
each others checks, and it was useless
to attempt continuance of business
under such circumstances Under the
rules, every member of the Stock Ex-
change was obliged to recognize any
certified check upon any bank in the
clenring house; but affairs we're in such
astate that men who deposited certified
check and drew against it did not know
how they were standing Members of the
Governing Committee met at II o'clock,
and unanimously resolved upon closing
up the Exchange by H. So. The day
closed with better feeling among the
banks, and with the belief that affairs
will mend early next week. The closing
OF the Stock Exchange is generally ap-
plauded. and the opinion is expressed
that the Governing Committee should,
after making some arrangement for sat-
tlement among the brokers OF the con.
tracts falling due to day and Monday,
keep the Exchange closed for O few
days. Bank EtatsMent not out
There is much difference in the
amounts Of thas defaIoatton OF Carlton,
Secretary OF the Union, Trust Company
the tignres'giy ranging all the why
from $2B0.g00to S500,OO0. The insti.
tuition sold &10. 900. 900 0bonds to the Go
vsrnmeat to-day, which places it lin
funds Tor next Week;iands il has also
over goO, 900 call loans, which have been
called, and this money will also be avail
able next week. The fact that tho
checks Of sons banks have been thrown
out OF the clearing house, does not ne.
ccssitate their failure in the present
deraDged condition of affairs.
New YoRK, Sunday Night, Septem-
ber .2l.-Prosident Grant and Secretary
Richardson have been in consultation
with Vanderbilt and others, leading
capitalists, bankers and merchants,
since noon. No action is reported yet.
At a.late hour last night, it was stated
in one of the clubs. that Commodore
Vanderbilt had paid into the Union
Trust Company, during the day, So, O00,-
0Oo. the amount due by the Lake Shore
Road, thus enabling the Trust Company
to resume business Monday. The gene
raj cause of the suspension on the part
OF the banks and bankers, yesterday
was their inability to convert securities
into cash. Even Government bonds
could not be disposed OF, except ut i'm.
menae loss. By the action Of the bank
officers yesterday, this difficulty is done
away with. Any bank, by depositing in
the hands of the committee good securi
ties, can obtain an equal amount of GER
tiicates, which can be used in clearing
business, instead of legal tenders. The
use OF these certificates will 20 into
effect to morrow. The City Chamber
lain denies the rumor cirauiated yester-
3ov fhot 81 Enn nm 80. a,