The New York herald., 1873-10-14
WASHINGTON.
WASHINGTON, Oct IS, 1873.
What tho President Meant to Say oon-
corning the S44, ,OOO,O Reserve.

WASHINGTON, Oct l3, 1873.
What tho President Meant to Say oon-
cerning the s44,O00,OOO Reserve.
The friends OF the President who have talked
with him recently the financial condition OF the
country and have heard him express his views In
regard to specie payment, were surprised to
find in the semi-onicial article published this
morning the statement that she should
recommend positive authority to reissue
the s44,00O.0OO OF legal tender reserve" His
attention was called to this apparent variation In
his views, as repeatedly stated OF late, and the
President was surprised to find he had allowed
himself to endorse this language as rejecting his
opinion on the subject and which he saw was
liable to be construed favoring expansion.
What he meant was this :-Diverslty Of opinion did
exist as to the right OF the Treasury Department
to issue any portion OF the reserve, and
all doubts could only be removed by Joint reso-
luton OF Congress. His purpose was to direct
attention to this fact and ask Congress to settle,
by positive legislation the right OF the Secretary Of
the Treasury to consider the $44, 900 ~
q reserve to be temporarily drawn on only as ac-
tual Indebtedness made 1t necessary for MIN to do
30 In paying the demands made upon his
department. This might be regarded as iavoring
expansion, but he was convinced that without such
a reserve the Treasury would at times be in the
condition OF some OF the national banks and
obliged to suspend currency payment Let the
outstanding circulation be fxed as 1t now is, At
$356,000.000, and the $44, ,o00, 600 be kept aS tt
ia now, q reserve for any emergency.
Such reserve was absolutely necessary for the
protection OF the country's credit, and If it could
not be held as at present, 1t would have to be
made by withdrawing notes from circulation and
then the cry OF contraction would be raised.
While he did not favor increasing the circulation
permanently, or Initiating the currency, as it was
called he did not want the unsullied credit OF the
nation jeopardized by restricting the Secretary
OF the Treasury within $356000,Oo0 any
more than he would wish to see the business in
terests of the country embarrassed BY withdrawing
any considerable portion OF that amount from CIR.
culation to create reserve. In reply to the sue-
gestion that under his administration such author
1ty he spoke OF would not be abused but that II
was dangerous power to confer upon the Pres
dent, he replied 1.-THE authority may be limited
by law, and need not be left wholly to the judg
ment OF the Secretary; but 1t win be time to dis
cuss that some weeks hence. am satisfied Con-
gress win act wisely in the matter"
Call for Reports OF the Condition OF the
National Banks.
The Comptroller OF the Currency to-day issued
circulars calling upon all the national banks for
report OF their condition at the close OF business
Friday, the 18th Of September, 1873. The Bank
superintendent Of the State OF New York has
already called for q report of the condition OF all
the State banks Of that State for the same day,
that complete statistics OF all the banks,
State and national, in the city and
State OF New York can be compiled
from these returns when received. The Comp
troler has also selected this day in order that lie
may be able to furnish complete statistics OF the
condition OF the national banks OF the whole coun-
Try just previous to the beginning OF the panic
AS the call for the report has been delayed for ten
days beyond the usual time 1t Is urgently re.
quested that the bank officers Will respond as
promptly as possible to the circular OF the Comp.
troller.
Tho Poiaris investigation.
The examination OF the P0laris survivors way
continued by Secretary Robson to-day, but the
Injunction Of secrecy has not been removed. and
therefore nothing reliable can be ascertained con-
cerningi it.
Appalling Losses by tho Late Storm.
report of the movements and damage done By
the great storm OF August "a, 1873, has been pre-
pared at the signal of1ce In this CITY, from data
carefully collected from reliable sources, which
will be given In full to the public In few days.
The following Is summing up Of the losses caused
by this terrible storm vessels of which 435
were small fishing schooners, are known to have
been destroyed during the oath and 25th OF August
In the neighborhood OF the Gulf Of st. Law.
renee and the Atlantic shores oI
Nova Scotia, Cape Breton and New.
foundland In addition to this large number over
90 vessels were destroyed by the same storm in its
course before reaching Nova Scotia, making a
grand total Of at least 1.122 vessels destroyed
within few days. Two hundred and twenty.three
lives are definitely reported as lost, and the most
moderate estimate OF the numerous cases In which
ybnla IN hay hoan
swells this number to nearly 500, while
II TO this be added the loss Of life on land and In
the earlier history Of the cyclone the grand total
amounts to at least 600 lives. The records also
show that about 900 buildings were damaged or
totally destroyed by this storm The fishing inter.
ests Of the United States and Canada have been
seriously crippled by these losses, which have
fallen with especial severity upon Gloucester and
other New England towns.
Demand for the Trade Dollar.
The superintendent OF the Carson City (Nev)
Mint informs the Secretary OF the Treasury to-
day that the trade dollar has, since the financial
troubles and the depreciation OF the value OF sill.
yer, gone into circulation extensively, and though
not intended for home use, the miners and bust.
ness men prefer 1t to fractional currency.
P0meroy's Assailnnt Considered Of Un.
sound Mind.
Several OF the old personal friends OF ex-Con.
gressman Conway, who attempted to kill ex-Sen-
ator Pomeroy on Saturday last, will tomorrow
make application in the District Court for a COM
mission OF lunacy to examine Conway, as they be-
lieve him to be OF unsound mind.
The Supreme Court Judges ut the White
House.
The Justices OF the Supreme Court accompanied
by Attorney General Williams, called at the Execu-
tive Mansion to-day and paid their respects to the
President.
The Trial Of Judge Wright.
In the Criminal Court to-day E. P. Stanton filed
q motion to quash the twenty-eight indictments
against Judge Wright charging him with certain
forgeries In Indian bounty cases, and by agree
ment the argument to quash was postponed until
Chief Justice Cartier shall hold the criminal term.