National Republican., 1873-09-29
THE New York Bulletin, which Is one Of
the best financial papers in the country, has

The New York Bulletin, which Is one Of
the best financial papers in the country, has
the following In Its edition Of Thursday;
at Ia hign time that the public recovered their
reason. The panic has infinitely exceeded any
real occasion In the situation OF anairs, with
road interest-on which the panic has already
done its worst-the crisis has found everything
sound. or the important banking failures that
nrye not the non Trust
Allowing for the defalcstiOn, will be abundantly
able to liquidate in deposits. The National
TruSt sasr sGoa
over their liabilities, and can resume lmmedi-
ateiy on the recovery OF confidence. Jay Cooke 4
Co, though seriously embarrassed na oy advances
Thing in full, even i their Northern Pa
fnc says "a ss aSTn
In not suspending until they had paid o., ,2o0, 900
Of deposits; and their remaining assets VIII far
more than provide for their nnpaid liabilities
Their suspension must bc only temporary. The
Bank OF the Commonwealth will be able to pay
every dollar to It's depositors, aud return 70 lts
stockholders most OF their Investment. Two
other banks upon which there was . persistent
for two days have stopped the drain by paying
every legitimate oemand. These suspended
nrms, holding deposits to the amount OF fully
t22, 10000 have been compelled to close their
doors entirely from senseless run, and In face
OF the fact that they were abundantly able
70 pay every dollar Of Indebtedness. There
| cial failure caused by insolvency. The
panic then-the seversst known for slxtet
years-instead Of developing rottenness, has
proved the exceptionally strong condition OF the
banking interest. The crisis has tested the mer-
chants by depriying them Of bank facilities for
six days, and yet all stand nrm-the mischieyous
| rumoFs Of yesterday Notwithstanding. Was
panic ever more groundless IL has not shadow
Of Justification In the facts OF the financial and
commercial situation. Beyond the suppression
Lac. ntRFn ia M hA hEa y
| ing up OF rottenness-the ordinary work OF panics
1t is the reckless slaughter Of sound and pros
porous business. Ia IL not time, then, that
me rchAnts and bankers confronted this sense
| less raid with an innexiDle resolution TO stand
/ by each other to the last extrenity7
| hIs It not proper for those who are able to draw
/ out deposits or TO compel payments to consider
whether this tlmid selfproteetion Is at all neces-
| sary, and whether by encouraging runs they are
| not inviting needless rulnf WHAT are the means
/ for ayerting further disaster? The Government
has already placed SO OOO 900 OF legal tenders In
the hands Of financial Institutions TO provide for
| the demands OF their creditors and the necessi-
pay out ~, 900 600 more II need be. In the case
| Of former panics the lawful money was drawn
from the banks TO Europe, now 1t nows into
| their vaults as the demand increases.
''The banks have determined to issue an unlm.
tied amount OF clearing. house certificates, based
upon their own assets and these certificates dis
| pense with the use OF an equal amount Of "green-
backs" In settlements between the banks, leaving
| them so much more currency for use over the
counter. Virtually and substantially, therefore,
provision exists for the Issue Of nearly one hun
dred millions OF currency, or It's equivalent, to
meet the emergency. The occasion cannot re-
quire any such issue; but that Is the bulwak OF
resource against which this senseless onslaught
on credit and deposits Is made. The feeling In
London Ia better. United States bonds are
higher there. The news from the interior, ex-
cepting the local disasters at Petersburg, Va,
indicates reasonable confidence at our leading
| financial centres; and New York only needs TO
recover promptly Its self.possesslon 70 put a
quick end 10 this process Of causeless disaster.
A MRS. LEMON ran a. o candidate Tor the once
nf achnnl annerInI enannI In CentrnlIa. I'LL. The