The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-26
The Fifth Avenue Conference Be.
tween New York Capitalists and
the President--Magnilude Of What

The nts.Masnllude oi What
II Involved.
From the Philadelphia Lcdger.)
One OF the most important incidents OF
the late financial crisis, considered IN
connection with its results. was the gath.
ing Of great capitalists In COUNSEL, on Sat
urday, the Goth Of September, at Fifth
Avenue Hotel, New York, the purpose OF
which asscmblage was 10 induce the Pres.
identand the Secretary OF the Treasury
To break the law-to do q little wrong,
that, In their own estimation, q great
good might follow. According to report
the whole lie and stir OF The great city
was compressed to one centre, Solid
groups OF business men, engaged in low
aud earnest conversation, crowded the
Hobbies on the first floor Of the hotel, where
the President, Secretary and their little
party Of four or five were assembled.
Among the capitalists and citizens who
waited In the parlors to hear the decision
Of this august body were Opdyke, Orion,
Kennedy, Cisco. Shaw, Hatch, Claiiin,
Hoey, jenkins, Van Shack, General San.
ford, Banker, aud many others whose in
tercsts lay In the immediate turning Of
the financial rout. The Hon. Reverdy
johnson was vissble at frequent intervals
in the anxious throng. 1t was rather
substantial assemblage, indeed, and when
Commodore Vanderbilt, on the arm Of
younger friend, put in his appearance, one
OF the substantial men remarked, with
possibly pardonable pride, "a very sub
stantial assemblage indeed. should
say over u hundred millions" The
capitalists held their consultation In.
formally, and most Of those named above
were present The discussion began at
about l0o'clock. and revolved immediate.
ly around the direct proposition that the
Gorernment should loan 10 Tic banks Of tie
ciy the rt0b Teserve in Tie Treasury, II |
needed, and that II should be done before |
10 o'clock OF Monday morning, Twenty |
diferen. propositions meant only this, al |
though they were put in twenty different
ways To this there was strong oppo- |
sition on the part OF Secretary Richard |
son, who politely declined 10 do anything
Of the sort, Some Of the bankers init
mated that II was not his funeral. The
conference again consulted, bu, could
come 10 no satisfactory decision. Score
tary Richardson held firmly 10 his pur-
pose, and the President us firmly backed
him In it. For this firm and upyielding
determination the two officers named de-
serve the hearty COMMUNICATION Of the
whole country, as they certainly have that
OF this paper. Finally, the President,
taking the same ground made memorable
by President Jackson, when importuned
to restore the deposits TO the United States
Bank, gave notice that he would enter
tain No proposition which was not stated
distinctly in writing and signed By each
capitalist In tho conference. Some con-
sternation over this notice ensued,
and the conference became more
intensely earnest than before. That
distinguished lawyer o, Baltimore
the, Hon. Reverdy johnson, being
present, was consulted, who decided that
"the President had no power to make
any such ISSUE" but, in accordance with
the wishes Of the importuning capitalists,
he prepared statement In writing, 10 be
presented TO tho President and Secretary,
which statement rested on no stronger
basis than that, on former occasion,
during period Of monetary stringency.
the amount Of 100000 was issued by
the Secretary on orders from the Presi-
dent, and that the people had hailed this
as measure Of relief and had endorsed
this action OF the President by re elcc;ing
him with an almost unprecedented ma
jority. The letter was read 10 those as
sembled, elected their approval, and was
presented TO the President That officer
expressed his willingness 10 do anything
for the relief Of the financial community,
provided the law would bear him out In
so doing. Secretary Richardson was op,
posed 10 issuing the reserve greenbacks,
because he believed there was no legal
authority for II. He said he appreciated
the situation the financial world had been
thrown into, but was unwilling to violate
the law. II Is stated that The Secretary
demanded that the banks make succinct
report TO him oil their condition
before he would entertain any prop.
osition The Interview then ended,
Mr. Henry Clews announced TO the
committee Of capitalists the following as
the Presidents decision; "He had decided
to buy an unlimited amount Of five
twenty bonds at price not exceeding par
10 gold. He will not issue tho $4,000
00o greenbacks." This frInness OF the
President and Secretary Of the Treasury,
~ refusing 70 reissue any part Of tho re-
uIed $44' VooOeo, is strictly in accordance
win law ana right, and Is simply nomofe
than lheir duty; ont under such straits as
the PRESIDENT and secretary were, urged
to wrong thing, and yet the risht mr.
sued, they deserve special commenda,In
II Is the best aud most assuring act Of ths
Presidents whole administration. TheI
same wisdom and magnanlmity aud mod.
Grafton, II maintained 10 the end, viii do