The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1873-10-16

wAsnrxsTos. october 1a.-President
Grant yesterday, in an interview said he
thought the panic generally through the
country differed essentially beth in cause
and eject from Any similar event Of which
he had knowledge. When such events have
heretofore taken place, distrust has been
Occasioned as to the currency in circulation;
every one in possession of currency would
rush to the banks with it or spend It in the
most liberal manner, but now currency In
stead Of being deprecated is actually becom-,
ing daily more valuable He thought he saw
! IN passing events the first steps toward re-
sumption of specie payments, for the reason
that panics generally occur when the country
lacks prosperity, such as from the failure Of
crops, over purchases from abroad, eteA In
this instance the panic has occurred in the
midst of the greatest general prosperity. He
believed he was correct in saying our eX-
ports since the beginning of the present
fiscal year have excelled our imports too
at time when comparatively no cotton,
the largest single item of export, was not
moving. We produce =. everything in
abundance and the demand for it abroad
is beyond the supply we have to spare.
Our manufactures are prosperous, and
many articles which have been imported are
to large extent not only being produced
at home, but we arc actually competing IN
the supply of foreign markets. The aid re-
Gently rendered in the purchase of an un-
usually large number Of bonds was not so
much real as moral The fact is the money
corporations of the country had become
startled and stampeded the whole
country. Had not the Treasury come
to aid them in some way, the fright
would have become more general and the
consequence to the country more fatal As
1t was, it was really believed the effect was
going to be beneficial in many ways to the
country at large, though the cost to some
individuals deserving of better fate may be
severe. A return to specie basis can never be
effected, except by a shrinkage of values.
This always works hard to "a large class, of
people who keep all they are worth on mar
gins. This shrinkage has now taken place.
Disasters to individuals have already
overtaken them, and he sincerely hoped the
advantage may be retained in order TO
reach solid financial basis.
Already the currency has appreciated to
about par with silver. He wondered that
silver IS not now pouring out. When this
should take place, his theory was the coun-
| try could absorb from two to three millions
of it; this would prove a great benefit in
several ways; it would supply a market for
a number of years for a product of our
mines, now becoming drug; it would take
the place of forty millions fractional cur
reney, about the amount of change that ex-,
perience has proved to be necessary for the
transaction of business and will become
the currency, which will be boarded in
III l. Io1.oxro1 al
more in circulation, greenbacks would never
be at discount for silver. All fluctuations
from that point would be in appreciation of
the value of our paper money. The Presi-
dent said he had thought much on the sub
hjeet, and il he were now engaged in writing
his annual message TO Congress, he should
recommend on his personal authority, to re-
issue $44, 000, 600 reserve. Al free banking
law will have the same protection to bill
holders as now. 70 ano ,J ia s-ul s-u q. s1-
-o- 5ry'rra7l NetV orleans. o. b7nse - p
New ORLEANS, October S.--Henry Ar
mant, a well known and highly respected
] young man, was shot and killed last even
ing, at Mrs TrehaTt's residence, 119 Royal
street, by Sam Williams, gambler. Canse,
! Armant refused tOarecoglrize Williams on
] the street. 5a-l i.a o.
A fire destroyed the square of buildings
! bound by Marigny, Vaudeville, Goodchil1
dren and Louisa streets-about forty small
houses. Loss, $4,000. a' p
new ORLEANS October TIA dispatch
! from Cant. Pursan, dated Nassau 6, reports
that the steamer Missouri was wrecked Oc-
tober off the Bahamas. The ship broke
in two; crew and passengers saved and were
landed at Bemlni. The Missouri belonged
to the Mississippi Dominion Line. The iron
propeller was formerly called Hammonia,
and had just undergone $500 repairs She
left Liverpool September IL for New Or
leans with an assorted cargo. Loss $125, 600
to $500, 600. c0 da .61
DR.. Jos. Jones, one of the original pro-
fessors of the University of Louisiana is
dead. Aged GO years s5l 77E
SOUTHWEST Pass, October 12.-Arrived
steamship Tasmonia, Wilds, master, forty
eight days from St. Nazairie, France. She
experienced severe hurricane when be-
tween Cape st. Antonio and Champheny,
and lost her two lower and top sails and
other sails. M III m 10 s5a
I On the sixth she sighted the hull of a
vessel bearing north. with all her masts gone
# lose to the deck, but with spars rugged up
brward and aft. She proved to be the
If Pip Lady Russell, from Liverpool to Mo-
lFl tc. I16E captain TSluSSQ dSSlSIduCe, DuG
n aed to be reported all well.
q IN the seventh she came across the ship
n, Is of the Skye, from Prospers for New
!. ", with her rudder and masts gone, and
q eve sail and rope blown away The crew
haaeen three days without water. Nearly
4 all crew were disabled, and wished to
,leayshe vessel. The Tasmonia took them
Il OIL a brought them to New Orleans.
v The Stain and crew fred the Isle of the
Skye fore leaving. @ q .ag g.
i NESoRIEANs, October 14.--The bark
Leone IS arrived at Southwest Pass. When
i OIL Caf Stanton she lost a man overheard
% IN a stoi. On the fifth she picked up the
a crew oAthe English bark Leander, Of
q Glasgow, The Leander was dismantled
f and becaA manageable when forty-four
days out ON Buenos Ayers, bound for
Pensacola.
= NEW O1sANs. October 13.-All incom-
ing vessels port encountering a terrible
O. hurricane oIhe fifth and sixth inst. The
n shlp Carondt, from Liverpool, lost all
but the malnIst, mizzen and mizzen-top-
q mast, but arrAd at Southwest Pass. She
r was yestsIaay companywith anunknown
unmasted snip, The ship Bremen reports
es having seen a X with her mainmast ear
rs ned away ana an 70 fullrigged ships, both
hNNlnS 1oSs elSA Z InlastS ana yards ti>
The New Orles Clearing House Asso-
= citation has estabbed two ner cent. IRE
- MUM as the rate he collected for tae
e. present, Tor exchae upon bills and notes
n which are made pable with exchange on
:, New York. - - 'asassl sAt-ts 80
ut NeSSEOFlE. laa
D NEW YORK, octol o-Tbe sixth ans
as n6al meeting Of the silroad CONDUCTORS.
ID Life Insurance Asso6ion reporfs ifty-
he seven deaths during thyear.
We DelSoe Suver. Of Jer civ one az the
n wealthiest capitalists iSSew Jersey. has
st been adjudged a banl<it He was vice
President Of the New ~ and Cswego.
and Maryland Railroad a,panies, MS
liabilities are said to Teacle 000 0o0.
~ Tho colored Republican y, vent;or q Il,
" session. During the day " resolved 10
ay keep up their organization d;ncf instead
Nls,v,r