The New York herald., 1873-10-24
No Change in the Policy o.
the Government.
ACTION OF THE CLEARING HOUSE,
Explanatory Washington Dispatches.
The Money Market.
GREENBACKS GROWING EASY.
Stocks Irregular and Opinion Divided as
to Future Values.
WALL STREET,
TUvrRcDAy Oct o2-Ap M.

THURSDAY. Oct. 2S-o P. M.
"But cannot the bank presidents be brought
business interests generally : The, government
then win DO all in It's power. Tomorrow VIII
consider the question. with the view to do all In
my power for the relief now so much needed"
An elderly person, weak enough TO have his head
turned by an autograph letter from Ulysses. Grant,
went into the Clearing House Association to-day
and exhibited the above words. For some reason
or by some accident he has become the President
nominaly OF a bank. Why men possessed OF that
brain capacity which IN simple arithmetic would
be represented only by vulgar fractions should be
assigned TO influential places; why the factors
and depositors OF banking institution should
select
AN IEJUDICIoUs INDIVIDUAL
to represent and control their wealth. is one OF the
physiological conundrums not likely to be answered
this slde Of natures great equator 1t is
theless illustrated by the events of to-day, when
sage, solid substantial body OF gentlemen were
brought together by one OF their number, who
chose to don for the occasion 'rngs on his fingers
and bells his toes;" albeit in ten minutes after
wards they dissolved their contempt with such
Of1cial language as this
Resolved, That the message OF the President of
the United States TO the Banks OF New York be re-
spectfully and gratefully acknowledged, and we
cordially recfprocate his kind wishes ana will act in
the spirit which he recommends.
WnaJ q nice pOulClce bnlS must De on the PreSl-
dental stomach A private letter is written; in
the intensity Of egotsm it is forced upon the nan
cial magnates OF this metropolis; as matter OF
courtesy TO the writer they pick from it the only
paragraph that bears notice, and then, as
A MATTER OF COMPLIMENT,
not to the writer, but to the distinguished bank
brother' who received it, treat 1t very much an
old woman would manipulate slippery elm en-
Drocration. The truth is, this whole matter has
been farce, and the bank president who played
the principal part has made himself laughing
stock for his associates; while the Stock Exchange
which, 1t would seem, has been attempted to be
manipulated for some speculative purpose, not
quite yet developed. regard him as an unsuccessful
monumental representative OF q first class scare.
It Ia dificuls to deal mildly with these men who
strive to
MAKE 'ssENsATIoNs.,
They may be robed In broadcloth or rags wear
the shadows Of contribution boxes in their faces,
possess the arch tricks Of the devil; work with
one hand the Bible and the other in the pockets
or their next best friend; play Uriah Heep to
wealthy men, and Mephistopheles to the rest OF
manknd-but in the end, diabolism, nabobism
mock courtesy, native ignorance, assumed dignity.
worthless pretension-aIl win mingle together and
make creature for whom there is no synonym in
the English language. This 'Buchun business is
facts as 1t finds them and not submit to be led by
the nose by persons whose chief capital in trade
Is autograph letters from "the powers that be.n
1t may be added that
THE SITUATION OF THE NEW YORK BANKS
rs daily improving. The meeting Of the Clearing
House Association to-day amounted to nothing ex-
cept in so far 1t was ofrcialiy agreed that the
pooling process should terminate on or before the
Ist OF November. The resolution reads as fol-
lows
Resolved, That from and after the 1st OF No.
vember next the equalization OF legal tenders by
the banks OF this Association be discontinued.
The character Of the Presidents letter to the
person who has been the cause OF so much mental
disturbance is described In the following despatch
from Washington to-day
The President having nearly recovered from his
Bckness, which kept him from his Office yesterday
received to-day large number OF visitors. On be-
ing asked by friend as to the contents OF his
cent letter to Mr.. Williams, he said he therein
peated former remark-namely, that. In addition
to what had already been done by the government,
the only way OF relief was Tor tue government TO
buy exchange; but exchange could not now be
bought, as the government has no use for It, having
already purchased enough on London for the Navy
and State Departments TO answer present pur-
poses. There is no intention. he iurther remarked
TO draw the $44 o00, 900 reserve except to meet
the current expenses OF the government. Tne
money will be used for no other purpose. II would
seem, from further conversation with the Pres-
dent, that the letter In question was merely sug-
gestive without asserting any intention OF positive
Official action.
1t is not subject OF wonderment that, after such
q contrast between representation and fact the
recipient OF the foregoing communication should
find his various propositions pretty unanimously
voted down.
THE MONEY MARKET.
Money has ranged from per cent to 1-32. Green
backs are quoted at Lie X per cent premium
There has been decrease OF 100000 in the legal
tender circulation since Yesterday Foreign ex.
change was nrmer and closed at 1861 1867 for
prime bankers sixty days. sterling and 1O7z 10s
for sight. Commercial and continental sterling
was dull
THE GOLD MARKET.
This department was without interest prices
varying but trine. We quote, as fluctuations of
the day, as folows:-