The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1873-09-27
OUR WASHINGTON LETTER.

money panic. 4e eAcAteHelII HoAe'
though intense, does not compare
with that raging in New York all day
yesterday.
On Thursday morning, when the
announcement of the suspensions of
| Jaw Cooke & Co. and of the FIRST Ma
tienal was made there was general
alarm and no one knew what to think
or say. The panic took no definite
form, however, during the whole of
that day, and no one could form any
idea where the heaviest blows would
fall. Mr.. Knox, the Comptroller of
1.-The Currency, took possession of the
sst National and appointed Mr.. Ed
lin L. Stanton receiver. The great
est anxiety was felt regarding the
Savings banks, and the National Saw
ings Bank availed itself of its char
tered right to require thirty days no.
tice from its depositors. Of course
this efectually checks any run on
that Institution. Yesterday morning
crowds began about the doors of the
Freedman's Savings Bank and the
Washington City Savings Bank, and
during the entire day the run contin-
I
ued, each holding out well. The
officers of both institutions declare
their ability to meet any demands
that may be made upon them, and it
is now believed that by this evening
the panic will have subsidized. Much,
however, depends upon the turn of
affairs in New York.
Appeals are coming up to Secretary
Richardson from all quarters for aid,
and assurance was given yesterday
afternoon that action would be taken
to-day to relieve the pressure, but
the manner in which this assistance
| is to be rendered. was not indicated.
It is supposed that this morning an
offer to purchase several millions of
bonds will be made at New York,
and it is believed that instructions to
that effect were sent to the Sub Treas
urer last night. This will likely have
a good effect, as those banks having
government securities will then be
able to convert the same into cash,
| If anything is done it must be done
| to-day, as, if the present state of af-
| fairs continues till Monday 10 human
being can tell what may next occur.
! That there lis something rotten in
our present financial system viii GER
tainly now be apparent to every one
That this panic was coming, surely
| coming, was evident to observing
men months ago, yet, strange to say
| nobody dared warn the public of its
| approach. Your correspondent had
occasion in letter published upwards
of two months ago to speak of this
matter in connection with the char.
acter of our circulating medium, and
stated at that time that a storm was
certainly brewing. This opinion wa
i y
| founded upon the fact that the values
| of gold and greenbacks were con.
stantly being farther and farther sep
Grated. When the price of gold fel
two weeks ago to-day to 10 and the
bull movement ended in inglorioul
defeat many persons welcomed tn.
event as sign of returning security
There were others, however, closel
observers, who regarded it as a har
binger of evil, as token that the evi
| day was near upon us.
| The Secretary of the Treasury may
afford temporary relief to the banks
of the country, but to my mind there
is nothing more evident than that i
must be but temporary unless more
important measures are taken than
mere purchase of bonds. Until w,
see our way clear to specie paymen
speculation win run riot and conf
denee can not be restored. The trouble
in this connection is that no decisiv,
step can be taken in this direction
without the authority Of Congress
and that body will not meet until up
wards of two months hence. VIVA
may occur in tie meantime no one
can know.
Information has been received Al
the Navy Department of the safe ar
| rival of the Polaris crew at Dundee
| Scotland, on board Scotch whaling
vessel. A dispatch has also been re.