New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-26
GOVERNMENT AID WITHDRAWN.
THE PURCHASE OF BONDS sUsPENDED-AN UNKNOWN
ACKNOWLEDGEMENTS OF BANKERs.


acknowledgements OF BANKERS.
Over the cashiers window in the United States
sub-Treasury the following notice suspended yes
terday:
OFFICE OF THE UNITED STATES ASSISTANT TREASURER,
NEw-YoRK, Sept. 25, 1878. !
The purchases of bonds this Office for the pres
ent suspended. THos. HILLHoUsE, Assist. Treasurer
A short distance TO the right another notice was
posted announcing that the Treasury Department had
decided not hold the gold sale advertised TO take
place yesterday Gen. HihOuse informed TRIBUNE
reporter that he had received orders from the Treas
ury Department stop the purchase OF bonds
orders additional to those OF Monday morning He had
then been directed to buy 52Os until certain conn-
gency should occur. That contingency had occurred,
and he had stopped the purchase.
RepOrter-Wbat was that contingency
Gen. Hillbouse-NOw you ask too much cannot tell
you that
Reporter-Have you received any ntmation from
Washington or Long Branch to the future course Of
the Government in the matter
Gen. Hillhouse-No, nothing dispatches have been
received to-day except in reference to matters OF detail
The kilograms giving instructions seldom come in
the day time they generally about midnight
The reporter asked concerning the truth OF report
that the Secretary OF the Treasury would return bonds
TO persons who had sold them and at the price.
Gen. Hhouse replied that he had heard OF nothing of
the kind. A wekuown bank President In conversation
with TRIBUNE reporter in the afternoon said that the
stopped the purchase of bonds was the failure of the
national banks the of the Government
banking houses, Henry Clews q Co. especially. AS the
bank officer did not wish have his mentioned,
the gossip Is given for what it is worth.
sudden soppage OF the purchase Of bonds by the
Government, yesterday, caused much surprise among
nanciers, and was generally criticised severely. Johh
j. Cisco who Of the oldest 6nanciers in the city,
and who was formerly Assistant United States Treas
urer stated to TRIBUNE reporter that he understood
the for the stoppage that the Secretary OF
the Treasury had authorized the purchase of ouy
specified number, until the relief called for
plainly visible. lie believed Gen. Grant had said
Sunday that nifty millions would be purchased II
sary but that Secretary Richardson had placed the
limit much lower, under the impression that sub
stantal relief would eDsue and confidence be restored
at once Mr. Cisco thought that this had already been
effect OF the purchases and that the prospect now
looked much brighter He felt quite however, that
the President and Secretary would be in consultation
soon if they already the subject, and that
if the mpre ssion prevailed that the stoppage was un
WISE the sales would be resumed.
Mr Grain OF the firm OF Duncan, sherman, Co., said
that the sOppage of the purchase OF bonds had resulted
in no pressure upon the money market yet, and might
not reported that the express companies had
brought money the city the previous night
than they had taken out. He believed the stoppage
was unwse and that the purchases would be resumed
when the President ADVISED OF the necessity for
continued purchases
Mr. vermilye Of the firm Of vermnye 4 Co. thought
the stoppage of the purchase Of bonds intended to
afford relief to the foreign exchange market.
W. NJ. Clark, foreign exchange broker Broad-st,
said the stoppage of purchases at this moment was
wrong He believed the President was already in con-
sultation with his Treasury officials the subject OF
resumng the purchase. The effect may prove disas
trous. Many people had gathered bonds together for
sale and under the present order find themselves en-
barrassed He knew Of one man who had two millions
in bonds TO sell today and the sale OF that amount
would evidently have done much good. There were
undoubtedly great many In the condition. From
towns IN the interior bonds coming in, and doubt
less large packages on the way. The course
was very unwse, but would doubtless be remedied.
Mr. Robinson OF the firm Of DreXel, Morgan Co. said
the stoppage very unwse because the great relief
afforded by the purchases would now cease. He knew
Of heavy Of bonds coming on one of 100000
and another Of 100000 which, of would have to
be returned The relief afforded the original order
was very beneficial, and he believed the purchases
would be resumed as the Government was ad-
vised OF the necessity for 1t.