Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-25
SENATOR MORTON TNTERvIEwED.

SENATOR MORTON INTERVIEWED.
New YORK, September Ex-senator
Morton is still in town, watching the
financial situation with great interest.
A Tribune reporter called upon him at
{ the Fifth Avenue hotel 10 inquire wheth-
er be had received any intimatiOn OF
further action by the President. SeDs-
tor Morton said ne was not authorized
20 speak for the President, or to say
that be was prepared to do more than
he had done. He had thought when he
left town, on Sunday, that the remedy
I adopted would prove sufficient; If be
I should become convinced that it was
not enough, and that the panic was in
. ereasing, the senator thought he would
: do Whatever he could within the law to
( restore confidence. The senator said that
I Reveerdy Johnson was OF the opinion
! that the President was not authorized
I TO take money from the treasury and
. deposit il in the national banks. There
were also doubts about the legality OF
/ uurchasiuE bonds not yet due. 1t was,
/ therefore, difficult TO devise a way Of re-
2 Iieying Wall street with money from
/ the treasury. The President would do
( al that be could, but was very desirous
Of keeping within the letter Of the law.
Reporter-What effect do you think
the excitement of to-day, aud paTticu-
larly the failure Of Henry Clews 4 Co.,
Z will have on General Grant?
Senator Morton-The failure Of Henry
3 Clews & Co. viii Lit him the hardest OF
all. Poor Henry, / am very sorry for
d, him.
Reporter-I see that the President has
3 returned TO Long Branch to-day; do you
. expect him TO come over tomorrow and
look after matters himself2
Senator Morton-NO; l doubt if he
( viii come. AS soonl as be gets there be
: Is surrounded by crowd Of self-consti-
, tuted advisers, ard 1 think be can de-
eide what to do as well away as here.
Senator Morton expressed earnest
hope that the outlook might not be 80
discouraging as it was thought, and that
things would open much better this
morning than they had closed yesterday
afternoon.
Ex-sECRETARY MCULocH's oPIN-
ION.
New York, September 2s.-The eX-
: secretary Of the treasury, Hugh Nc
/ CullOch, a member of the Loncon hrm
t Of Jay Cook, McCullOch d Co, was
called on yesterday by reporter OF the
/ Tribune, and in response to inquiries
a. TO whether or not the London house
I was much affected by the panic, be
Z said advices were OF q most cheerful
4 character. When be left London there
was no suspicion that financial revolu-
sion was imminent there. There SEEM
ed to be no disposition to practice
/ economy on the part Of Americans.
. kHHHa NJ
/ is demand for them abroad
ut good prices, and trade is prosperous.
I Under these circumstances there was
/ no ground whatever for the existing dis
turbance in financial matters; had be
supposed there was any likelihood OF
] such a contingency he would have re-
nnained in London to attend 10 the busi-
| ness OF the house. He received his first
intimation Of any disturbance when the
, steamer reached the quarantine on
Monday evening. He was asked
l whether he thought the present panic
( would become widespread aud serious
I ly affect the mercantile IS well as the
/ financial community. Mr.. McCuloch
replied that he could see no reason why
! it should; the country was in 3 good con
dition, If good crops aud good prices for
I them could be taken as a criterion
dnsacial panics were always senseless ;
ev,wytbiHg depended upon the main
tains,,ee of confidence; the great
fronbla Was that in times
lie the present men became
frigbtened am beid on 10 all available
funds they posse, 'sesi IN ~, sne PTTea5 DIESEL !
instance the eommL 'hty was aisutae'' 6ats
by the failure of Keny m SoX ',.. q -, -
and the Warehouse and Sc, "sty ~ 80 -
paDy, and have become disu1 ese1 -
those houses and banks whose reso.
and credit are ample 70 meet the OrdiE-
AIRY requirements Of business, and even
TO withstand considerable run. Each
one endeavored to prepare for the com
ing storm, and in this way precipitated
the panic, which was now taxing the
emergencies OF fnancieTs. he could
see no reason for its extending to the
mercantile community, and disturbing
and disauanging the commerce Of the
country. He cOunseiled confidence in
the resources Of the country and the
ability in the greater part Of thu mer-
camille community TO pay its liabilities
Distrust and suspicion would sggravate
and extend a calamity, which could be
avoided il the community acted sensi-
bly, and discreetly.