davidaulloa/AmericanStories huggingface dataset:
, 1873-10-01

Ii Tie Edster qf The Chicago 1SiAuna:
n: Suppose It to be provided by law that any bond
Of the unlted States ny BE-, at my limo, at tho option
Of tho holder, vt any United statcs Depository, con
vcrtblc po currency ut ar and TINT curTcucy be- at
any ihue, at tho opton Of tho ho'er, at my United
States Depository, convertible into bonds Ut par
bonda OF isso, bearing interest at such rRte aa
would sustain them at par III gold, which rate We wiI'
asa,,rpn to be q per cent.
Tho hypothesis Ia without l!misnt!anH, mud oxtends
What wnuld be tho consequences Of such ieg'slation2
There are seasong IT. every year when 1noney-our-
III contreg, mud IL WORTH fr spgil-
lnata busiucss-uscs, not moro than 10 pcx ccut
and tAoro are other aeasons when 1t "a 'Turh Tor like
useH from 10 10 IS per cont TNa ya|ne Of the onr-
rcuoy measured by te rates Of interest businessmen
will pay for It, luctratc74 uko tue values Of al things
elae according to s 1elattye supply and apa,.d at
different pcsQd4t aNd ono Of tAcsa elan,cnts-tha
supplyjz fixed quantity tho rolaYo valuo III coll.
staay changing tho dctuapd varlcp, by vibrations
anuAt regular tho pssesaalon Of tho eautno,es
Tho exponent of tue ratio Of supply to demand Al
communal y. Tint tttno. Thts expopeAt Ii c6nstantly
rNips ,an falling Hence wa layo "cayy" aud
II Tho poopie know as ta.y copsa Ut my tisae tpy
might elect conyy{a tl,otr currency in,e unttts
s'atcs o,1 ct rarMhicl bond We Evsya assumed 10
t,sn ii asss caalins leak ,eaiy hH liz eyy svs cir
r1ney to-stay, conyes telr hd1a ut "ca Into Broe.
tarks, no n1Ntvs YAat lmstcu'ar lssto tluy might
ho!l VIII Il he Hai.l TINT mum holding $40 bUnl
which Ii worth u Dr cq,lt premium tn currency tt
day, would convert II taso eulsouay AZ pas7 nut. Il
, 1873-10-01
WESTERN CoU NTRY BANKS.

S,,,e;ol uf.Datrh 10 FL chieago 7,i1une,
M q our IL MsnaEs aoss e1ssp. oya
but Is not paying anything. at preseat), aro doing
i%taas hsnsss 81 USUAL aud people s'nof'y are taxing
pAyESPp8T, Il,
ts soTGsts 1 sqs sss 14sss scarcity
banIs s alero 70 tho nitoi check systa1n, aud, Of
National ni's ereated d. itle feeling among bank sn,
q ~ s y a SgS % ssrasasy ss's as
prominent lumber firm suspended operations so-aay
M osss StheF her sss sS
rs ss Tan Sss FL sst tyss sss
,synss sanss INK sTg 9h' ss oa spas S @
currency balances nro Increasing.
Ameeting Of bank officers was held this eyouiug, tho
import '' WHICH 'AS nwn5eus, aSs see sia.l'e'' IA.
:sss Rs:s & s!is a; s;s The ee
pstd 4 tSS III t6st ts saSl 4 iEsirs ; and nit
hnts es essrs sheed tho e resden ill., sod ID ps
sasd p1g 1iths 70 Il @
mako good tho ossea caused by their drawing o tho
= the nant t sss It M p1 70
xssthss u i al 1 St s:asas S Sa;ness ali a
''T DIgGoWE. ia, Sor9. D@The Merchants, National
teais6l votod Z g Into voluntary bsalrptsy On.
"''@'~ "e' xAnsAs o1rY, no. e:s'''
q s fsss M s sss sSs 4 n's r. nss @
f a m ssy q @ ssvs s rss ssssss a,ss ae1 w E,
GEess sasisty i iOt Ia sssasd to our tahs hers Sa&
, 1873-10-01

Special Dispatch to The CAfeaao 7FibNie.
ST. PAUL, Sept $3.50 far, banka and business men
National panks III old and very conservative instit-
ton, ta Said to have run short o{ currency Saturday,
but was soon strengthened by tmo;tleloalts. Tho
banks ciam not to nnyn been unusually drawn upon
last week By their depositors. but there Ia all bs-
ness o!rccs very anxious looking for tho en OF tile
Is particularly desired, becanae It'll we'll understood
that very fow Of thu now settlora communities can
afford to hold thcir produce.
Except ut tho Nofthorn yaclAe Headquarters, 1t is
generally conceded hero That the oporatloa Of tho
Northern faf1c Company, at leaat SO far as building
en INDEFINITE poriod Of time. Tha psrty built ostel-
sion linaa Of Tho b. Paul Pacific yeea 10 bo aba,l-
oned ut last though it ia reported thut tho parts Of
tho st. Vincent ltno which roned last year will bo
aupplied with rolling atock and operated tis tu and
next winter for thy purpose Of helping 10 ap extension
Of time On the laud-grnnt, .
Sp,efgl UisEatrA 10 1,he Estcago Tribune,
Hr, pAu1. aeps. Jo.-Tho financial situation is un-
eAapHel,
, 1873-10-01

tho currency could tho no1t minute or whenovct
1t pleased the holor DO ekct'agcd for now bond at
fsoa Ss "
bonls would continue to command ANAL premium.
sa %ss'a t,ese ss sesnys S;ss .nsa : s!: :
'sd tsa our sarsor,oy to by n,ategi
Convertible Into bond at par. whicl, would asl[in
ereenacis Go ii! Il onco 10 a fande into iho ,ew
bons and 70 diminish eur currency qae-ha aud IN.
money ia worth moro tlnn por cent. Tho grcoE-
back would DO 40 funded. But, whom money ia worth
+ 3 III Si e ssss
Of nonds-woald 10 Sonyertsd INTO 3reeabncts, bY
p9s % rolsaDy b os Of Ss for %
Woall thfs he lnilatona No 4 s Everybody @ 9 ssys
crs not currency r en9gh "na avqrsbod tsal1
lot out thoro would 10 dollar in bonds taken H. tbs
proceea q exchanging oonds for grecnbacks won! 90
When they lla enough they would stop tic exchange.
Thore would DO dnngcr Of depreciation OF tho or~
bo conyorttbo into bonds at rar tint would 10 1t pan
win gold. There need be no 4, limitation. Tho syste9
Ss Woaa Il o IT. oe e
creasett onthu contrary, 1t would lo diminished bg
intcreat aavod eortan portion Of the year: Would
ihom have them9 i 10y aro moro valsbs aa mones
aro tho gamers. So, both Government and people
hnvo gained by tho exchange
When "the crops havb hecn moved" whon tha
heayy business Of lilo ycar bus been dono aud there
comeH when not 30 much currency ia nec1od4
aM, by Of tho Btnall amount compared with a
abundance, its val,e falls below er cont por auua
| then tic currency will 10 as quickly put bnck nt9
bonds, and thpre will roain n interest until the peril
odcal demands Of commerce call It out again.
Quo blcused result OF this corvertibifty would Ia
th1a: The people fn tho various soctiona Of the
try would keup holr money at honlc where 1t would
10 available III tnn Of ncod. An It tH now, when eum~
Iner conea GU and toru s not Immediate for all
| tho money in tho country, tho country bauka send
their depoF!ta TO tho cities, md they forward to Now
| York. Wly7 Decauao they get from 8 to & per
| cont interest their balances. Tho New
l York banks ean loan It out, and, as thcH
lny Interest, they nnAe loan 1t ont to
stookbrokersat profit So, all tho country, for sev~
cral months in the year pors its surplus currency
into Wall street. aud supplies tho for those rock.
| lcsB ventures which keep tho whole country In con.
tnA1 fovcr, aud rcanft in pancs, and threaten rnis
MIKE It possible for country banks aud R others, in
The pethor1c season, to put their ao currency Into
per cont bonda ut par for Us 1oug nc they will with the
privilege Of aking 1t out agan whenever their dopoal-
tors want 1t, mid It will IN longer ha sa oynnd thu!
| control Of ia owners. Currency In such Gmes would
90 Into tho United States Dcpos!sorica aud bondd
! Wouu 10 into tho vauA ut hnlae. Vixen currency
was wantod BRan, bankers, insteA1 Of being de-
rendont New York, would take their bonds to the
| Depository.
mud crscs, mud r1,llH," aud seIeusioa be possible
OuloAoo, 6opt 20, 1878. CAno1 GATTEs
, 1873-10-01
thorzed oacera according to Inv IL good and valid
obligation.
II aptcara that no proof could 10 ndaucod 10 s,ow

THE NATIONAL. s1ErnoroLtrAH RANK
9. this ety had violated Tho Ivy referred 70 BY Tho
tof tiia bank proved flc WV. doubtle.s, o!lt Of
inot Inst ntHlt, That tho Metropolitan Hank ad been
forced Into Bankruptcy. :,
o Of ' a ' s1t s aw N s s
M yet given no certified chrcka.
MACS CO.,
who declined TO ga into tho naRociat!pn for Rolf
md mntuul protection, huvo been ovcr-
run w!sh offers Of money to dereslt, aver
aa's 5 esR seiassd to sore se hs sn
sreas9 IL clerical foree 10 COMPANY feels satisfied
TINT the rrodered hlatneaH wna only transient.
now Say a, i passa erseas sSSs VII S sss to The
iso ~hieh a @ Sompeny hS hss Sdeeed 10 o!!er, a!
tint nothing further Will Mky bo done untli repies
uNATuITouH w1gnoM. .-....
9tncc Tho panic began tho Comptroller Of tho Cnr-
,srsy tns isan oysrwhel,nsa S.th ts!egrsma from
him to expedite thd forwarding Of circulating notes
70 transns or se ths surpns 81 bonds 10 ssehalae
IL s sp!sasn ssf Information i saaa. in ss ssS''"fs
.ppontment q Reseyors hss, howsvsr, ttes tas
inston, and two In Petersburg, Va.
nEcstvEns ron sAr!oHA e.; n1sns far tns
ST. Tx s1S many soF = points &;
cs cempsosa 1aS this sa'4 os'ns from iii sxsmaess
wle are upon tho ground IN anGat every te,aee :.
to yonaey aSiaSon S nna eso or
1rass Tho oomptroier Gl a Is d tho op.nioa tnal
councctp with lis o!ce iayo more chccrful look to-
day than at any time for the ,ast ten ays:
Tho Administration organ hus arcady begin to ex.
plain President Grants etter on financial affairs. y
, 1873-10-01


united States Exprcss. 6vo9D on
Atlaaa GsPrcaa. ouVoou
Total. q 900 900
Tuesduy is usually tho smallest day In the week for
currency receipts, because ttlo OF tho money coneB
from Now York. To-day, wl,pn heavy Now York re-
mitsaces expected tho amount will be atlll larger.
But lito OF tho money received ycaerday went to the
banks most Of It being consigned IN private partes
Tile shipments from Washington during The last threo
days have been exceedingly heavy.
M1s. PHILLIP ARMOUR
informed TRIBUNE reporter yesterday that in Mil
wntikeo tho panic splendldIy managed. Not a
bank suspended, with Tho exception OF little private
concern, whose exit from 0 troubled financial world
waB almoat ,nnotsced. Directly tho trouble became
apparent, bankors brokers, and tho Board Of Trauo
combined together to como toan understanding to
what wna bost to do under tho circumstances. The
consequence TINT oil parties put their shoulders to
the Wheel helped one auohcs the banks paid ia much
"a tley could, cuatocrs tlrow ttlo money posa
bio, and Tho rcaut Of the good feeling uuu wao action
was that worry aoon tho bankers ad enough money 10
fool tolerably confident, tho Rtringcnoy waa much
abatct mud, when the Board OF Trade resumed bus-
ncsa and geucral settling Of old transactions took
plnoc, no ono was found wanting Tho resisting Of
The p.aslon to sel dawn, natural enough under tue
Of prIccs tue decline on crcas only amounting, at
tho limo t;ligH looked worst, to cots OF tho bshel.
Thera Ia 10 dah that little Milwaukee, which doesn't
Ito c}oso under GhimgoN wing Tor nothing, has man-
ngcI hor atiara Very well during lho panic.
VIRGINIA, CABS CO. :.
John II. Wood. ESD, CaBhlgr OF tho Farmers Bank
of Virginia, caRa O., called on us yesterday. s las
q very considerable deposit locked up In tho Union
National hut Ia conhlent lle has currency aud ab,n-
at means to meet I'll 1cmanlB TINT may DO 1nAio On
his bank This wil be good to the business men
Of Virginia, and to those Of Casa County Rennraly>
1le As made tompo1ary arrangemenia ae lave au out
Il Trust Company,
, 1873-10-01
SAN FRANCISCO.

:, s'setas pi,ratcA to 7As e1feaso 7fibnas. ,,.-
Ban FAhNoakcn 6upt. 30.-rho 4OorpssiM o. thN
New York Stock Exchange aud utts}ing clIstactsa Of
collections yesterday Aaa ipesesasl ea.ltdenso foro
nenf Of epyhMsseial values to lis Standard Of coin.
aIu tho watau Of California In steadily rcaltMs;
lRGtaltu curronny IL commended. California nNt antt
TO furnish her saaro Of thu gall cnlAnKp "'fl0 mie
!a September furnished $40, atN utqs"
The National gt!A }las,k Ind Trrat Company re-
neivOd y aY In gold fro tAe uu!tul Statoa
41eAstfy hero IN sesponra to telegrarhle transfer
iron, th0 Frst National lauk ol Npw York, III return
, 1873-10-01
THE UNION TRUST COMPANY,


Speeia1 Dt.paseh to Tho cAieaao 7Ei5uns.
New YoRN, Sept. 30.-Mrt J. II. rockingham,
President Of tho Union Trust Company arrived today
from Europe, o Bailed Saturday, 2oth, the worry day
on which tho Trust Company suspended. In nnsWer
to Inquiries rcativo 10 the subject he said that ho had
not heard Of tho suspension Of tho Union Trns Com
pany before sailing from Europe, but short telegraph
dispatches containing news Of tho financial depression
Ind been received. They contained nothing, however,
that had caused him to have anxiety regarding the
perfect aouuduoaa Of tho Union Trust Company. He
had first learned Of tho Suspension Of tho Company on
his arrival at quarantine Several gentlemen who arq
connected With the Company and other friends had
met i1n tlere aud Informal linn Of tho disaster Uo
added: ......
WHAT THE rAx41pENT aAYs*
"1 was perfectly Astoundod. ucvcr had the slight
eat idea of Buch calamity. Tho rnbllc know my
character, and will below whom say thai had
tho ost implicit confidence in tho Companys stabili-
IT, can sill scarcely beloye tho unfortunate news.
Tho announcement Of Caretons defalcatiou took mo
completely by surprise; parhaps that was groater
surprise to mo than tho information Ut Tho suspenaon
Of Tho Company. pnccd most Implicit confidence In
him, I beloved him TO bo : mnn Of nnnnlllcd integ-
rlty, and Of tho htst principles. Neaccton On what
! took him 10 10 aud what ho has shown
himself to be perfectly bowi1ors mt. I know moth.
inR "a yot Of the naturo Of Carotons defa1cation.
arrived here aftor tour In Europe Of six nonhs and
information Of two msforunca aa broken to me In
moment, and, for time, Utmost tncapscttatc me for
action, When sailed from this city last March,
everything connected with the Trust Company Was In
prosperous condition.
WOULD HAVE srAKt:p My LIFE
on its perfect sonlness. On returning, after an ab-
seuce Of at1 months, find tllat tho Company has
suspended, pnd tlat Its Secretary is a dofaulter
anl fugitive frem justice. notwithstanding
lis guspcnsion havo AZ much faith IN the Company
~ I had when lcft for Europe. beliayo in 1t az
much ns over IT ia sound right through. know that
tho Iake-shoro and other loans secure Tho COM
pany holds nothing tut hrss-clasa deo1rtuca."
| Ills 1oNoRANoE OF THE uoMrANGs CONDITION.
| In answer to question whether ho knew tho i'm.
| mediate causes that lad to tho suspension OF the
Company Mr.. FrothIugham saia "of what
hnpponcd during tho panlc, know positively
nothing. ] hive not yet visited tho Office, and, II
fao have only been on shoro IN hour or two. ah"l
begin Tomorrow il all is we'll or course can give
no opinion uutn have had full opportunity for IN
qulry aul personal investigation"
, 1873-10-01

CoLuMnra, O., Sept, 30.-The fsilura Of tbs Trat
NationAl Bank oi Manshcl0, o. Is vory unfort.nato
affair, ~ the fuutla og thB Ohio State Board OF Agri-
cNlturAf ths psaeuels Of tho recent Slate Fair wpro
deposited with hs bank. At tha cloHe Of tic inls,
ssethq h %ns dHpose1 " t T1oaa
to about slt 600 At tho time tlo {nk suspended
lcoing of the alatN lttr laa leen called for Thurs.
dhy 10 cOnst1nr tletF tllaucla situation,
, 1873-10-01

Decrease for the tllrco months, $4lE 557.7o.
Alr. Hit OF opuion, from hcnrsny and obacrya-
son, and from the shipping and commercial reports
o1 New York and other importing cities, that the
entire country hud been importing much more tim
was necessary, and that the decrease in August WIS
natural result thereof, as well ns Of common business
VIII regard to Tho falling OF tor septomber. to
s ss sse sf u Wholly srsss pa rooss as ss as hsss sa
are ati coming in With apparently nnda!niahed vol
nne. These iap9rations wero o their wy before
nave had duty paid them, tho eoualgneei being IN
porter Jus to pay in gold. which he obtains at tho
United States Depository, across tho hail. In exchange
''f n ab baR. the mporaons aye probably not a
cement, eass, ets nosliy como from hientreal saa
tessrnH,sat !ss one l!.t,e M ese ef dsy aoSas yss
acnt not more than many dollars, whorcas lltto
ease of laces = hSt 5 an may nost sarry 1ndes % s Pig
S SS es nasse 1e pasa g 5
kork. Philadelphia, aud Boston: The heavy Montreal
trada = amost niatetrnpte1 wh!at Tho ligh,, eHs %
importer can fad currency e1ough to pay The gold qt-
snoe the IRE, tho number OF Importers, rs we'll ~
tho yarety Of articles imported, hayn about doubled,
and dry gooa represent noarly "n.alf of tho who'll
IN although not IN IN hs ir nes a o. ar f r.
0Aa uA AHH A4o"oS" ~"A"a - -"" '~'e o'0 A''' " w.
business
Vessels bringing tho heavier Canadian imports colno
here hoping to obtain cargoea III rcturh anu aFv una
bio to do 70. About niue Canadian yessels that lett
Canadian posta bcfore tho panic for Chicago, In Dal-
last, with thu apparent certainty Of obtaining Fargo
OF grain to carry East arrived hero yeAtorday ad thu
day before. There are yet to arrive, and they
will louk yninly for freight. ...-
-. t'FAE UNITED STATES DEPOSITORY.
j yls!t was next paid t6 Cen. Wcbstart 4ss1Ht4nf
United States Treasurer, whd Gthongl TUG ohlso Xas
sloasi to tue public yosterday corteousy R,anea
khrao listreasfll days OIL hia b0rcau.
The General Ra,i TINT Ae WAS just thnr! o3pnsiing
thu arrival Of $50 COD IN amn bills. lie had alseaty
ssehanuuh nbuut tl,t0Dbo9 Of h,naE hli's ter
thtso pf 1nEga denonttlat!OnH, chiefly for tho
banks. . These s,nall hills wero mostly uHad for
lha grain trade and for prodncera IN tho country t0
banks held tho hulk considerable part OF THUR
reauso In $500 ind 600 tllla, and nta ortsis lile
The present thar0 pr0sttng necessity for smaller
t1no"ns such ONES, lives, Hyes, tons: etc., ana
ess taa tsS nSop9q9;lsry wss willing to appy a 's u"
yle Fecetpta o.4orwise Ind uct baen ssh affected,
calvluv BALANCES ff6m 0oyornslent, eatablisll-
g.euts, and ths payment at salarlea,
military post exponscg and tho expenditures for Tho
public anryic0 gonernly III tho Northwest, Az ~.
very little clRn9o has been perceptihic Tho AyosatIe
alanes tn tho Treasury ia nbout IL 900 00 ero oT
loss, md It's iluctua!ola uotn npUrtac0 oaouH
h l., Hpfll. 4otico tn tha rpnnCut}pn. .,,r ;. u
urlo, sa}ss of gpld: at tho" depository yesterday
sha0Aa''a 70 tt;ss,' esr1 AND COUNTY TAXES, ~''
Iho following are tho receipts trom ell, aud count,
, 1873-10-01

Pnoy1nnNoE, II. L., Sept. so.-An adjourned .aeot-
Coinnttee recommending liberal policy on tho part
Of the banks toward each other aud customers, and
checks payable through tho clearing House, and
should certify checks payable through Clearing House
Tint deposits maao In the banks In currency bc raid
out to suc deositors In currency aud that deposits
n,atlo in certified checks be paid ont III kind, The
Providence bu1lks iu geuoraty sound aud struug
rotsf1ftton.
, 1873-10-01
ELSEWHERE.
NEW YORK.
Special Dispafch to Ths Chicago 1rfdans.

nEopEN11so OF THE 8rooK EXCHANGE.
NEW YonK, Sept. 8o.-Tho roopeplng Of tie 6lock
Exchange was effected this morning amid good deal
Of short-liyed excitomcnt. For m hour and quar-
ter groat crowd Of vsttora stood waiting fnpatonty
at the Waatreet entrance, while around tho corners
on Droad and New strcots the 1nonboGa congregated
LATER and good-natrely, though excited, waited for
the unbarring Of The doora. Tho vestibule at tho
Isroal-Btreet entrance was filed for hour bcforo
tho room was opened, md thcrc WnH considerable
speculation, which was brought to coso at tho re-
queat Of the Secretary, who asked that no dealing
should be had until tho Board had boen formally
opened. This was acquscsccd In good-humoredly, al-
shouph there no rule to cnforca II. When the
Doard formally met, ut 10 O'Clock, which was an-
nounoe to the outsiders by tho cheera Of tho brokcrs
order was called by the President who read tito ynca
adopted yesterday, ana mndo brief speech, as fol-
lows:
ave 1avo met again after very monlentoua a,,upen-
sion, for the purpose Of rcsnning hlsntss. Your
nctidn in tho interim has met with universal npprnlm
business @ vii be carried on under liz rules adopted
yesterday by tho Governing Committee (which he !eau,
png m . o to saS = Sot pn a o. ,,a @
er 10 bear tho burden that has fNlen .ls, a1 to
conduct business as to euNpo The Exchango to cary
on liz work SUCCESSFULLY"
TAere waa
LITTLE EXCITEMENT
while confidence wab in large measure restored The
lack Of excitement and tho low prices which prevailed
indicated that many brokers were s ti4ni 10 tho
I standing OF their neghbors. The announcement,
| which was carly 1n0d0, TINT suspended firm had
reaumet anl the fact TINT mono Of tho thirty brokers
notcca Of wtose suspension In tho hands Of tho
President al tile closing Of tho Board Sept TO- Wero
announced auspeIed 1ncroased confidence In Bonle
degree, but throughout tho day tho tmidity was SO
great TINT tic dcBiings sp and prices generally
reduced from tho height they stood at tho clone ten
days ago. ....
| sr-r~r1 rAYFssT8 vEn NEAKIEn
, 1873-10-01

LETTER FROM 8EOItGIARX 1flCHA
ARDsON.
wAsu1H3ros Bent, 3o,-Tho Secretary of tue Trcaa-
ury Las addressed tho following letter tt; franklin I'll
son, Esq., Prcaldens Of tho Nov York Produce E1.
chAnge -...-.. = ,,.-.....-
WARRINGTON, Sept, 10.
You seE q tue n ssso
coiyed, aud TIC Hubect matter fully considered. Tho
resolutions are as M fonows: .,,.,,u :, n ,,
hy tic removal Tho BLOCK in negotiating foreign
sNa'sS Tia. xs respectfully suggest to tho
LIEF IN s nssss i p ss
special deposit in the Bank Of England BY their eorre~
ehangos ss' J. f11 That The Prssident of tho uaea
requested 10 order the immediate prepayment of tho
outstanding loan Of tho United States. duo JANUARY
s'hije Tho Government In esroua OF doing all In liz
power to relieve The present unaottlcd condition OF
business Affairs aa has a'resay hecn announced by Tue
IN te etter and spirit Of tho lava which ocors Of tho
Governmens are sworn to support, aud noy cannot g9
pfs upon them. en- s Your flra resolution prcsons dl-
H2ssa hss a. y' ansa ss ssss e. s,Aass nss, s
ernmens to purchase gold ii England, to b pad Tor
! New York, Z would involve tho doyernment in Tho
business of importing and speoustlng IN gold aneo
the Treasury bus ss tor coin bayond its ordinary
receipts. and would To obliged to se coin 10 pur
chased at price greater lesa than was paid for It.
II yonr object Ia to induce tho Treasury Department
to loan United States notea 10 banks In New York upon
pledges and deposit In London Of god 1t In sakng tic
8ec1otary Of the Treasury to loan tho money Of tho
United states upon collateral scuu1y for Which there
| is no authority IN law. II the Becrotary Of tho
| Troaaury can lonn uotea upon pledgo Of
| coin, he can loan thom upon pledge
Of othcs property, IN h1B discretion, as he
has roccnty been requested to do, which would bo
extraordinary power we'll dangerous business tc
engage In, aud which my Judgement would deter me
undertaking Secretary OF tho Treasury, even
II by any stretch OF construction might not hnl
absolutely prohibited by law The objections already
mentioned to your first resolution jnaupcrable
and conclusiv TINT 1t ia unnecessary for 10 refe,
to tho many practical difficulties which would RrisR II
nttompt should be made to comply with your re-
quest. .-....,
called "fives Of 1874" Upon thorough In
vcetigation I am Of opinion that Congres
has not conferred upon tho Secretary Of tho Trcasnr
power to comply With your rc1uea In that particular
aud in this opinion the faw officers OF the Goyernmen
concur. Under hcso circumstances you will perceiv
TINT whtfa Lpve great reBroct for tho gentlemen com
prisIug tho Now York Produce Exchange am com
pelcd by my Views OF tho law and Of my duty to ro
spqctuly decline TO adopt the measures Which you
resolutions propose. hare the honor to 10 very
spectfully, '.-' ....
(Bigned} "W1ILIAM a. R1CHARDsoN.
| Secretary Of Treasury"