, 1873-10-01
THE SITUATION, !,


The credit syatom of Tho country rocoived, in
unexpected, tint for tho tlmo 1t paraiyzod tho
commerce OF tho country back to tho ronotost
yilago. It ia by no 1noans yet ascortained how
far tho crodit systom ti,us stricken can rccoyor,
nor exactly how fur 1t Inns received fatal injury.
Ono thing, however, is certain, tint the trado
and commerce Of tho country and production
and industry must DO ronowel, whethor upon
tho Fragments Of tho broken credit Of the past,
or upon an ontiroly new and pethaps moro
enduring basiH. Iu tho interval Of doubt
ns to tho shapo matters arc to assume,
and whore tho existing state Of things is to
end, there is ut least tho comforting assurance
that tho work Of restoration must begin on the
basls Of tho grain and provisions Of tho country,
and TINT hero In tho West We must feel the
oloorful warmth Of the first breoze Of returning
Tho New York Stock Board mot yostorlay for
tho first timo since Sept. 20, and it was reported
that oil tho unsettled business up to that dato,
after arduouB efforts, had boon satisfactorily
closed, and that there had been no suspensions.
Tho sale Of stocks waB limited, with e1ight i'm
provcment in few dividend bearing railroad
stocks, and decline in othors especially IN Yum
dorbilt'a lines.
In Philadelphia, the suspended houses Of 4.
". Clark t. Co. and Of Do Haven l. Brother
ties, which at least look favorably on paper. In
our Philadelphia dispatches is liat Of tho Va
rioug corporations which to-day will pay semi
annual intnrost on their debts and mortgages.
Tie Secretary Of tho Treasury has written
letter to tho officers OF the New York Produce
Exchange, giving lis REASONS for declining to
lend National currency to banks and otLors upon
tho plodge Of gold placed In tho Bank Of Eng
land, tho said currency to be used only for bills
OF exchnngo. Tho reasons OF the Secretary arc
conclusive, that it ia no part Of tho buBinoas Of
tho Government to buy and sell gold na matter
Of trado. or to lend money on pledge Of gold or
any other security. This puts IN end to tho va
rtous schemes by which it Inns been proposed
! that tho President and Secretary Of the Treasury
Gun uso the public money to cxtricate corpora
l
ment.
Tho final closing Of the Union National Bank,
aa announced in yesterdays TRIBUNE, had
! for time depressing ofloct upon tho local
market, but this wore OF. during tho day, and
hope for d spoodY termination Of the panic
again revived. We present this morning the
opinions Of various wol-known me1chanta on
the efroot OF the second suspension Of that bank.
In Kansas City, where there nro largo traueao-
tions iu stock for thiH market, tho closing pro-
duced for time considerable excitement. It
did not Interfere with Tho shipment of stock,
nor did it have the ofroot Of ausponding tho
preparations for tho soaaon'a packing. The
| flow of currency to Chicago contiu-
nos undiminiBhed, tho receipts yesterday
Rgsregating s3.000,0 900. The receipts within tho
last six days amonnt to a considerable aum, aud
80 long aB tho world wants bread, the money
must como here to buy 1t. As soon as the inn
mouse stock nov in storo Inns been moved, ship
ments to tho city will be renewed. The railroad
receipts having fRllep OF, they do not now do
posit, but pay out from their own treasury to
their employees. The receipts Of internal roy
enuo have fallen off, but this Is natural conse-
queuco of tho interruption Of distillation. Such
was tho general aspect Of tho situation last
night.