Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-24
FINANOIAL.
How Grant Opened His Mouth, and
"a .09 Put His Foot in it. saEg
Various Versions of His Latest
Brochure On Finances
He First Denies it, and Then Goes
Back on Himself. s
Anxious to Help Those who Give
T Him Presents, but Cannot.
Currency Resumption About to Solve
Itself. ws
SEE 100000 of British Gold Being
FIJI Melted and Coined. y

Se2, 100000 of British Gold Being
Ell W Melted and Coined y
Grant Has No Copy Of the Letter.
NEW YORK., Oct. ia Washington
dispatch says: It is stated that no copy of
the Presil ent's letter to John Z. Williams is
retained there. Mr.. Williams says the let.
ter from President Grant merely acknowl-
edged the receipt Of one from him land ex-
pressed bis anxious desire to do allhe could
to relieve the monetary panic. He then
asks the question why cannot the banks
come together and make some arrangement
for the relief of merchants and the public,
adding that be viii do all in his power to
assist them.
Mr.. Williams says the other published
statements to-day are reports OF the con-
versation between the President and Mr..
Anthony who brought the President'sletter
from Washington. ~ 81
A Positive Denial from Grant.
President Grant authorizes positive de-
NAL of having written to MIR. Williams, or
any one else, letter containing such
statement as is made pubic.
NOtso Positive.
WASHINGTON, Oct. 23.-The President
received to-day large number OF visitors.
He was asked about the contents OF his re-
cent letter to Mr.. Williams, New York
bank President, and said he therein repeat
ed his former remark, namely, that in ad-
dltion to what had already been done by
the Government the only wsy OF relief was
for the Government to buy exchange, but
exchange could not now be bought as the
Government has no use for it, having al
ready purchased enough on London for the
Navy and State Departments to answer
present purposes. There is no intention,
be further remarked, to draw on the S44,.
| OO0, 900 reserve, except to meet the current
expenses of the Government. The money
viii be used for no other purpose.
| Contraction OF sss9,6OO.
The outstanding legal tenders are $780,
1888.
The Presidential Message to the
| Ranks-AnOther Version.
! New YORK, Oct. 23.-At the meeting OF
| the Bank Presidents to-day, Mr.. Williams,
/ President of the Metropolitan National
| Bank, submitted the letter he had received
| from the President. 1t was very brief and
/ simply stated that for three or four weeks
| .be President would feel disposed in case
| of urgent need, to issue weekly three or
four millions out Of the legal reserve. The
following resolutions were then adopted.
Resolved, that the message of the Presi-
dent of the United States to the banks OF
| New York, be respectfully and gratefully
acknowledged, and We cordially reciprocate
his kind wishes, and will act in the spirit
which he recommends.
L DaaNluad fhat from and after the lat 01
November next, the equalization Of legal
tenders by the banks of This association be
continued.
A proposition to use National Bank cur
rency notes in the Clearing House settle
ments wss referred.
The MILK i'm GIae CocOa-Nut.
At the meeting Of the bank Presidents
today to consider President Grants COM
munication, Mr.. Williams made an explain
atory speech from which it appears that ht
was pressed to write letter to Presiden
Grant that there was great suffering in tn,
manufacturing districts of New Englant
for legal tenders, and also that assistance
was needed from the government. Thi
pressure was chiefly from parties interested
In mills in Rhode Island, where some oper
atives are working on half time and other
out OF employment.
How Grant Did Say IL.
Mr.. Anthony carried this letter Of MI
Williams to Washington and had an inter
view with the President and received assur
snces that The government would issue fror
, three to four millions per week from th
$4,000, 900 reserve II necessary. Tn
President was pressed to buy exchange bu
reserved this question. The whole affai
has been magnifed beyond its due import
ance and the clesraing hoase to-day viewed
1t as l
A Grand Farce.
A hundred thousand sterling was re
| ceived to-day at the assay Office, making th
total amount since Oct. 6, f12,4OO,OOO fc
| coinage.
The sound Banks Forcing Resump
, tton-Look sut for Squalls.
; NEW YORK, Oct. 23.-The Times say
} The question of general currency payment
: in greenbscks and National bank notes
about to solve ITSELF Most of the bank
are paving all demands when preferred
r the certifcation of checks, and the dttfel
= ence agsinet the checks of other banks thi
t from their position decline to pay out lare
! sums of currency, is only and I per cen
Some first class banks are not only helpir
g their neighbors 10 greenbacks and sendin
d currency to their country correspondent
but they are paying their debtor balanc,
D at the Clearing House in greenbacks
place of relief certificates. The practic
condition of the question is in favor of Il
l voluntary resumption of currency payment
2 in a very few days, No bank that hope
5 to retain their old accounts of value or e1
poets to acquire new accounts of desir
BILE character, city or country, will deem
prudent to have it known that it Is benin
its neighbors.
Expelled for mot Paying HIS Debt
d Edward Hsight, Jr., who represen
Haight & Co. in the Stock Exchange, W
d expelled to-day for the assigned reaso tn
Z the senior member of the firm had owe
l. drawn his account with the Bank of &
i Commonwealth 100000, and only return
y a part, causing the closing of the bank.
It A MuddIe of some Millions.
7, Mr.. williams, of the firm of Grinnell
., Co., said this morning the story OF t
Times that the Union Trust Co. was
debted to the Lake Shore road half m
lion dollars, was incorrect. The receiver
the Trust Co. made the same statement.
-- Later.
In regard to the two and quarter m
ze lions of Lake Shore bonds belonging to Il
in company, charged by the morning papers
1g having been transferred from the Uni
he Trust company to Grinnel & Co., witho
e. proper action, the firm say the Lake She
Of bonds in possession of the firm were traI
e. ferred to them by the Union Trust col
d. pany last spring, in the regular course
D. business by the Lake Shore company.
n, B. Wesley, receiver of the Union TrI
re company made the same statement. T
ng bonds were transferred to Grinnel 81 Co.
: the authority of the treasurer cf the La
Shore railroad, and the Union Trust CO.
pany had the receipts. The Trl
+ company did not owe the Lake She
one shilling, and the latter instil
Fn ton bad raised no question in regard to
+ liability for 81, 100000. The transfer of t
-. n Il