Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1873-10-01
Our Washington Letter.
MAsnIxaroN. d G,

Our Washington Letter.
wAsHxoroS, d c., sept. g. 1873.
While theprcsent financial panic is mlteriaAy
affecting business interests here well a. else
where, Ito what extent il is difficult to deter
mine,) the people generally believe that in the
end il will work good. Its an axiom that no bank
pretonds TO have in its vaults sufficient currency
on hand to pay off all its depositors. A healthy
bank, ia ordinary circumstances, can, with the
assistance of other banks, stand runs bu; in
these times when every bank In the country Is
liable to be run upon, securities, however good
cannot be sold, and consequently it Is safe to es-
innate that there are not ten banks In the coun-
try that can stand run Of many days The
banks have done admirably well. With the
exception Of Jay Cooke & Co., the First Nation
nj. and FAINT, Washington & Co. banks none
have suspended payment. There are 10 banks
among the number are savings banks, which
pay from to per cent. interest on deposits,
the deposits usually allowed to be drawn at will
At this time the GO days rule granted them by
their charters is insisted upon.
There are great many clerks in the several
Government departments who have been deposit
tors in the banks of the First National and Jay
Cooke & Co. in Washington. These clerks have
been uneasy since the suspension of thee banks
and have made an effort to know the trqe status
of things. It is interesting to know they werC
semi. officially assured that they need be Of nc
fear; there was sufficient money on hand to set
tie with every depositSr.
| II is understood that a strong effort will b'
made to push through Congress at its coming
session free banking law. A member Of the
House Committee en- Banking and Currency, II
| is said, willfurther this project What this idea
of free banking amounts to is matter yet to be
defined. If II involves the enlargement of ou
currency so as to produce initiation, or if it pro-
poses to dispense with those admirable safeguards
which the banking law has thrown around the
financial system, it win inevitably meet will
failure and disgrace.
From the Hon. Samuel r. Rugglcs We are, in
brief, informed il table illustrating the cerea
productions Of the world finds that the total pro.
duct of Europe toamount to 4,75i, SIG ,OOl bush
els, or abou II bushels per head of the popula.
ton, The U. S. produces |, i05, 1855 bush
els, or Sc bushels per heal Russia, the larg'
est European cereal producer, averages only 81:
bushels per head In 1871 we produccd | 800,
DOC, 900 bushels, or nearly 40 100000 tons. o
this we export but 3 ,O0O, 900 tons, showing tha
after all our foreign trade bears but small
proportion to our domestic trade.
The September crop reports received in thu
Department of Agriculture, present an averag,
of % for the condition OF the wheat crop rs {
whole, which is about the same as in the Sept
report of 1872, while the present area in cult
walton is much larger. There is a manifest I'M
provemcnt over last year in Mimi, Mo, O.
Penn, N. J., Wis. and Kansas. The average
of ILL.,, Mich. and Iowa differ little from thos
of 1872. California and Indiana are less favor
ed. The States in which more than averag
yield of wheat per acre is indicated by the Sept
reports are Mimi, Wis, Nob and Oregon il
the West; and N j., Penn, Conn. and Mass il
the East
It is evident that CROP deterioration from eli
mate causes results from careless husbandry
that the loss from rust, blight and insects is ow
ing to the low vitality of the soil, resulting fror
imperfect preparation; especially is this the cas-
in the South
1t is evident from all reports received her
that no reduction of the r0ilroad freights tina
can be obtained will bring the cost of transport
, dtion within the margin of profit to the agricuI
, turists of the West. The late financial PAM
was preceded by rise in the railroad rates, an
these combined have arrested the cropmovemer
that was proceeding so promisingly. The al
f tempt to transport raw material to distant MAI
kets is already n clear failure as a permaner
policy. Hence even the commercial organs al
, calling from our extension of manufactures i
the West, and Investigation of productiy
, industry 1t is found that far greater volun
, of currency, both foreign and domestic, can |
secured from thoroughly Developed communit
f than from enc that lacks progress.
The President has returned to remain hei
for the next six months. His callers to-day ha,
been comparatively few, on account of it bein
t given out that it would be very inconvcnient
entertain visitors for several days to come. Thei
r is always an army of ofice-seekers folowin
him up wherever he may go. When in Wasl
$ ington they take more liberties with him
t pressing their claims
r DR.. Warren, acting Commissioner of Educi
: ton during the absence of Gen. Eaton in Europ
: is in receipt of letter from the latter, givin
s an account of his visit to Vienna and his int
9 views with the Minister Of Public Instructio
e and some of the distinguished educators Assem-
: bled there.
e Mr.. Dodge, statistician of the Agricultur
: Department, after study of the latest retui n
!, finds the condition of cotton favorable in N
: s. G. and Ga. In the Gulf States the ravages
y cotton worms have been severe, but the pests a.
peared too late in the season to greatly affect Il
n ylelq. quite numeer OF new cotton couhu
i are reported in Tenn, Mo-, Va. and Kansas.
Is The large stretch of grounds from the Capt.
l. to the Potomac aIc now being thrown into oil
;. grand park, the enclosures of the different Sc
e tions being removed. Until these were remoy,
It it was impossible to see what an element
II beauty they destroyed. The regulations of Il
% Roo I'd ~ uao1tb bayipo ahufnd tha ,,,,;sa,oc
IS roaming beasts, there is now no occasion f
:, these enclosures. This one move alone will al
y very greatly To the Attractions Of the cnntnl