Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-09-26

was resumed on Sunday. 1t was finally
decided TO purchase an unlimited amount
of government bonds, but not to trench up
on the legal reserve Of ga, 000,0 00-a decis-
ion which the most prominent financiers
fully concurred in, as by this means large
amount of greenbacks was mado available
for the use of bankers and institutions of
trust in meeting the demands of depositors.
The week opened on Monday with II
more confident feeling; the purchase of
government bonds at the sub-treasury
reached the sum of $3,500,000, and every
body believed that the worst was over. All
went we'll until Tuesday afternoon, when
Wall street was again stunned and the old
excitement was renewed by the announce
ment of the suspension of the well known
house of Henry Clews & Co. The brighter
prospect that had prevailed, and The expec-
tation that the Stock Exchange would be
speedily re-opened and business resume its
wonted channels, was of course overthrown
by this untoward event, and dark forebod-
ings again prevailed. On Wednesday Il
continued uneasy feeling prevailed, but as
no more failures of special importance were
announced, matters assumed more en-
couraging aspect, and the outlook as the
day closed was on the whole a hopeful one.
Such, in brief, is the history of this extra
ordinary CONFUSION up to the time of our
| going TO press.
The failure of Clews e Co. was not owing
| to any weak ness or reck lessness on the part
of the firm, but was simply the result of tho
unprecedented run which had becn made
upon them from the commencement of the
| panc-in the four days preceding their sus-
| pension they having paid out TO depositors
the large sum of million and quarter
dollars! Their safes are filed with first
class securities which they only need time
| to realize upon, and they confidently OK
| pect TO resume i'm few days. Jay Cooke &
| Co. and Fisk Il Hatch also announce them
selves perfectly solvent and hope to resume
| business as soon as the excitement is over.
| The failures up to Tuesday night num-
| bered forty-one in New York, thirteen in
| Philadelphia, two in Washington, and one
each in several of the larger cities, not in
Guiding Boston. Runs have been made TO
Il greater or less extent on the savings
banks IN new 1ofk, as well as III SeNeral
other cities, but the press has counselled
GOODNESS and moderation, and so far these
institutions have stood firm. 1t is a fact
which should be borne in mind that the
| legitimate business of the country has not
suffered by this panic. That class of trade
which is devoted to supplying the real
wants of the people goes on as usual, and
the disasters have been almost wholly con-
| fined to those houses engaged in specula-
tive railroad enterprises. In this panic the
system which we have grown into Of build
ing Western railroads with the proceeds oil
the sales of bonds whose sole value consists
in the prospective business Of railroad
not yet built, has worked out its inevitable
result. In the past four years more than
5000, 900, 900 have been spent in building
railroads mainly on promises TO pay, and
G000 miles of railroads have been built
where less than 600 miles were really need
| ed. The lesson which the last week has
| taught ought not TO be forgotten by This
| generation at least