The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-26

10 Do turned Into U0l arS.
WASHINGTON, Sept. Is, 1873.
The President and family returned to Washing
ton this evening from Long Branch, and proceeded
to the Executive mansion, which during the
Summer has been thoroughly renovated. The
President announced his intention on Monday last
OF resumlng his residence in Washington to-day,
but his return OF more Importance than that 1t
would be at the beginning OF the busy Washington
season.
AS announced in these dispatches yesterday, the
government had extended all the aid 10 the banks
that 1t could without cramping ITSELF and that no
further purchase of bonds would be made until
after the matter had been fully discussed by the
President. The TACT that nearly two days would
eapse before the President would be ready to hear
the Subject indicated at least that there was no
serious intention of purchasing any more bonds.
In fact 1t difficult to tell how it could be done,
and the government have just regard for its own
interests.
Interview with Secretary Richardson.
To-day your correspondent, in an interview with
Secretary Richardson. was informed that the
original order for s10 600 had been increased to
ST. 000 000 as the highest possible amount OF cur
rency the government could afford oput out; and
that while he did not expect financial embarrass-
ment in the form 1t had presented ITSELF he had
for the better credit of the Treasury, been grad
unly accommodating large currency balance
in order that he might be ready for
| whatever emergency arose. The President, he
believed, would not cripple the government by
derlng further purchase of bonds 1t might
| therefore be stated that more bonds will be
purchased nor would any more currency be issued,
than was absolutely necessary to pay the expenses
OF the government, when he would draw on the
legal tender reserve fund. What was wanted in
the country was
NOT MORE CURRENCY BUT MORE Condolences;
and the wisdom Of the banking houses in the large
cities In protecting themselves against the panic
could not be too highly commended. In the pur-
chase OF bonds he did not admit that it had been
necessary to use any portion Of the legal tender
reserve, but that this purchase would
compel him to use portion of 1t to
meet the general current expenses Of the
government, he would not deny. He
glad he had been able to assist to the extent he
had, and with no compunctions as to the legality
or the prOpriety OF his course He thought the
Department ought to be fecitated on having SO
large a currency balance as to make any extensive
draw upon the reserve unnecessary For II the same
assistant had been rendered with a small cur
rency balance at this season Of the year, the
50, OOO 900 reserve would have been considerably
reduced. The Department has no lear TO its
ton; and while some may carp and criticse,
THE GOOD THAT COULD BE DONE HAS BEEN ACCOM-.
PLIsHED,
and If with 1t there is aught OF evil 1t Is the fault
OF legislation and not OF administration. When
Congress enacts and the President signs bill that
1856 900. 900 is the maximum as well as the minimum
amount OF legal tenders that can be issued by the
Secretary OF the Treasury temporary expansion
will at least be the right OF the head OF the Treasury
NJ n,
good requires such expansion. More than that he
did not wish TO say at present.
During the day Attorney General Williams
Comptroller Taylsr and the Secretary wers
closeted for some time for consultation as 10 pay
ment OF warrants drawn in favor OF United States
Marshas for the expenses OF the United States
Courts during the ensuing quarter beginning Octo-
Der l, and for which q large amount will be re-
CURED. This, it appears, has been the custom.
out the Secretary thought that under the crcum-
stances the warrants might be drawn TO meet
TIE ANTICIPATED EXPENSES FROM MONTH TO
MONTH.
To meet all these drafts, for a time when the
money would not be needed, would at this juno
ture compel an unnecessary drain upon the legal
tender reserve, and In no way advance the bust
ness Of the courts. The Attorney General offered
no objection to this, and 1t was agreed that the
Marshal's should be limited to O fair estimate OF
their monthly expenses until the end OF the ensu-
ing quarter. To what extent the reserve will be
diminished cannot be definitely stated to-
night The payment OF the civil en-
poyes for the month OF September, the
payment Of the army and navy officers, the ord
nary expenditures OF the government or the month
will aggregate not less than s6,ooo0O0 II is est-
mated that the Secretary will find it absolutely ne
cessary to increase tie legal tender circulation at
least So, OOo 900.
ONE OF TIE ECCENrRICIrIEs OF THE PANIC
has been to divert foreign capital to New York.
Whether the reported shipments OF pounds sterling
is merely speculative dodge or not is not taken
into consideration here. The tsry was adj
vised this morning by the New York ASSAY ONCE
that large shipment Of sovereigns would un-
doubtedly be made to this country from London.
In anticipation of this arrangements were at
once ordered to De made by the Secre-
tary for the prompt melting ana assay
OF these coins at New York, IN
order to make payment therefor IN United States
gold coin on the day following the deposit. In
view OF this expected demand for coin the Phila-
delphia Mint Will be run TO Its full capacity on
double eagles-about five millions per month. Or
ders from New York bankers, the Assay ONCE
reports, were cabied to London yesterday for
amounts ranging from 10000 to 100 900 sovereigns,