The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-24
New YORK. Sept. .

.NtN ipifh. ''tl'' -.
The emergency is great that demands
conference between the President of the
United States and his Secretary of the
Treasury and the leading bankers and
brokers i'll reference to the financial troubles
now upon the country. Such confer
encc did take place on Sunday at the Fifth
Avenue Hotel, to devise means to relieve
the market and restore confidence. During
the day and evening all the leaders in the
commercial, financial and political world
of this metropolis were assembled at the
Fifth Avenue Hotel. The crowd was ex-
cessive. Every available space of the hall
and other public rooms of the hotel were
literally packed each individual anxious to
hear even the faintest whisper that came
from the great council chamber, wherein
sat the President of the country, with
those magnates who hold in hand the finan-
cial destinies Of the land The scene re-
minded one of war times, when the efforts
were put forth to save the country in an
other direction-that the President could
control-now he is in the hands of those
who, at single dash almost, have prostra-
| ted the financial and commercial interests
OF our great nation and so fierce has been
the storm that the question now arises,
how best can the money bags of the gov
eminent save the land from dire CONNER
cial ruin. Those mainly in consultation
,,rit Drnrtlant 4
Vanderbilt, Henry T. Clafn, Ex-Gov.
Edward d. Morgan. Hon. Reverdy John
son, OF Baltimore, was also present. These
gentlemen requested the President to do
something to relieve the market, and that
the supreme moment had come for him to
act, for unless the government relieved the
banks on Monday universal suspension
would be the only alternative. The Presi-
dent was urged to take bold, decisive
measures to put an end to the want of con-
fidence creeping in everywhere, and which
would cause the greatest embarrassments
any country ever was subjected to, for
under the present condition of things all
values must become almost worthless. 1t
had become question Of necessity which
could not be delayed.
COMMODORE VANDERBILT AND THE rRRsI-
DENT
AT four O'Clock Commodore Vanderbilt
and President Grant had long consulta-
ton, in which the former made propo-
sition to relieve the market. lie offered
to extend aid to the market to the amount
Of ten millions, provided the government
gave thirty millions. The proposition was
not well resolved, and was rejected by
both the President and Secretary Richard
son, upon which the Commordore with
drew, leaving It TO the President and his
advisors to get out of the pinch as best
they could, expressing the hope that some
decisive relief would he fixed upon. The
President was so undecided, and the rcjec-
ton of the appeals made to him in this
hour of disaster brought forth such
burst of indignation that the President
finally announced that the government
would buy all the fiye-twcnty bonds that
should be offered to any extent, and pay
for them at one per cent. above par, and
THIS was the most that could be done by
the government.
He declined any further propositions of
relief, but would wait day or two until
he could sec the result of the present plan,