New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-15
the morrow. The rumor was circulated by the "Dcars
10 increase the panic. hut he conf dent Vanderp'
would pay the dividend III ii broke him to doit-"

the morrow. The rumor was circulated by the poais
10 increase the panic. hut he conf dent vanderp
would pay the dividend "if it broke him to dot"
MORE CHEERFUL VIEWS.
A TRIBUNE reporter called on Sam. c. Thomp-
President OF the First National Bank, at his resi-
dence Madison ave-, and found him discussing inc
days proceedings In Wallst. with his father Jon"
Thompson, Vice President OF the same bank. 1hey
thought that this continuation OF the proceeding
panic. but that things had got low as they
could. and hard pan" must be reached IL nau
been very extraordinary day for Walst. In answer
to the question Of the cause manner length and
BILE effect OF the panic Mr.. Thompson, senior rcpDed
The present situation OF affairs is not alarming TIC
low price of securities the effect OF tho posi-
ton Of stocks held in blocks which money has been
borrowed in order to carry them. Persons ioaning
money terrified by the legal proceedings instituted
In the Grinnell bankruptcy They afraid tna'
proceedings may be brought against them, and partly
from their need OF money they set about with de-
termination and energy TO place STOCKS
beyond any injunction before 1t s 100
late. 1t has been the case in all panios
money strneencies that to realize amounts OF
money to impossible; that the situation OF
things present The rapid throwing of stocks on the
market the past few days has gwen time to payers
aud real into the market purchaerS
believe that in few days all solid stocks Will be taken
up, and essential advance todays prices VIII DC
rcaIlLeO nave great lDuJ tlls lihD WIZ
blow speedily than any other panic
Of its magnitude. My reason for this belief is
based principally upon tho fact that none OF
the money or currency OF the country mas
deprecated in value. The $75,O00.cO0 OF green
backs national bank notes, and fractional currency are
all intact beside the gold that has and Is coming
from Europe. In all former panics the disaster OF the
country added to the usual money strngency, ana
banks great deal likely to fail when run
the reclamation of their than tDey are
from the demands OF dopOstors 1t ia III this pecu-
liar position Of our present currency that, In my opn
on lies the foundation for quick and successful ress-
citation. VI Is hardly possible that shall not have
superabundance OF money within 60 days. for onehaf
OF the firms Of the country have, for the time
being, down their business, very large portion Oh
payments deferred and the currency Of the nation
when it comes from Its hidingplacos, win be more
than the OF the country will require Sun IL
would unreasonable to expect prices 10 assume their
former status The banks With very few EXCEPTIONS
are in sound condition. Their deposits are
remaining stationary, currency is flowing into inc
central cities faster than it is ordered our. The
banks in this city have in four weeks qudated ther
deposits from t2c7 100000 TO slsOOOo to do this they
have parted with $4,000 Of reserve currency
and contracted loans aud discounts something over
S3O0OOOO This Liquidation is. believe, about ended,
although should expect expansion at present, ana
believe that the banks will grow stronger
Tie most direct ana legal fcel 10 DobeS
and in aid Of the movement the produce Of the ma
ton would be afforded by the Government issuing
god-note currency, based upon gold. which might be
deposited in the SuOTreasuTy in small denominations,
suitable circulation 10 the West IL evident TO my
mind that during the Fall and Winter S760oOOO OF such
currency would be taken into the interior ana
used in moving the crops The S9OoOo
would be realized from this gold currency in
nv opinion follows The imports of gold from Europe
durfn no and Winter / estimate, VIII amount 10
s5oOOOOOo Toe gold notes Of large denomination now
outstanding would be taken in and exchanged for small
notes to the amount Of s20oJoO0 and 100000 OF loose
gold now held in coin would also flow into the Sub
Treasury against all of these. small notes could be
issued and used as currency TO move the crops.
Yon NAV wonder where ali tho money IL. will tell
you country banks the city and country savings
banks and the trust companies locking up great
deal Of money their dctriment in repeated In
stances When correspondents have come to us for
assistance we have asked them how much currency
they had locked up at home, and we have been
astonished TO find that many have three tunes
tile amount OF currency which they thought
necessary to keep before the panic lnvnriably we
have told them send portion Of that currency for
ward and when they really wanted currency telegraph
TO Ills and we would send IL TO them without fail III all
the banks in country would adopt these measures
| believe S2OO0O,OCO would be the fruit OF
the movement. Much has been said about
savings banks locking up currency. can't
help thinking that a savings bank, in locking up an
undue amount Of currency commits financial suicide
for by so doing they deprive employers OF the means OF
meeting their rolls and If labor is not PAID those
dependent on labor must and Will nave their deposits
out OF savings banks.
MIR. CHAPIS's UNCERTAINTY.
Osborn g. Chaplin, brokers of JAY Gould, were
approached by TRIBUNE reporter, for the purpose OF
ascertanng their views upon the situation and prospects
Both discarned all knowledge of the causes, and could
venture no opinion Mr.. Chapln when asked where
prices gong to stop, said that he did not Know
and would give 100000 for the information.
THE PRESIDENTS VIEWS ON FINANCE.
LETTER TO BANK PREsIDENT-slLvER TO SUPPLY
A DEFICIENCY IN THE CIRCULATING MEDIUM
President Grants theories OF finance during
the past days been the subject of very genera
comment. The following letter, addressed TO NJ A
Cowdrey President Of the Continental National BANK III
Nassau-st, and bearing the signature OF President
Grant will he read with interest it is an oicla eA
preston Of nearly the same views which he recenuS
al tn an Aaao cd PR a Washington: