The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-09-29


EXECUTIVE MANSION, I
| WASHINGTON, September 2S. !
TO Messrs. II. B. Claeim and Charles L. Antlony
Gentlemen-1n response to the news
you have communicated 10 me touching
the present stringency in the money mar.
ket of the country, and the necessary steps
to restore confidence and legitimate trade
and commerce, have to communicate the
following:
| The government is desirous of doing all
in its power to relieve the present un-
settled condition of business affairs.
| which is holding back the immense
resources of the country now awaiting
transportation to The seaboard and a
market. Confidence on the part of the
the people is the first thing needed to re-
lieve this condition and to avert the threat
ened destruction of business, with its ac-
companying disasters to all classes of the
people. To re-establish this feeling the
government is willing to take all legal
measures at its command, but it is evident
that no government efforts will avail with
out the active cooperation of the banks
and m0neyed corporations of the country.
With the fourteen millions already
paid out in the purchase of the govern
ment Indebtedness and the Withdrawal
of their large deposits from the treasury
the banks are now strong enough to adopt
a liberal policy on their part, and by
generous system of discounts to sustain
the business interests of the country,
should such course be pursued the forty
four millions of reserve will be considered
as money in the treasury to meet the de-
mands of the public necessity as the cir
cumstances of the country may require.
Close attention will be given to the course
pursued by those who have the means at
their command of rendering all the aid
necessary to restore trade to its proper
channels and condition, with a view of
Strengthening the hands of those who carry
out the measures above indicated. Orders
have already been issued for the prepay
ment of the interest accruing in Novem.
ber.
(SigneD us. GRANT.
NEW YORK.
New York, September 2s.-The
amount Of money which will be brought
into the market by action of the treasury
in paying interest on coupon bonds,
is estimated at ten millions, but as most of
these bonds are held in Europe, relief
from them will not be felt for some time.
The amount which will result in prompt
payment OF interest on registered bonds
will be about four millions of dollars.
Registered bonds are nearly all held in
this country. The president of the First
National bank here urges immediate re-
sumption OF specie payment, on the ground
that such action will Immediately add
eighty millions of dollars of positive relief
to the currency of the country.
New YORK, September 29.--Jay Gould
thinks the panic is over.
Affairs at noon were more settled. There
is considerable doing in stocks. Western
Union, 63 asked.
PENNSYLVANIA.
PHILADELPHIA, September 28.-Bank
presidents assure stock brokers they will
do nothing to cause decline of securities at
stock board. Bondholders are caring for
themselves. Meanwhile products of the
country rot at the depots.
HARRISBURG, September 29.-The
National and Savings banks have sus-
pended currency payments.
PHILADELPHIA, September 29.-Ben-
jamin Bullock & Sons, wool dealers, have
failed.
ILLINOIS.
CANTON, September 29.-The banks
here have suspended.
GEORGIA.
SAVANNAH, September ga panicky
feeling exists here among bankers and
merchants.
MISSOURI.
ST. LOUIS, September 29.-Curry &
Kirby, at Jefferson city, and two banking
houses at Chillicothe have suspended.
VIRGINIA.
CHARLoTTEsvIILE, September 29.-
In consequence of the money crisis in the
cities, the University of Virginia has made
arrangements for credits to all students
temper arily embarrassed by the same.
SOUTH CAROLINA.
CHARLESTON, September 2S.-A better
feeling prevailed at the 'ose of the business
Saturday, National banks having received
larger amount of greenbaclss on deposit
than they paid out in checks. No suspen-
sions have occurred beyond those an.
nounced on Friday.
ENGLAND.
LONDON, September 29.-Consols un-
changed. Bank rate 5 per cent. Erie
at 4ls.
WASIIIN(s'pON