The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-22
nancial crisis formed the subject Of general
conversation.


ErS on BANKS
A slight run on several of the cast side
savings banks yesterday is reported
PRESIDENT GRANT DECLINES 70 INTERFERE.
President Grant and Secretary Richard
son have been in consultation nj the Fifth
Avenue Hotel since noon to-day, with pro-
minent capitalists and merchants, includ-
Ing Commodore Vanderbilt. The follow
ing is the result as far os knownat 8 o'clock
TO night
President Grant positively declines TO in
tcrferc with Wall street Us any action of
his would be unconstitutional.
PROPOSITION OF COMMITTEE.
The committee of bankers and merchants
have come down to final proposition for
the government to issue $50, 900, 900 of lc-
gal reserve
OPINIONS OF EEyREDY JOHNSON.
Rcyerdy johnson is said to hayc given
his opinion to the effect that 10 use the c-
gal reserve for this purpose is unconstitu-
tional, but that if he (JohDson) was Prcsi-
dent he would besdisposcd in an emergency
like the present to make the utmost efforts
to avert the impending disasters
PHILADELPHIA, Sept. 81
ExClTEMEr ABATRD IN PHILADELPHIA.
The excitement over the failures has
abated and matters are beginning to assume
a right shape although the stock market
YVES somewhat fcverish yesterday yet af-
fairs on the street were more settled owing
no doubt to the reported promise Of the
Secretary Treasurer to make use of forty
four million of the reserve fund if desired
The failure of the Union Banking Co. in
this city had little effect on the public as
il was small concern and its failure can
not possibly affect other institutions
FIFTH AVENUE HOTEL CONFERENCE.
New YoRK, Sept. 21-0p. NJ
The conference at the Fifth Avenue
Hotel to-day in relation to the best means
of overcoming the difficulty resulting from
the rcceut financial disasters in Wall street
absorbed public interest to an almost I'M
PARALLEL degree. The fact that President
Grant, Secretary Richardson and other
high officials of the government had come
here to deliberate on the best means for
preventing further disasters to the mcrcan-
tile community and consequently to the
country at large, was generally known
Early this morning, in consequence not
only the leading bankers, brokers and mcr-
chants were in attendance at the hotel
The general public fockcd thither in Won
der and listened to the views of Wall street
men, and gathered in knots discussing the
situation.
President Grant, Secretary Richardson,
Senator Morton of Indiana, and General
Babcock were ready before noon to hear
the views and suggestions of prominent
merchants and financicrs. \ large mum.
Der of these had previously held confer
ence in one of the parlors of the hotel to re-
ducc their plans to definite shape
DoISGs OF TIE COMMITTEE.
The committee first made general pro-
position that the present financial difficult
ties should be relieved by drawing on legal
tender reserve. The committee had not
agreed at this time as to the amount of such
reserve which would be probably required
Grant and Richardson sent for many mem
hers of the committee in turn. and secured
their views on the subject
SECRETARY RICHARDSON OPPOSES THE Is
,UANCE OF LEGAL RESERVE
After hours spent in this way. and after
listening to the reading of written views of
several leading members of the committee.
President Grant and Secretary Richardson
informed the committee that nothing could
be done until precise propositions had been
submitted to the majority of the commit
tee, prepared verbally. that the govern
mont should il necessary place the whole
legal reserve, $4,000, 900 in the New York
city hanks. Secretary Richardson opposed
this suggestion in the strongest terms and
said he was utterly and infleNibly opposed
to issuing any considerable portion of the
legal reserve for the use of city banks.