Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

Our telrgraphic reports on Saturday
gave in brief a1o.t all the news Of i'm
portance concerning the financial situa-
ton up to the close of business on Satur-
day aud the dispatches 10 Mondays
papers merely elaborate nv supplement
such information. the day was one Of
uuprecedepttd xcltement and panic in
New York and several additional failures
were reported, all of which appeared in
onr Saturdays telegrams, and the rumor
which came later OF Il suspension of all
the banks OF the city was entirely un-
founded. We are Informed that one of
our city papers printed il in late edition
and we suppose il now regrets its
precpitancy.
The excitement on Wall street ca used
a resort TO the uuheard Of and unprece-
dented measure Of closing the stock ex-
change and forbidding street transactions
on power Of expulsion. But the panic is
universally believed to have eliminated.
The dcfalcation in the Union Trust
Co mentioned in our Saturdays dis
patches is on the part of its Secretary, G.
r.. Carleton, and is believed now to be
he ween S40O OUO and S5O0,00O. The Ma
tional Trust Company which also closed,
is said to be perfectly able TO resume as
souu a 10 has tiue tu realize on its securi-
ties. The Bauk Of the Commonwealth
which closed its doors did so on account
Of the run aud especially on account of
the discovery that Edward Haight ~ Co.,
one Of the susponde firms had Overdrawn
their account S225.OQ0
The effort of the Treasury Department
to relieve the distress by the purchase of
bonds, was not much of a success. SlO,-
100000 were called for, but only S2,672,-
Glu were offered, and the purchasing
81 TUn tn 40 W hfph will
release to the banks and the money
market about So O00, 900 Of legal tenders.
II is not surprising that SO few bonds
were offered, as the stock in the market
is very small and bonds are generally
held by those who are not distressed for
money, aud who, particularly at such "A
time as the piesent, cling to their bonds
as a security which nothing can seriously
impair. As a further step towards relief
to the banks, the officers ofthe banks and
the Clearing House Association have de-
cided that until the 1T of November
next, any bank in the Clearing House
Association shall have the privilege OF
taking such Of its good assets as may be
necessary to a committee Of the Clearing
House, which shall issue to that bank
certificates to the amount of seventyfive
per cent of the cash value of such assets,
and that fucn certificates shall be ac-
ce3ted in the settlement Of Clearing
House differences in the place OF legal
tender notes. The eXtrut to which this
authority is to be used at present is
/ so OUO,0O0. They further resolved to
pool all their legal tender notes. and
make common cause against any attempt
| 10 break any of them. The issue OF these
certificates will be carried to the extent
OF the full assets Of the banks, II neees-
sarv. The practical effect OF the issue
will be 10 ecunom re the use of legal
tender notes, these certificates taking
/ ,hcir place.
Do Phladclnhia the day was much
! Quieler no additional failures exceptthat
1f Inc Union Banking Company were
reported and the National Banks passed
through the ordeal unscathed.
At Washington the excitement con-
/ tinuad throughout the day but
no additional failures were re-
ported. At Chicago a private bank
ing institution succcumbvd 10
run. In Boston there is excitement
Tut no Vaiic, vi hile failures are reported
Iiua,. L,as, Toronto, and IN burlington,
Iowa, Oh account of Now Aoik l4Iures.
President Grant aud Secretary Richard.
sou arrived at The Fifth Avenue Hotel, in
New York, Saturday night, and snn-
with the leading bankers.
Among those present at the conference
'0f Wall street aud mercantile interests
were Vanderbilt, Henry ClcNs, the nelig-
Iluu Bros, George 0piyko, q. II. Bailey,
W. NJ. A-tJr p. ?. sharp, James IL.
Burke, a. b. ClaHu., G u. sanford, Sena-
tor West, Of Ln., and Joan lOey.
The main proposition Of the bankers
was that tho Government e+oald issus
The whole of the iory-fOur
wilim5 oi reserved greenhacks TO
the banks or "a arge portion Of ii. Nu'
merous writ and verbal arguments in
behalf of this course, were presented to
the President who, after listening to them
all firmly refused to ad lpt this course, on
The ground that he had no constitutional
authority to do 80. Commodore Wander
bile proposed that ii the Government
would lend the banks S25,0OO,OOO, he
wuuld lend them $4,000 900, but lie was
asked why he did not pay his call loan to
the Union Trust Company, and thus pre-
vent the suspension which his failure to
do so had brought about.
Il was deemed best, under the circum-
stances, TO maintain tie policy Of the
GOyurnmeut relative to purchases of
blnd,, with this provision, that the secre-
tarY of tie Treasury authorize the imme-
extent, at the snb-Teeasury; aud that
uuy Uotslu who oilcr- UuiteG States bonds
there sh 70 reec ys the greeniacks there
for Tie Treasury buying the bonds at par
in gold.
! This plan OF relief was thought to be
the best mode Of meeting the peculiar ex-
reucies OF the situation. Prominent
: haukers expressed their opinion last night
after tine result Of the conference became
: known, that lt was by far the wisest plan
to aiiay pauic aud restore public conf
e dcrcc, and thrt ia few days the financial
disaster Will be thing of the past.
From the rribunel
The Government is so certain to make
mess of IL whenever ii NEEDLES with
Wall street. that We are specially CRATE
'ul 30 President Grant for not losing his
head For many things which his Ad-
ministratiop has done to bring the busl-
3 uess Of the country to its present pass, he
will De held TO relentless responsibility;
lint be has manfuily refused IL commit a
lony, in the interest of the brokers.
The wind talk about the right of the Gov
rrument To lend money to brokers OF
'' banks On collateral, with or without law,
. iH order 10 relieve the pane, was the talk
= of reckless men, maddened by the results
of their own speculations. To hold that
i, The President has right to violate law
tu the interest of operators in stocks is
well nigh as crazy theory as was ever
g advanced by the widest Reds in the
st5imicst days of Paris. For resisting
.e tlis madness, at least, the people owe
Gen. Grant hea,ty thanks.
CFrom the mas
. We DO rot und rrate the gravity of thl
present crisis But we, Al least, declu'
20 flIg at,VtHfntr or az 1tXt hfutr ga lpul al