, 1873-09-30

tlon6 OF tho NattonB 6AviOr." FGnturinB to
Buggoat to these gentlomen tho substance OF
THE rnEs1pES7's LETTER,
tho reporter WAS reminded of tho inutilitY Of
groatnoss. for tho only real suggestion in tho
opiatle to Claiiin and Anthony was received with
etr,cd into tho automatic expression Of disbelief
that tho Government had asserted that =" the
banks could now resume general system OF
DISCOUNTS" A general conversation followed.
in which tho reporter took hlB usnnl BtntIon Of
listener and receiver Of information, aud, since
neithcr OF the gentlemen who expressed their
views are deBirous Of counting Presidential favor
rfrown, or aro RHpranth for tho hazardous station
Of Secretary Of tho TronBnry or Comptroller Of
sation in its conclusion iH given. The Goyem-
nlontnl interference In tho crisis subsiding Ind
had ITO app, echble effect, and only In an intlni-
te5ei1al measure had Afforded relief to those in
volved In hazardous enterprise. Nor WAS ttloro
any neccatlty to deoscnao tho value Of tho cir.
cu'atfng medium by Increasing tho Govern
mental responsibility, without adding In tho
same measure to tho security Of TINT RESPONSE
tion had for years been done upon an accepted
basla Of crodits, tho actual sum of curt ency in
active use being but q email percentage Of tho
amounts represented by credit. An incroaBo Of
tho volume OF currency to Gum represented In
business credits would be o. impractlcable as
unw1Be aud unnecessary
THE srsTEM OF CREDIT
was based on actual VatueB OF tho nations ro-
sources, and In the adjustment Of trade only
such currency as was necessary to the hottle-
mont of balances waB requisite. Until perfect
confidence WAS restored III the country, and the
milone Of currency now lying idle in closed vaults
or trembling hands was restored to healthy
cifcalatlon among tic poonle, 1t would be impos-
6ible for tho bhnks to roHumo 8 Rehera1 system
Of discounts, or afford accommodation on paper
not secured by Immediately available caAh col
1ateralB.
Tho convcrsation turning to tho consideration
n 1
in tho East aud West, the representatives Of tho
5 s'' o saosy aS not WEE wS1s' oasans ns
pride in chicagos Immediate proximity. to tho
tue direct entropot. hlr. Gage regarded as tho
safest Investments these iii the cereals and
other products, which, though subject to 1luctu-
ntions In price, woro absolute nocessarics Of tho
which they would command whom " stocks," not
from the bountiful Imp of. Naturo, but the cro-
ations Of tho artificial requirements OF man, had
no other than speculative value. New York'a
representative assumed that cash WAS tho mo-
tive power Of tho worlds being, and moving.
and TINT Manhattan wns it's depository and
henco her bankers hold tho lever, resting on
New York;, cash wealth aa d basis, by which
thoy could move tho nation. Tho pleas
ant difference promising TO enter into
Aumblo reporter, the gentlemen, noting his mya-
tiication, kindly exercised compassion, and be-
thought themselves Of more instant and press-
ing practical problems Of finance. Tho most
pleasing expression Of the probable outcome of
tho healing financial wound IN the boweR Of the
body polito WAS the prediction, vouchsnfed by
Mr. New Yorker, that in thirty dnyR from date
currency would be in abundance on tie market
at loan on lower rate Of interest than had pro-
vailed Binco tho advent Of the great civil war-at
from to per cont.
At TIE UNION NATIONAL
thore was quite rush Of creditors In the morn
S-..- +.
tof1nnod not to clear at tho Clearing House, hut
to adjust all balances with othor banks their
/ counter, aud to 60 pay oil depositors whoso
checks wore hoaorod. This, Of course, kept tho
tole,s and accountants very busy al tue day, and
ab1o to tell the result Of tho days. work. After
tic Temporary suspension, OF course, there were
large number of drafts upon them, amounting
to nearly four days accumulation, and, as in tho
adjustment separate account for tho day was
kept with every other bank. including tho obli-
CATIONS to the Union paid tho acceptances
by it paid, aB we'll aa tho 4udividual accounts.
tho work OF tho accountants was largely
multiplied. Mr. Wheeler, Vice-Preeident stuffed
ho did not know how much money had bcon paid
out, but it WIS largo amount. Thoro Ind boen
considerable. deposits during The day, but tho
sum ho could not estimate.
In comforting with other loading banks, the
| reporter heard an almost unanimous expression
Of couddonce iu tho soiycncy Of tito Union
National, and its certainty Of paying every obi
CATION.
LATER.
At q late hour last night, the following was
handed in for publication:
UNION NATIONAL BANK, 0Ia1oAoo, Sept 30, 1873,-
II qutdatfon: MOTIFS Is hereby given that ths Union
Naona ~ biak r. Of cS9go has, ~ an a6a hs
twothirds Of It's stock, been placed n liquidation
under the provisions Of sec a of the National Cur
rency act. Tho holders Of ia notes. md other credit
OTIS, arc notified to present for payment the nosos aud
q. 4. IVES, caahier.
| After the notification Of suBpeusion which had
| teen seIt to the Office a Tribune reporter was
detailed to investigate tho circumstances attcnd-
( mt upon this second and fna! suspension. A
| fast team ratified along in southerly direction
| towards the residence Of Mr. Coolbaugh, ind
at little before midnight the reporter was
| lauded in front OF tho marble mansion Of the
bank President, No. 120 Calumet avenue. Hore
| tho bell was rung with IN energy deserving OF q
nobler causo, but no kindly response was offered
| porter. The only notice rouchsafed was the ap-
| pearance OF scorbutio individual, encRged in
| bluo clothes, aud with star on his breast. He
tried to strike up conversation with the hack
| man engaged for the occasion, but, being un-
successful: WAS forced to retire yanquished to
| Ills room In the raar promises, Tho reporter
| was forced to retire, too. Thinking Of the un-
| happy bank President, be recalled tho liues
written upon Sir Walter Raleigh:
l(A1ter nfe's ftful lookup he sleeps well,
| aud ordered tho hackman to drive mournfully
| backwards to THE TRIBUNE office. Suddenly an
idea struck him. He had heard that tho Vico-
| President lived In the vicinity. After closely
! examining the door-plates Of forty.three man
| siouB and ringing the bella Of twenty-five Of
| them, and having Misunderstanding with clever
! man-Bervants who answered tho boil, lo struck
| tho second house north Of Twenty-hrat street,
| On tho east side Of tho avenue. In anBwer to
the seventh boll-pull q figure IN white, with
whiekers, appeared at tho window: t'Is
hlr. Wheeler ?" gontly asked tho reporter.
He is," mildly insinugted tho something In
wllto--it WAS Impossible to tell what it was. The
| reporter announced his mission In tones at once
| firm and respectful. Ho didn't want to hurt Dir.
Wheolor's feelings, but, at tho aamo tino, ride
ut midnight down as far, as Twcnty-third
street must not bo without results in
panio time, oven If somo extra steam
has to DO put in. Aftor fow mnutoa bud
elapsed, q click WAS heard Mt q window, and tho
snowy form waH again apparent, o'ertopped by
tho gonial face OF the Vico-presidont. Aftor
apnlogizing for tho heinopportunonoBs OF tho visit,
which he hoped tho necessity Of tug occasion