Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-23
Twenty Millions Placed in New York
for that Purpose.
special to the Union and american.

Special to the Union and American.
NEW YORK, Sept. %, SIS P. M.-There
is less excitement apparent in financial cir-
cles this evening. Human nature could no
longer endure the strain of the past four
days. Besides all the exciting speculation,
based on the deluge of Richardson's re.
serves has been dissipated, the worst is
known, and nothing remains but to put
their shoulders to the wheel and get out of
the mira as best they may. As government
aid has proved unavailing the Banks have
discreetly determined--since so they must
to run the machine without Grant or gov
eminent.
Governments Purchasing 5.20s.
NEW YORK, Sept. 22.-An official state
ment is made this morning, that the Asiss-
tant Treasurer will continue to purchase
five-twenty bonds in accordance with his
notice of Saturday, paying for them in cur
rency at the average prices of the sales on
that day. Secretary Richardson said last
night that be had The power to do more
bUdL UuJ OObOby anu ali thC hNO-bWOlASEOS
offered will be bought without delay of red
tape. The Government, the Secretary
added, is not a trust company or loan
institution, and it is doubtful whether
Congress would sanction any such con-
struction of power.
Judge Richardson Takes it Back.
This language: "This is none of my
funeral," which was attributed to Secre-
tary Richardson, last evening, seems this
merning to have been made by leather
merchant, who was present at the confer
ence and who was asked to state briefly the
views of the Secretary of the Treasury in
answer to his questions. The merchant
replied, the Secretary as much as said this
is none of bis funeral and be did not feel
inclined to assistant.
Reverdy JOhnson's. Letter to Grant
Reverdy johnson met with several bank
ers yesterday, and at his dictation letter
to the President was prepared. 1t recited
in brief the salient point of the emergency,
! the want of money and the opinion OF the
! best inanciers of the country THAT draft
upon the currency reserve would remedy
the difficulty. The legality of such step
might be questioned, but the situation, be
thought, was such than an exercise OF the
supreme law cf public safety was amply
warranted. The letter Ieeited the two
| great instances of violation of the English
Constitution in cises of similar emergency,
namely, the suspension ofthe habess corpus
and the Peel currency act. An instance oi
a more modern date was also given, that OF
the issue Of five million dollars during The
Black Friday panic on the order of Presi'
dent Grant. "Tbe people warranted you
in this stretch of power by reelection un-
PARALLEL in the history of the country" saic
the letter in conclusion.
The letter had great weight with the
President, but TIE question of the issue OF
the reserve to the city banks was decided In
the negative. Notwithstanding, after the
letter was read by the President and Secre'
tary Richardson, Senator Morton met Mr.
johnson and the latter said to the Senator
81 have reason to bel eve that the Sub
Treasury act, which alone regulates the
power to designate repositories, was re
pealed by the act of July 8, 1869, it is ;
short section and had escaped my notic'
until today"
To this Senator Morton made answer
"The question with the President has beeI
not so much the legality of the step. Sec
retary Richardson has affirmed that al
along. How to get the money into thu
banks has been the real difficulty that inall
decided him in the negative"
Sunday Work at the Clearing House
The managers and clerks of the CleariL
House were busy yesterday finishing up tn
work of Saturday. The work was unusu
ally heavy from the fact that the Fourt
National Bank had certified to six million
Saturday, about six times as much as the,
ordinarily do, and soma other institution
In proportion. Tee Clearing House com
miltee d. termined yesterday upon carrying
out the proposition made Saturday, tha
checks shall pass as greenbacks. Any of th
banks that are short of currency have tn
privilege CT depositing their Government Sc
curities as collateral, or seventy-tive pc
cent on their bills receivable, which will b
taken as money at the Clearing House.
10 A. M. Yesterday-The Union Trus
Company Fail to Open.
The following notice is pasted on th
doors of the Union Trust Company: "Thi
ips tuition is in the hands of receiver.
statement of its affairs is being prepare
and will soon be made public. Depositor
are cautioned against sacrificing their &C
counts" At this hour, 10 O'Clock, it is nc
opened, and 40 probability that it will be
A better feC ling prevails this morning
but there is no telling what an hour ma
bring forth. The llowing notics has beef
issued: 'The New Yolk Stock ExchaDg
will remain closed to-day. A meeting {
the governing committee will be held tC
morrow morning at 9:30 o'clock"
IO:I5.
The Gold Exchange has closed the sam
as the Stock Exchange. 112 has been es
t&blished as the basis of settlements. Th
room viii remain open for the purpose {
settlement. The rate of interest is liked q
7per cent for carrying. A run has begu
on the Seaman's Savings Bank on Wa
street.
The following notice is posted in the Sui
Treasury: 'Purchsses of United State
bonds, to-day, will include all the differer
series of 5-20s. Payments will be made
currency at hs rate of 1902, and accrue
interest in con." Already fifty ,housan
dollars worth has been purchased.
IL a. M.
The Sub-TreasuIer has bought one mi
lion in bonds. Large crowds are waitin
to sell.
Shutting Down on the Poor Man.
The Seaman's Savings Bank has decide