New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-25
A BRIGHTER PROSPECT.
Continued from frs, Page.


- the Treasury The cost Of the .rsnssd
on 10 be divided among the Eew-York Assoo@ nec
ranks pro rata OF the amount OF their depVS mat
Sely As shown by the return Of last week a ~ aach
~ Tommttee be authorized TO assess the share VI o
hank nv drafts in the usual manner: ,oo,ation con-
Pssoired That each member OF the As,tn xbere
.der himself special committee TO ascer," ,b,s
such bonds be had 10 invite IN tbe commu-
gort OF every institution and lndviduh IN ~ ,he
Sy and report the result 10 the Chairman Oh inc Assn
That the President of the United States and
the secretary the Treasury be sooeI ~ no tho ou
man Of tins Association BY ies Ss on Ian
WserSoS The banks composing the Clearinghouse As
ISOLATION order to slay punno .ea INV s cnmbinng
together averaging their aGgteSae res % anu N
od whatever superiority IN position any OF them pos
Used over their associates and l., 49,. 49, 0,,
TkSreas IL would be manfestly unfair that any mem
~ Seoininc 70 participate fully in the arrangement
anId derive fictitious credit In reputation IN the DUST
neersd Tlat any member so conducting himself shall
,HDoTted 10 Tie Manager OF the Ciearinghouse, who
s nsa him sha be drawn by presentation Immediately
~ special agent appointed by MIN ior tna' purpose vi
behalf OF the Association.
The following communication was received nom the
ock xchange ordered TO DO printed ana relerreu 10
4. special Committee:
The STOCK ExcHANGE's ADVICE.
n ne Chairman Of he Clearinghouse commune; ~,
DEAR SIR The undersigned nave Deen appon'eu ~ ~
.hs New York stock Exchange as COMMITTEE 10 CONFER
WITH your Committee In reference TO the reoPenns VI
our Exchange. In accordance with y3nr WISHES 20 me
now nrcseut to yOu writing, our views as 10 tne
roper course 10 be adopted by the BANKS IN te
Unfortunate state Of affairs TO save tehssiNos 5ao 10
resume It's operations with safety 10 the oahhs aIu "
ourselves and those whose interests arc S IN
NJ The great obstacle we nave 10 ueal WIN III
esuynng the operations Of the STOCK EXCHANGE Is hot
The question OF the price at which are " og
s of NE public but the mode Of settling our trans
actions As long the banks on whom our CSShS are
Wn are dsfrustul OF another, so long Will con
Snon of unreasODing panic continue, ana Ine uemtu
on ali sides will be for greenbacks rather tnah iGr
- htohr flrn
"a hours after they have been accepted IN payment 40
reopen the stock Exchange under TINS eOhu1n % az
I'm upon the banks for legal tenders with what re-
suits you better qualihed 10 J1usT 'n n J Tr
S6snge closed for any considerable ieng'h OF u hn
would entail quite as great perls upon 'Io o"nhs, UT
"a and 10 ourselves There is but one solution OF the
difficulty that can see, but that one, ~ , aoPte'
IN the present emergency in our opinion that tnose
hanks who content to make eleaIanGes , Vn1
1araptee, the payment OF checks eerhed Oylthe oaAs
sloved TO enter into the Clearng-house. IL may seem
dous or upkind to deprive any of the existing assO-
saton OF HANKS OF its connection with the Clearing
house submit TO your consideration tne iac 'naC
n the nreseut state affairs II is necessary 10 nave the
noIal COuIa-.o ~ ssootation rather than have all
he hanks of New-York suffer the disgrace OF
suspension OF payments. Nor need ms sep DC taken
violently SO as 10 undue losses 70 those banks
vbom the majority may distrust. such banks may be
pcisly asked reduce their liabilities and cural thel
engagements within day or two and after mat une II
,afeiy reopen the Stock Exchange, first passing law
that all transactions Of members shall be satlsned
and CONNECTED by a certified check on any one OF tHe
banks entering into the mutual guaranty. Ims would
al once preclude all demands for legal tenders arising
INIT Of the operations of the Stock Exchange and the
manifestation confidence the part or the Danks III
themselves and the spending evidence OF security
IN the sOYency OF tho banks shown by the STOCK TX
ebange would, Judgment so lnnueuce lhe puOuo
mind that instead OF suspending pay ments our Oanh
would be able to pass through the present Crisis Win
uDimpaired credit 5000,
no enable the banks who assent 10 proposal to feel
that they are not entering into an unlimited guarantee
OF those whose condition there is not now lme 70 lVes
tgate Wi accuracy. would suggest tnat the Dahk
rearings made hour earlier than at present. ana
That on the discovery at the Clearinghouse OF any
weakness the part OF bank, the President OF the
BOck Exchange should be az once informed that sucn
OF the association. on our side we would recommend
that the hours for delivering stocks should not Degn
until after the cearances Of the previous day had been
made as an offset 10 which would probably nave 10
extend the time beyond 2:l5 p NJ our present
limit for receiving stocks, until p. M, ana
Possibly have 10 request the bank 10 re
main open until $3.50 p. H. so as TO compete the uay
transactions. The whole arrangement OF course, VIII
De temporary until the present crisis snail nave passed.
and matters have resumed their usual course We would
further recommend the adoption by the Associated
Banks OF resolution that they VIII not, Tor Ten Gays
after the reOpenng OF the Exchange call III any loans
10 brokers which sufficiently secured Dut tnal, on
the rary, they will, 70 the extent OF their aDny'
ens BY the adoption these measures we OeneNe the
present panic be stayed and that confidence VIII re-
ABRAM b. BAYIIs Il. L. CUTTING. f.,
EDWARD KING, HENRY G.. CHAPMAN,
JNO. r. GARLAND.
Hso York, Sept. a. 1873.
SECRETARY RICHARDSON INVITED TO a CONFERENCE.