The New York herald., 1873-09-23
The President and Secretary of the
Treasury Hopeful.
MCRE CURRENCY FOR GENERAL HILLHOUSE,
Jay Cooke, McCulloch & Co. Still
Naval Agents.
THE VALUE OF THE POUND STERLING.
General Grant Entertained by
Boss Shepperd.

WASHINGTON, Sept. o. 1873.
No Approximations of Further Trouble
Entertained by tho Secretary OF the
Treasury.
In conversation to-day Secretary Richardson
stated his belief that the panic now at an end,
and that there need be no further apprehensions
o. trouble. He had no fear OF any disaster result
ing from this. as the country Is In q very pros
porous condition, which was shown by the fact
that throughout the panic there was call upon
the National Treasury for assistance, except from
New York, slight one from Philadelphia and
still less rom Washington. From the West and
South there had been no request for aid, and ne
had no idea that there would be anv. He further
stated shat the government would continue to
purchase bonds as long as persons would bring
them. but he did not suppose that they would be
offered many days.
Jay Cooke, McCullOch & Co. still Naval
Agents.
The Secretary OF the Treasury contradicts the
statement that the navy account has been trans
ferred from the banking house OF Jay Cooke,
McCulloch & Co. IN London. and declares that
there is no intention OF making such transfer.
Another Conference Between tho Prcsi-
dent and tho Secretary.
The President had another interview OF more
White House, this morning, at which Secretary
Delano and Postmaster General Creswell were
present. 1t has been decided to send 500, O,OOO 900
from the National Treasury here to assist
Treasurer Hnlhouse in New York tonight, to
enable that offlcer to buy all the bonds
that may be offered. The President feels
encouraged at the news Of to-day. and VIII
be guided by circumstances as to whether he will
leave tonight. Secretary Richardson has been re-
ceiving kilograms from New York every few mo-
ments during the day posting him as to the csndi-
tion OF afars there In reply to interrogatories
this morning he said everything was more encour-
aging and the government would buy bonds just as
fast as they were presented. He had plenty OF
money and would give 1t out to all who came with
their bonds When the question was asked
whether or not this money to pay for the bonds
would come from the legal reserve he answered,
'Never mind about tnat; will attend to getting
the money The government is oil right and in
tends to keep So"
A Telegram from a Banker.
Mr.. Joseph Seligman. the New York banker sent
the following telegram to a prominent gentleman
late this afternoon:-
The prompt action of the President has had beneficial
influence in all European markets tSIasy sr,1cwN
Vice President Wilson Speaks.
lowing telegram this afternoon from Vice Presi-
dent wilson,
Boston. Sept. o. 1878
WILLIAM 4. RICHARDSON, Secretary OF the Treasury,
Every one here praises your action stana like ROCK.
The Run ON the Savings Banks.
The run on the Freedmen's and Washington City
Savings Banks has nearly subsidized, not more than
a dozen persons being at either place at any one
time during the day.
Treasury Circular Concerning tho
Value of tho Sovereign or Pou nd
Sterling.
The Secretary Of the Treasury has prepared
circular, soon to be issued inviting the attention
OF importers exchange dealers and the public
generally to the act establishing the custom house
value OF the sovereign or pound sterling OF Great
Britain, and to fix the par OF exchange, passed
March 8, 1873. By usage, it says dating back to
an early period in our colonial history. the dollar
has been rated as equivalent to ffty-four pence
sterling; the pound, therefore, at 81 AS 3D., or
f9-$4o. The dollar, which was the original sub
ject OF comparison was the old Spanish silver dol
lar. or piece OF eight and the computation at the
time was approximately true as compared with the
British silver money. In all transactions OF ex-
change involving the dollar and British money,
the par was, therefore, assumed at 81 pence to the
dollar any differences from this par being attri-
butable to premium or discount The practice thus
begun has been continued through all the changes.
and they are considerable, which have affected
the coins current in this country and Great Brit
ain during nearly two centuries for the British
standard is now gold, and the Spanish dollar no
longer crculates with u.s. but our unitary dollar Is
gold coin, worth nearly nine per cent less than
dollar offlty-iour pence. BY pure felton, retained
by usage only, and not by any law, exchange
Rrtfo onfv main -
the United states, while our bonds are quoted at
a fixed discount OF nearly So per cent below their
real value The remedy for such anomalies is the
abandonment Of the false par or valuation Of the
money of the United States in British money. The
law while prescribing the close of the present year
as the term for the disc0ntinuance OF the old
rating OF exchange, does not prohibit but rather
invites an earlier change in the practice. The
Secretary recommends that the change be entered
upon at once, and, with view to facilitate this,
he has caused to be prepared series Of tables to
be appended to the circular) which he trusts will
be found to embody useful information, and aid In
passing from an erroneous to a correct system.
Gold Deposits and the New Trade Dollar.
communication from the Superintendent OF
the San Francisco Mint to DR.. Linderman, the
Director OF the Mint says the gold receipts from
the 1st to the 9th Of september aggregate oOO
three millions. On the 9th Of September $50, 900
ounces OF silver were received. This viii coin
400 900 OF the trade dollar.
test Of the Mexican silver dollar was recently
made at the New York Assay ONCE, under dlrec-
ton OF DR.. Lnderman. The dollars were OF recent
coinage-restored eagle dollar die. The weight OF
single pieces showed very wide variations-from
4O7 to 43o grains, the legal standard being All.
They bore the mark Of the Mint at Chihuahua and
had evidently been issued without any regard to o
proper adjustment. They averaged o04 nne,
slightly above the Mexican standard. The varia-
ton in weight is such as to render their sale ss
dollars very uncertain.
MuttIatcd Currency Sent TO tho First
National Bank.
Many OF the national banks of the country had
been in the habit Of sending mutilated notes for
redemption to the First National Bank OF Washing
ington, that institution acting their agent lor
the purpose. This gave 1t the continuous use
OF from 100000 to 100000, some OF which