, 1873-09-29

rule for tlleRe houses would cAs,He fearful
slaughter Of stocks. and tend to hold the mar
ket at its proHent depression, which would bo
ruinOus.
COMMENTS OF TIE PRESS.
THE NEW YORK BULLETIN.
NEW YoRK, Sept. 23-Tho Daily Bulletin to-
morrow will hayo tho following editorial: "Tl,o
week closed with hopeful indications TINT a re-
action from tho condition Of tho pauio has act
IN. The Generalization doos not progress, and
mattors, to say the least, arc no worso at those
points whore danger ia most to be approhendod.
Tho feeling among the banks is bettor, and thoy
arc evidently hoping their customers more freely.
The suspended settlements Of tho Stock Ex-
rhange have boon so far got out Of tho way TINT
tho Governing Committee havo announced tho
opening Of tho Board tomorrow, whom, from all
the symptoms, IN improved feo1iug aud bottor
prices for securities may bo reasonably antici-
pated. Tho timely libcrality Of banks to their
spread Of tho panic to al branches Of trndo,-n
danger which has unquessionably been worry
closely impending. Merchants havo 80 fur
proved able to hold their goods, instead of
most favorable fcaturo. II matters can only bo
held as they now stand q day or two longer, tho
rropresBiblo bouyancy natural to our peoElo
will carry LIB into reaction TINT will Issue III re-
coreiy"
CAN GOVERNMENT RELIEVE TIE MONETARY RE-
yULs1oN +?
From The Cincinnati Gazette, Sent. 81.
If it eau, it should do it promptly and loroical
ly. Away with tic idlo talk lla.t this il merely
railroad or stock speculators' panic It is tour
niQuet upon the veins Of lnoIoy circulation. It
is d stoppage Of tho life blood Of business. If
not relieved, it will suspend tho collection of
public revenue. Now York ba1lkors suspend
payments and tic up tho countrys means, md
brinG all business to a dead lock, and then they
BOY to intorvioworB the eituntion looks boter,"
end I" the panic has ceased," and 30 Oh, while
land,
rho export of produce IL neaNy stopped by
the impossibility OF selling exchange drawn
Of tho whole country, mud brings to = criais all
tho credits involved III them. THUS the coun-
try's RESOURCES arc paraiyzod: Tho Secretary Of
Tho Treasury is urged to anticipate the payment
Of bonds due next January by means Of tho sur
plus gold, and thus supply means to relievo the
exchange market aud start the movement OF
produce
He answers that clause in thnt bill Of abom-
nations, tue Public G. Cit bill, forbidB. This
was superduous pledge to resume specie pay-
mont before rodeeming any bonds not due with
aprovBo which Boen1s to neutrallzo it. 1t was
no part Of tho obligation Of either groonbaclss
or bonds. It has no virtuo whatovor, md II has
beon continually disregarced by premature pay.
ments Of interest. 10 disrogard it doos no i'll
jury to individuals or the public:
II tho Secretary were satisfied TINT the simple
measure Of paying public debt 4 little in nd:
vance Of maturity would give any substantial
relief, the reason for refusal would DO insulll-
:iont.
Regard for low is we'll. But the Government
of Great Britain laB several times dsregardcd a
very important Inv to give relief in a monet asy
reyulaion such as this Parliament indonaniiicd
It. And will not all tho National Danks nced IN
act Of indemnity?
An Administration with so great majority at
itB back can trust Congress- for an act to indenl-
Nifty 1t for paying public debt little before ma-
turity to avert public calamity. And this much
worn clause iB very insignificant compared with
the prohibition Of tho increase of tho bonded
dobt, which yet has not linderod q temporary
increase in tho rofunding through syndicales..
None can bo more apprehensive than VIC Of d
ey market But the nocesBitics of tho war in.
volved tho Government largely In tho monetary
affairs OF tho country. a Treasury administra-
ton which for ten years has assumed to regulate
the money market, muBt not wash its llandB OF 1t
in general calamity.
The instinct OF soif-presoryatiou is we'll for the
Treasury; but It can not out loose from Tho coun'
try. Il the doad Lock continues, it wil soon cu
Off tho great excisos, and shrink tho payment oil
customs, and thus selfish policy Of tho Treas
ury would defeat itself.
With tho intelligence that tho Secretary viii
no. draw on tue S4A, cog, 600 Of retiree
ment that no ateadfastly attirms bis legal powe
to reissue thom. This cauaoB painful iaca tim
he aud the President do not realize the grayit.
OF tho situation.
II ho beoyos lie has authority to Issue them
and means to issue thon il necessary to th
Treasury, then he believes he has this rosorg
against any peril frum using the gold to pa
those bonds, Il he has abnndant resources, nas
can soe clearly how to pour thcm into the Chan
nels Of circulation, to move the crops" now /
the time to use tllom. IN proportion to what IL
believes to be tho amount OF his means, will TIL
country blame linn for falling to giyo rolief t
tho suiferingB Of the country.
TWO E1pEDI1IENTs FOR GOVERNMENTAL ACTION
From the Nc,p York 1Isaes, Sept. 20.
It is true that no failures were announced yea
torday, but 1t must DO remembered that artitica
failure. The closure Of tho Stock Exchang
glyeB the brokers q change OF making priyat
gettlomonts, and at any rate concoala tho|
weakness for tho time. The banks protect them
merchants aro intrinsically In . sound condition
but want money, aud cannot always 60 on with
out 1t. That our export trade should bo arreato
at euoh season as this il, In itself, a greu
not IN effective remedial moasuro-but to antic
pate tho payment Of tho bonds Of 1874 woul
Undoubtedly produce good result. And wo
not SEQ what objection there can bo to tho pull
chase Of tllHt.olasB bills OF exchange. We done
specially recommend a1. extra session Of Coz
gross, bocauHo that IL a long and tedious process
and wlilo the grass grows the ntoed atarYeS, q
the old % na aays sor 1t a le Two
nov suggested. without tho sanction Of Congros'
It would DO woll to aux for that sanction with q
little delay as possible. -...-.-.
TIE Possibility OF RpKOlE-PAYMENTB.
ttbts Dispaeh II tbs hssoriated ttsst.
LonpoN, ssVt. 9a.-Tho Daity Sems believes I'll,
tho nnnnciai panic In York will possibly leaa
the resumption Of specie payments.
From tdc !st,p York llorid, Sent. 20.
Tho hint contained In this cable dispatch
wortl! attentive confederation, for this roason
Tor no other: that II il we'll to survey d!t!lcu
on Tnu TE n
cloaror understanding Of Its possibilities. F,l
DENOMINATION Gnu bo 10 impoQimoRt to wise u