Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-10-02
The CRISIS.


WASHINGTON, September 28.-The
following letter was written to day:
EXECUTIVE MANSION,
WASHINGTON, September 20, 1873.
Hessrs. II. B. Clqaim and Chas. L.
anthony:
GENTLEMEN: In response to the view
you have communicated to me touching
the present stringency in the money
market OF the country, and the necess,
larry steps to restore confidence, and
legitimate trade and commerce, have
the honor to communicate the follow
ing:
The Government is DESTROYS of doing
all in its power to relieve the present
unsettled condition of business affairs,
which is holding back the immense re
sources ofthe country now awaiting
transportation to the seaboard and a
market. Confidence Oh the part of
the people is the first thing needed to
relieve this condition and to avert the
threatened destruction of business,
with its accompanying disasters to all
classes of the people. 10 re establish
this feeling the Government is w;IIllinr,
to take all legal measures at It's c,m .
mand, but it is evident that no Gov.
eminent efforts will avail w;ehout the
active co operation Of the banks and
moneyeo corporal. Ions of the country
With the fourtSe rlillions already paid
out IN the purchase of Government
Indebtedness and the withdrawal Of
their .argc deposits from the Treasury,
'n'I oahks are now. strong enough to
adept a liberal policy on their part, and
+. ~ a generous system OF discounts to
sustain the business interests of the
country. Should such a course be
pursued the forty four millions of re
serve will be considered as money in
the Treasury to meet the demands OF
the public necessity as the circumstan
ces Of the country may require. Close
attention will be given to the course
pursued by those who have the means
at their command, OF rendering all the
aid necessary to. restore trade to it,
proper channels and condition, with g
view of Strengthening the hands indicat
ed. Orders ha vealready be en- issued f,l
the prepaymentot interest accruing in
November. U. S. GRANT.
New YORK, Sept. 27.-The directors
of the Brunswick, N. j., State Bank
have decided to suspend indefinitely
as they find, on examination, that it is
l IN "a III ;.
making vigorous efforts to arrest Mood
worth and Appleton, the cashier
though it was reported yesterday that
they had fled tolEurope. 1t is report
ed that warrants are out also for the
arrest Of the book keeper. The total
defalcation will amount to between
$500,000 and 100000.
NEW YORK, Sept 20 noon.-Affairs
are becoming more settled on the street.
New YoRK Sept. 20. The disturbed
state of the money market has made it
necessary for some large firms in this
city to discharge many of their hands,
and to give the, others only three OF
four days work week. One large
manufacturing firm has closed up altoge
ther &'.>'
!, The improvement in the financial
| condition at the close of the week was
as evident as it is gratifying. It is
perfectly safe to say now that the worst
is over, and having passed the turning
| point Of the path steady recovery has
become comparatively easy With the
| restoration of confidence the currency
withdrawn from the banks will be let
loose again. and find its way back to the
| depositaries from which it ought not
to have been taken except in the way
of legitimate business.