The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-24
WASHINGTON.

hAESIA, n. 1 :, september 23.-Ihe lrOn.
ore men are running the bank here.
WASHINGTON.
WASHINGTON, September 23-The run on
the Freedman's Savings Bank has entirely
ceased
WASHINGTON. September 23.--Finanees are
feverlsh. Controller Knox and all others
are surprised at the Petersburg (Va.) sus-
pensions. They hope railroad complications
of local character have not led to the disas-
ters, and that there will be no spread.
WASHINGTON, September 23.--The latest
advices do not give an encouraging view of
financial affairs. Federal officials, however,
ut late hour seem placid.
PRESIDENT GRANTS ACCOUNT OF
THE NEW YORK CONFERENCE.
THE PRESIDENTS VIEWS THE FIFTH
AVENUE ENCE-EXPLANATION
OF THE POLICY OF THE G GOVERNMENT.
From Tie Washington Republican presidents or
gam, September 23.J
The President, in conversation yesterday,
explained that the press reports regarding
the conference at the FIftE-Avcnue Hotel on
Sunday, at which Secretary Richardson and
leading merchants, capitalists, bankers, and
brokers, were incorrect in many particulars.
The language attributed to Secretary Rich
ardson, for instance, This, gentlemen, is
not my funeral,' was not uttered, and the
statement regarding it is therefore the pnrcst
fiction. The President made no allusion to
the constitutionality OF the questions at issue,
and did not al!llde to the issue Of lcgal-ten-
der reserves in that connection. What he
did say was that III his opinion the Govern
ment had no more right tc loan its money,
lcgal-tcndcr reserves, or any other class of
its currency to banks or corporations, no
matter how
GOOD TIE SECURITY MIGHT DE
that they offered rs Collateral, than it had TO
loan funds to priv lie individuals. The pro.
position submitted, that the Treasury should
place the lcyal-tendcr re>cl We at the disposal
Of the banks CT New York, WIS therefore
rejected as illegal. Commodore Vanderbilt
did not propose 10 the President - author
izr the Secretary OF the Treasury to Tlacc
Si0,03O.DU Of the reserve at the disposal OF
the banks, rOr did be offer is 4 condition to
this proportion that Inc (NandcrEi!t) woEii
add $40, 100000. /. WAS known 1t the time
that Tie Lake shore road. owned by Wander
biit, was Indebted 10 tue Union Trust TOM
Tauy about = ,0u0, coo, and thai it had lccn
forced TO SUSPEND operations hccau$c it could
moi realize on lis liabilities. Ii l. therefore
nrobable if Vanderbilt had made such pro-
position the Inconsistency OF his position
would have been aluti: 70. Tn the opinion
of some Of the distinguished pcr>cn> who
we're present 1T the interview, Vanderbilt
was either unable OF
UNWILLING TO ADVANCE TEN CENTS
under the circumstances. 1t is therefore
probable that the s;aicacnt published was
the result Of Il shrcwd attempt of Wander
hilt 10 advertise himself through the pub
licity which he knew wolld be attached TO
The reports OF the consultation. 1t was in
answer to this proposition That The PrcSi
dent is reported to have said that she must
conform 10 the Consti:ution.' Reference
WAS nrdc TO the deliberations of the FL
nance Committee of the Senate of the last
Congress, which it will be remembered had
bcfulc it The question of the authority of
the Secretary OF the Treasury over the
legal-,cnder reserve, and the majority of
which decided that no authority existed
in iaw to Use it even for the pressing cmcr.
ncucics Of the Government. This fact was
mentioned III reply to the proposition, an!
while the President announced his earnest
intention to do everything in lli. power to
relieve the pending financial embarrassment,
he added that he must conform TO the law.
Among those who ut different times plrtici-
pated in tie consultation were President
Vail, OF the Bank Of Commerce., and Moses
Taylor. These gentlemen, it seems, rcpc-
Sented elements of the market opposed to
the interests of the operators i'll railroad
stocks. From them it was learned that
while the
SUBSTANTIAL BUSINESS INTERESTS
of the community might suffer from the i'll
direct influences Of the disturbance, no ap-
prchension existed on their part that serious
results would follow. In short, it became
apparent before the interviews ended that
the railroad operators alone were seriously
involved, and that the representatives of
banks or firms not complicated by those ope-
rations were free from the fright of the
panic. The pre>iden; further explained
that in pursuing the policy adopted it was
Intended to relieve the s.ringency of the
market by developing the actual necessities
Of the community in such way as not only
to relieve those necessities but enable the
Government TO purchase its own indebted
ncs.. In other wolds, he believes that the
purchase of bonds by the Treasury would
enable the public, if any actual necessity cN-
istcd for relief to obtain that rclief, and ut
the same time enable the Treasury to reduce
the public debt by drawing on its ample
surplus of currency. He was well aware OF
the fact that the opportunity thus afforded
to the
WEST AND SOUTH TO OBTAIN TIE CURRENCY
so much desired in those sections of the
county would be taken advantage OF, but
This result he acc. pied with satisfaction. TIE
amount of currency at the command OF the
New York sub.trea>ury Is S2o,UUO.OUO from
all sources, and this. in the Presidents Opln-
ion, is amply sufficient to meet every de-
mund that may be made upon it by the pur-
chase cf bonds. lie felt confident that the
end had been reached, and that Is soon as
the adjustment OF affairs now progressing is
effected the customary
CHANNELS OF BUSINESS WILL REOPEN,
and commercial transactions OF every char
acter will proceed us before, with the favor
able exception that the markets will have
reached lasting and substantial basis. In
alludIng to the character of the panic the
President denounced in most unsparng
terms the absurdity of the propositions Of
the stock gamblers, and added that the result
of the purchase OF bonds exposed the utter
rottenncss of the basis on which they arry
ON their business. He argued that if they
we're legitimate business men, having Il
legitimate business basis, they would have
been enabled to obtain currency for their
relief by availins themselves OF the
action of the Government. Ihe mer-
chants and the sound banking insti'
tutions have already taken advantage OF that
action, and while the facts developed by the
result show that the brokers had no bonus,
of1 tlgiF