Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-10-09
DOMESTIC.

DOMESTIC.
New York kilograms of the evening of the
9th say that the week had closed on a more
cheerful financial aspect. The greenback re-
serve had been drawn down from $34, 700, 600
to s12OOO,OO0. clearinghouse certificates
had been issued as demanded or desired, and
it was thought that with the aid of these and
small infusion of National currency the crops
could be moved and mercantile embarrassment
and failure averted.
The Third National Bank, of Chicago, closed
its doors on the 9th. The Cook County Ma
tional, one of the suspended banks of that
city, had announced its resumption. The
Manufacturers and Second National banks had
decided to go into liquidation. The Union
National, the first of the Chicago banks that
closed its doors, had announced its assets at
S. 600 600, and its liabilities at 81 300 900, and
given notice of its speedy resumption of bust
ness. The Clearing House Association met on
the evening of the 27th, and after an animated
discussion resolved not to issue Clearing
House certificates.
A telegram from st. Louis of the 9th says
that the rear wall of the five-story warehouse,
on the corner of Second and Chestnut streets,
had fallen, opening gap in the building fifty
feet wide from the ground to the roof. One
man had been killed and two seriously injured.
A New York dispatch of the 2Sth says that
the President of the First National Bank of
that city had urged the Immediate resumption
of specie payment, or the ground that such
action will add s60,000,000 positive relief to
the money market.
A Washington telegram of the 2Sth says
the President had expressed his determination
to recommend to Congress the adoption of
system of free banking. The Secretary of the
Treasury had ordered the anticipation of the
payment of the November interest. The fol-
lowing letter had been sent by the President
to the parties named
Exc 9UTIyE MANSION, Sept %, 1873.
Messrs. H. B. Claim and Charles L. Anthony:
GENTLEMEN: IL response to the views you have
communicated as to the using by the President of
currency restore confidence and legitimate trade
and commerce, have the honor to communicate
the following: The Government Is DESTROYS of do
ing all in its power to relieve the present unsettled
condition of business affairs which is holding back
the immense resources of the country now ait
ing transportation to the seaboard and market.
Confidence on the part of the people is the first
thing needed to relieve this condition and avert
the threatened destruction of business with its
companylng disasters, to all classes of people. 70
re-establish this feeling the Government is willing
TO take all legal measures at its command, but it
Is evident that no urgent efforts will avail
without the active cooperation of the bank
and moneyed corporations of the country. With
the $14,000000 already paid out in the purchase of
Government Indebtedness and the withdrawal of
large deposits from the Treasury, the banks are
strong enough TO adopt liberal policy their
part, and by general system of discounts, to
tain the business interests of the country. Should
such course be pursued, the S44. 900 of re-
serve will be considered money in the Treasury
to meet the demand of public necessity the cir
cumstances of the country may require. Close at
! tentlOn will be given to the course pursued by
| those who have the at their command of
rendering all aid necessary to restore trade to its
proper channels and condition With view of
| strengthening those who carry out the measures
| above Indicated orders have already been issued
for the prepayment of interest accruing in Novem-
| Der L. 5. GRANT President.
According to a dispatch from Denver, Col,
| over two-thirds of the mining town of Fair
| play, Col, had been consumed on the Goth.
All the stores, printing offices, the United
States land office, post-effice, express office,
| hotels and other business places, with two or
three exceptions, had been utterly destroyed.
| New York dispatches of the goth say the
| situation in finance and trade had become al
| together more hopeful and cheering, not only
in that city but in all parts of the country.
The money pressure was being gradually over
come; there had been larger advance IN the
| price of dividend-paying stocks; business had
| gradually improved in the produce market;
| the gloomy apprehensions as to the moving
| of the crops had yielded to brighter hopes;
| there had been continued large shipments of
| coin from England to the United States and
general feeling of security pervaded not only
| that market, but all the Southern and Western
| markets. On that day over S., 100000 in cur
| rency had been released. Gold had been lower
and at one period during the day was sold as
| low as 10 in greenbacks. The Glenham
| Wooden Mills, at Glenham, n. Y, had sus-
pended. The Tribune had prepared leader
advocating the Immediate resumption of specie
| payment, closing with the following signif-
cant language: The country is passing its
grandest opportunity since the war There
| has not been, since the passage of the legal
tender act, any financial situation or crisis that
| so held out all its hands inviting to resump-
| ton. Shall we let it go by? The crisis calls
for firm hand, clear head and determined
purpose. That's all. To-day's opportunity
is for the country, for the dominant party, for
the President. Let the President issue his
proclamation converting Congress in an extra
session at eight or ten days notice. with the
sole object stated distinctly in the call. For
ten days past the people have done almost
nothing but stand in front of their balance
sheets and inventories, and see a rapid and
constant shrinkage in values, and there's no
knowing where it will stop or when, for the
simple reason that there is no financial hard
pan. Some time we must get back to specie;
that's admitted Why not now? When will
| there be a better time? When would the
whole country be more benefited by it than
now? There ought to be statesmans
enough in Congress to devise simple, practi-
cable method. Let President Grant settle it
as far as he is concerned by converting Con-
gress and putting upon it the responsibility of
meeting the emergency"
According to Washington dispatch of the
29th, the depositors of the First National Bank
of that city would not receive to exceed fifty
per cent of their deposits.
In Chicago, on the Goth, business had re-
| sumed very nearly its normal condition.
Three of the suspended banks had resumed
business and were receiving deposits and pay
ing out on checks as before the panic. Over
| so,ooo,OOO currency had been received during
| the preceding forty eight hours. Traffic had
lallen off on the various lines of railroad, and
large number of trains had been drawn off.
ana many men discharged. At late hour in
lne night the Union National Bank of Chicapo