The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-30
BY TELE GR APH'
Exclusively for the Register
RE.the Pacific and Atlantic Line.
once, ITO Main street.
WASHING TON.
WASHINGTON, September 20.
Secretary Richardson's View OF the
Panic and its Effects.

| Panic anu LhCCtbs
Secretary Richardson takes hope"
full view OF the financial crisis. lie ex-
pressed the opinion on Saturday last to
your correspondent that the present
disturbance would not continue long,
and that when it should be over the
country would be the better for it. ADJ
mitting that for the present there will
be a reduction OF revenue, he was CON-
fident that the Treasury would be able
to meet all current and accruing obli-
cations. Having large apparent ball
ance in the Treasury, he felt obliged to
do something to relieve the money mar.
ket, and had purchased q series OF the
five-tweuty bonds, by which means the
sum of $750,00O per annum i'll interest
had been saved to the people.
1t vas apparent from the
tenor of the SeCretarys re-
marks that he felt that he had done
enough, and that he would not adopt
any OF the plans now urged upon him
by the Wall-street clique. The Treas
ury will have DO money to spare on exc
periments for some time TO come. The
Secretary stated that. to replace the
currency used in the purchase OF
bonds, he should put about fourteen
millions OF the legal tender reserve as
cash in the Treasury. This had been
done On several former occasions, and
at the proper time, the currency would
be reduced TO the average heretofore
observed.
In respect to the appointment OF
bankers in London 10 succeed Henry
Clews & Co the Secretary stated that
the subject had not been considered.
The house OF Jay Cooke, McCulloch d
| Co., in London, who we're yet strong,
be said, were paying the drafts drawn
on the former house by the American
Ministers, Consuls, &c, and there would
be no embarrassment 10 the public ser
vice on this head. The drafts Tor
quarterly salaries, expenses, &c. will
soon tie presented, and it would seem
that Clews, Habicht, Il Co. have taken
care OF these drafts by special arrange
ment, doubtless to the end that they
NAV retain their position of American
BANKERS 10 London. And it would also
appear that, Notwithstanding their sus'
reosion, the President is unwilling to
Substitute for them solvent house.
Deficiency In Rcvenne Receipts.
The panic is already affecting the
revenue. The internal revenue re-
ceipts, which the Commissioner had
estimated at $9.OOO,OOO for the current
month, were only sS.542,OO0, on Sat-
urdav. and will not come up TO the es-
innate. If the present strlngeDcy
/ shall continue, a reduction OF twenty
ner cent. il this branch Of the revenue
NAV be expected, as the manufacturers
will be unable to get currency from the
banks where with TO pay their taxes,
and will have to Curtall their opera.
tons The customs revenue Is still
more seriously deranged. So far, only
about $l3OOO,OO0 have been collected
for the current month, which is consid-
ersbly below Whist vas anticipated a
month ago. If the present state OF
things shall continue, we'll informed OF,
fcials predict that the falling off will
be fifty per cent, at least, for awhile.
Ia view of these facts, 1t Is certain that
there will have to be a very careful
economy in public expenditures.
The District Banks
Have agreed on q plan OF action for
mutual support, similar in principle to
that adopted at New York and other
points, and by committee will issue
certified checks. The houses Of Riggs
Il Co., Middleton Il Co., the Merchants
Bank OF Georgetown and the National
Bank of the Republic have felt them
selves strong enough to dispense with
any such arrsngeme t, aud will con-
unue their business on the old footing.
Amount Held by Clews d 60.
Henry Clews, Habicht d Co., Of
London, are supposed 10 have had
about two hundred thousand dollars OF
public money in their hands at the
time OF their suspension.
President Grants Deposit.
The report OF the Receiver upon the
affairs OF the First National Bank ot
ths city is silent about the return OF
President Grants deposit, and it is
thought that Congress will appoint
Srac;aI Committee 10 investigate the
affairs of this bank. Such an lnvestIga-
ton will throw much light on official,
Congressional and District corruption.