The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-01

tied by the Treasurer, but drait Of
the bank had reduced the deposit I,
about $l5, 900 at the time the bank sus
pended. A meeting OF the State Boar
has been called for Thursday 10 conside
their financial situation.
Proposed Treasury Interference fo
Relief Of the Foreign Exchang'
Market.
LETTER FROM SECRETARY RICHARDSON
WASHINGTON, Sept. 30-The Secretary
Of the Treasury has addressed the follow
ing letter to Franklin Edison, Esq, presi
dent Of the New York Produce Ex
change; !5e6s ,sA 81
TREASURY DEPARTMENT., Il
WAsHINaToN, Sept. 80, 1873
SrR-Your letter Of the Goth inst. GOV
ering two resolutions Of the New Yorh
Produce Exchange, has been received
and the subject matter fully considered
The resolutions are as follows:
"WnEREAs, The critical condition Of tht
commercial interests OF the country re
quires immediate reliet by the relief-ot
the block in negotiating foreign exchange
therefore be 1t
"ReWlred, That we respectfullysuggest tc
the Secretary Of the Treasury the fol.
lowing for the relief Of this extraordinary
emergency: First, that currency be i'm
mediately issued to banks or bankers upon
satisfactory evidence that gold has been
placed upon special deposit In the Bank
Of England by their correspondents IN
London TO the credit Of the United States,
to be used solely in purchasing CONNER
cial bills Of exchange. Second, that the
President oi the United States and Secre-
tary OF the Treasury are respectfully re.
quested TO order the immediate prepay.
ment Of the outstanding loan Of the United
States due January 1st, 1874"
While the government Is desirous Of do.
ing all in Its power to relieve the present
unsettled condition Of business affairs, as
already announced by the President,
It Is constrained in all its acts to keep
within the letter and spirit Of the law,
which the officers Of the Government are
sworn to support, and they cannot go be-
yond the authority which Congress has
conferred upon them. Your first
resolution presents difficulties which
cannot be overcome. 1t Is not supposed
that your desire to exchange com In
England for United States notes In New
York at par. II your proposition is for
the Government to purchase gold In Eng
land to be paid for In United States notes
at the current market rate in New York
It would involve the Government In the
business of importing and speculating
In gold, since the Treasury has no use for
coin beyond Its ordinary receipts, and
would be obliged to sell coin so pur-
chased at q price greater than was paid
Tor 1t. If your object Is to induce the
Treasury Department to loan United
States notes to banks In New York upon
pledges and deposits on London Of gold,
It Is asking the Secretary Of the Treasury
to loan the money Of the United States
upon collateral security, for which there
Is no authority in law. II the Secretary
Of the Treasury can loan notes upon q
pledge Of coin, he can loan them upon q
pledge Of other property, in his discretion,
as he has recently been requested to DO,
which would be an extraordinary power
as well as most dangerous business to
engage in and which my judgment would
defer me from undertaking as Secretary
Of the Treasury, even IL by any stretch OF
construction l might not find itabsolutely
prohibited by law. The objections al
ready mentioned to you in the first reso.
luton are so insuperable and conclusive
that 1t Is unnecessary for me to refer to
the many practical difficulties which
would arise II On an attempt should
be made 10 comply with your
request. Your second resolution calls
for the payment OF once Of the loan
of 1858, or bonds commonly called five.
fiyes OF 1874. Upon thorough investi-
CATION, l an Of the opinion that Con.
eress has not conferred upon the Secre-
tary Of the Treasury power to comply
with your request. In that particular,
and IN this opinion, the law officers Of
the Government concur. Under these
circumstances you will perceive that while
I have great respect ior the gentlemen
comprising the New York Produce Ex-
change, I am compelled by my views Of
the law, and Of my duty to respectfully
decline, TO adopt the measures which your
resolutions propose. 1have the honor to
be very respectfully "A p,,v,,,sov
0tii ci3WA. an.oaAhpsoa,, ~, afT.aa,,,,,,,,
No Special Change of Situation NJ
Cincinnati. re-,
C,rsop;NATI. Sept. S0-There has been
no very particular change In tne SITUATION in.
OF financial ,atisirs mere to:aay Ine
opening Of the new 1otk .slockH FIX, FIX,
cnange Was loVssa w " T ,hs ss, Sa, Iea hs,
~ inseIess S auu .a,,, sus W." mar ~ fanor @ ~ rh;a
pesn lsee,ssa hss ho"n ma aoma,.ho, % % comn,eract
~ ~ ,hs as Uso tnrn airs took IN