The New York herald., 1873-09-21
WASHINGTON.

The Financial Situation rs Viewed
Hom the Capital-Mr. Babcock As
Cock OF the Walk-What the President
Proposes To Do.
WASHINGTON, September 20, 1873,
At three O'Clock this afternoon General Babc0ck
the Presidents Private Secretary, had another
conference with Secretary Richardson regarding.
the financial crisis. The smountOf bonds offered
In response to the notice OF yesterday morning
made 1t evident that those holding government
securities had either no desire to part with them,
or else they had already hypcchecated them to
their full amount. The list of fairares following the
announcement Of the closing or the Stock Exchange
again unsettled the confidence which had set in
since the programme OF the secretary was known.
Telegram after telegram received at the
|, Treasury Department begging TO know what the
Government proposed to do.
"what more can ! do ?" said Mr. Richardson, as
he handed to his private secretary hundred
I kilograms from prominent bankers and
merchants in every city. The panic feeling
had reached Chicago St Louis, Cincinnati
and New Orleans. The yellow fever
I scourge was forgotten in the apprehension of
commercial crisis few minutes after the inter
view between Babcock and Richardson terminated
telegram was received from the President stating
that he was going to New York at once and would
Accordingly Secretary Richardson and General
Babcock left tonight for New York, where Assist
ant Treasurer HilhOuse Will meet the President.
What the government will do more than is already
proposed is not definitely known, but it
fs said tonight that the President will urge
the expansion OF the legal tender reserve by the
purchase OF government bonds. 1t is known that
to-day the Treasurer accepted all bonds presented
at the Treasury Department and paid for them in
legal tenders. Even late as halfpast three
O'Clock, an hour and half after the Treasury
had closed, the Actuary Of the Freedman's
Savings Bank who has already exchanged
100000 in bonds for greenbacKs, made a
further exchange and received $50, 900 in
legal tenders. The Secretary said that both here
and at all the SubTreasuries In the country the
Treasurer and Assistant Treasurers would be
authorized TO buy bonds at the rate sold today
This 1t is which gives credence to the statement
that there Will be general purchase made and
legal tenders issued IN payment. In this city there
has been great stringency in the money market
to-day. Contractors and builders found it very
difficult to raise money, and newspaper Office
failed to collect $40 from all its creditors. 1t IL
not believed here that Jay Cooke & Co.
Will resume business for at least some
time. The depositors in their Washington bank
included nearly all the government officials, judges
five thousand dollars deposited by order OF the
Supreme Court Of the District belonging to dis
tributes, was among the recent deposits.
e. l.. Nourse has been appointed assistant re-
ceiver Of The First National Bank. Meigs, the bank
examiner in New York. teegraphed to Comptroller
Knox that he had taken charge OF the Common
wealth Bank OF New York, the only bank failure
reported to-day.
The Embargo on American Property in
Cuba Raised.
The Department OF State has received norma-
tion from Madrid that positive orders have been
sent to the Captain General of Cuba to raise all
embargoes on the property OF American citizens,
and return the same TO the owners, and that he
replies that all our reclamatons for restoration of
embargoed property have been decided favorably
to the applicants, and no claim OF this kind is now
pending. The Spanish government has neverthe-
less, sent further orders suspending the sale ol en-
bargoed property belonging to our citizens, no
matter If not claimed.
Another Cha nee for the Indian Ring.
Felix Brunot, OF the Indian Commission, has tele-
graphed to Secretary Delano that he has succeeded
in obtaining the signatures OF the principal chiefs
OF the Utes to a document which gives 4, 200. 900
acres Of land to the United States These lands
are supposed to con tain minerals