Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-09-22

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Government Buying Bonds = The
Government Reserve Fund, Etc.
New York, September 22.-The Of
fetal statement Is made this morning
that the Assistant Treasurer will con-
tlnue to purchase $40 bonds in accord
ance with his notice Of Saturday, pay
ing for them iu currency at the aver
aee price of sales on that day. Secre-
tary Richardson said last night he
didn't see that he had the power to do
more than to buy bonds offered with
out delay or red tape. ofthe Govern
mont the Secretary added, ut isn't n
trust company or loan institution, and
It Is doubtful whether Congress would
sanction any such construction of Its
power" The language sis this one
Of my funerals" which was attributed
to Secretary Richardson last night,
seems this morning to have been made
by a merchant who was present at the
conference and who was asked to state
briefly the views Of the Secretary Of
the Treasury. In answer to his ques-
ton, the merchant replied, that the
Secretary as much as said this was
none OF his funeral, and lie did
not feel much inclined to act.
Reverdy johnson met with several
bankers yesterday, and at his dicta-
ton a letter to the President was pre-
pared. 1t reolted In brief the salient
point Of the emergency. want Of money,
and the opinion of the best flnanclers
of the country, that's draftupon the cur
rsncy reserve would remedy the difi-
Guilty. The legality Of such a step
might be questioned, but the situation
he thought was such that al exercise
OF the supreme law Of public safety
was amply warranted. The letter re-
cited the two great Instance Of VIOLA
ton Of the English Constitution In
cases similar 70 this emergency. Tho
suspension Of the babeas corpus and
the Peel Currency Act, and the In
stance Of a modern state was given,
that Of the issue OF S., 600, 900 during
the Black Friday panic BY order OF
President Grant. The people war
ranted you In the stretch of power by
a reelection unparalleled In the
history Of the country. The
letter had great weight with the Pres
ident, but the question of the issue OF
relief to the city banks was decided In
the negative, notwithstanding the let
ter was read BY the President and
| Secretary Richardson. Senator Nor
toll met johnson, and the latter said
to the Senator: 81 have reason to
believe that the Sub-Treasury Act,
which alone regulates the power to
designate deposits, was repealed by
the act Of July 80, 1860. This In a
short session had escaped my notice
until to-day" 10 this Senator Nor
ton mado answer. The question with
the President has been not SO much
the legality of the step. Secretary
Richardson has affirmed all along how
to get the money into tho banks has
been the real difficulty, aud that this
finally decided him In the negative.
clearinghouse Settlements.
The managers and clerks OF the
clearing house we're busy yesterday
finishing the work begun on Saturday.
The Clearing House Committees deter
mined carrying out the proposition
made that checks shall pass as green
backs. Any Of the banks which are
short of currency have the privilege Of
depositing their government securities
as collateral, or seventy-flvc per cent.
on their bills receivable, which will be
taken as money at the Clearing House.