The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-27

sury the propriety of considering the pro.
priety of the payment Of the 1874 bonds doe
next January, which will release about
| S., ,G00, 900 of greenbaeks, and the purchase
of sterling exchange to the amount of 3d.
100000, and il the Government does not
like to adopt either of these expedients 1t
would be we'll to ask the sanction Of Con.
gress with as little delay as possible.
A FLOW OF GREENBACEs TO PITTsBCRGH-THE
OUTLOOK BRIGHT. .
PlTTsBUuGn, September 25.-It Is learned
(! from authentic sources that 3350,gt0 in
greenbacks arrived here to-day from New
York and Washington, and other large sums
are on the way which are expected tosarriye
| Tomorrow, and there is hope that The green
back striDgency win be over by Saturday
morning, if not sooner. .s1"
The entire outlook il more bright, and
there is reason for saying that the temporary
| arrangement of our financial houses will he
of very brief Duration.
| The run on the savings banks has stopped.
and no new movement of the banks is threat
ened. The Secure Trust Company are max.
ing arrangements to resume. The officers
say they expect to be open by Monday next.
The Lawrence Savings Bank, which sys-
| pended yesterday, will resume in few days.
! THE GOVERNMENT BANKERS.
/ Ii is reported that the suspension Of Henry
Clcv,s & Co, regretted by all classes of the
community, was q special and most poignant
aifliction TO The President. Poor Henry
said Senator Morton, his failure will hit
| General Grant the hardest OF anything"
| We are curious 10 know how the President
| felt Yesterday when he learned that the gal.
liant stand made by Clews & Co. in New
York during the early days of the panic was
at the expense of the firm of Clews, Habcht
(: Co., in London, and that the foreign house
had consequently been compelled to close its
doors. Clews, Habicht 4 co. are the !inaa-
cial agents of the State Department in Eu.
rope Jay Cooke, McCulloch Il Co. are the
| financial agents of the Navy. The suspen.
sion of either house involves the Goyerli-
mcEt in serious embarrassment, and even
casts upon it certain degree OF discredit.-
Nelc York Tribune.
THE PENNSYLVANIA IRON AND COAL INTERESTS.
| A Pottsville correspondent of the Phila.
delphia Press writes:
| Everything and everybody here found
in furry over the suspension OF Jay Cooke
& Co. The iron interests, Of course, will
| feel somewhat the bursting of the railway
| bubble, Us the cessation of building must
| diminish the demand for rails. But have
found nothing like panic among them.
They know that there are n thousand uses
for iron besides that of building railroads,
and that even that oyerdone business must
soou gather itself up and 60 on. So long as
the tide of immigration continues to flow in
upon us from foreign countries, ana The
great West continues to be settled up, there
will be necessity for more or less railroad
extension. The feeling find generally very
hopeful rs to the future, though there IS
some unes,sness rs to the Immediate present.
/" 1t is no. expected that coal VIII oe ml'ch
affected, since any considerable suspension
of manufacturing industries IS not among
the probabilities, and people in the city must
have coal, Whatever may happen to railroad
schemes aud the bankers interested Ill
them"
1 THE pRY-GooDS TRADE AND THE BASES.
/ The New York Daily Bulletin says:
The attitude Of the dry.goods trade of this
CITY during the present crisis affords equally
au evidence of its strength and guarantee
of future prosperity. The leading houses
have resolved to continue their banking buSi-
ness as usual so far rs relates to making the
usual deposits, but also to make no demands
, except for immediate necessary business pltr-
) poses. In other words. the dry-goods inter-
: csts are sustaining the banks by their credit,
. and the lat ter will no doubt reciprOclte as
far rs possible. The example is calculated
TO produce excellent results, and will 90 Tar
towards limiting the panic, and prevent Il
from extending to business clrclc:. The tu-
.ure Is safe so long rs the banks aid Dlerc1!"
tile and industrial classes help each other
and act In accordance with their mutual IL
tcrests.
| THE sEssELEsS PANIC.
, The New York Daily Bulletin, under this
It is high time the public recovered their
reason.
The panic has infinitely exceeded any real
occasion in the situation OF affairs.
With the exception OF an undue cXpln-
sion in the railroad interest, on which the
m,nic has already done its worst, the crisis
has f0,1a1 everything sound.
OF the important banking failures that
have occurred, not one firm or institution has
J.. proved inSolvent.
: The Union Trust Company, allowing for
;. the defalcation, will be abundantly able to
!. liauidate its deposits.
rhe National Trust Company shows
> good surplus of Sl,100,0Oo.
. Fisk Il Hatch have magnificent surplus
over their liabilities, and cln resume lmiae'
: diately on the recovery of confidence.
JAY Cooke & Co., though seriously embar-
rasscd by advances to the Northern Pachc,
have large wealth, and with time can pay
o everything in full, even if their Northern
Pacific assets have TO be thrown oferDoasa.
Henry Clews & Co. showed remarkable
{. strength In not suspending until tney hao
l. paid 81 ,250,G00 OF deposits; and their re-
1 maining assets will far more than provide
for their unpaid liabilities. Their suspch'
: sion must be only temporary.
The Bank Of the Commonwealth viii be
# able to pay every dollar to Its deposNorS,
t and return TO Its stockholders most OF their
j investment.
5 Two other banks upon which there was 4
: persistent run for two days have stopped
the drain by paying every legitimate &C.
: mand.
These suspended firms, holding deposits
: to the amount Of fully $22,00O,00Q, baye
been compelled to close their doors entirely
from senselees run, and In face OF the fact
: that they were abundantIy able to pay every
dollar OF Indebtedness.
There has not been one banking or CONNER.
cial failure caused by Insolvency.
FL The panic, then-the seyerest known for
sixteen years-instead Of developing rotten
} ness, has rroved the exceptionally strong
r condition Of the banking interest.
The crisis has tested the merchaDts by de.
, priying them OF bank facilities for sin days,
' and vet all stand firm-the misehIesous ru-
; mors of Yesterday notwithstanding.
Was panic ever more groundiess or reck-
less!
1t has not a shadow of justification in the
facts of the financial and commercial situa-
tion.