, 1873-09-27

R,solrtd That il Is tho sense of tho meeting that
a. onn y @ , 70 ssen ~
tender 1t tue Olcarng-IIousc."
Mr.. J. Y. Clarke offered tho following amendment
WIFI tb a
aue upon proper securities. and with ,proper guards
tiacaea to 10 u.ad payment Of balances Mt The
olsaring-l1ouse by tho aeaocated banks"
a asG el o.s ~fs lss %h @
soyorai Gentlemen said they would not argus thctr
Tho general excuae given for closing that was
simply precautionary measure.
II waH eatcd that many Of the banks which had
Tho managers ideas Of prudence differed, perhaps.
hit. CooLnAu0n ExrLA1NR.
tsonal did not make its cearIngs IN the morning waB
TSSy SS I'D o I o
yesterday morning they hcld largely Of tug checks
tS members Of S Assosatio ths h9 a. As$oe9
Mr; orecneha,m said the elosng Of TIC Union M;
tional Dnnk had done q great doal Of harm aud
On motion Of sir. aage, al were allowed to voto
The roll wa, then caied. viii The following result
TI;s Gsnss s'etiqg in tho negative xers M tbs sIer-
Illinois tho Mds snd Issths; apd S az aea r., Tfsst
mntivc, II unanimous" but, not bcng unannous, tic
vote WIS reversed, and The amendment was lost.
a u He bad veil and braSey a Is he cou
won e e aened 'f
unanimous by providing for tho payment Of currency
| Mr. cooLDAuoH sArp
he had endcnvored on former occasion to makc his
| iijs opinjons then wcro baeod on what lo teecued
weEo tho conditions of surrounding cltlcs and tho Da
| boon advised that tho banks Of Cincinnati and St,
| Louis were doing business m another be-
| side currency basis, uo believed IN view
Of tbs chances made by those Cities That It would o
impossible for Chicago to do business on currency
basis It would 10 for 1t 10 DO business for the sur
| rounding country on gold baBis. For tho informn-
that the Union National Dunk had 30,no0o0O was e.
10 ooo not over ssSooo Of which VIA aonbtfni
sixty aays. 600 cog would mat''ro r At the pre-
e 'lhS ~es heeave m e i %as uo e tie
ted banks, and, besides, the Union National
nen II desired no %
ths ether banks H. all practical H. hsa
somo measure for tho relief Of oil, had been done
in other ctea. It imrerative1y necessary that
something d Tho kind should 10 done. Wty. could
failed 10 do It, they would fail to do their duty. He
had read paper which hoy all knew made the lin
bitties Of tic Union National sound. Where could
document All of them wiling. il necessary, 70
sacrifice their fortunes to show to h9 public that they
was concerted action on the partof the bankers, and
the panic would be quelled. II proclamation could
bankers were to act in unanimisy, 1t would restore
public confidence and settle tho financial condition Of
week unless some Concerted action was taken, cur
rcncy drafts of chicago would be at premium Of or
5Te7 m a;1,tou cent: ~ o,o.t,on ur ooo,uo, ,,,a Tim
Union National Dai,k would stand shoulder to shoulder
with lie other bunks If they showed any desire to act
u RE as,s Statement was loudly arp1auled.
s1n: SMITH FAILED 70 SEE
tie position tint in week or ion dass currency would
be 1t premium IN st. Lo,lia and Cincinnati, ho"
could checks be paid over tho counter. Io would havt
to nay checks in CURRENCY nor In loan certificates
wanted to see his way before ae adopted rcsolatiot
which would ruin him and other institutions. II III
Ton Ion On selfish grounds. lie beesta lis lateres
he yDs% not M hsc n s pen Th
If he could be showed that lonu certificates could b
turned into curroncyt he would b gad to vote for It
He sorry that any snalnuation lad been made 1t
atn. CLARK SAID
It WA the duty OF the larger bankers to como tn Th
thing done in New iork, aud the securities here
wero more quickly convertible Into money-in twelve
hours il necessary. The money In the vaults goot
for nothing. ue would not take back what he safd.
he believed Mr. Coobaugh was as solid as any man [r
Chicago. but that was not the question. If the Ahso
| catinn was to do anything, II WIS something tha
must give relief. He might be wrong, but how was III
to p1y balance to correspondent in loan cnrtlh
catea II he could DO would be hRppy to ld0TBe 1t
How these certificates to be converted 10 pay Dc
positors7 Show him this md he would freely yot
for tho ssue.
Mr. sphinx wanted to know II the banks Of ohicag
could not do wat the banks Of several other cea hat
done successfully.
MR.. BLAIR AsKED
how tho country banks were to get their balanced
Tie city banks would probably be GenctitE4 by H5t1
tho certificates aud keeping currency In their vaults
but would the depositorB 10 bcncated7 Where wer
they going to got currency? How was the crop to
| moved to tho scaboarl? He believed the Chicag
banks could pay, and como out all right, The No'
q York banks had not shut down entirely.
LII. J. IRVING PEAAoE
said alt other cities had suspended. He had bal
In milwaukee,, Detroit, aud some others, frot
which they could get no currency. II the nle Of rs
demption waa 1ed ut thirty days, people could max
gouIl the bills receivable. It would be the greater
good to the greatest number to do something OF I'll