The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-09-10
WEST AND SOUTH.

The Detroit Greenbsck Convention, held
on the 18th, adopted resolutions substantial
" as follows: Favoring the redemption OF
the greenback circulation OF the United
States at the pleasure Of the holders thereof
in bonds OF the United States, bearing low
rate of interest, convertible at the pleasure
OF the holder into greenbacks, "thus re-
dseming the original promise Of the
Government when IL first issued green
backs. 10 fund them when desired into
an Understanding bond y the issue Of United
States certificates or bonds, bearing interest
not to exceed 3.e5 per cent. per annum, to an
amount equal the Government debt, said
bonds or certificates being changesble and in
Interchangeable with greenbacks at par on de-
mind; making greenbscks legal tender for
all debts, public and private, except that por-
ton OF the bonded Indebtedness specially
made payable In coin; the REPEAL OF the
act providing for resumption Of specie pay
ments in 1879, lit being impracticable and
impossible Of execution, and disastrous in its
effects upon the business Of the country IL
was recommended thst Greenback Clubs be
organized in every State OF the Union. The
principal speakers were Hon. VIM. ID. Kelley
and Messrs. ID. A. Mahoney and Jas. Bu-
chanan. Thomas J. Durand. Of Washington,
presided, assisted by several vice-Presidents.
The Bank Ct California, one OF the heaviest
financial corporations in the country, sus-
pended specie payment on the 10th. IL II
claimed that the Bank l. perfectly able to
meet all it, obligations in time, but a heavy
run drained its Golfers OF specie, and IL
was for some cause unable 10 get
assistance from the other banks. Financial
circles In San Francisco were greatly excited,
and there was also run on the National
Gold Bank and Trust Company. which
threatened to force suspension OF that in
stitution. Other banking institutions on the
Pacific Coast were liable to 90 down before
the panic subsidized.
The financial excitement in San Francisco,
caused by the suspension Of the Bank Of Cali
fornia, eliminated on the 27th by the suspen-
sion OF the National Gold Bank and Trust
Company and the Merchants Exchange
Bank. Both Institutions claimed that they
would ultimately be able TO pay dollar for
dollar. but that scarcity OF coin rem
dered 1t impossible for them to stand
run. During lne Gay Tue 0oNernment
transferred over a million dollars by tele-
graph to San Francisco banks, upon their
making the necessary deposits in New York.
II was currently reported that the managers
ofthe Bank Of California had recently lost
very heavily in mining stocks and other out
side speculatisns, and that the Bank was
hopelessy insovent.
On the evening OF the 2Tth. Mr.. Ralston,
President Of the Bank Of California, went "a
ases-bathing establishment in the northern
part OF the city, and, having undressed him
self, went into the water, swan some
200 yards from the shore, and disap
peared from view behind a vessel. Soon
after his body was discovered floating
near the shore. apparently dead, ard Al.
though life was not altogether extinct wher
he was rescued, All efforts to resuscitaie him