Year: 1873

'>'o'' " THoMxs HiLiHoUsE. Assistant Treasurer


By order Of the Secretary OF the Treasury.


The President and the Secretary OF the


Treasury ut the Fifth Avenue Hotel.


Yesterday morning, at ten O'clock President
Grant and Secretary Richardson were in c0nsulta-
tion together to devise means to relieve the mar
ket and restore confidence. The meeting was q
private one, OF course, but during its course O
great many prominent persons were constantly
calling to see the President and to advise him as
to the course to be taken The rooms in which the
consultation took place were at one time
crowded with persons anxious TO see what
would be the upshot OF this most i'm
portant meeting Among those present were H.
b. Claim, Mr.. Whittemore, OF Whlttemore, Peet,
Post Il Co.; Mr.. Anthony, OF Anthony & Hall; ex-
Governor E. d. Morgan and many OF the most
prominent brokers In the street, including Jenkins,
Van Schaick. Van vaukenburgh, Charles Osborn,
William Heath and Others all OF whom were deeply
anxious as to the result OF the meeting, and
showed their anxiety by their looks and eonversa-
tion. The serenity which characterized oil the
financial men the evening before seemed to have
quite abandoned them, and serious concern as to
the future seemed to animate all. Whether this
was simply anxiety as to the action Of the Presi-
dent or not, could not be learned.


GOVERNOR MORGAN,


it Is said was one OF the first TO request the Presi
dent to do something to relieve the market. He
exposed to him that il the trouble continued any
longer the merchants and all the monetary and
industrial interests OF the country would suffer
terribly, and that some immediate action was
necessary to re-establish confidence All usual
means seemed to have failed, and the distrust was
What this was, OF course, he (the President) aud
Mr.. Richardson were best able to decide. Reverdy
Johnson was also present at the meeting, and said





Monday universal suspension would probably be
the only alternative and would nave TO oe resorted
that the only means OF now bettering matters was
to issue some part OF


in the United States Treasury, and allow the banks
to issue whatever collateral would be considered
unless done immediately and the decision taken
on the spot Another prominent banker who Is
said to be closely identified with the government,
said that, under the present aspect OF affairs. 1t
was necessary to take q bold, decisive measure
which would stop the feeling which was creeping
| in everywhere. and which was one that could only
cause not only one OF tue greatest financial.
endorsements that any country was ever sub
jected to. All values under the present pressure
eso Ihe Wous be nnyer a was noW not
question OF prudence In relaevlne-it was ques-
ton of necessity. The Government was the only
| power capable OF relieving the pressure. With
| the necessary Suspension OF the banks under the
present aspect OF affairs, it was certain that even
tons s'' or sell their goods for cash at such
sacrifice that only failure was IN pros
With Withdrawal Of all accom%oaations business must
! necessarily receive blow from which II would be
President in the same strain. advising some action
and several Of the presidents Of the most proml;
nent banks IN the city told President Grant and
| to 60 any longer with their business unless de-
cided action were taken.
| ~ A CONSULTATION THEN TOOK PLACE


between the President ana the Secretary OF
the Treasury, and after some time Mr.. Rich.
ardson asked the meeting what effect 1t would
have upon the market and country II the govern
ment were to go on onerlng to buy bonds. The
universal answer was taat tins was only hallway
| good. The test Of this plan had been made on
Saturday they said and the plan had failed to work
in place Of the $l0 900 which was expected, and
the same thing would take place again The
them. They were mainly held by those who bought
, them as steady and secure investment, and no
sum at all adequate to the want could be found in


Shortly. after this aud little more consultation
the meeting ad0Ss1sa SoTm.n MEETING sT1 c'00A again


was held, and It was supplemented BY an addition
eorae * sne
dore Vanderbilt and some other persons OF note.
But the meeting was Just as excited as ever MT.
dent and. 1t appears, made proposition to relieve
the market, a full account Of which will be found
| In an interview had with the Commodore by one
Of the HERALD reporters, published elsewhere.
THIS proposition was summarily rejected by both
| tire President and Mr.. Richardson, and the Com
modore departed much sadder man than he
came.


but the result seemed to be only to add to the per-
| plexity in which the President and the Secretary
sSe SC t he
do anything that was not legal and he doubted
much whethe It was was possible legally TO issue any
proposed by nearly all those who had spoken with
| him. ..
| tia bank presidents met together and consutei i,
! and, together with select lot OF prominent
onsauSbt to- on the President and secretarv OF the
| Treasury at four O'Clock.


This was the last meeting during the day, and as


THE SUPREME EFFORT


was being made by which either prosperity or ruin
were to ensue for all, the determination to dc
| everything to persuade the President became para
| mount, and the feeling OF Indignation that q re-
iusai to these appeals had been made was very
| great At one moment 1t was stated in the corri
| Cor down below that the President had said:-"l
will issue seventy five millions OF legal tenders and
trust to Congress to stand by me Ia my action j
But this was only an hearsay from O banker who
has constant dealings with the government


At the later meeting great constitutional
lawyer and jurist who was present advised the
President that 1t was clearly unconstitutional to
was demanded by the Merchants' Committee and
others; but that he thought the President. in the
culties which were ikeiy to overtake the whole
country, might stretch point and go so lar as to
| issue thlrty millons OF tne lorty.iour milon re-
serve and then stand by the country for his usti.
ication In wer to this the President said that
| under the circumstances ho would not take this
| course, but would wait day or two until he could
| see


| THE RESULT OF THE PRESENT PLAN,
| but II the thing continued as 1t had done In two
or three days he might be induced TO take the ad
wee Of the gentleman.
The President then said that the conclusion
the 1vetwenty-bonds that should be offered to any
| extent and pay for them at one cent above par,
aud this was the most that could be done by gov.
| ernment.


Commodore vandcrbf1t's Views.
| A HERALD reporter last evening called upon
| Commodore Vanderbilt at his residence in Wash
I ington place. to ascertain whether not he had
paid over as reported Saturday night, S. o00 900
| to the Union Trust Company.


/ II don't think" said the brlght-eyed servant girl
| who opened the door for the HERALD representa-
think fhat Napllarl,tlt