Year: 1873

Tne Flnonclol SltuotlOns


1t was generally supposed, with the retire
ment of the money changers from Wall street
on Saturday afternoon, that the Intervention
of the Sabbath as day of rest, lucid inter-
val of cool reflection, would be followed by q
restoration of order and confidence con
Change" with the reassembling there Of the
bulls and bears, depositors and bankers, buyers
and sellers, borrowers and lenders, on Monday
morning. But our bankers, brokers and
speculators were not in the mood yesterday
for rest, recreation or spiritual instruction.
They had heard that President Grant and
his Secretary of the Treasury would, at the
Fifth Avenue Hotel, hold consultation in
the morning with our doctors of finance as to
the diagnosis Of and the treatment required
for this unaccountable and boisterous panic
among the stockholders and accordingly,


From morn to noon, from noon to dewy eve,
and far into the night, the excited crowd
which had created the confusion of Babel
among the curbstone brokers on Saturday
was gathered at and around the Presidents s
temporary headquarters, discussing the policy
and the probable action of the government
and the prospect for the morrow.


From corps of active reporters detailed
for the work we give on another page of this
paper the results Of the consultation between
our leading fnanciers and the President and
Secretary Richardson, and the opinions,
expectations and apprehensions of vari-
GUS parties on the situation
and its difficulties, dangers and necessities.
The government, it is understood, for the
relief Of the banks and merchants, has decided
to buy at one per cent above par all
the fve-twenty bonds that may be
offered it to the extent of o hundred
millions if brought in; but, from the
small amount secured Of the ten millions
which the Treasury was prepared to purchase
on Saturday, it is apprehended that the
bondholders will hardly meet the ex-
pectations of the Treasury to-day.
There was persistent effort made yes
terday by bankers and capitalists to induce
the President to throw into the market some
thirty millions of the Treasury reserve of
forty-four millions of greenbacks; but, from
the restrictions of the law, the President and
his Secretary held to it that they had
no alternative but rejection of this
proposition. We are informed, however,
that if after day or two there shall be no
Improvement in the situation the President,
in Difference to the public necessity, will
assume the responsibility Of drawing upon his
reserve of greenbacks for the general relief,
trusting to an approval of his course by Con-
gress.


What will be the course of the banks mean
time will probably be disclosed by their action
this morning. The Secretary of the Treasury
is encouraged by their agreement to
sustain and assist each other, and,
with this understanding among the banks and
the cooperation Of the government to the
extent which the conditions of the time may
demand, he is hopeful of speedy deliverance
of banks and merchants from their appre-
hended embarrassments.


This Wall street panic considered in con-
nection with the present prosperous condi-
ton of the country, is a paradox without a
parallel. So far the fluctuations of the gold
market have been limited to the
fractions of penny or two-the ma
tional currency, in fact, is not affected
by the collapse of these railway houses
and their appendages. The general cry is for
a few more millions of the national currency;
the public confidence in this universal paper
circulation Of the country is unshaken, and
here we have basis Of security
against any general financial disturbance
which we never possessed under any other
system. The question now to be determined
by the government is the question of tenn
porary paper imitation, to meet an extraordi-
nary contingency, though by many fnanciers
il is held that the smallest paper
imitation involves further postpone
ment of return to specie pay
ments. From oil sides, however, we hear
the complaint that the paper circulation of
the country is not equal to the business wants
of the country. In any event, if an additional
sum of twenty, thirty or fifty millions of
currency will relieve our banks and merchants
from the embarrassments which otherwise
threaten them, the President will be
endorsed by Congress and the country
In tnls umely measure OF reHe1 Meantlme
we are mistaken in our belief that this black
squall will soon blow over, and that the gen.
eral business affairs of the country will not
suffer or be endangered by this senseless Wall
street panic.


The Condition OF the City Finances


The Comptrollcr's Resistance of In


vestigation.


The Board of Aldermen have very properly
adopted resolution empowering the commits
sioners for the examination of the books and
accounts of the several city departments to
employ such clerical help as may be necessary
in order to enable them to properly per-
form their important and responsible duty.
Heretofore they have been denied assistance