Year: 1873

NEW YORK, Oct. 23-Great interest is felt in
financial circles in the meeting which il to take
place at the clearing house this afternoon, and
the meeting asked for by Mr.. Williams Presi-
dent of the Metropolitan Bank, on the allega-
ton that he has a letter to submit from Presi-
dent Grant.


A despatch from Washington was in circula-
tion on the streets to-day to the effect tnat
President Grant had not sent any such letter to
Williams.


A reporter called upon several bank presi-
dents and found them incredulous about the re-
celpt of any such letter as that said to be in the
possession of Williams. He had, they said, re-
fused to grant them any information in advance
merely stating that he would read communi-
cation at the meeting. Williams was called on
by the reporter but absolutely refused to saw
word on the subject


WASHINGTON, Oct 23.-The President bay-
ing nearly recovered from the sickness which
kept him from his office yesterday, received to-
day large number of visitors.


On being asked by friend as to the contents
of his recent letter to Williams, he said he
therein repeated his former remark, bamely.
that in addition to what had already been done
by government the only way of relief was for
government to buy exchange but EXCHANGE
could not now be bought as the government
had no use for it, having already purchased
enough in London for the Navy and State De-
partments to answer present purposes. There
is no intent on, he further remarked, to draw





current expenses of the government. The
money win be used for no other purpose


1t would seem from further conversation
with the President that the letter in question
was merely suggestive. without asserting any
intention of positive official action.


NEW YORK, Oct. 23.-The clearing house
meeting to-day was largely attended in conse-
quence of the interest felt in the contents of
President Grants letter, around which so
much mystery has been thrown.


At the opening of the meeting Mr.. Williams
of the Metropotantan Bank, read President
Grants letter and offered a resolution in which
was embodied the following extract of the let
Ter:


'But cannot the bank presidents be brought
together and resolve to aid each other and bnsi-
ness interests generally? The government then
will do all in its power Tomorrow l will con-
slider the question with the view to do all in my
power for the relief so much needed


This resolution was voted down in a very de-
csive manner for the reason it indicated that
New York city banks needed assistance. The
situation among the banks is improving daily,
and as body they want no assistance from the
government or anybody else.


After the Williams resolution was voted
down the milder resolutions were adopted as
follows:


Resolved That the message of the President
of the United to the banks Of New York be re-
spectfully and gratefully acknowledged, and we
cordially reciprOcate his kind wishes and will
act in the spirit which he recommends.


Resolved, That from and after the first of
November next, the equalization of legal ten
ders on the banks Of this association will be dis
continued.


Prior to the adoption of these resolutions Mr..
Williams offered resolution that national
bank notes be received at the clearing house in
the settlement of the differences, the same as
legal tender notes. which was voted down al
most unanimously.


Mr.. Williams made an explanatory speech at
the meeting, from which it appears he was
pressed to write a letter to the President that
there was great suffering in the manufacturing
districts of New England for want of lega. ten.
ders, and also that assistance was needed from
The government. The pressure was chiefly
from parties interested in mills in Rhode
Island where some operatives are working on
half time and others are out of employment.
Mr.. Anthony carried this letter of Mr.. Will
hams to Washington, had an interview with
the President and received assurance that the
government would issue from three to four
millions per week from the $44, 600 900 reseserve
if necessary. The President was pressed to buy
exchange but reserved this question. The whole
affair has been magnifed and the clearing
house to-day viewed it as farce. The break
ing up of the pooling arrangement at the clear
ing house is considered an important step to-
wards the resumption of currency payment