OCR Text |
Show LATEST DESPATCHES. I EASTERN. THE FINANCIAL CRASH. ' TSIK SITIATIOX l 11IIC-AGO. 11IIC-AGO. i Tlio liiion ii(ionul sues into 1 olnntarj Llquittat ion. New York Buoyant and Hopeful. Lctlcr t'ruiii Sccrodiry K i hit ril mo ii . Chicago, o0. The financial situa- tion is not as assuring to-day as yesterday. yes-terday. The difference in public con- i fidenee can le traccel to tho action of the Union National Bank which ha? cfosrd ils doors and has gone into vol- ' untary linuklation. This course of the bank named, has been for st)me days past, anticipated by many of the leading bankers of this city. Their anticipation has arisen from the uncertain un-certain and vacciliiating course pursued pur-sued by the management of the Union National. There seems to be nuke a general impression that Chicago's j business men and the west generally, , would have been saved much ncetl-less ncetl-less excitement and in some instances loss, if the course now adopted by the Union National had been entered into a week ago. At the bank, to-I to-I day, tho officers and clerks have been busy making arrangements to settle with the depositors. Mr. Coolbaugh says that they paiel out some $100,000 I yesterday, and if they had kopt on I paying they would have drawn out every dollar of funds available. As it i is, they expect to lc able, in 30 or 40 days, to pay oft" all their depositors ! and leave the capital of the bank and surplus unimpaired. Nothing new is reported, to-driy, j from the Cook County National. Its ! affairs seem to be coins on as usual. The following notice is posted upon its windows : " Depositors will not iLraw against checks And drafts on the same day on which they are deposited, deposit-ed, but wait until the following day, when they have been collected." The National Bank of Commerce is proceeding on the even tenor of its way, although a pretty large demand was made for currency. Its president reports that the bank will not be in the least aftected by die suspension ot the Union National. A number of currency deposits were made during the day, giving practical evidence that faith is entertained in its soundness. In reference to the Manufacturers' National it is stated, bv the president, that since the ISth instant 1 .500,000 have been paid out, leaving $070,000 in currency on hand, anel other assets m.2&i.500. ! Tlic Second National is not ready 1 yet to make a statement. The probability is that the Third i National will resume during the , week. Nothing moie than the usual business was being transacted at other (.banks. From conversations with j leading bankers we are led to believe the situation will not be sensibly atlected by the permanent suspension 1 of the Union National. I A considerable amount of currency I has been received to-day by the vari-j vari-j ous express companies, and more is . announced as on the way here. All , of the banks went through the Clearing Clear-ing House yesterday. I New Y'oVk, SO. A direful review, of the situation on Wall street, to-day , warrants the assertion that we are re-; re-; covering from the late storm, and that the worst of the trouble is over. The transactions of the day were limited, but there was no break to 'destroy confidence t and the closing quotations . show a recovery from the low figures ' which ruled in the morning. Brokers were very anxious about contracts, j and a general inquiry at three o'clock showed that all the contracts of the day were in gooel shape. I At the opening of the Stock Ex-i Ex-i change there was a large attendance j of members, and the galleries wore i crowded with ladies. President Chap-j Chap-j man called the board to order in a brief speech, in the course of which he saiel "All I ask is that you help each other, anel so conduct business as to allow : the Exchange to carry on its work." ! At the conclusion he sat down amid deafening cheers, and business began. ' There was no feverish excitement; and the brokers were comparatively ; quiet in their bids. The chairman of i the Clearing House conference com-, com-, mittpc announced that no new lea-1 lea-1 tures had occurred, and that all con-j con-j tracts brought before the committee had been satisfactorily settled. The j announcement was greeted with loud cheers, and the closing of the Board 1 wa? marked by an increased feeling , of confidence.." President Chapman considers the re-opening of the Ex-j Ex-j change has been very beneficial, and I the excitement is aUxit ended. 1 Hnn-isburg, -SO. At the meeting of '; tho manufacturers to-day, resolutions were adopted approving the action of he banks in preventing the drain of . currency, as contrary to .their best . interests as well as the public interests. in-terests. . - ' The lolKiwing letter, was written to-ihy: to-ihy: ' Treasury Department, Washington, HO. To Franklin Ellison, Presielent N. Y. Produce Exchange. Kir, Y'our letter of 2fUh, covering two resolutions of the New York Produce Exchange, J received, and the subject matter considered. con-sidered. The resolutions arc as follow fol-low ; "Whereas, the critical condition of the commercial interests of the country requires release, by the removal re-moval of tlic block in negotiating foreign exchange: therefore, resolved, that we cheerfully suggt to the Secretary or the Treasury the following follow-ing plans tor relief in this extraordinary extraordin-ary emergency: 1st That bvjimme-iliately bvjimme-iliately issued currency to bankers, on satisfactory evidence that gold had been placed under special de-posit in the Bank of England, their correspondents corres-pondents in London would be entitled en-titled to end it as in purchasing com- . niereial bills of exchange; 2nd That the I resident of tlie United States, and the Se'crclary of the Treasury, arc respectfully requested to order the payment of the outstanding United States bonds, due January 1st, 1S74." While the Government U desirous of doing all in its power to relieve the pre -scut unsettled condition of business affairs, ils Inis ulready been announced, announc-ed, it is constrained iu all its acts by the laws which it is sworn to support and its members eannut go beyond; the authority which Congress has conferred con-ferred iq-on them. Yuiir first n solution solu-tion presents difficulties which eanuc-t be overcome. It is now supiH'scd you desire to exchange coin in Kug-Jand Kug-Jand for United States notia in New Yurk at par. If your pmpositiun is for Government to purchase gukl in Euglai: 1, tu be- paid for in Uuiud StaUs notes at the current market . ra'.e iu New York, it would involve the Government in- uia business uf importing and spVeulatiug in gukl, since the Treasury has no Use for such a combination, and your object 1 is to induce thu Treasury Departmeui to ioan, as narionai banks, upon the pledge deposit ii London of gukl. It is asking the secretary to loan the inont v of the United States uon collateral col-lateral security, for which there is no authority iu law. If the secretary can lo.m n."t--s on the pledge of coin, he can loan them on the pledge .if utl.er propei n in his i!Uc;vion, as hp has ncer.tlv been requ'-steil to do. which vomld "be extraonlin-iry powers, ;u wel! a- d.'.u'jcous liiume! to engage in. wi.i 'h, inhny jud-jun nt.dt tors mm !;. :n undertaking it. Toe oi'.;ection.s to v-ur Jirst rcrc-iiuioii are . con. lu-(h.u lu-(h.u it is tpmeci-aiy forme t.. r- to aiiv prai tical diilictilti. -v.l.i. h v.i ukfarie if an alt'-mpt w..uil : ;i.i-if I . i ei .nq.lv witli your n-m -t. Y., mi -cfiul r- soiutiuu rails tor ihe .lyne lit at once UI the loan uf 1--;", or the, bonds commonly calb.d the J s of '74. Upon thorough examination I am uf the cpiai. n t:.at Cuugn-s,- IilIs not conferriM on the secretary power to ci mp!v w .ts. this re-quest on that parhcular. ,:;r.d iu this opinion the ! iw o; heel's of Gi w r:une:it coin :de. From t;,.-.- chviuii-l-u.c- ymi will perceive that while I have great res-, res-, Pcct Iitviiii, gmliemuii. 1 am co-n-' peili d, in mv views of the law and of ; my duty, th rc.-p vtt-:l!y df.-::nc to I adopt, Lif. ini iir, s wiii h vrnr r- Uu-iun, !,.,.,,. ! 1 haw the honor to be yours, - le.. , SrvrrUrv of the Treasury of the I". S. I T Vi. A. Kk U vtu-ww, |