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Show TELEGRAMS. The Financial Panic. Xt-w York, 20. President Gninf urrivtxl .it the Filth Avenue hotel this fveninir. ami was soon closetetl with .vert-Lu-y Kicli:n.l-on. Later in the iftenioon, after a long consul tat inn with Chapman, of the Stork Exchange, Ex-change, Henry Clewe--, Drexel. and otheis, he decided to loan $-"3,fX)0,00i) -reenb.icks and to buy $10,000,000 in bonds on Monday on government account. ac-count. The reported suspension of the Cuntinontiil H;"k and the Merchant)' Mer-chant)' liankiiiL; Association arose from the fact that other banks, through .some misunderstanding, refused re-fused to certify their checks. The ollicers of these institutions assert that they arc able to meet all their diitieullies at the Clearing House. The h'rpi-cfs says the whole week's transactions show that government ought to have a national bureau of currency in this city for the redemption redemp-tion and exchange of all National Bank currency. New York, 21. The conference at the Fifth Avenue hotel to-day, in relation re-lation to the best means of overcoming overcom-ing the dillieultics resulting from the recent disasters in Wall street has absorbed ab-sorbed the public interest to an almost al-most painful degree. Leading brokers brok-ers and bankers were in attendance, and the general public gathered in the vicinity in hundreds discussing i the position. President Grant, Secre-j tary Richardson, Senator Morton, I and General Babcock were expcc:cdl to be ready before uoon to' hear the views and suggestions of prominent merchants, a large number of whom had previously held a conference, in the parlors of the hotel, and reduced their plans to a tangible shape. Among those present were Vander-bilt, Vander-bilt, Clewes, Selignian, Opdyke, Or-ton, Or-ton, P. P. Sharp, H. B. Clailin, Senator Sen-ator West, of Louisiana, John Horn, and others. The committee appointed ap-pointed made a general proposition that the difficulty be relieved by drawing on the legal tender reserve. President Grant and Richardson were sent for and heard individually a number of the members of the committee com-mittee iu turn. Alter over an hour had been spent in this manner, and after listening to the written views of several prominent financiers, the committee were instructed that nothing noth-ing could be dune unless a precise proposition were submitted. A majority ma-jority of the committee suggested that .government place the whole legal reserve re-serve of $i,000,000 in New York banks. Richardson opposed this in the strongest terms. Alter much discussion discus-sion it w:ia officially anonunccd that Hssistant treasurer llillhouse had been instructed , to advertise for an unlimited unlim-ited amount of 5.20 bonds of 1S71 tit par in gold, Tho President and Secretary Sec-retary of the Treasury refuse a placing any part of the legal reserve at the disposal dis-posal of New York banks. The President Pres-ident lefflbr Washington at S p. m. |
