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CONFIDENCE !
That’s Wliat is Wanted.
A financial crisis that does not affect
the value of the paper currency of the
country is an aautnal.y. it results from the
ample guaranty which the Government
hold-, for the redemption of all the circu
lating currency of the Banks,and the arbi
trary power which it exercises of making all
the hills thus protected ■‘legal tenders ’’
Tiiot tile National Bunking Laws do not
fl so protect depositors in these institu
tions, is an imperfection inure easy to
snggest than to remedy. Whether it be
remediable or not, the perfect security
and ntidiiniitishcd value of the currency
relieves this "mispension” of a complica
tion from which no other in this country
whs ever free It*ought to relieve the sit
uation of the chief difficulty in the way
of an early resumption, and we believe
that as soon asthe flurry is fully overconfi
dence will be restored and business go on
as usual. The panic was not on account
of the value of the money, but on account
of the safety of deposits in banking es
tablishments known to be involved in
wild speculations and the purchase of
stocks of uncertain value. It, will not
now take long to determine which estab
lishments have thus involved themselves
beyond the limits of safety. It has already
heeu shown that their suspension will not
depieciate the currency. What then '(
With the volume of the currency even
greater than before, the desire foi safe de
posit or investment must return, and the.
convulsion which we are now passing
through will determine what are safe in
vestments. No doubt some “wild cat”
concerns will be wound up in bankruptcy,
and some railroad stocks will greatly de
preciate. But the country will lose noth
ing by the removal from its business op
erations of the gambling element to which
these institutions and slocks belonged
We know that our banking establishments
at the South are not involved in their op
erations and will not be affected by the
depreciation of such stocks. So there is
now no cause whatever to distrust any
Southern banking establishment that is
not known to have close business connec
tions with one or more of the wild specu
lating houses of the North.
Some of the suspended banking houses
of tiie North are already making state
ments of their liabilities and assets, and
these statements show they have ample
means, available within a short time, un
less there should be too great a deprecia
tion in their railroad and other stock se
curities. A considerable “shrinkage,” as
it is called, of (lie value of these stock -
is already reported, and they must find
their level before some of the establish
ments that have dealt in them will know
the exact value of their assets. But this
is u test that will not affect the Southern
Bankers, except a few with connections
such as we have indicated above, and
there is therefore no need for distrust as
to them. Bet them feel that they have
the confidence of the people, of depositors
especially, so that they can .go on, to the
extent of iheir limited means, tn supply
tug the country with die eurrrenoy need
ed to carry on its commercial operations,
anti the “crash,” though embarrassing to
us at a time when money is greatly needed,
wid affect this section less injuriously
than any other.
MEASURES OF UEhIEF.
From nearly every city come reports of
the consideration or adoption of some io
cal measure for furnishing a temporary
circulating medium. It is much ;o be
desired that these expedients will have the
effect designed Though they must, be
inadequate to the great commercial needs
of the conn,' ry, they may be greatly bene
fi 'ial nr preventing the sacrifice of pro
perty and enabling debtors to pay then
obligations to merchants and others. Il
has been seen ihat. the efforts of the Gov
ernment to this end have been unavailing.
It went to the relief of the banks by buy
ing eleven millions of dollars of bond
and throwing into circulation thirteen
millions of loan certificates-—all in New
York; but these appear to have been ai
once gobbled up by the dealers in stocks,
gold and bonds, and no perceptible in
crease in the money in circulation was
observable. It did not at all relax the
grip with which possessors held on to tl.<
money in their grasp. If the $44.1H)0,0b>
of reserves 'and all been throw n upon the
market, as Wall street demanded, tin
strong probability is that the bulk, if n>*t
every dollar of it, would ru like manner
have been locked up in two days, and
thus it would have failed to give any ri
lief to the business of the country.
Confidence in tim National currency is
strong, while confidence in depositories
has been greatly weakened by the wild
speculate ms and dangerous complications
of some of the great, banking establish
ments. So long as the currency is re
garded as the safest security or invest
ment, so long will people hoard it. jrtst
as, in tin.es of former panics, they Hoard
ed gold and silver. Keeping this fact in
mind, it may well be doubted whether
any increase of the volume of the cur
rency by the Government will have the
desired effect, and it is not difficult to
comprehend how an inordinate issue may
injuriously affect values and perhaps im
pair the credit of the Government itself.
To our judgment it appears that the Ad
ministration acted wisely and prudently
m arresting the increase in the volume of
the .-nrreuey, since it did not go to the
relief of commerce as designed. Some
more guarded and comprehensive plan of
relief seems to he required, ami until this
can he fig ed upon, it would seem to he
the part of prudence in the Treasury De
partmeut to strengthen its own position,
husband in resources, and he prepared to
act effective !y in furtherance oi the plan
that may t>e adopted. In the meantime,
ill all probability, s une of the great es
tablishments that precipitated this crash
and panic uiay have wholly "gone b\ the
board —-may he considered irretrievably
bankrupt and beyond resnscitnti n.
But the local issues designed to relieve
temporary necessities will not thus be
gathered up and retired. I'here will be
no difficulty in applying them directly 10
the fucintariou of commerce and the sup
plying of '.he wants of the people. Lei
the people accept them without distrust
end keep them in circulation, and they
: nust be instrumental in alleviating the
hardships of the situation.
The municipal election was held in
Nashville on Saturday. Slayoi Korcheval
'as re-elected, by a majority of about
wen hundred votes over Mr. Morris,
ttfe most exciting election was on the
I’aeKiion of permitting hogs to run at
j"> ill the oily. By a vote of 2,2<>2 to
1! b, the hog was forbidden that ancient
't'Veego, but may contest the election,
t the vote was so cioso.
VOL. XV.
HE ItCUL EH WOX’T MOVE AT THAT
FIGURE !
The New York World of Snnday. in an
article urging the importance of the im
mediate appropriation of money for the
moving of the crops of the country, esti
mates that we have for foreign exporta
tion three millions of bales of cotton,
which, at 12£ cents a pound, represents a
total value of $174,000,000. The value
of the lueudstufls for exportation it esti
mates at # 100,1100.000. It deprecates the
greater anxiety which is manifested abont
the price of bonds and other securities,
and says that the moving of the produce
is “the prime condition of relief from the'
present stringency.”
No doubt the Mi/rlcl is correct in its
estimate of the effectual remedy. But it.
misses the figure badly if it supposes that
much cottou will “move” at 124 cents a
pound. W,th Liverpool quotations at sjd.
in gold for Middlings-equal to fully 19,i.
in greenbacks at the present rate of dis
count—the cotton planters of the South
can hardly stand the amount of fleecing
to tie incurred by letting New York have
their staple at 12£ cents a pound. They
are not going to do that. The very sug
gestion of it shows the necessity of the
Southern people establishing commercial
relations that will free them from entire
dependence on the speculations, fin dila
tions and suspensions of the North. It
would of course be ati easy way for the
gambling Northern operators in inflated
stocks to retrieve their losses by making
the cotton pianlers the “senpc goat”
getting their cotton at 12j cents, mid sell
ing it at IK or lit, but the iittie game
won’t succeed in this instance To “move”
the cotton crop to the relief of the stock
gamblers, the price offered must bear
some approximation to tic Liverpool quo
tations, and the latter must not be sym
pathetically lowered to play into the hands
of the bears on Ibis side, in disregard of
tiie relations of supply and demand.
MI SSI SSI FFI POLITICS.
Advices from Jackson say that Gov.
Powers, concurring in the opinion of the
Attorney General, has issued his procla
mation declaring that there cau be no
valid general election in that State until
November, iB7I. Ii is also said that thy
Radical press of the State “denounce the
proclamation as incendiary and revolu
tionary.” . We do not know anything of
the constitutional or legal provisions upon
which either party rely, and of course we
can express no opinion upon the point in
controversy. But we apprehend that out
of this squabble will spring an opportu
nity for Federal intervention in the af
fairs of the State, and that Gen. Grant’s
Administration wiii avail itself of the op
portunity. It may be by enforcing tne
Iladicul claim of right to hold the elec
tion, or it may be by the forcible instal
lation of the State officers whom the Rad
icals may informally vote for and declare
eiected. We suppose that there will be
•some sort of an “ election ”in which the
Conservatives will not participate, and
that Federal power will be exercised to
put Ames and others of the “ elect ” in
office.
HOSE VS. SHELF.
Eel. Sun : As you seem slightly con
fused as to the chemical and mammal
difference between the Carolina Bone
Phosphates and the Alabama Shell Marl ,
you will permit the following statements
and comparisons:
Tiie Carolina Phosphate* contain in
100 parts t/i 81 of phosphoric acid, and
the remainder, 7)4.19, is lime. Shell Marl
contains in 100 parts from 10 to 20 pet
cent, of the carbonate of lime, but no
phosphoric acid. Green Sand Marl con
tains about 5 per cent, of carbonate of
lime, but contains, in additon, from 2 to
7 per cent of insoluble potash and a
small amount of insoluble phosphoric
acid.
This, as near ns I can stnte it, consti
tutes the difference in the chemical com
position of the two articles, Shell Marl
and Bone Phosphate
As to Iheir viawurial difference, it. will
be seen from the above, that. Shell Marl
is altogether wanting in phosphoric acid.
which is one of three chief ingredients
n every complete manure. the three
ingredients, ammonia , potash and phos
phoric acid. are all that are worthy of the
planter’s consideration in any concentrated
manure. The presence or absence of
these m any soil constitute the difference
between rich and poor land, and the last
is quite as important ns the other two.
Now, as the Carolina Phosphates are
rich in phosphoric acid, and as thtfy fur
nish the cheapest source of supply for
this material, and as they are illimitable
tn quantity, we readily perceive their vas'
importance to the agricultural interest ot
the South. Planters, however, have never
reaped the benefits of the discovery of
. iiese deposits, while its disc -very ha.
greatly cheapened the sources of supply
of the raw material to manipulHtorH.
So much for the Carol ilia Phosphates.
But the question may siili be asked have
die Alabama Shell -Marls uo manorial
value? I answer, yes. to the extent they
contain lime and that lime is a decomposer
of vegetable matter and corrects the
acidity of soils, to that extent they have
mammal value. The marls are also a
valuable addition to the compost heap.
James M. Lennakd.
JAY COOKE .4- CO.
We ha ve copied elsewhere a summary of
of the statement of assets and liabilities
made by this establishment. The
comment, affirming their abiiility iu
pav every dollar of their indebtedness
and have a surplus of several millions
over, is none of ours. We cannot recog
nize such strength in the statement. !{•■-
aiizing on loans to the North Pacitie Rail
road and on second mortgage bonds of
other railroads, must be very uncertain
in the near future, and these constitute
fully one-half of the assets. How much
of the other half, including “bank, iustir
anc, and other stocks, bonds and real es
tate” can be made early available, is also
a question of doubt. It is plain that the
statement is so classified ns to “put the
I>.-st foot foremost,” and even then it is
far from assuring.
1 .1/ roi: TA ST DEC IS IO -V.
A decision of Judge Johnson, holding
the .superior Court oi" Talbot county, is of
interest to ail persons who bought laud
that had been set apart as homesteads,
and were afterwards sold, before the Su
perior Court of the United State-, pro
nounced the Georgia llomestgad law nn
constitutionai. I’he Taibotton ,Standard
states tiie decision as follows :
In the course of an opinion Judge John
son decided that where a homestead had
been set apart and aftei waids sold, pi tor
to the decision of the United States Sn
reme Court on tne homestead laws, that
the purchaser gets a good title against all
executions whatever that may be on the
property. Under the above decision there
are six appeals to the Supreme Court.
vs--- -
An important, change- in the wearing
apparel of the King of Dahoiuy is report
ed. Seated on ins throne, he received a
scientific commission, not 1 mg ago, his
body profusely decorated with the b n- ,
gold, and green labels which had been
carefully pee ed from the medicine bot
tles brought i.-y Europeans into his domin
ions. 11l such a picturesque garb the Afri
can pri ice must Lave equaled even the
glit taring costume of the Shah.
THE WEEKLY SUN.
GEORGIA SEWS.
We learn from the Me as that the citi
zens of Griffin, at a meeting held on Fri
day night, discussed with much favor a
proposition to issue $75,000 or SIOO,OOO
or city notes, to be loaned to the banks
to purchase cotton with, and the cotton to
be heiii as collateral security for the re
turn of the money.
A large number of the business men of
Atlanta have published a notification that
they will take lohn H. James’ loan cer
tificates as money. These loan certifi
cates ate made payable on the Ist of
April next, and are issued tn sums of
from $5 to $ 100.
A e learn from the Herald of Sunday
that the Atlanta Banks had leceivtd tele
grams from New York Banks offering
money "in any reasonable quantity” to
buy cotton with, and that several buyers
received orders for cotton, but at only 14
to i The Herald believed that there
would he money enough in Atlanta by
Monday (yesterday) to meet the ends of
legitimate business.
The Augusta Constitutionalist of Sun
day says ihat a nnmbe: of Un enteipris
mg merchants and business men oi mat
city have adopted a measure of relief
which consists tn the exchange of goods,
wares and merchandize for either cotton
or certified checks on any of tiie suspend
ed back- of the city. A committee of the
business men of Augusta have reeom
mended that the Gcugia Railroad Com
pany issue $400,000 m short date bonds,
of from SSO to SIOO each, to be converti
ble at the option of the owner into green
backs, upon thirty days’ notice, but to
draw uo interest if presented within less
than six months.
The Savannah Mews is authorized by
officers of the Savings Banks of its city to
announce that they will allow the full
quarterly interest due on the first proxi
mo on all deposits that have been with
drawn, provided tiie amounts are deposit
ed at. once.
The Marietta Journal says the lessees
of the -State Hoad are spending much
money in putting the road in good condi
tion, preparatory to anticipated heavj'
tint of freight tins winter. Besides laying
costly steel rails, new cross ties are being
inserted and the oed of tiie road heavily
ballasted with rock, at a cost of about
sixty cents a'nieasured'yard.
the Atlanta Herald haspositiveinforhia
tion, which warrants it in making the as
sertion that Foster Blodgett will come
back to Georgia in less than thirty days
from this date, and stand his trial for the
several offenses with which he is charged.
This information may be relied upon.
We, wonder if the failure of Clews &
Cos. has anything to do with this patriotic
resolution Jon the part of Blodgett ?
Gin House Burned. —We were inform
ed yesterday that a gin house belonging
to the Georgia Land and Cotton Company,
on the Lee plantation, in Lee county, was
burned last Monday, together with, two
hundred bales of cotton. It was anew
girt house and finely fixed up. and its
destruction, together with the cotton, will
be a serious loss to the owners. —Macon
Telegraph, 21th.
The End or a Bio Law Suit.— The old
case of Hugh McLean vs. W. W. Clarke,
John Harris and Enoch j>Sleadman, bill in
equity to set aside the sale of a cotton
factory, was tried last week in Newton
Superior Court, ami the jury, for the
second time, returned a verdict for the
defendants. The amount involved was
about $75,000. The case was hotly con
tested. Hon. J. J. Floyd and Hon. James
S. Hook, represented the complainant,
and Hon. C. Peeples and Hon. A. M.
Speer the defendants.
The business men of Griffin, at. a meet
ing held on Saturday night, set a He -'he
proposition submitted at the previous
meeting, to issue city bonds, and instead
of it adopted a resolution requesting the ;
banks of the city to issue ee;: ifteates of
deposit lo the amount of $25,00(1 each, de- |
positing good collaterals with the T'reasn- I
rer of the city; the citizens of Griffin
pledging themselves to take said eertifi ;
cates as currency
The Griffin Mews reports the capture in
Flint river of a turtle weighing one hun
dred pounds. Pretty good for a fresh
water hard -hell. It was caught in a trap,
i and of course wen; to soup.
A young man*seventeen years old was
I sentenced to the penitentiary in Hall
: county recently for horse-sleaiiffg. He
| gave a fictitious name, and remarked that
| he would not give his real name for ten
| thousand dollars.
Death of Oapt. E. P. Lumpkin.— We
regret to i> -ru the death of this gentle
j man in Athens yesterday morning. Cap
tain Lumpkin was a prominent young
lawyer and stood high among his people.
He was a son of the late Chief Justice
! Lumpkin ami was Captain of Artillery in
i the war between the States. We extend
our sympathies to his many relatives and
| friends. — Atlanta Constitution, 31 Hh
| A correspondent of the Macon Tele
\ graph proposes the election of Hon. Jef
ferson Davis as Chancellor of the Univer
sity of Georgia Chancellor Lipscomb
having declared his intention of retiring
soon.
The trial of L. B. Pike for killing C F.
Baer in Macon has been postponed until
the regular term of Bibb Superior Court,
which commences the 4th Monday in Oc
tober.
The Directors of the Georgia Railroad
and Banking Company, a; a meeting held
in Augusts'on Monday, declined tbeprop
s ositiolt of the business men of the ci!y,
I ‘hat tiie bank* issue short bonds to the
J amount of $400,0(10. A proposition to
j issue notes to the amount of three times
j the capital stock of the Bank, under au
ttairit, of the act of the Legislature of
I 1870, extending its old corporate privi
! leges, was also rejected by a vote of 12 to
2, on she ground that such issue would be
subject- to a tax of 10 per cent, under the
Federal Banking lawn. Finally a .esoiu
i tinu was adopted, “that the company in
i vite deposits and pay upon tbe same in
j terest at the rate of seven per cent, per
j annum, on thirty and sixty days’ time,
I and ihat the Finance Committee be att
j thovized to discount cotton bills with this
deposit fund.”
I The State Road lessees have paid their
September rental into the State. Treasury.
They are as prompt aud regular as the
Tax Collector.
The Atlanta Herald gives a report of
cotton picking on Monday last, on a plan
tation of the upper Chattahoochee, that
will give some idea of the fruitfulness of
the cotton plant in some parts of upper
Georgia. Six hands picked the following
amounts: .‘-.lose tin, Austin filli, Peyton
.”.30, Sam 310, David 270, Dan 17(5: total
1.83(5, or an average of 306 pounds to the
hand.
ALABAMA SEWS.
We find iu the reports of the Montgom
ery Journal of Tuesday the names of the
following persons who hid the yellow
fever iu its city lip to that time: Mrs.
Singletary, Miss Todd, Putnam Larkins,
a child of Mr. Muicahey. and a colored
man, ail in the first ward; Win. Schnabel,
n the sixth ward. Miss i’odd had died.
j..stall 11--.. is returned to MoiiCp mery
~n Saturday, and his banking house re
sumed the payment of checks and depos
its on Monday.
Opelika generously aud sensibly re
fus'd !o quarantine citizens of Montgom
ery ileeir.g from the fever. This shows
that the ia.-pie erf Opelika, like those of
Columbus, have confidence m the ueaith
fulness of their city audits freedom from
malarious -diseases.
The Montgomery Journal says that the
people favor- the reissue by the State of
Alabama oi sind.ono of State certificates,
and it contends that they are better than
greenbacks.
A Modkt, Farmer. —Mr. John W. Weed,
of Dale county i- a model farmer, whose
example, if followed, will contribute more
to the redemption of this country than
anv-thing c’->e. -.r all things else combin
ed" He h.us gathered this year from six
icres of poor ridge laud, an average « I
forty -nine and half bushels of coin pci'
acre, which was fertilized wirhlot manure.
He never buys any corn or meat, nut on
the coutr - y always has these articles for
sale. His meat he raises from a variety
of hogs known as the Poland, white and
spotted, but nearly black, and of these
he now has one which weighs over .iOO
p -nads. Here is a practical solution of
the hard times question, whie'i farmers
to adopt. —Eufaula Times.
COLUMBUS, GEORGIA, TUESDAY", OCTOBER 7, 1373
E VANGELICAI , A L I.IAXC E.
j A World's Conference of the “Evangel
ical Alliance” is to opes its session in
New Y’ork city to-day. This is a Protes
tant ecumenical council, and representa
tives from ait Protestant countries and
sections are expected. The Alliance was
organized in 1848, in Loudon, and has
held five sessions, all iu Europe. The
New York Herald of the 27tii. publishes
a long list of foreign delegates who had
already arrived, embracing ministers of
the Presbyterian, Baptist, Congregatiou
aiist, Wesleyan. Church of England,
-Methodist ami Reformed Church denom
inations. Its general object is defined to
be Christian unity iu action and feeling,
without doing away with any of the non
essential distinctions in church discipline
or organization now existing. It is ex
pected that much good will be effected at
this meeting in promoting the work of
evangelization amt effecting a more cor
dial co-operation of the various Protes
tant denominations.
THE COMMON PLATFORM.
Asa a general enunciation of the prin
ciples of the Alliance the following sum
mary of belief was adopted at the tor
mat ion of the organization in Loudon in
184(>, and lias been accepted by the vari
ous branches which have since been es
tablished. Il affiiins;
1. ine divine inspiration, authority and
sufficiency of the Holy -Scriptures.
2 The right and duty of private judg
ment in ti-e interpretation ol' the limy
Scriptures.
8. The unity of tin? Godhead and the
trinity of the persons therein.
4. The utter depravity of human na
ture in consequence of the fall.
5. The incarnation of the Son of God.
His work of atonement for the sins of
mankind ami His mediatorial intercession
and reign. .
b. iht justification of the sinner by
faith alone.
7. The work of the Holy Spirit in the
conversion and sanctification of the sin
ner.
8. The immorality of the soul, the re
surrection of the body, the judgment of
the world of our Lord Jesus Christ,
with the eternai blessedness ol the righte
ous and the eternai punishment of the
wicked.
9. The divine institution of the Chris
tian ministry and the obligation and per
petuity of the ordinance of baptism and
the Lord’s Supper.
It being, however, distinctly declared
that this brief summary is not to be re
garded in any formal or ecclesiastical sense
as a creed or confession, nor jhe adoption
of it as involving an assumption of the
right authoritatively to define the limits
of Christian brotherhood, hut simply as
an indication of the class of persons
whom it is desirable to embrace within
the. Alliance.
THE OUTLOOK AT WASHINGTON.
Special to the Courier-Journal.]
secbetary Richardson's views.
Washington, Sep; 28 —Secretary Rich
ardson takes a hopeful view of the finan
cial crisis. Ho expressed tire opinion on
Saturday last to your correspondent that
tiie present distirbauce would not contin
ue long, and that when it should be over
the country would be the better for it.
Admitting that for the present there will
be a reduction of revenue, he was confi
dent that the Treasury would be able to
meet all current and accruing obligations.
Having a large, apparent balance iu the
Treasury, he bar! felt obliged to do some
thing to relieve the money market, and
had purchased a series of the 5-20
bonds, by which means the sum of
$750,000 per annum in interest had been
saved to the people.
THE LEGAL-TENDER RESERVE.
It was apparent from the tenor of the
Secretary’s remarks that fie felt that he
had done enough, and ‘hat ho would not
adopt any of the plans now urged on him
for the Wall street clique. The Treasury
will have no money io spare on experi
ments for some time to come. The Sec
retary stated that to replace the currency
used in the purchase of bonds, he should
put about, fourteen millions of the legal
tender reserve as cash in the Treasury;
this had been doue on several former oc
casions. At the proper time tire currency
would be reduced to the average hereto
fore obsetved.
government's foreign agency.
Iu tespecL to the appointment of Bank
ers in London to succeed Henry Clews,
Habecht & 00., the Secretary states that
the subject had not been considered.
The house of -lay Cooke, McCulloch &
Cos , in London, who wore yet strong, he
said were paying the drafts drawn on the
former houses by the American Ministers,
Consuls, &u., and the.e would be no em
barrassment to the public service on the
head. The drafts for quarterly salaries,
expenses, &0., w ill soon be presented,
and ii would seem that Clews, Habecht &
Cos., have taken care of these drafts by
special arrangement, doubtless to the end
that, they may retain ftieir position as
American bankers iu London. And. it
would also appe.a* that, notwithstanding
their suspension, the President is unwil
ling to substitute for them a solvent
house.
REVENUE RECEIPTS FALLING OFF.
The panic is ai ready affecting the reve
•nue. The internal revenue receipts, which
the commissioner had estimated at $9,-
000,000 for the current month, were only
$8,842,000 on Saturday, and wid not
come np to the estimate. If the present,
stringency shall continue, a reduction of
20 per cent, m this branch of the revenue
may oe expected, as ‘he manufacturers
wiii tie unable to get currency from the
banks wherewith to pay their taxes, and
writ have to curtail their operations.
The customs revenue is still more seri
ously deranged So far, only about $lB,-
000,000 have been collected tor the pres
ent month, which is considerably below
what was anticipated a month ago. If
the present state of things shall continue,
well-informed officials predict that the
falling off will be fifty per cent, at least,
for a while.
TO THE PJIESS.
A committee of the Georgia Press As
sociation, consisting of Messrs. Robert L.
Rodgers, of the Sandersvilie Herald ; C.
W. Styles, of the Albany Mews ; 0. W.
Hancock, of the Americas Republican ;
T. M. Peeples, of the Lawrenceviile Her
ald ; and J. B. Reese, of the E i ton ton
Press and Messenger, was appointed at
the last meeting of the Association to take
ail neceesary steps for the formation of a
National Press Association. Having re
ceived favorable responses and assurances
of hearty co-operation in the project from
newspaper men of various States, the
committee, through the last Sandersvilie
llernld fins issued a call for a convention
of journalists throughout the Union, to
assemble at St. Louis on Wednesday,
lue 2‘ith of Xoveuitn r, 1873, to organize a
National Press Association.
The New York papers of Saturday men
tion propositions made by Henry Clews &
Cos., Howes & Macy, and Jay Cooke &
Cos., to open new hooks and commence
hanking operations again at once! They
severally announce ihat they purpose to
continue their business by receiving spe
cial deposits in trust fur new accounts,
pledged only to payments drawn against
such accounts, and that they will collect
and realize upon loans, securities, and
other assets, as fast as possible.
Fmk A" Hatch promise a satisfactory
showing at »n ea.iy day, and say they
may make it simultaneously with a re
sumption of payment. Their assets, they
say. greatly exceed their liabilities.
The public is very much like the
Frenchman who had a deposit with Mr.
Gaston, of Savannah. Meeting Mr. G.
one day. the apprehensive Gani. with the
action ■ f Laima, cried out: “Monsieur
Gaston, I vaiit my mounaie! "All right,"
said Gaston, unbuttoning his pocket-book;
“here it is." The Frenchman, with a
wave of hand and in duieel tones, ex
claimed: “Put him up. sale; put him up!
If you have my monnaie, I no vant him.
If you have him • .1 vant him right
away. —Augusta VoMtitu'ionalut.
NEW YORK ITEMS
Debt Statement and Customs—Failure—
Death of the Commander of the Kear
eage—Scene at the Stock exchange.
New York. Sept. 30. —The statement
will show an increase of the debt and
customs diminished half since the panic.
Henry J. Brooks, leather factor, failed.
Admiral Winslow, who commanded the
Kearsage in the fight with the Alabama,
is dead.
The Stock Exchange and vicinity is
crowded. Members crowded around the
President's desk, waving their hats and
cheering. The President baid: “We are
met again after a very momentous sus
i pension, for the purpose of resuming busi
ness. Your action in the interim has
! met with universal approbation and has
been most satisfactory to yourselves.”
Business will be carried on under the
rules, adopted yesterday by the Treasury
Governing Committee, which he read,
and appointed a committee to settle eon
i tracts of defaulting parties. In conclu
sion he added : “All I ask now is that you
help each other to bear the burthen that
has fallen upon us and to so conduct
j business as to enable the Exchange to
; carry on its work successfully.” Loud
cheers greeted these remarks ami the
members proceeded with business.
A much better feeling appears to exist,
and opening prices of stocks show a feel
ing of confidence.
Later—Considerable pressure to sell.
Stocks decline three per cent, from open
ing prices. Brokers are indisposed to
operate for customers on margins until
affairs are more settled.
NEW YORK DEMOCRACY.
Assembly of the Convention at Utica—
Speech of lion. Horatio Seymour.
Utica, Oct. I.—The Democratic State
Convention met at noon. Hon. Mr. Beebe
was chosen temporary chairman. Iu his
speech he advoeafed welcoming the Lib
eral Republicans to the Convention.
Temporary Secretary Wells was then
appointed.
The cases of the contested delegations
were then referied to the Committee on
Credentials, consisting of two from each
Judicial District.
A Committee was then appointed to
select permanent officers.
A resolution recognizing the Liberals
and inviting their co-operation was of
fered.
Creamer, of Apollo Hall delegation,
attempted to speak, but being recognized
aK one of the contestants was rapped to
order. A scene of great confusion en
sued, Creamer insisting upon speaking
and charging that the Committee oil Cre
dentials had,been packed. Amid confusion
recess was then taken.
Convention reassembled at 4:30.
Gov. Seymour entered the hail and was
received with great applause, the mem
bers rising.
The Committee on Credentials reported
in favor of the admission of Tammany
delegates from New York. The report
was adopted, whereupon the Apollo Hall
delegation withdrew.
A permanent organization was then ef
fected by the election of Horatio Seymour,
President.
After® appointment of Committee on
Resolutions a recess was taken until eve
niug.
NEW YORK FINANCIAL MATTERS.
New York, Sept. 30. —The resumption
of Smith Seaver was received with a
speech at the Stock Board.
The impression prevails that all leading
houses will puli through.
Sterling unsettled, but improved. At
three p. tn. the Stock market was still
without excitement and closes firm Wes
tern Union quoted 111>4; .Rock Island 91;
Lake Shore Union Pacific i 9-J; Pa
cific Mai! 33.
Application was made in the U. S Cir
cuit Court to-day for an order enjoining
the Comptroller of Currency and Receiver
of the Bank of Commonwealth from pro
ceeding further in matters of the bank:
also, for a citation to show why the re
ceivership should not be vacated amt op
erations declared null and void,on grounds
that the bank never refused to redeem
any of its circulating notes. The cita
tion was granted and luade returnable Oc
tober 7th.
New York. Oct. I.— There was a very
quiet feeling in financial circles to-day,
with an entire abseuce of any exciting
events. This morning the firm of Nor
throp & Chick suspended, but the failure
had no influence over the Stock Ex
change, as the firm had no stocks. The
suspension was caused by the withdrawal
of deposits.
There was another sharp advance ou
foreign exchange to-day, and leading
bankers advanced their rates to 107f for
sixty days sterling and 109 for sight.
The suspension of Henry Ciews & Cos.
was officially announced in the Stock Ex
change to-day.
Bank officers report the demand for
currency to be sent to country banks has
fallen off. Several banks out of town tel
egraphed to stop further shipments, and
some others have returned greenbacks to
New Y’ork. The total amount paid out on
account of November interest is $2,994,-
574.
THE MOVEMENT IN CHARLESTON
Charleston, Sept. 29. —At a meet-tug
of the Chamber of Commerce, which in
cluded the largest assemblage of bankers
and business men that has met in Charles
ton for many years, the following was
unanimously adopted as an indication of
the policy thought most likely to facilitate
the movement of Southern produce to
market and enable Southern debtors to
settle promptly with their Northern cred
itors, thus relieving the money pressure
around:
Resolved, That the President be in
structed to prepare a memorial to the
President of the United States and the
Secretary of the Treasury, praying that
the Secretary place and maintain on de
posit with the Assistant Treasurer at
Charleston, the sum of $500,000, to be
used by him in purchase from the Banks
of Exchange on New York, and that such
memorial be transmitted at once tp Wash
ington in the name of the Chamber of
Commerce of Charleston.
Resolved, That meanwhile the Presi
dent of this Chamber be authorized to
forward the substance and purpose of
such memorials by telegraph to the proper
persons iu Washington.
Charleston, Sept. 29. —At the ciose of
business to-day ail tbe banks had received
more money than they had paid out.
Currency scarce. Assistant Secretary,
Sawyer, telegraphed to the President of
the Chamber of Commerce that Charles
ton will have all the relief afforded other
places.
THE NEW TROUBLES IN MEXICO.
Special to the Galveston News.
Brownsville, Sept. 25.— Gen. Rocha
was preparing to pronounce ag dust the
Government. He sent his brother to the
city of Mexico with letters, etc. He was
arrested, and the letters fell in the hands
of President Lerdo. General Escobedo
was ordered to relieve Gen. Rocha, and
went to Seacatras Rocha mistrusted
him, and made Escobedo a prisoner, con
sequently he, Rocha, is in open rebellion.
His division is the best in the Mexican
army. Senor Velasco, member of Con
gress from Tamaulipas, telegraphs that
the zona libre will fie repealed here hence
it is believed his State will side with
Rocha.
The above is considered authentic at
this place.
—— -
HORRIBLE HEATH OF AN AERO
-V.4 IT.
Wapello, la., September 25.—Profes
.sor J. o . Bailey advertised that he would
make an ascension in a bailoon to-dav,
and drew a large crowd to the Fair
Grounds. The balloon was inflated with
hot air, and left the ground with Bailey
hanging by Ins baud to a horizontal bar
beneath. Just as it star ed it took fire
near the mouth, and Bailey did not ap
parently notice the five untii he was too
high to let go with safety, but hung on
until he had reached an altitude of 1,200
or 1,500 feet, when the canvass that held
the hoop from which he was suspended
burned away, and he fell, reaching the
earth a quarter of a miie from the point
of starting. His body way frightfully
mangled, and Lis legs were, driven into
the hard ground up to his knees.
WASHINGTON ITEMS.
Washington, Sept. 29.—Gov. Kellogg,
of Louisiana, and Collector Casey, of New
Orleans, are here.
Secretary Richardson declines the ad
vice of a New York financier, that he
should drown himself.
A special agent of the post office de
partment, is in charge of Petersburg post
office.
The banks and banking houses associa
ted to do nothing move than to certify
checks, do but little business, while those
not in the association have largely increas
ed their business, paying all checks upon
them as usual. Among the latter is G.
W. Riggs, who, since Saturday, has re
fused to receive SBOO,OOO on deposit, not
caring to enlarge his business and employ
additional clerks.
THE VIRGINIA CAMPAIGN.
Special to the Cincinnati Commercial.
Washington, Sept. 24.—Asthe political
canvass in Virginia progresses, it becomes
more heated, bitter and personal toward
each other. That a duel wiii grow out of
the offensive remark reported as having
been uttered by ex-guerilla Mosby, about
Hughes, the Republican candidate for
Governor, for tbe reason, as Hughes
friends say, that he is known to be a fight
ing man, having already fought a few
duels, and nobody would deem him a
coward for failing to resent Mosby’s in
sult, especially when it is recollected that
Hughes would have to withdraw as a can
didate for Governor; besides, according
to the laws of the State, being disfranchis
ed if he should either send or receive a
challenge to fight a duel. Another feature
of the campaign is the fixiu which old ex-
Governor Wise has placed himself. He
has written letters which have been pub
lished, indorsing tbe candidates of both
parties, and an explanation from him is
demanded by members of the Conserva
tive as weii as Radical party. Virginia
Radicals put great stress upon the fact
that Gen. John S. Wilson, a highly re
spected citizen, who was a member of
Congress before the war, and a consistent
Union man during the “late unpleasant
ness” has pronounced in favor of the Re
publican candidates in the ensuing elec
tion.
A WARDS TV SOUTHERNERS.
Washington, Oct. 1. —Awards by the
British American Commission: Corwer
Myle of Florida, $21,000; James Cuming
of Louisiana, $19,000: heirs of John
Purvis, Mississippi. $27,000; John B.
Harris, Mississippi, $1,4,000; administra
tors of Jas. Syme, Louisiana, $110,000;
W. B. Booth, Louisiana, 11,000; Benj.
Whitworth, Georgia, $52,000; Back Ja
cob, Virginia, $27,000; J. Thentou, Vir
ginia, $39,000; John Haskins, Louisiana,
$203,000; Thos. Angel, Texas, $45,000;
E. McLeod, Virginia, $43,000.
DEBT STATEMENT.
Washington, Oct. i.—Ti e debt state
ment shows a decrease during September
of $191,407; coin in the Treasury SBO,-
240.757; currency $3,289,032: certificates
$33,935,400.
The financial situation here is improv
ing, and to-day theie is no indication of
any excitement in currency banks and
business quarters.
THE FINANCIAL SITUATION.
Washington, October I.—The financial
situation closed yesterday without any
new features. The liquidation of the
unconstitutional Bank of Chicago had a
rather depressing effect, Imt caused uo
excitement. Much anxiety exists, all
looking to New York for a solution of the
difficulty.
Gen. Grant has gone to the Fair.
SHIF Wit ECU.
Only One JDrink of Water in 17 Days.
Halifax, dept. 2(>.—The steamer Del
ta arrived from Bermuda this morning.
Capt. Barrol, of the brigantine Hound,
who came as passenger, reports tuat ins
vessel was wrecked m a hurricane Aug.
19, in lat. 24 degs. 3d mins north, long.
33 degs. 2 mins. west. The Hound left
Halifax Aug. 7th for Porto Rico with a
general cargo and lumber, had variable
winds until the 19th when a hurricane
from the N. N. E , threw her on her
beam ends; the masts wjrte then cutaway,
and the vessel righted; water logged; sea
continued to break over her and swept
the decks, the sea continually roiling over
them aud at times washing them loose.
They became much exhausted by endeav
ors to save themselves vtheu the gale
moderated. They were in this condition i
seventeen days. During that tune they
sustained life by eating some pieces of
salt pork which they managed to procure :
from the cabin, and a shark which they ,
caught with a bowline; also got one drink
of water from the only shower they had. i
Their sufferings from thirst were intense
aud maddening. The steward, Jno Liv
ingstone was washed overboard and
drowned. Michael Mahon died from ex
posure and suffering.
SFANISH HONDURAS.
Kingston, Jamaica, Sept. 27. — The
British steam sloop Niobe arrived here
to-day from Ouioa, Honduras, bringing
tho following intelligence: Gen. Eslrabas’
troops, after assassinating apart of Pala
cio’s force, which, under a flag of truce,
approached the fort, sacked Ouioa, and
imprisoned all British subjects, gutting
the consulate of America, England, Spain
and Portugal, tearing the American flag
to pieces, and sacked the merchants ware
houses and safes, leaving a perfect wreck.
The mob soon after arrived and de
manded the surrender of the imprisoned
foreigners and explanations for the out
rage. The authorities were obstinate and
refused to accede to the demand of the
commander of the mob, when a bombard
ment followed until a flag of truce was
hoisted and the prisoners were surrender
ed and compensation guaranteed.
,
A TRAGIC SCENE IN COURT.
Sr. Louis, Sept. 23.—A scene of great
excitement occurred late this afternoon in
the Criminal Court room, which threaten
ed, at one time, to be tragical. Joseph
H. Fore, who attempted to kill his wife
on the street with a hatchet, on the 4th
of last June, was on trial. Mrs. Fore had
been examined at great length, and as
she retired from the witness stand and
took a seat between her father and'Jos.
Colcord, her husband seized a large cut
glass inkstand from the table and hurled
it at her with great force. The Marshal
of the Court saw Fore’s movement in
time to catch his arm, which changed the
direction yf the inkstand, and instead of
striking Mrs. Fore, it struck Mr. Colcord
on the forehead, cutting a gash about two
inches long and nearly knocking that gen
tleman senseless. Fore was immediately
seized by the Marshal and others and af
ter a severe struggle, in which nearly all
his clothes were torn off, he was taken
from the court-room and order restored.
LONHON FINANCES.
London, Sept. tit).—The demands for
discounts at bank and iu the streets are
heavy at five per cent £(138,000 drawn
from th 6 Bank of England to-day, whereof
£124,000 goes to America, balance to Ger
many.
liE An.
Hanover, Sept. 3o- —Business is sus
pended iu honor of the funeral of Dr.
Dexil Crosby, aged 73, Profeessor of Sur
gery in Daruioath College for thirty-five
years.
CHARLESTON FINANCES.
Chableton, Sept. 30.—The Bank of the
Union continues payments. Currency
deposits exceed disbursements three
fourths. Cotton sales to-day for green
backs instead of exclusively for sterling,
as has been the case since the crisis.
ARKANSAS MILITIA.
Little Rock, Sept. 30.—The Attorney
General yesterday withdrew suit against
Gov. Baxter, and the Governor issued his
orders disbanding the militia.
MV 111 BACH HE AH.
Berlin. Sept. 2!).—Louise Muhlbacb,
the celbrated German novelist, is dead.
SHREVEPORT.
Speotal to the New Orleans Picayune.
Shreveport, Sept. 26. The following is
the list of interinentsiu city cemeteries for
the twenty-four hours ending at 6 p. in
to-day, as reported by the Howard Asso
ciation: Otto Freeman; 33; U. Doherty.
30; R. P. Page, 88; Chris. Cosgrove, —.
Ella Hunsecker, 9; Wm. Nesbit. 18; Mrs.
E. T. Hall, 38; Rebecca Kondall, 17; Jack
Holton, —, J. W. Gayle, 69; Mias Mon
cure. —, Miss Adeline,Fary, 30, all whites.
Saui’l C. Petters, eoiored, 38.
Shreveport, Sept. 27. The epidemic
is still increasing. The weather is un
favorable —foggy this morning.
Among those who have died since my
last report are included some of Shreve
port's most prominent citizens, such its
Major J. S. Ashton, Edward Piersons,
Whit McKellar, S. D. Leverett. Gen John
Hodges, John C. Elstner and Thomas
Farrett.
Rev. Father Biler, of the Catholic
Church, died last night, and Rev Father
Gergand of Monroe, who came here
upon Father Pierre’s death, was attacked
yesterday. To-day he is doing well and
his recovery expected.
Shreveport, Sept. 27. —The following
is tlie list of interments in the city ceme
teries for the twenty-four hours ending
at 8 p. m. to-day, as reported by the How
ard Association :
•Tnles Ormond, age 2(5; Lewis Walz, 42:
Fred Corives, 58; J. E. Elstner, s(>: J. S.
Taylor, 87; M. Kelly, 47: Whit MoKellar,
—; M. Kelly, 53; W. McCall, 20; S. G.
Leverett. 42; P. A. Wright, 37; Mattie
Work, 32; Cherles Wolff, 22: Miss Hester
Rogers, 21; Wiu. Castle. 33; E. T. Pier
son. 35; C. Iler, infant; Rev. Father
R:ler, —; Major J. S. Ashton, —; all
white. Dan Wall, —; King Calle, —;
Susan Rose; all colored. White 13, col
ored 3. Total 22.
-
YELLOW fever.
Washington, Sept. 30. —A Shreveport
special says the juoftt useful citizens are
victims. Howard Association has opened
an asylum which feeds nearly two-thirds
of the population. The fever, beyoud
doubt, doctors say, was imported from
Cuba.
A special, for relief, says 700 are sick.
The peculiar character of the disease re
quires peculiar and skillful attention and
nourishment Hundreds are without
means or employment. The destitution
is as heart-rending as the disease itself.
We feel that the great public heart will
respond to this appeal, extorted by most
dire necessity. Cur own resources are
nearly exhausted. The wealthy are broken
down and the poor are threatened wilh
starvation. The sick and dying are about
to be deprived of the commonest comforts
humanity can offer them. We appeal, not
to our fellow-countrymen, but to our
fellow-man for aid.
[Signed] L. E. Simmons,
President Howard Association, and all
the Doctors.
THE FEVER (1 REE PING NORTH
HA Hit.
Caiko. Sept. 2b.—Considerable uneasi
ness is manifested at the prevalence in
the city of what has hitherto been denom
inated congestion from biliious fever, but
which some physicians now pronounce
yeliowi fever, modified in northern cli
mate. Only six or eight fatal cases have
occurred, aud these are confined to those
whose business kept them on or near the
river. There is more sickuess here than
the city has experienced for years, and in
a majority of cases, the symptoms are
similar aud resemble those of yellow fe
ver in a mild form.
SOUTH AMERICAN AFFAIRS.
Panama, Oct. I.—Business exceedingly
dull through Peru. Several firms have
suspended payment. Banks refuse dis
count aud scarcely any coin is in circula
tion. The steamer Geu. Sherman which
carried the Palacios Revolution party to
Honduras,!-, reported lying off Puerto Ou
beilo with her machinery disabled.
A vessel has reported to the Governor
at San Juan uei Norte that a great many
Americans from New Orleans, armed
with rifles, were depredating on Rustam
A great many of these flilibusters were
blacks.
AAV COOKE & CO.
Philadelphia, October X —ln the
United States Circuit Court, before Judge
Oadwalader, the order granted upon the
petition of Edward Wilson against Jay
Oooke & Cos., to show why they should not
be adjudicated bankrupts, which was to
have been returned to-day, was continued
until next week at the request of debtors
and by consent of petitioners.
TEXAS.
Targe Fire in Brenham.
New Orleans, Sept. 23. A Timex
special from Brenham, Texas, says: A
fire broke out last night iu the store of
Thos. Dyer, one of the wealthiest mer
chants here, and consumed the entire
square. It reached the adjoining one
which was burned entire and one-half of
the next The firms it burned are E. H.
Abbot, F. Bush, Wood & Cos., Warner &
Bro., Sellhastan & Bros., 0. Marquez,
buck & Levy, H. Franks, G. S. Parker &
Parker, and several bar-rooms, ten-pin
alleys and restaurants. Loss not stated.
CUR AN FI LIB US TERS.
Kingston, Oct. I.—The Wyoming has
gone to Aspmwall, where American inter
ests are threatened by the revolutionists.
The steamers Virginiu and eighteen men
of the crew, from New Pork, are prepar
ing for another trip to Cuba.
Fine rains. Sugar prospect improved.
Haytiau affairs troubled.
SPANISH HONDURAS.
Kingston, Oct. I.—The British steamer
bombarded the port of Otuoa two days,
silenced the fort and secured the release
of the British prisoners, and exacted
thirty thousand pounds.
THE CORN AND HOO CROP.
[New \ork Shipping List.J
The best information that we have had
relative to the coming com crop, derived
from conversation with visitors to the Pork
Packers’ Convention, and from other
sources, indicates that in Indiana there
will be a fair average crop, as also in
Illinois, with a considerable stock of old
crop yet on hand, altogether affording an
abundant feed supply in prospect for the
coming season, should there be no sen
ously damaging frosts. In fact,the greater
part of the Western corn crop is now in a
condition to be either out of such danger
or to probably increase the proportion
that would be used for feed iu case of
injury from frost. West of Mississippi and
iu lowa the crop is materially short. The
prevailing impression regarding hogs
seems to be that there will be some in
crease iu numbers over last year, hut
that prices at the opening of the season
will likely be a little higher than last
year.
The Question or a Restokation of the
French Monarchy.—- tins most exceed
ingly deiica'e subject is looming up prom
inently in the French republican territoiy.
The conservative members of the Nation
al Assembly held a meeting in Paris yes
terday. It was claimed, during a discus
sion of the matter *of the future of the j
government, that the royalists would have
a majority of twenty in the National As
sembly in support of their plan for a
crown restoration. The republican legis
latorshave become slightly alarmed. They
remain firm iu their devotion to principle,
however; so that the most exciting de
bates will certainly occur when the Par
liament meets. The republicans will pro
pose, immediately after the reassem
biage of the Assembly, the adoption of a
declaration against the infringement of
popular sovereignty. Should this deeia
ration be rejected they will resign their
seats. Fiance is rapidly approaching a
most eventful crisis in the history of the :
nation.— N. Y. Herald , 2t’>th.
Professor Donaldson is overhauling the '
Graphic bailoou. He says it is the
strongest ever made, and he is determin
ed t o make the attempt to cross the ocean
in it. In the mean time the Graphic is
having a silk balloon constructed. Don
aldson’s will start within the next three
weeks.
NO. 35
PRESIDENT GRANT ON THE SIT
UATION.
Washington, Sept 2!' 1873.—The fol
; lowing letter was written to-day :
Executive Mansion.'
Washington. Sept. 28. 1873. i
To Afessss 11 B. Class-in and Charles L.
Anthony :
Gentlemen —ln response to the news
von have communicated to me touching
tile present stringency in the money mar
ket of the country, and the neoessay
steps to restore confidence aud legitimate
trade and commerce, I have the honor to
communicate the following :
l'he Government is desirous of doing
all in its power to relievo the present tui
| settled condition of business affairs, which
| is holding back the immense resources of
i the country, now awaiting transportation
j t° 'he seaboard and a market. Confidence
; on the part of the people is the first thing
| needed to relieve this condition aud to
j avert the threatened destruction of busi
| ness, with its accompanying disasters to
| ull classes of the people/ To re establish
this feeling, the Government is willing to
I 'aka all legal measures in its command.
I but it is evident that no Government ef
i forts will avail without the active co-op
eration of the banks aud moneyed ecrpo
| rations of the country. With the four- ;
: teen millions of dollars already paid out !
! hi the purchase of the Government in- i
i debtedin ss, and the withdrawal of their !
j large deposits from the treasury, the
j banks are now- strong enough to adopt a
liberal policy on their part, and by a gen
■ erotis system of discounts to sustain the
| business interests of the country. Should
i such a course be pursued, the forty-four
millions of reserve will he considered as
money in the treasury to meet the de
mands of the public necessities as the. cir
cumstances of the country may require.
Close attention will be given to the course
pursued by those who have the means at
their command of rendering all the aid
necessary to restore trade to its proper
channels and condition. With a view of
strengthening the hands of those who
carry out these measures above indicated,
orders have already been isssued for the
pre-payment of the interest, accruing in
November. U. 8. Grant.
THE SPECIE PAYMENT PROS
PECT.
Washington, Sept. 25.—Dr. Liuder
mnu, the Director of the Bureau of the
Mint, who has made a life study of the
finances and is one of the ablest of Gov
ernment officials,predicts that the effect of
this stock panic will be to hasten the re
sumption of specie payments. Ho says
he shad not be surprised if within a month
silver coin should be a medium of circu
lation at currency rates; and if a still
greater crash in stocks follows the open
ing of the Stock Exchange—a thing he
regards us very probable—the full resump
tion of specie payments, he tliiuks, can
not be long delayed, as everything, even
stocks, must come to a gold level. He
does not think the panic will be disas- I
trous, as tlio recuperative power of this
country, with its wealth of grMu, cotton,
aud crude bullion, will enable it to re
tain its advantage over foreign countries.
He says he is getting ready, and has issu
ed the requisite orders to all the Mints for
largely increasing the coinage, and that
more bullion will be coined during the
next three months than at any previous
time in the same period. No exports ot
crude bullion will be, made for several
months, owing principally to the unfavor
able rates oi exchange. Large ordets
have been telegraphed to London from
New York for the importation of sover
eigns, which, at the present condition of
sterling exchange, give a large profit.
Arrangements, it is; understood, will be
made for paying depositors of sovereigns
their value in United States gold at the
Assay Office the day after such deposits
are made.— N. Y. Tribune.
JAY COOKE <fc CO.’S STATEMENT
Philadelphia, St.pt. 2tl -A statement
of the assets and liabilities .rs the firm
Jay Oooke & Cos. of Philadelphia, New
York aud Washington, lias been prepared
by them, which is to be submitted to their
creditors. The following is a summary:
Liabilities $7,939,409; assets, bills receiv
able, bank insurance, and other stocks,
bonds and real estate, $7,807,(540; ioans
to the Northern Pacific railroad Company
on $3,750,000 stock of the Oregon Steam
Navigation Company, $1,500,000; loans to
Northern Pacific Railroad Company on
bonds of the Company, $4,038,215 28:
mortgage railroad bonds, stocks. &o.
$2 530.3515; total, .$5,9(5(5,211. The above j
• xlnbit of liabilities is exclusive of I
$1,704,140 loans of the firm which are I
fully secured by gold collaterals. The ex- j
cess of collaterals on these loans has been j
estimated and included in the assets.
The firm expects to submit a proposi- I
tion for settlement with its creditors, ,
which it believes will be acceptable to
the latter, although it would of course re
quite time for the conversion of the assets. j
The handsome showing made leaves no
doubt of its ability to pay every dollar of
its'indebtedness with interest, and still
have a surplus of several million dollars.
BANK CERTIFICATIONS.
From the comments made upon the
eases which the panic has brought to light
of brokers’ “overdrafts,” it is evident that
the public knows very little of the system
under which Wall street houses transact
business, and effect daily ■ "clearances” of
an enormous volume of stocks. The
Press is united in just reprehension of
such hanks as have embarrassed them
selves by certifying checks for customers,
which the latter have failed to make good
by adequate deposits; but these banks are
not exceptional. They are no more blame
worthy than their more fortunate neigh
bors, whose customers have been strong
enough and honorable enough to prove
that the confidence extended to them was
not misplaced.
It is the w hole system of Wall street
“certifications” that is at fault. So re
markable is the working of this system
that business men are astonished when
informed with respect to it for the first
time. A brief explanation of its nature
would seem to be in order during the
present crises.
Temporary “overdrafts” are the rule,
and not the exception, with most of the
banks in the vicinity of the Stock Ex
change. No other way has yet been de
vised through which a broker’s “clear
ances” cau be effected. Most houses
with an “average deposit” of from SIO,OOO
to $20,000 in bank have to receive and
deliver from a hundred thousar and to half
a million dollars’ woith of stocks or gold
per diem: larger houses, proportionately
larger values. Purchases are frequently
made in costly lots, requiring checks for
sums running from .sr>o,ooo upward, and
even as high as ten times that amount.
Almost every banker or broker in good
credit has an arrangement, definite or
implied, w ith his bank, by which he is
allowed to largely overdraw his balance—
in payment for blocks of stock—with the
understanding that before 3 p. m of the
same day he shall deposit the certified
checks of other people, in amount suffi
cient for the redemption of his own
checks and the maintenance of a respecta
ble "balance. ’ On the latter Uie bank
makes its profit. Large houses often
open accounts of this sort w ith several
banks at once — A. Y. Tribune , 24£/t.
The Knoxville Preen and Herald, says:
“Our dispatches report that ex-President
Johnson is a loser bv the failure of the
First National Bank at Washington, to an
extent of sixty thousand dollars, which,
however, if true, would not leave him
penniless. If the rumor proves true, Mr.
Johnson will have the universal sympathy
of our people in his misfortune, irrespect
ive of political friends or enemies. It is
hoped the rumor is without foundation in
fact.” It is remarkable that no Washing
ton paper coming to this office, had made
mention of Mr. Johnson’s loss, and the
only eontirmation of it that we have met
was in the telegraphic correspondence
from Washington of the New York Tri
bune. Its loss, however, would not be
likely to leave the ex-President penniless,
as we understand that only a short time
since he he'd between s3.'..oooand StO.OOO
in Tennessee State bonds ; besides he is
the owner of a very valuable real estate
in Green county.-— Aaxhville Union.
The Louisville Courier Journal does
not know anything that will revive the
spirits of Jay Cooke unless Proctor Knott
will make hint another speech on Duluth
and the Northern Pacific.
CLEARING HOUSE CERTIFICATES
From the Chicago Tribune. ]
The New York banks have adopted the
plan of settling balances with Clearing
House certificates instead of greenbacks
during the present flurry. To the gener
al public, it may be well to explain what
this action signifies. In a time like the
present, everything which tends to econ
omize the use of currency is, pro tano,
a relief to the money market. Nbw York
being the monetary centre of the coun
try. the place where all other hanks keep
greater or less balances, she must respond
with currency when the banks of other
cities call for their funds. But for all
of her own purposes she may use
anything which her own banks’ con
sidered good. Al! the banks meet once
each day at the Clearing-house to ex
change cheeks. The Park Bank, for in
stance, tnrns into the Clearing-house
checks drawn on other banks of $500,000.
Ihe other banks perhaps turn checks on
the Park Bank lor $150,0(H). Usually
this sum would be paid to the Clearing
house in greenbacks Iu order, however,
to economise the use of greenbacks, the
Park Bank, its condition being shown to
be perfectly solvent, passes in its own
check for $50,000. Other banks against
which there is a balance do the same.
The Clearing-house then issues its ceititi
cates for an equal amount of the batiks
which have a balauce coming to them
from the day’s clearings. The system is
perfectly business-like aud in accord with
sound principles of finances, though it
necessitates a frequent examination of
the assets of the several debtor banks by
the Clearing-house Committee.
THE GREAT RAFT.
Shreveport, Sept. 27. —The Timex , of
this morning, contains the following rela
tive to Red iiivev Raft:
“On Thursday morning the steamer
Sterling, Capt. Tennyson, from above,
arrived at the head of the Cut-Off, one
mile above town. The water of the Cut-
Off was too shallow, and the current too
strong to safely make the run back, so
Capt. Tennyson decided to have his snp
p :es hauled to him. instead of going for
them with the Sterling.
“We learn from Capt. T. that the Aid
was about finishing Raft No. 39 when he
left, and will make short work of Raft
No. 40, as it is a weak affair. Afterward
she will attack Raft No. 41, and by the
time she gets thiough, Ibe hand force at
work ou Raft No. 42, will probably have
gotten through their work, aud then what
was once the gn at Red River Raft will be
no more.
“Capt. Tennyson srvs there are at
least 150 men at work on the rafts, but
that they have had no deaths among them
for a long time, ami no serious sickness.
There are a few cases of chills and fever,
but no swamp fever or yellow fever.
Ibis of itself should disabuse the minds
of all those who urge that the removal of
the raft is the cause of our present epi
demic.”
A Well to-do County. —The Raleigh
He wn says: i’he largest shipment of North
Carolina bacon made by one man since
the war, was received by Messrs. Will
iamson, Upchurch & Thomas, yesterday
from Harnett county. Mr. Steward, of
Black River township, in that county,
was Hie consignor. Harnett raises cotton
largely, is one of the largest turpentine
counties in the State, has now a surplus
of corn to sell, and supplies Raleigh with
seuppernong grapes. Tile oldest scup
peruong vine in the State is in Harnett
county, being a slip of the original vine
brought from England to Roanoke Island
by Str Walter Raleigh. The corn stalk
exhibited at our last State Fair, if we
mistake not, came from Harnett, It
claims the largest Dorkin chickens in the
State, aud as for Shanghais—we have the
word of Maj. Coffield for it, that they can
be heard to crow five miles. Harnett
will have many of her specimens on exhi
bition at the next State fair, when she
will show and speak for herself.
The Florida Republicans Divided.—
Accounts from Florida represent the Re
publicans there as much divided by very
bitter feuds. Ex-Senator Osborne aud
his clique are preparing for a raid at the
next session of Congress upon Senator
Conover, who was chosen to succeed Os
borne. They will endeavor to unseat him
on the charge of bribery. Conover has
strong friends among the Radicals iu the
Senate, and will most likely be able to
maintain himself against the onslaught.
If Osborne fails to get Conover’s place,
he. will next be a candidate for Senator in
Gilbert’s place. It is stated that the ne
groes m Florida are increasing in num
bers, and exhibit n>: creasing determina
tion to act together and control the poli
tics of the State.— Savannah News.
A marriage possessing some interesting
features took place a few days ago at
Mount Airy, a village of North Carolina.
Both bride and bridegroom are deaf
mutes. The former, Miss Bunker, is the
daughter of Eng, one of ihe Siamese
twins; the groom was a Mr. Haynes, of
Raleigh The twain were married by the
deaf-and-dumb alphabet., the words of the
minister having been interpreted to them
by a teacher in the Deaf and Dumb Asy
lum. After the ceremony the couple
started on a trip to Raleigh. On their
way, while crossing a swollen stream, Mr.
Haynes proved himself a sort of Young
Lochinvar. The party were nearly drown
ed, and. although he never swam before,
Mr. Hanes saved his life and that of his
bride by swimming with her several rods
until the bank of the stream was reached
Mr. Fillmore says these were the last words
uttered to him by Daniel We lister: “Be
fore Mr. Webster died I called to see him,
and in the course of a long conversation
on our social and political relations Web
ster said : ‘There is but one thing that I
really regret having done during the
course of my political life.’ I asked him
what that was, said Mr. Fillmore, and he
replied, ‘I regret that I ever voted for a
soldier President. There is no use in
saying that my friends advised me to do
it; I did not believe in it, aud therefore
there is nothing I can say in that direc
tion to apuiogize for it.’ He referred to
General Taylor.”
New Cere for Boils.— The Wilmington
(N. C.) Journal says: Dr. Simon, a phy
sician of Lorraine, gives anew cure for
boils, by treating them with camphorated
alcohol. As soon as the culminating point
of a boil makes its appearance he puts a
little of the liquid in a saucer, aud, dip
ping the euds of his middle fingers with
it, rubs the inflamed surface, especially
the central pa t, repeating the operation
eight or ten times for about half a minute,
lie then allows the surface to dry, placing
over it a slight coating of camphorated
oiive oil. He says that four such applica
tions will, in almost all cases, cause boils
to dry up and disappear The application
should be made at morning, noon and in
the evening.
The Providence Press produces this
significant extract from Senator Came
ron’s speech on the Salary bill at the last
session of Congress: “If you are going to
raise the pay for members of Congress
and the other officials, you must do it
when you are going to do it for the Presi
dent. He has a high official position and
reputation and character to sustain the
obloquy, if there is any relating to it, and
the others must come in under his shad
ow, or else you will not get it.” To the
title of “Savior of his party” the distin
guished statesman of Pennsylvania must
add that of prophet : yet it is doubtful if
the “obloquy” he anticipated was so great
as that which every salary grabber is
painfully aware of to-day.
The following is the opinion of a
shrewd darkey in regard to the efforts of
a Sunday school emissary to establish a
Sabbath school iu his neigliborood : “I
know there is a bug under the chip, sure
as you is born. There is some trick ’bout
this thing, or that man wouldn’t come
way down here and make that Sunday
school for nothin' and gin us books. Jist
as sure as you’re a foot high thar’s sum
tilin' dead, mind what I tell you. Thar’l
be some fellar round here ’sessin’ taxes fur
it after a while, jist like they do with the
district schools. Is been long thar.”
Anew law of Florida permits divorces
on proof of “habitual exercise of a vio
lent and ungovernable temper,” and the
Marianna Courier of the 23th inst. says
that there cow' “seems to be a mania in
this section of the State for divorces,”
that almost a majority of those seeking
relief from the yoke matrimonial are
those who have lived as husband and wife
form any years: and that the success of
the applicants “is nearly threatening the
foundation of socieny in several commu
nities. All of which is a bad report for
the State of orange blossoms .
The Knoxville Timex of Tnesdavsays:
“A gentleman just from Cincinnati in
forms ns that the Cincinnati Railroad
bonds were negotiated before the crisis
began, and that the Trustees will proba
bly commence work within sixty days.”