Newspaper Page Text
Hardpan at Last.
PRESIDENT GHAN'T OX SPECIE PATUIXTS—THE
date panic deads the hat to resump
tion—silver THE CIRCULATING MEDIUM
—WHAT OUR MINES ARE CAP ABIE
OP PRODUCING—OPINIONS BY
LEADING FINANCIERS ON
THE SUBJECT—
‘ ‘EVERYBODY PA-
FAVORS HARD
CASH.”
Ibe followiug letter was received by Mr. N.
A. Cowdrey, President of the Continental
National Bank in this city on tho 7th inst:
Executive Mansion,
Washington, D. C., October C, 1873.
My Dear Mr. Crowdbky—Yonr letter of
the 29th nib wns duly reoeived and read, as
was your previous letter. Neither required
an answer, particularly, and hence I did not
answer them at that time. Your last letter,
however contains one sentence that it seems
proper I should reply to, that is as to an im
plied threat to the National banks contained
;n my letter to Messrs. Anthony and Claflin.
Nothing 'was farther from my mind than a
threat. My whole object was to restore
confidence to the public mind, and to give
assurances that the government would give
all the aid in its power, keeping in view at the
same time the solvency of the National Trea
sury. You, and all bank presidents, know
more about the condition of your banks than
I can possibly know. In tarn I, through the
Secretary of the Treasury, know more about
the financial condition of the government, its
ability to render aid. etc., than any person
disconnected from the administration of its
affairs can know. I alluded to the fact that
vbe forty-four million reserve notes in the
Treasury would be regarded as money in the
Treasury subject to use, for the purpose of
‘bowing that'the means are at hand to give
the relief we promise.
I do not believe the present panic will work
to individuals halt the injury it will work
General good to tho country at large. Oar
monetary system is the creation cf necessity.
It has no elasticity, but in other respects it is
the test that has ever been devised. No one
now distrusts the value of his paper dol!ar;ou
the contrary it is seized and hoarded with tne
same avidity now that the gold dollar has been
ia former like adversities. The panic will
call attention to the defects in our monetary
system, and will, no doubt, lead to legnlition
to relieve the want of elasticity.
The panic has brought greenbacks about
to a par with silver. I wonder that silver is
not already coming into the market to supply
the deficiency in the circulating medium.
When it docs come—and I predict that it
will soon—we will have made a rapid stride
towards specie payments. Currency will
never go below silver after that.
The circulation of silver will have other
beneficial effects. Experience have proven
that it takes about forty millions of fractional
cirrency to make the small change necessary
for the transaction of the business of the
country. Silver will gradually take the place
of this currency, and, further, will become
the standard of values, which will be
hoarded in a small way. I estimate that this
will consume from $200,000,000 to $300,000,-
000, in time, of this species of our circula
ting medium. It will leave the paper curren
cy free to perform the legitimate functions of
trade, and will tend to bring us back where
we must come at last—to a specie basis. I
confess to a desire to see a limited hoarding
of money. It insures a firm foundation iu ]
time of need. But I want to see the hoard
ing of something that has a standard of val-
u’e the world over. Silver has this: and if
we once get back to that our strides towards
a higher appreciation of our currency will be
rapid.
Our mines are now producing almost un
limited amounts of silver, and it is becoming
a question, “What shall we do with it?” I
suggest here a solution that will answer for
some years, and suggest to you bankers
whether yon may not imitate it; to put it in
•iroulation now; keep it there until it is
fixed, and then we will find other markets.
The South and Central American countries
have asked ns to com their silver for them.
There has never been authority of law to Go
so. I trust it will now be given. When it is
given it will be more than the equivalent of
boccming exporters of articles of manufacto
ries w hich were nreviously articles of import.
Ordeis will come for large amounts of coin.
It will be all in silver, while payments are
not necessarily so. We become the manu
facturer of this currency, with a profit, and
will probably secure a portion of our pay in
tho more precious metal.
I have thought much about the recammend-
aliona I should make to Congress, and have
in specie he will turn it over several times
before parting company.”
Several more eminent financiers were visit
ed, and they all expressed themselves sub
stantially as above. In the main, however,
they agree that the President's views on the
question are sound and statesmanlike.
SCH00L8 AND C0LLEGE8.
College of American Medicine & Surgery,
AT MACON, GA.,
ing four month* thereafter.
Faculty s
C. r. GALENTINE, M. D-, of Cleveland, Ohio.
Professor of Obstetrics and Diseases of Women and
Children.
JOS. ADOLPHU8. M. D.. of St. Louis. Mo..
Professor of Surgery and Diseases of the Eje and
Ear.
H. C. FRENCH, M. D , of Chicago. Ill
The Chair of Theory and Practice.
J. T. COXE. M. l>., Macon. Ga.,
Professor of Phj6l«»logy and Pathology.
W. C. JONES, M. D.. of Mttoon, Ga ,
Professor «>f Chemistry, Pharmacy and Botany.
J. A. BROWN, M. D., Indianapolis, Ind..
Professor of Matena Medics and Tborsputics.
WASHINGTON DESSAU. A M B. L., of Macon, Ga.,
Attorney at Law,
Professor of Medical Jurisprudence.
A. L. CLINK8CALES, M. D.. of Macon, Ga„
Professor of Anatomy.
R. F. LESTER, M. D , of Reidsville, Ga.,
Demonstrator of Anatomy.
T. J. RAINE. Janitor.
3s 1 o o s :
For a full course of Lecture*, including all the
chairs, payable in advance $100 00
Matriculation Ticket (first term) 6 00
Graduation Fee 25 00
The Dtao sill be elected on the assembling of the
Faculiy.
All communications should be addressed to A. L.
CLINKSCALES, M. D., Macon. Ga.. who will take
pleasure in answering inquiry. J. T. COX, M. D.,
President Board Trustees.
A. L. CLINKSCALES, SecrtUiy Board Trustees.
EepS0'dwed&8undti«&w.
Patapsco Female Institute,
Near Baltimore, Md.,
for 36 years, and enjoys a national reputation.
With the number of pupils limited to ninety., it has
representatives from two-thirds of the States, princi
pally South and Southwest. Its location is pre-emi
nently healthful, is central, and easily reached' by rail
road from Baltimore and Washington City.
For Circulars address
MRS. R. H. ARCHER,
P. O. Elliott City. Md.
MACON ADERTI3GMENT3.
BERND BROTHERS
Manufacturers of and Wholesale and Retail Dealers in
HIM!. SADDLES, COLLARS
BRIDLES, LEATHER, HARDWARE, Ac., Ac.,
Nos. 44 and 4G Third Street, Macon, Georgia.
sc pit -tf
EMPIRE STONE WORKS
MACON. G A,.
A. T. FINNEY,
Manufacturer and Dealer in
G .A. IR, IR, I .A.C3- HI S
Such as are Needed for
The Southern Market.
Baronclies, P lisa tons, Victorias, Cabriolettes,
Bretts, Top and No-top Buggies, Rockaways, Sociables,
^Doctor’s Phietons, Sewing MachineyWagons.
fTIHE undersigned Is now prepared to fill mil kinds of STONE MASONRY, such as Gutterlug, Walling
A Graves, and almost everything else in tho way of improvements in which stone is required. J Have NOW OU Hand tlie Lai'gCSt and MLOSt Complete Assortment
P. H. WARD, Proprietor.
JS&tW* “ ^ & raaalv® prompt attention. Qp ^ M1NUFACTUBE S0 UTH 0F THE OHIO RIVER,
AUCUSTA CARDS.
DOZIER <&c WJLLT02ST,
w*
Resale
Which I aru prepared to sell at Reduced Prices. Using very best material,
employing first class mechanics, having facilities equaled by none, I am pre
pared to sell work Cheaper than it can be duplicated from any portion of the
United States. Carriages renovated on short notice, and all work warranted
to give general satisfaction.
A. T. FINNEY.
SOUTHERN FEMALE COLLEGE
XiaGrrangc. Or a.
fJlHIS INSTITUTION, with m corps of Nine First
Class Teachers, will resume exercises the last Wednes
day in August. Four premiums for excel ence in
Music and Painting were awarded Pupils of this
College at the last State Fair. For Catalougea. md
dress L F. COX, President
UNIVERSITY
OF GEORGIA.
T HE 73D ANNUAL SESSION OF THIS INSTITU
TION will commence on WEDliESDAY,
October 1st, 1873, mnd continue, without Intermission,
until August 5th, 1874. The State
COLLEGE OF AGRICULTURE
And Mechanic Arts,
founded upon the United States Land Grant, is an in
tegral part of the University, and will bold the same
Term. Every advantage which the country allows, is
afforded for procuring a liberal education, both in a
Oeneral Course and in 8pecial Departments. Degrees
granted both in Arts and Science and iu Law, Engi
neering and Medicine—the last through the Georgia
Medical College at Augusta, now embodied with the
University.
THE LAW SCHOOL
remains in session throughout tDe entire year. Libe
ral provision is mado for the beneficiaries and for stu
dents of limited means.
For Catalogues, containing fall information, apply to
WM. HENRY WADDELL.
aug20-tf PecioUry of the Faculty,
Athens. Ga.
FOR SALE.
e *s,le Great Southern Stove Sense.
241 33ROAD STREET.
AUGUSTA. GEORGIA.
LATE DANIEL A HILL.
DANIEL & ROWLAND,
COTTON FACTORS,
COMMISSION MERCHANTS,
And Agents Tor the Celebrated Etlwan, Wando, Dugdale and Cotton Food Gun tins,
Comer Jackson and Reynolds Streets AUGUSTA, GA.
CONSIGNMENTS 80LICITED. COMMISSION FOE SELLING COTTON, $1 FEE BALE.-©f
angl7.tf.
COOKING AND HEATING STOVES—Every kind.
Mantels and Grates,
Tin Ware, Wood and Hollow Ware,
Shecet Iron, Zinc,
House Furnishing Goods, Etc.
NO COMPETITION PERMITTED.
1S54§-
Residence for Sale.
INOUBf LARGE, ELEGANTLY FINISHED ROOMS,
Bath room. Store raom and Pantry, 2 room Kitchen,
lathed and plastered, large front yard, choice shrub
bery and shade trees, all on a large, beautiful lot 100
by 225 eet, in a most excellcnf neighborhood, and just
1-,L ( ]_ * a~ KorGrinc* law) at the-. erminns of one of the Street Car lines. Im-
C-lfiBgetJ slightly m regard to baDkiug IfkWB j p^y^enta all new and ia perfect order. Apply tJ
since last I had the pleasure of a personal in-! Wallace a fowler,
lervievr with yon. It ia not necessary to j Jy*T-«anim • Alaiwma'.t.
■tale what those changes are, because they - —
may undergo farther modification. I shall BOARDINC.
give to the subject, however, my sineerest
ttap-bU, and will coart the views of others.
I have written this hastily, but if it calls
forth any views yon would like to express, I
wffl he glad to hear them.
Yonrs truly,
U. S. GRANT.
The above letter of President Grant to Mr.
G. W. JACK,
STEIAM
Candy and Cracker
MAISTUFA-CTOIIY.
j rjpiIE CUTIPEST AND M03T COMPLETE ESTABLISHMENT OF TOE KIND IS THE SOUTH,
O^IfcTIsriEID VEGETABLES;
Canned Oysters,
Potted Meats,
Canned Fruits.
Boarders Wanted.
K A. Cowdrey. President of tba Continenial
of Hew York, which only a limited
snnlMr of persons had heard of yesterday,
created considerable excitement in financial
afid commercial circles.
Opinions of prominent men on this all
absorbing and important question nre as
vjatad as the colors of a chameleon. No two
^grae on any one particular plan. But the
gBnoral expression of thought by thiukiug
men is in favor of “hard enrrsney,” and the
or.V point to be considered is, how to at
tain it without another panic or financial
eruption.
OPINIONS OP FINANCIERS.
A Herald reporter visited several prominent
financiers yesterday afternoon, and interro
gated them as to the practicability and policy
of President Grant’s suggestions contained in
his letter to Mr. Cowdrey.
The main fault found with the letter is, the
amount of silver named therein is too bigb.
One gentleman in particular said; “Silver
has almost at all times ranked at least five per
cent, below the premium on gold. Only yes
terday gold was worth 84 and silver 34. This
premium is so little above the value of paper
currency that there can be very little incen
tive to people for hoarding it Silver is, in
the common acceptation of the term, a base
metal, and baa been bo considered iu Ameri
can coinage for yean past.”
tux mnr trad, dollar
is pare metal, and must necessarily be drawn
from it. base of coinage to foreign countries,
for wbieh it is designed, but will never be re
turned here. Heaee this country gains but
little from the new coinage, but on the con
trary, the metal which our mines produce
now in such profusion will avail bnt little to
assist the United States in supplying the want
of fractional currency. Our new trade dollar
will be extensively used for melting in the
manufacture of silverware in foreign coun
tries. At the same time, the volume of paper
currency is so large that if eilver should ap
pear in competition with it, the latter would
be hoarded to a certain extent and the green-
backs would be
lanvaumD to ciacunxios.
Yet,” continued the gentlemen, “the sugges
tions of President Grant come so suddenly
upon ns that an intelligent conclusion can
not be jumped at ia a moment. It requires
tima for reflection. Everybody is iu favor of
a specie currency, aad such a resumption
would be of the utmost benefit to the poorer
(lasses. Everything used in domestic econ
omy is now inflated from the feet that paper
money has no apparent value. Give a man a
dollar bill aod he will spend it with an aban
don demonstrative of its intrinsic worthless
ness. On the other hand, if be has a dollar
lamily where there ere no children, in one of the best
neighborhoods in the City, only » few hundred yards
from the business portion of the City, and within a
low paces of the Peachtree Street IUilroad. Rates
low, as it is more for company than profit that Board
ers are wanted. Apply to W. H. BARNETT,
oc*.5-tf No. 19 West Baker street.
G. W. ADAIR, Auctioneer.
G- R E A. T SALE
— OF —
JOHN H. JAMES',Banker,
ileal Estate.
J N TUESDAY. 25th November, in Atlanta, valued
st from $85,000 to $100,000 00,1 will «c
tion. in this city, commencing st 10 o'clock,
day morning, 25'.h of November next, tho following
described magnificent central, rent paying Real Estate:
1st. THAT bPLENDID FIVE STORY (beside* base-
meat) Brick Store, on the corner of Whitehall and
Hunter stieets, Dry Goods Emporium occupied by
Louis de Saule k Co. This buti ung cost $32,000 and
rents for $3,100, ail new and a first-class building.
2d. ONE TWO-8TORIED (besides basement) BRICK
STORE, on Whitehall street, next door to James’ Bank
corner, occupied by Mrs. Agnes Turner, and rents for
$1,580.
3d. ONE VACANT LOT on Alabama street, 30* by
63 ieet, alley on east side.
4th. BKIOK OFFICES, adjoining above lot, on Ala
bama atrset. occupied by Samuel Hoyle, rente for
$920.
6th. ONE BRICK STORE occupied by John Domini,
next to the last named offices. and rents for $750.
6th. VACANT GROUND. 80 by 70 feet, fronting on
Western and Northen Orders Duplicated.
quantify.
sep24-tf
Lawson B. Langford,
00 West Side Whitehall Street.
ATLANTA, CA.
T NOW HAVE ON HAND THE LARGEST STOCK OF GOODS IN MY LINE EVER
1 BROUGHT to this market
Stoves, Stoves, Stoves!
The celebrated Charter Oik Stove—the most popular and most extensively used in the United States. Agent
for the "Atlanta 1 * Cook Stove. Heating Stoves—all kiuds and sixes. Have lor sale all the most popular Stoves
now in the market.
-TIN WARE—Of every kind and in the largest quantity. A full supply always on baud, and anything tasde
to orderpiomptly.
Very Large Supplv of
Tin Plato an d Tinners Finding, Sheet Iron: Sheet Zinc; Slab Zinc; Block Tin; SoHer, Etc.
A Large and well selected stock of Light Hollow Ware; Wood Ware of every kind, BUch as Buckets, Ttfbs,
Washboards, Flour Pails, Sugar Boxes. Wood Measures, all sixes; Brooms, Well Buckets, it \
A Large quantity of
HOUSE
FURNISHING GOODS,
POCKET AND TABLE CUTLERY.
JAMES L. WATKINS,
furniture nuiufastuier, wmerooms, «’ wurouu. street, wnuowi a. cjm. biock,
IS now opening the LtBGBST and BB3T SELECTED STOCK of all kind, of FURNITURE In Atla
Cheapeet Hense In the city. Call and examine.
Mp2S-l r
Lewis H. Clarke,
THE HATTER.
jSTcw Groods Opening Every Lay.
Silver Llated “W are
Dopartmont for tlxo Zjadlos:
Mv large stock of handsome House Furnishing goods, Vase* 5 , Toilet Sets, etc , are well arranged foe Inspec
tion. The Ladies are invited to call and see them.
I have laid In a stock lor a large
WHOLESALE TRADE.
In my line, and invite the attention of merchants to the aama. I can offer special Inducements aver ur
other market.
Orders from a distance will be promptly atflPded to. Good-! skilfully packed, and every advastags «C the
market given.
I am now moving into my new store, 60 Westslde of Whitehall street, lately occupied by Guil/ord, Woo# A
Co. The public are invited to step in and look at my new siore and new goods.
I.. B. LANGFORD.
Silk. Beaver, Fur
and Felt Hats
TRUNKS, VALISES
AND CANES
IE
HATS
HATS
hats]
HATS
HATS
hats]
HATS
HATS
hats]
HATS
HATS
hats]
HATS
HATS
hats
HATS
HATS
hats'.
HATS
HATS
hats
HATS
HATS
hats]
Clarke’s Special
NOBBY HAT8
EVERY BRANCH OF
FASHIONASIE NATS
*7*1 M *TT’ P ml H * Til H » T>I W * T>I HATS1 HATS I
II
Peachtree street, adjoining the sew brick stores now
being finished by Bnsby, Bo:
divided aa per plat exhibited on day of sale, and suit
able for stores or lor roMdenoes, in connection with
Cottage Lot ia rear. Also, the Brick OotUge in the
ear of said ground, formerly occupied by Mr. James,
routing Ellis street, Bents for $580.
7th. ONE VACANT TRIANGULAR SHtPED LOT.
on Church and Forsyth streets, next to Messrs. Boyd
A Bro.
8th. A FOUR BOOM COTTAGE and Lot on Osin
street, occupied by James Patterson.
9th. About TWO AGUES of ground around the cele
brated Walton Spring, to be divided ir to email lote ae
per put
The recent money panic has *iven Mr. James some
inconvenience and be desires to sell hie property and
increase his banking capital.
His loss by a panic sale will be the purchasers gain.
Bis private residence on Peachtree street, that coat
$60,000, and hla Bank Block, on Whitehall street and
Railroad, that coat $75,000 last year, and rents for
$10,000 per annum, will not be sold.
Plate of vacant property *111 be posted. Capitalists
from a distance and at home, aro invited to examine
all this gilt edged* rent-paying, central property.
TERMS—One-third oath, balance la two and four
months with ten percent, interest. Unquostionab.u
titles.
Loen Certificates and deposits in James’ Bank re
ceived in payment. Good Railroad, Olty or State bond*
received as ca»h at their market value, which will be
agreed upon before the sate commences, upon inquiry.
This is certainly the ftneat opportunity lor capital
ism to make safe Investments, that baa been presented
for years. I will show this property or give any in
formation about II at any time to those who will call at
my oflko. G. W. ADAIR,
Real Kstate Agent,
No. 2 Kimball Route.
oetlO U.W,W. Uot2,9.1«.M,M.
The Place where the Fashionables Buy.
LEWIS
H.
CLARKE’S
Whitehall Street
WILLIAM RICH & CO$
THE ^/TriRGKrisriA.
FIRE AND MARINE INSURANCE CO.
Liabilities * 11,314 75
Assets 333,413 79
Net Assets 342,099 04
Losses Paid Since Organization •_ 1,500,000 00
Forty-one year, in existence. Rates aa low ae in any other Good Company.
All Xa oaeoa w ill too Promptly Paid.
Ten Thoneand Dollars ore deposited with Hon. W. L. Oaldimlth, Comptroller Oeneral of the State of Geor-
gia, for security of the policy in this State.
W. L. OOWARDEN, President. | WM, WILLIS, TB... Secretary
J. GADSDEN KING, Agent,
Broad itreet, ATLANTA, GA.
Aloe, Areal for tho] London and Lancashire Fire—Capital: S4.000.00a Stats Amt Cotton State,
life Inmranoa Company,,Ksoon, Go.—Assets: SM3.S01 38. Deposited with Comptroller General, of Geocs*.
(100,000. *“
Wholesale Dealers in
Notions, Fancy Goods,
Millinery and White Goods,
ATLANTA, GEORGIA.
TNT. B —Wo nupllonto N«wlVo rlatBllle.nRll*|9i'li>
Mm LEWIS
MANUFACTURER AND J0BRERI0F AIL VARIETIES OF
9
Crackers, Cakes, Snaps, &c«,
Amongst whioh are Soda, Batter, Picnic, Cream, Beaton, Butter, Milk,
Batter Wafer, Wine, Farina. Also, Sugar Cakes, Spice Cakes, and Jam-
bles, Lemon and Ginger Snapa, and othera, which I oner to the bade at the
LO WEST PRICES I
andjguarantee my goods to give satisfaction.
South Forsyth Street, Atlanta, Ga.