Below is the OCR text representation for this newspapers page.

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.