Newspaper Page Text
L. G. GOULD, Publisher.
Devoted lo the Interests of the Democratic Party, and the Collection of Local and General News.
Two Dollars per Annum, in Advance,
WHOLE NUMBER 336.
VOL. VI.--NO. 50.
EATON, OHIO, THURSDAY, OCTOBER 2, 1873.
I met him on the street one morn a youth npon
Pomade and twenty summers their balmy sweets
had shed ;
A slender youth, in life's Hay-time, when sides ap
And foilage and neckties and things looked glad
But care sat on his pallid brow and marked his hag
And plowed his paper bosom in unseemly rumpled
And melancholy dimmed his eye, obscured its lus
And was denoted by the state of his unkempt mus
tache. What ails thee, hapless youth T said I. He heaved
a deep-drawn sigh
Of mingled woe and cardamom and thus he made
I am that epidemic known as the Druggist's Clerk,
Haunted by the ghostly specters of the victims of
" Through all the day they follow me, a ghostly reti
nue, And through the night surround my bed, bent on an
They give me neither rest nor peace, for each aveng
Bevivee the horrid memory of blunders that I've
Ths spectral infants glare at me, and though their
lips are dumb,
Too well I know the victims of perverted laudanum!
And those old ghosts that glare at me with bleared,
Were folks cut off by arsenic, to their extreme sur
prise. ".Prescriptions cannot always be interpreted at
And Arrowroot, on paper, sometimes reads like
Sut when a man gets the wrong stuff, and goes sway
And then his ghost goes back on me tis conduct I
" I might endure the strangers' ghosts ; but both my
Before my blunder in their case could be quite rec
tified; And now their spirits visit me, and drive me almost
By their reproachful glances at their orphan chi-yt-ild!"
Filial emotion choked him here, and while he wiped
I wrote a brief prescription his excitement to com
pose. - Take this composing draught," said I, " and mix
it in your store.
And the ghosts of poisoned customers will trouble
you no more."
I boilded wiser than I knew. That absurd clerk
The recipe, as usual ; and then he went and fed
Himself with "Acid JPrvmatm, whereas I wrote
quite plain :
One ounce of A qua Pvra and Lupulia one grain.
THE PIKE'S PENANCE.
Where they came from no one knew.
Among the farmers near the Bend there
was ample ability to conduct researches
beset by far more difficulties than was
that of the origin of the Pikes ; but a
charge of buckshot which a good-natured
Yankee received one evening,
soon after putting questions to a vener
able Pike, exerted a great depressing
influence upon the spirit of investiga
,tion. They were not blood-thirsty, these
Pikes; but they had good reason to
suspect all inquirers of being at least
deputy sheriffs, if not worse, and a
Pike's hatred of officers of the law is
equaled in intensity only by his hatred
of manual labor.
But while there was doubt as to the
fatherland of the little colony of Pikes
at J agger's Bend, their every neighbor
would willingly make affidavit as to the
cause of their locating and their remain
ing at the Bend. When humanitarians
and optimists argued that it was because
the water was good and convenient, that
the Bend itself caught enough drift
wood, and that the dirt would yield a
little gold when manipulated by placer
and pan, all farmers and stock owners
would freely admit the validity of these
reasons ; but the admission was made
with a countenance whose indignation and
sorrow indicated that the greater causes
were yet unnamed. With eyes speaking
emotions which words could not express,
they would point to sections of wheat
fields minus their grain-bearing heads ;
to hides and hoofs of cattle unslaughtered
by themselves ; to mothers of promising
calves, whose tender bleatings answered
not the maternal call; to the places
which had once known fine horses, but
had been untenanted since certain Pikes
had gone across the mountains for game.
Ther would accuse no man wrongfully ;
but in a country where all farmers had
wheat and cattle and horses, and where
prowling Tndiarm and Mexicans were
not, how could these disappearances
But to people owning no property in
- the neigh borhooa to tourists ana artists
the Pike settlement at the Bend was
as interesting and ugly as a Skye ter
rier. The architecture of the village
was of original style, and no duplicate
existed. Of the half dozen residences,
one was composed exclusively of sod.
another of bark, yet another of poles,
roofed with a wagon-cover, and plaster
ed on the outside with mud ; the fourth
was of slabs, nicely split from logs
which had drifted into the Bend ; the
fifth was of hide, stretched over a frame,
strictly Gothic from foundation to ridge
pole ; while the sixth, burrowed into
the hillside, displayed only the barrel
which formed its chimney.
A more aristocratic community did
not exist on the' Pacific coast. Visit
the Pikes when you would, you could
never see any one working. Ut churches,
school houses, stores, and other
plebeian institutions, there were none.
and no Pike bemeaned himself by enter
ing a trade or soiling his hands by
Yet unto this peaceful, contented
neighborhood there found his way
visitor who had been eveywhere in the
world without once being made wel
come. He came to the house built of
slabs, and threatened the wife of Sam
Trotwino, owner of the house ; and
Sam, after sunning himself uneasily for
a day or two. mounted a pony and rode
off for a doctor to drive the intruder
When he returned he found all the
men in the camp seated on a log in front
. of his own door, and, then he knew
' he must prepare for the worst only one
of the trreat influences of the world
' could force every Pike from his own
door at exactly the same time. There
thev sat. yellow-faced, bearded, long-
backed and bent, each looking like the
other, and all like Sam, and, as he dis
mounted, thev looked at him.
" rTnnr ia nhe V" said Sam. tvinflr
horse and the doctor's, while the latter
"Well," said the oldest man, with
deliberation, ' the wimmin's all thar,
that's any sign."
Kaoh man oa the log inclined
head slightly but positively to the left,
thus manifesting belief that Sam hod
been correctly and sufficiently answered.
Sam himself seemed to regard his in
formation in about the same manner.
Suddenly the raw hide which formed
the door of Sam's house was pushed
aside, and a woman came out and called
Sam, and he disappeared from his log.
As he entered his hut all the women
lifted sorrowful faces and retired ; no
one even lingered, for the Pike has not
the common human interest in other
people's business he lacks that, as well
as certain similar virtues of civiliza
tion. Sam dropped by the bedside and was
human ; his heart was in the right
place, and, though heavily intrenched
by years of laziness and whisky and to
bacco, it could be brought to the front,
and it came now.
The dying woman cast her eyes ap
pealingly at the surgeon, and that
worthy stepped outside the door. Then
the yellow-faced woman said :
" Sam, doctor says I ain't got much
" Mary," said Sam, " I wish ter God
1" could die fur yer. The children "
"It's them I want to talk about,
Sam," replied his wife. "An' I wish
they could die with me, rather'n hev'em
ez I've lied to. .Not that you ain't been
a kind husband to me, for you hev.
Whenever I wanted meat yev got it
somehow ; an when yev been ugly
drunk yev kept away from the house.
But I'm dyin', Sam, and it's cos you've
" Good God, Mary I" cried the aston
ished Sam, jumping up ; " yu're crazy
" Doctor can't do no good, Sam ; keep
still and listen, ef yer love me like yer
once said yer did; fur I hevn't got
much breath left, gasped the woman.
"Mary," said the aggrieved Sam, " I
swow to God I dunno what yer drivin'
" It's iest this. Sam. replied the wo
man. " xer tuK me, teiun me ye a
love me an honor me, an perfect me,
You mean to say now yer done it ? I'm
,-dvin . Sam JL ham t got no favors to
asK ol noooay, ana x m teiiin tne truwi,
not knowin what word will be my
" Then tell a feller where the killin
came in, Mary, for heaven's Bake," said
the unhappy Sam.
" It s come in all along, sam, said
the woman. "There is women in the
States, so I've heerd, that marries fur
home an bread an putter, out you
promised more'n that, Sam. An I've
somethin' in me that's all starved and
cut to pieces. An' it's your fault, Sam.
. tuk yer fur better or lur wuss, an
ve never grumbled.
I know yer haint, JYlary, whispered
the conscience-stricken Pike. "An' I
know what yer mean. Ef God 11 only
a-croin'. I wish there was something I
could do 'fore you go, to pay yer all I
owe yer. I'd go back on everything
that makes life worth hevin ,
" Pay it to the children, Sam, said
the sick woman, raising herself in her
miserable bed. " I'll forgive yer every
thing if youll do the right thing for
them. Xjo do everything t said tne
woman, throwing up her arms and fall
ing backward. Her husband s arms
caught her ; his lips brought to her wan
lace a smiie, wiiicii uiu grim visitor,
who an instant later stole her breath,
pitvineTv left in full possession of the
ngjlliiui iimeriuuiw imm nmuuib uiw
been so long excluded.
- l i i - i : r .l, : -.1, i. r
Sam knelt for a moment with his face
beside his wife what he said or did the
Lord only knows, but the doctor, who
was of a speculative mind, afterwards
said that when Sam appeared at the
door he showed the first Pike face
which he had ever seen any signs of
Sam went to the sod house, where
lived the oldest woman in the camp.
and briefly announced the end of his
wife. Then,, after some consultation
with the old woman, Sam rode to town
one of his horses, leading another. He
came back with but one horse and a
larsre bundle : and soon the women
were making for Mrs. Trotwine her last
earthly robe, and the nrst new one sue
had worn for years. The next day a
wasron brought a coffin and a minister.
and the whole camp silently and re
V - . .... -
spectfully followed Mrs. Trotwine to a
. V.. 1 " 1 . 1 U n 1
home Willi wnicu sue cuuiu uuu no
For three days all the male Pikes in
the camp sat on the log in front of
Sam's door and expressed their sym
pathy, as did three friends of Job
that is. thev held their peace. But on
the fourth their tongues were unloosed.
As a conversationalist the JriKe is not a
success, but Sam s actions were so un
usual and utterly unheard of that it
seemed as if even they must have won
dered and communed among themselves,
I never heard of such a thing,
said Brown Buck : " he's gone an
bought new clothes for each of the four
Yes," said the patriarch of the
camp, " an this mornin , when x went
down to the bank to soak my head, 'cos
last night s liquor didn t agree with it,
I seed Sam with all his young 'uns as
they wus a-washin their faces an hands
with soap. Thev 11 ketch their death
and be on the hill with their mother
'fore long, if he don t look out. Some
body ort to reason with him."
" 'Twould do no good," sighed Limp
ing Jim. "lies lost his head, an
reason goes into one ear an' out at
t'other ear. When he was scrapin' round
this front door t'other day, an' I asked
him what he wuz a-layin' the ground all
bare an' desolate fur, he said he was
done keeping pig-pen. Now everybody
but Tiim knows he never had a pig. His
head's gone, just mark my words."
On the morning of the fourth s day,
Sam's friends had just secured a full at
tendance on the log, and were at work on
their first pipes, when they were startled
by seeing Sam harness his horse in the
wagon and put all his children into it. -
" Whar ye bound fur, Sam ?" asked
Sam blushed as near as a Pike could,
but answered, with only a little hesitation;
Goin to take 'em to school tosllax-
field goin' to do it ev'ry day."
The incumbents of the log were too
nearly paralyzed to remonstrate, but
after a few moments of silence the
patriarch remarked, in tones of feeling,
" Me s heel a tough time or it, out
he's no business to ruin the settlement
I'm an old man myself, and I need peace
of mind, so I'm going to pack up my
traps and mosey. When the folks at
Maxfield knows what he's doin, they'll
make him a constable or a justice, an'
I'm too much of a man to live nigh any
And the next day the patriarch
wheeled his family and property to
A few days after Jim Merrick, a brisk
farmer a few miles from the Bend, stood
in front of his own house, and shaded
his eyes in Bolemn wonder. At couldn t
be he'd never heard of such a thing
before yet it was there was no doubt
of it there was a Pike, riding right to
ward him, in open daylight He could
swear that Pike had often visited him
that is, his wheat-field and corral after
dark, but a daylight visit from a Pike
was unusual as a social call of a Samar
itan upon a Jew. And when Sam for
it was he approached Merrick and
made his business known, the farmer
was more astonished and confused than
he had ever been in his life before. Sam
wanted to know for how much money
Merrick would plow and plant a hun
dred and Bixty acres of wheat for him.
and whether he would take Sam's horse
a fine animal brought from the States,
and for which Sam could show a bill of
sale as security for the amount until
he could harvest and sell his crop,
Merrick so well understood the Pike
nature that he made a very liberal offer.
and afterward said he would have paid
handsomely for the chance.
A few days later and tne remaining
Pikes at the Bend experienced the
greatest scare that ever visited their
souls. A brisk man came into the Bend
with a tripod on his shoulder and a wire
cham and some wire pins, and a queer
machine under his arm, and before dark
the Pikes understood that Sam had de-
liberatelv constituted himself a rene-
gade by entering a quarter section of
land. .Next morning two rxiore residences
and the remaining fathers
of the family adorned not bam s log,
but wandered about with faces vacant of
all expression, save the agony of the
patriot who sees his home invaded by
corrupting influences too powerful for
him to resist
Then Merrick sent up a plow-gang
and eight horses, and the tender green
of Sam's quarter section was rapidly
changed to a dull brown color, which is
odious unto the eye of the Pike. Day
by day the brown spot grew larger, and
one morning Sam arose to find all his
neighbors departed, having wreaked
their vengeance upon him by taking
away his dogs. And in his delight at
their disappearance Sam freely forgave
Regularly the children were carried
to and from school, and even to Sunday
school. Kegularly every evening bam
visited the grave on the hill-side, and
came back to lie by the hour watching
the sleeping darlings. J-iittie by little
farmers began to realize that their prop
erty was undisturbed. Little by little
Sam's wheat grew and waxed golden,
and then there came a day when a man
from 'Frisco came and changed it into a
heavier gold more gold than Sam had
ever seen before. And the farmers be
gan to step in to see Sam, and their
children came to see his, and kind wo
men were unusually kind to the orphans :
and. as dav bv dav Sam took his solitary
walk up the hill-side, the load on his
heart grew lighter, until he ceased to
fear the day when he, too, should lie
there. California Exchange.
What Will Become of the Northern
What is to become of the Northern
Pacific railroad ? The question inevi
tably rises upon the suspension of Jay
Uooke & Uo. a he construction of the
Northern Pacific may be said to have
been exclusively in the hands of this
firm. The only partners Jay Cooke &
Co. had in the enterprise were
the bondholders. Jay Cooke &
Co. having failed, there is but one way
in which the road can be completed, and
that is for the bondholders to take what
there is of it and assume its construc
tion to Puget Sound. There is nobody
else to do it. The stock of the road is
merely nominal. But $200,000 has been
paid in on stock subscriptions, and Jay
Cooke controlled that The Govern
ment never advanced any money and
has no interest in the road. There have
been no municipal subsidies, for there
are no municipalities on the line 01 the
road to subscribe them. There was
" Credit Mobilier" ring in it, of course,
making profits out of the construction,
but that will go to pot along with Jay
Cooke & Co. Another such ring cannot
be formed, for it would be impossible
for them to dispose of the bonds. The
present bondholders, whoever they are,
own what there is of the Northern Pa
cific, which consists of about 600 miles
of poorly-constructed road running
through a wilderness, and a land-grant
equal to the proportion of railroad al
ready completed, and not exceeding
15,000,000 of unsalable acres located
a bleak and desolate stretch of country,
It is a remarkable fact that Gen. E. S.
McCook, who was recently killed
Yankton by Wintermute, the banker,
the fifth member of the family who has
met with a violent death. Charles JM.
McCook, the youngest, was killed at the
first battle of isull itun: lirig.-ijen,
Robert L. McCook was assassinated
guerrillas, in Tennessee, while sick
his ambulance: Mai. Daniel McCJook,
the father of the family, was killed while
in pursuit of Morgan, during his Ohio
raid: Brig. -Gen. Daniel McCook was
killed at the battle of Kenesaw Moun
tain : and lastly, Edwin S. McCook,
after meeting bravely all the hazards
the war, was assassinated at Yankton,
the telegraph has already reported,
Three sons remain : CoL George
McCook, the eldest : Mai. -Gen. A. McD.
MoOook, now in Texas ; and Capt John
, filcuook, who is practicing law.
THE FINANCIAL PANIC.
The Failure of Jay Cooke & Co.—Other
Suspensions Follow in Rapid Succession
Suspensions Follow in Rapid Succession —The Excitement at New York,
Philadelphia, and Other Points.
New Yobk, Sept. 18. Another day of in
tense excitement has passed over Wall street.
Early this morning predictions were made that
this would be a hard day, and ene that wouia
see the downfall of more than one financial
house. The Chicago fire, it was thought,
would occasion a drain npon deposits and tend
to a panic. Stocks for the first two or three
hours fluctuated wonderfully. Western Union
fell 10 per cent, without an upward struggle,
but about noon recovered its opening figure.
At noon the report was whispered that the
house of Jay Cooke & Co. hai suspended. At
first the rumor was considered an idle one, or
at most started by some scheming faction.
However, it had great effect. Men and boys
ran races from office to office. The telegraph
incessant in its operations, and the ex
citement grew intense. Shortly after 12 m.,
it was officially announced that the suspension
had occurred, the reasons therefor being
advances made to their Philadelphia
house, which rendered them unable to
meet the demand made upon them by their de
positors here. As soon as it became generally
known that Jay Cooke fc Co. had suspended,
many rumors touching other prominent houses
sprang into existence, but all reports about the
suspension ol nrms excepting a ay ujoko a,
Co., Bichard Schell, and the small firm of Kob
inson & Co.,- npon investigation proved to be
without foundation. When this fact was made
known on the streets, confidence was again
restored, and at the close of business a stronger
The liabilities ol J ay uouku a, jo. cannot uo
ascertained. It will take some time to make a
statement of the affairs of the bouse. The
creditors are mostly banks and bankers, there
being but lew individual depositors in tne ubs.
The suspension will greatly interfere with the
operations of the Syndicate, and probably sus
pend the negotiation of 5 per cents.
xne l nuune savs : - xjvb ima ovbuiuk uib
following reasons were given by Mr. Fahne
stock, one of the firm of Jay Cooke & Co., for
the failure of this house. For several weeks the
uneasy feeling which prevailed in connection
with the new railroad scheme caused heavy
drains upon the deposits both of their Phila
delphia and New York houses. The deposits
in both cities Buffered continual diminution,
nntil at the becinninir of tne present montn.
their denosits were lower than at any time
dnrinir the last fall and this spring. The
drain upon the deposits, already so heavy, was
still further increased by the recent suspen
sions and demand for money was incessant,
f nit still more severely in Philadelphia.
The Philadelphia house was compelled to call
nnnn tn Ne - York hoBO for aid and a iarKo
amount of assistance was rendered. The
Philadelphia honse was under large advances
to the Northern Pacific Railroad Company, in
volving large sums of money, preventing them
from maintaining tne reserve oroinaniy Kept,
and they were therefore unable to respond to
the demands of their creditors. In this sea
son they wore unable to return to the New
York house advances made by the latter, or to
budoIv them with any collaterals available in
Now York at the present time. Owing to this.
the cash balances became exnaustea, ana sus
pension became inevitable. fannestocK said
that of course the different members of the
firm were possessed of a large amount of pri
vate and personal property, but none of thiB
was available in an emergency such as the
t Vt was not at the present time, nor
was any member of the firm, prepared to tell
the exact amount Ol namuuea ur anuetn ui iuu
and some time must necessarily elapse before
the exact amount of private property of the
firm can be decided.
Philadelphia, Pa., Sept. 18. Third street
wiu thrown into an uproar at 11 o'clock this
morning by the report that the old banung-
houBe of Jav uooKe as uo. naa suBpenaeu.
TIia rnmor caused the most intense excite
ment amid all circles, and the intelligence flew
from mouth to mouth with lightning rapidity.
Persons interested, as well as thoeo not inter
ested, turned their steps toward the office on
Third street to see for themselves the condi
tion of affairs, very soon a constant stream
of people were seen debouching from all the
adjoining streets into Third, nntil that street
was filled with people, all intently and excitedlv
lnnkinir at the building. The doors were
closed and guarded by officers, and all except
those having business witn tne ram were pro-
vented from entering.
Mr. Cooke, authorized tne posting oi a nonce
on the doors. The crowd then rushed toward
the snot, all beintr derious of seeing and read
ing themselves what was upon it. This was
impossible, and a voice from the crowd cried
nnt. "ltead it aloud, xne ueinanu lur tins in
creased, fifty voices seconding the request
nrhnrenDon JSir. u. fli. AjonKotretu reau aiouu.
to be heard in the middle of the street, the
" To the Public : We regret to be obliged
to announce that, owing to unexpected de
mands upon us, our office has been obliged to
suspend payment, in a iew aayB we win De
able to present a statement of our affairs to
our creditors, unui tnat time, we must ook
for their patient consideration. We believe
our assets to be largely in excess of our lia
bilities. Jay Cooke & Co."
This statement settled the existing doubt
which still lingered in the minda of many of
the crowd, who. notwithstanding the
Avinnnce which the closed doors of a banmng-
house exhibits, Btill hoped against hope till
almost the very signature oi tne nrm was read.
The expressions upon every side were those
of commiseration and of sympathy for a firm
that has alwavs so highly maintained its cred
it, and which will raise up from this temporary
prostration stronger man ever.
Mauv reporters tried to cain admittance.
and but few were fortunate. The reporter of
the Evening Telegraph, was tne nrst to enter,
and I followed shortly afterward. The bank
ing room was darkened ; the clerks were scattered
through the building, some in groups,
chattinir about the disaster, and others
busily engaged at their books as npon ordinary
We found Mr. Cooke in hiB private oflice
calmly dispatching his orders, and unexcitedly
conversing about the sudden and unexpected
blow that had befallen him. He pleasantly
welcomed whoever called upon him to express
sympathy and confidence. He said : " You
can announce that the firm has temporarily
suspended. Please Btate also that l believe
this house will speedily be relieved from em
barrassment, and that to this end, if needs be,
every dollar of the means possessed oy tne
members of the firm will be applied.
ono who has a dollar on deposit here will lose
it. Every liability will be faithfully discharged
I can say no more now."
Mr. Cooke then directed notices of the torn-
nnrarv suspension, as couched above, to
sent abroad : and stated that thiB eveut closed
the doore of three offices the three leading
houses of the firm in Washington, New York,
and thia city, men, with ins brotner mem
bers. he commenced an investigation to
certain the exact financial standiim of the firm.
The temporary suspension of the American
honse does not effect in any way the London
honse of Jav Cooke. McCullouch & Co.. from
whom this afternoon came the followingcable-
cram. Its statement, wnen made Known
the public, created the liveliest satisfaction
" London, Sept. 18. The London firm
Cooke responds to his suspension by stating
that all drafts and letters or credit on them,
issued by Jay Cooke & Co., will bo duly hon
ored." New York, Sept. 19. The liabilities of
Cooke t Co. are estimated all the way from
$10,000,000 to $2o,UUu,uuu,
. He beheved that all tne creditors would
paid in full, and hoped that tne suspension
only be temporary. On this point
could nositivelv be said at present,
The Panic in New York.
As a natural consequence of the failure
the great banking-house of Jay Cooke &
a stock panio broke out in New York,
anyone who itnew now business was transact-
ed. Brokers have been able to buy bonus oi
new roads at 5 or 10 per cent, less than the ad-
vertised rates at which they were furnished to
within twenty-four hours after the collapse of
Cooke & Co. nineteen failures were announced
among railway operators in that city. Only
one of them, that of isk s tiatcn, is reaiiy
important, and it is said their suspension is
only temporary. Their failure is attributed to
large advances to the Chesapeake and Ohio
railroad. There were nine failures in Phila
delphia on the day following the suspension of
Cooke. The excitement in that city was even
greater than in New York, and there was a
great run on the Bavings banks, all of which
Gen. Grant hastened to the capital,
and, after a conference with Secretary Rich
ardson, at once determined that the Secretary
of the Treasury should come to the rescue of
the New York market. Accordingly, at mid
night of Friday, the 19th, the Secretary sent a
message to the Sub-Treasurer at New York,
directing him to purchase 10,000,000 imme
diately. By this action over $10,000,000 was
thrown npon the market, which, it is thought,
will give relief and avert a general financial
crash. The press, as a general thing, take a
hopeful view of the situation, which has gone
1 -11 : 11. n nnV.liA n.nilntiiUMt
a long way in iiv mo .inm
and averting a universal panic. The New
York Express of the 10th says :
" The day closes on tne wnoie wuu iom
killed and wounded than might be expected,
all things considered. No truBt company has
suspended ; no bank has refused payment; all
the great railway corporations are apparently
as firm as a rock. Rnmor, however, is not yet
satisfied, and warns everybody to beware of
rumor. Stock values have shrunk enormous
ly, but when the bottom is fairly touched, a
rebound, as usual, is inevitable. Business in
nearlv all branches ol produce ib at a stauu-
still, and in fact, almost bordering on general
Amnnir the New York failures was 1".
Randolph, a son-in-law and the New York
banker of Tom Scott, the railroad king.
It is stated that the .National L,ire insurance
Company will not be affected by the failure of
A Washington dispatcn says : " xne neaa oi
one of the most important .uureaus m tne
Treasury savs the Government will not likely
lose anything directly by the failures, or finan
cial panic, but may snner to some extent in
conseqnence of the diminution of revenue
that will doubtless follow."
H. G. Steadman. the poet, and for several
years a Wall street operator, takes an intereBt-
T : M i. .. ; 'I'l. fnllnsnnn afsfo.
lujj view ui mo pnuiu. n" w..w ...f, .j -.w
ment of his views on the financial situation is
telegraphed from Now York : " The present
trouble dates back to the time when Secretary
Boutwell tried to fund Lib loan from b per
Aiifc- in B per cent., which was in 1871. Pru
dent men said it could not be successfully
done, and they were right. Boutwell kept
money easy for five or six months, in order to
get people to take his loan ; but instead of
lUnUlUg UWU iUail tUOiijr OJkbdun, im jii
small houses to float private loans, and enabled
large houses to expand. We should have been
back to specie payments but for these railroad
bond speculators, xnere nas been a great
Western railway expansion, and the bubble nas
finally burst, as it was bound to oo Booner or
later. We have known that the crash was im
pending, but did not expect it this fall. There
is no true reason whv the trouble should ex
tend to the mercantile world ; it can oo so
only throneh a sympathetic process. The
will full r.hiAflv on speculating firms.
who have for vears been doing everything to
retard resumption. n me wovemmeni win
sit Btill and lot them fall, then we
shall be a lone way advanced toward
specie payment. The break hast not surprised
private persons purchasine for investment.
J. hiB was the case witn j av wiuhb aa retiaiuD
the bonds of the Northern Pacific, the Os
wego and Midland, and most of other railway
loans. It was not so with Fisk & Hatch s
roads. Their bonds were good, and they be
heved in them. This panic is peculiar, it is
different from any that has occurred since
1867. That was caused by undue mercantile
expansion, and this by railroad expansion.
One thintr is certain, it has cured the disease.
there will be no more lending of large amounts
on large railway enterprises. When tne
wreck is cleared awav, there will be a healthier
condition of things than there has been,
The Result of President Grant's Visit
to New York.
A New York dispatch of the 22d says
President Grant, Secretary Bichardson, and
Gen. Babcock were in consultation in New
York yesterday with the leading banks and
business men of the city to devise some means
of relieving the financial condition. The prop
ositions of the New Yorkers, which were sub
mitted in writing to the President, all urged
verv stronclv the issuing of the so-called
green-back reserve to the amount of forty
millions of dollars. Beverdy Johnson rein
forced their appeals by a written opinion, in
which he said that, although the action pro
posed was unconstitutional, it was demanded
by public policy, and if he were President ne
would not hesitate to take the step. Secretary
Bichardson's opposition to this movement was
very Btrong, and the President stoutly sup
ported him. The Secretary said, in very vigor
ous sialic-, that he would never consent to it.
us it waa none oi ms lunerai. 1 ne result ui
the conference was an order from the Presi
dent that the Assistant Treasurer at New York
bnv bonds on Monday to any amount offered.
How mucn reuei ima win uiwu uwo uwv ap
pear. Government bonds wore a drug in the
market on Saturday ; the National Trust Com
pany, which had nearly a million of them in
its possession, being unable to raise a dollar
therewith to save liseu irom suspension.
Subsidence of the Paine in New York
New Yobe, Sept. 22. Wall street to-day
nresented a most extraordinary spectacle. It
would be difficult, m the necessarily brief lim
its of a newspaper report, to give a correct
idea of the excitement which prevailed. But
the excitement to-day was, apparently, of an
entirely different kind to the intense anxiety
observable on Friday and on Saturday, which
bad its oriirin in a condition of universal panic.
The streets, that is to say, Wall street and
Tlroad street, were crowded.
It was difficult for a pedestrian to thread his
way through the different groups which occu
nied the streets and sidewalks alike.
uonnaonce increased as tne aav aavanceu,
and about 2 o'clock, there was a sudden shrink
age of the lines at paying tellers' windows at the
banka and banking nouses, -xne neavy nusi
ness done all day had been dispatched with all
possible speed, and as Boon as it was known
among tho merchants that tho purchase of
bonds was uninterrupted, and that the rule
adopted by the savings banks, of requiring
thirty days' notico for the withdrawal of all
large sums, was accepted without any disturb
ance at the eavings banks, the certification of
money checks was not pressed, and it was evi
dent at the banks that the depositors were be
cinninir to believe that the storm had passed.
No embarrassments are expected in any of
the private banking firms who have sustained
themselves through the late crisis. The Bus-
pension of the Union Trust Company is gener
ally attributed to the defaulting Secretary's
neglect to can m tne .T3,uuu,(hju loans orner-
1 mi 1 .. .. A .. .-. 1 VAn,.
till uu jliiiiriiiy. aixuiuiug hu gcuvi .1 toi'ir v,
he completely lost his mental balance, and
showed no disposition to submit the affairs of
the company to inspection. His whereabouts
are still unknown. It is currently reported
that the company will be ready to resume busi
ness in a few days. It is a little remarkable
that only one of the trustees of the company
bad any money on aeposit in tno ineutueiuu.
and that, with the exception of two or three,
owned but very little stock. This may account
for the bad management oi tne concern.
Messrs. Jav uooke a. jo. are out wnii m
statement giving names of banks and banking
houses who will pay drafts of iheir corre
spondents. All drafts against deposits made
siuce the suspension will be paid on presenta
tion. . . .
The National Trust Company, whicn sus
pended payment on Saturday, state that their
Labilities do not exceed $4,000,000, and that
the capital and assets of the company exceed
The day closes with confidence greatly im
proved, with a general opinion that the crisis
lo eutiroiy over- iit.ii o amuw w m
why all the banks should not now go along in
quiot and regular manner.
A dispatch from Philadelphia announces a
subsidence of the excitement in that city. The
State Bank has resumed payment.
Washington, Sept. aa. Judge lucnarason
said this evening that he beheved the storm
was over, and that quiet and good order
would soon be restored in financial and busi
ness circles. .
Th VroairlAiit decided to-dav to send zu,-
000,000 from the National Treasury here to
Assistant Treasurer Hill house in New York
to-night, to enable that officer to buy all bonds
that may be offered.
A riinn&tch from Pittsbureh announces the
failnrn nf James T. Brady Co. and the Se-
rmritv TVnnt Cnmnanv.
It is stated that tne uanaaa aoutueru imu-
way Company is seriously cnppiea uy tue
A Renewal of the Panic in Wall Street
—Failure of Henry Clews & Co.
f it BO that the total aggregate country de-
mand was 8200.000.000. Such a demand was
ntlreced entcd. and not to be met. Upon many
fL intntl and seeretlv
New Yobk, Sept. 23. Wall street was quiet
this morning, but it was the calm that invaria
ble precedes a storm. There was no crowd
in the street, no noise, none of the confusion
which has served, in the two or three days
past, to accelerate and increase the panic ; but,
underneath this apparent security, there was
lurking a great danger, which may yet precipi
tate nniverasl disaster. Men went to bed last
night confident that the worst was over ; they
rose this morning confident in their security.
The latest foreign advices helped to increase
this confidence, for they spoke of no failures,
though some distrust, and an easy market.
All rejoiced to know that the London market
wae firmer, American securities undamaged,
and that, while dealings on the Paris and
Frankfort bourses were limited, rates were en-
Htswtr nnntatinna in the street were better in
nvAi-v instance than thev had been on the
close of Saturday's operations on the Ex
change. , m . s ",
Bavings banks omciais were in guuu spirits,
a ml f aw mns were reported.
In the Gold Room the price oi gold was
placed at 112, a rate much lower than was ex
pected to be established, and settlements were
Stockbrokers were much relieved by Jay
Gould's settlement, through his brokers, of
5,000 shares of stock at reasonable rates,
which bankrupted nobody and reheved every-
Uut, wnuetnere was ii tniu cueeriuiininjiuo
appearance of the crisis which had seemed to
But, while there was an tms cneenm outtuue
be impending, and encouragea poopio w uujm
that the panic was over, there were events oc
curring that snowed now iuuie wae mo wiou.
K.ariv in tne mormnir. reports ox uie bubwu-
sion of banks began to come in from all parts
nf the country. This news did not reach the
general public until the afternoon, but the
bankers ana Dro&ens were e&rcjr sutihu ui wiu
warned by it.
It IB known tnat every country oaus. wim
balance to its credit in New York made drafts
1 ne crowas in tne Btreet were uuwk uui-ij"h
to avert the impending disaster, saying noth
ing of that which was nnderminiDg and de
stroying many of the largest and best-known
banka in the city. ...
Toward noon it became whispered that
mn wsji beine made noon Henry Clews fc Co.
Tf is aHRArted that Clews naid out during the
morning nearly 1, 000,000 on demand, ano
thn went abont the " street" with mercantile
naner endoavorine to raise more funds. But
no man knows how his fellow-merchant
atanrlH and the offer to Dav 2 Der cent, a day
730 per cent, a year ior ioanB upon (juuu
mercantile naner were laughed at. Clews
could realize nothing on doubtful railway se
curities which he held, nor anything
worthless Oeorsria bonds, which ne nas led
others into taking, and for whicn ne
stuck about 1,000,000. He failed in every
legitimate effort to raise money, ano, being
without hope of further aid from the uovern
mnnt he closed his doors at half-past
The fact of the suspension created as much
excitement as the suspension of Jay Cooke
Co. The news left the street, at tne ciose
business, in a condition of great excitement,
and the headway made in restoring confidence
was in i cr-nt. measure lOHt.
The run on tne MTingo bum wuuuuou
. .. : i , . : .a a
rlav. but as most of them adopted the time
rule for paying depositors, the excitement
Ba-vriri an ViRirlArl.
There is endless confusion, wua spectuauon.
.Van-J T.rnnnRftlki In rid thrftatcniiica. ominous
prophecies. These indicate the clamor at
Vifth Avenue Hotel this evening, where
lOUlU UiVKV""! " w ' , , ,
whole city seems congregated in condensed,
compressed, confused agitation. The pros
pects for the morning are gloomy enough.
There IB aepression every whoa o . u jd
cannot bo said that tho actual financial situa
tion in New York warrants this depression
After the failure of Clews was announced,
the city was flooded with a great many rumors,
involving the credit oi sncn men as uiiuiio,
Vermilve. Howe, and Macy, and others
are believed to be substantial and sound.
THE SITUATION IM PHILADELPHIA.
Philadelphia, Sept. 23. Tho financial crisis
here is over, and bankere and brokers
transacting business aa usual. All tne Btate
banks that were under temporary difficulties
aTiwnt the Union and Citizens
The latter will soon resume. All the National
Banks stood firm, and no doubts were enter
tained of their stability.
Neither Jav Cooke Co. nor De Haven
Bro. have as yet issued any statement of
affairs. The invariable reply to inquiries as
the nrobable date of such issue is, " we
not Rav - onr clerks are busily encaged on
Some few unfeeling persons are parading
around caricatures of Jay Cooke after
fnilnrn. rnnrasentinir him with head cast down,
knees almost drawn up to his chin, and seated
on an old box, in evidently a very aojeci
The Chicago Tribune, of the 22d
September, publishes reports of
crops throuerhout Illinois and contigu
ous States. The substance of the state
ment is. that much of the corn had
harvested before the frost came ;
rest was badly damaged. In Southern
Illinois, the corn was considerably
jured in the lowlands, where it had
been cut before the irost. in upper
Illinois, the frost did much harm,
not more than half a crop is expected.
In Iowa, reports are conflicting, but
weieht of the evidence is that the
has been generally injured. In addi
tion to the ravages of the frost, the
of a wet and late spring,
the summer drought have combined
lessen the yield.
A gold brick came down from
Cherokee mines on Friday morning
which weighed 142 poundB avoirdupois,
and amounts to. &12,004i San Fran-
The Crops. PAYERS I DON'T LIKE.
I don't like to hear him pray, .
Who loam at twnty-flve percent.;
For then I think the borrower may
Be pressed to pay for food and rent ;
And in that Book we all should heed.
Which gars the leuder shall be blest,
As sure as 1 have eyes to read.
It doe not say, " Take interest."
J do not like to hear him pray,
On bended knees, about an hour,
For grace to spend aright the day,
Who knows his neighbor has no flour.
I'd rather see him go to mill,
And buy the luckless brother bread,
And soe his children est their fill.
And laugh beneath their humble shed.
I do not like to hear him pray,
" Let blessings on the widow be,"
Who never seeks her home to sa-y,
" if want o'ertakes you, come to me."
1 hate the prayer so long and loud,
That's offered for the orphan's weal,
Ay, him who pees him crushed by wrong,
And only with his lips doth feel.
I do not like to hear her pray
With jeweled limbs and silken dress,
Whose washerwoman toils all day,
And then is asked to " work for less."
Buch pious shavers I despine !
With folded bands and face demure
They lift to heaven their " angel eyes,"
Then steal the earnings of the poor.
I do not like such sonlless prayers ;
If wrong, I hope to be forgiven ;
No angel's wing them upward bears.
They're lost a million miles from Heaven ! -
nonular man. put the usual question :
I i ii; - n mv friund?'.'
. " ,, 7j ?i ' t
ua ! yes, bu.iu. mo min. imui, t " .
The most timely of gif ta A watch.
The great knead of the day Bread.
Tun most mealy-monthed people in
the world Millers.
The man who pretends to know every
thing generally knowB nothing.
TTrvw to kAAri vonr head above the
water Never be above drinking it.
A maw who stands on his dignity has
generally a very uncertain footing.
When a man becomes vonr tool, look
ont that he doesn't make you his f ooL
Uctfr talk to a man when he is read
ing, nor read to a man when he is talk
Apteb all. it is rare that a man gets
utterly at the end of his rope until he is
A man from Placerville, CaL, when
asked by a Saratoga waiter what he
would have for breakfast, replied:
" Well, I rather guess 1 11 just flop my
lip over a chicken."
Srn?wE in court : J udee " Have you
anything to offer to the court before the
sentence is passed on you ?" Prisoner :
Ho. judge : I haa ten aoiiars, dus my
lawyers took that."
" If George had not blowed into the
muzzle of his gun," sighed a rural widow .
at the funeral of her hus Dana, no
. - . i
might have got plenty of squirrels, it -
was sucu a guuu uuj iui uiou.-
The Peoria Review plaintively sings-
Poison your neighbor's dog if you can,
For that's the way to do ;
Call him up close
And give him a dose i '
That'll scuttle his old canoe.
A noTTNTBY clercvman. Having a pro
fessional visit to a dying neighbor, who
was a very churlish ana universally un-
Well." said the simple-minded min
ister, " I am glad you are, for . the
neighbors are willing.
An economical lowan, who had a
toothache, determined to remove his
tooth in the Indian fashion. Accord
ingly he bent down a sapling in the
woods, lay down himself and attached a
stout cord to his tooth and the sapling.
Then he touched the Bpnng, and the
next he knew he had jumped over a
grove of about forty small trees and was
trying to get out of a small pond that he
happened to alight in.
A DITTY OF DESPAIR.
The slowlv starving editor of a paper
at Brattleboro, Vt., drops into poetry as
We had sweet dreams the other night,
When all around was still
We dreamed we saw a host of folks
Pay up their printers' bill.
We wish the dream would come to pass,
And onr empty pockets fill
Tar da ump a te diddle dum,
Te tump te iddle dill.
A Detroit paper states that last week
a man about fiftv vears of age, accom-
1 Tariied bv a wife who looked still older,
ttppijei at the ticket office of the Cen-
tral road for tickets to Jackson. When
tnl1 tho nricji Via demurred, and asked
for second-class accommodations. There
were none to be had, and after with
drawing for a consultation he returned
to the window and asked : " WelL
won't you knock off a dollar if the old
woman will ride on the platform ?"
"Sam." said a darkey to his ebony
brother, " how am it dat dis ya telen
trraf carries de news froo dem wires ?"
'P .. , a - .
Well, uaosar, now s pose uar iu uug
free miles long." " Nebber was such a
big dog ; do'n bleib dat !" " You jess
wait minnit ; Pbo only illustratin', you
stupid nigger. Now, dis yaa dog, you
see, jess puts his front feets on de Ho
bokeu sho', and he puts his behind
feets on de New York sho." " Yesser."
" Now, s'pose you walk on dis yaa dog s
tail in New York " "Yesser.' "Hell
bark, won't he?" "Yesser." "Well,
where will that dog bark?" "InHo
boken, I calc'late." ' Dat am jest it.
You walk on de dog's tail in New York,
an he bark in Hoboken ; an' dat's de
way de telegraf works." " Yesser ; das
so dasso ! Your right, by golley."
The Brooklyn Frauds.
Hodman, the Treasurer of the Brook
lyn Trust Company, and Assistant City
Treasurer of Brooklyn, has at last made
the revelation he threatened some time
ago concerning the deficit in the Brook
lyn Treasury. Ho states that there was
an agreement between himself, City
Treasurer Sprague, and the late Presi
dent Mills, by which they were to loan
out the city funds that were on aeposm
with the Trust Company, and divide
among themselves all the profius that
accrued beyond the 3 per cent which
had to be credited to the city. As
might be expected, their anxiety for
high interest overwhelmed their pru
dence, and a largo number of the loans
were made to worthless borrowers. In
this way the Trust Company was bank
rupted and the City Treasury depleted.
Treasurer oprague, nuumwi j" ivJ
peatedly offered him 850,000 to run
away, but he declined. Sprague is
lying dangerously ill at his house, but
is guarded by policemen as a precaution
agftinst a too precipitate convalescence.