Rensselaer Union, Volume 6, Number 3, Rensselaer, Jasper County, 9 October 1873 — General News Summary. [ARTICLE]

General News Summary.

THE OLD WORLD. A telegram from Madrid, of the 28th, says that the efforts of foreign consuls to prevent the bombardment of Alicante by the insurgent men of war had failed. The bombardment had opened at 5 o’clock on the morning of the 27th, and 500 projectiles, some of which were tilled with petroleum, had been thrown into the city. There was much damage, and several edifices were In ruins. A vigorous fire was returned from the forts and batteries on shore, with effect, for at the end of seven hours the rebel iron-clads had slipped their cables and withdrawn in a damaged condition. A Berlin dispatch of the 28th announces the death of Louise Muhlbach, the celebrated German novelist. A London dispatch of the 29th says that on that day £638,000 of bullion had been withdrawn from the Bank of England. The Directors had, in consequence, advanced the rate of discount to 5 per cent. The election for Lord Mayor of London had resulted in the choice of Alderman Lusk. A Madrid dispatch of the 29th says it is thought that the failure of the Insurgents to capture Alicante would cause the 6peedy surrender of Cartegena, thus ending the Intransigente insurrection. The Carlists had met with a series of damaging reverses in the North, and discontent and demoralization pervaded their ranks. A London dispatch of the 30th says the cholera had made its appearance on board a ship arriving at Liverpool. •• —- A Madrid dispatch of the 30th says that the total casualties resulting from the bombardment of Alicante ha* been only eleyen killed and thirty wounded. The Army of the North had been reinforced with 6,000 men. Don Carlos, as King of Spain, had issued postage stamps bearing his likeness. A London dispatch of the Ist says that the death of Sir Edwin Landseer, the celebrated painter, had jus t been announced. A Dresden telegram says the King of SaxoDy was seriously ill. A Madrid diepatch of the Ist says dissensions in the ranks of the Carlists were increasing. The leaders Dorregarry, Roda, and Lizzaraga had left their commands and arrived at Bayonne. Hundreds of deserters from Cartagena were coming into the lines. They represent that demoralization and insubordination within the city had increased. A majority of the insurgents wished to surrender, but were over-awed by liberated convicts and the more desperate portion of the volunteers. The news of the failure of the fleet at Alicante had caused a panic in the city. THE NEW WORLD. A Washington dispatch of the 25th says that the President had returned to that city permanently. At a consultation" held between the President, the Secretary of the Treasury and the Attorney-General, the latter officer held that the bonds of .ISIt cqffld not be redeemed legally before maturity. It was therefore decided that the Treasury could take no further steps to relieve the New York market, except as it was affected by the regular transactions of the Department. Dr. Leiderman, the Director of the Bureau of the Mint, had predicted that the effect of this 6tock panic would be to hasten the resumption of specie payments. He said that within a month, it was his belief, that silver and gold coin would be a medium of circulation at currency rates. In anticipation of this result he had ordered the mints to largely increase the coinage,and stated that more bullion would be coined during the next three months than at any previous time in the same period. Secretary Richardson had stated that it would be a good policy for all the banks to suspend further currency payments. It was rumored in Washington, on the 25th, that the President had been advised to call an extra session of Congress. *—— ——■ ——, ——- A Wapello, lowa, dispatch of the 25th says that on the afternoon of that day Professor Boley made an ascent from the fair ground at that place in his hot-air balloon. Just as the balloon left the ground it took fire near the mouth. He had not secured his footing on the horizontal bar on which he stands, but went up hanging by his hands, and did not apparently see the fire until he was too high to let go with safety, but hung on until he had reached an altitude of twelve or fifteen hundred feet, when the canvas that held the hoop at the mouth, from which he was suspended, burned away, and he fell, reaching the earth a quarter of a mile from the point of starting. His body was frightfully mangled, the fall driving his legs into the hard ground up to the knees. Life was extinct. The Inter-State Industrial Exposition was formally opened at Chicago on the evening of tthe 25th. The huge structure was thoroughly packed. It was estimated that fully 20,000 persons were in attendance. Dedicatory speeches were made by U. 8. Senator Logan, ex-Governor Oglesby, and others. New York dispatches of the 26th say that a better feeling prevailed in that city on that day in regard to finances. Henry Clews &Co and Macey & Howes had proposed to their depositors to resume business on new accounts, leaving the old to be settled as securities can be negotiated. Gold had taken an upward turn. At one period during the day it had reached but it subsequently receded to 118 M and closed at 113 - More activity had been developed >; .ln Western produce. Prime bankers’ sixty day sterling had sold as low as 103, and sight 104; commercial bills at 101@ 108 for sixty days, and 103 for sight. The banks had cleared early and in good shape. There had been few sales of stock, but the quotations were not considered reliable. The city had been drained of money at a lively rate. The express companies had been carrying away currency at the rate of $2,000,000 a day. for nearly a Week. .It was rumored that Fisk <fe Hatch had perfected arrangements to resume at an early day. A Philadelphia dispatch of the 20th says proceedings in bankruptcy had been commenced against Jay Cooke A Co. The published statement of that firm shows liabilities of $7,989,409; assets, $15,966,211. A dispatch from Washington of the 26th says that the liabilities of the First National Bank, of that city, are about $1,250,000, of which SBOO,OOO is due Other National Banks. Its assets are not given. The 26th was Chicago’s' 'Black Friday.” The Union Naiional, the Second National, the Manufacturers’ National, Cook County National, and the National Bank of Commerce, all closed their doors on the morning of that day. The Board of Trade of that city had adopted 1; resolution prohibiting dealing in grain options for the present, on the ground that such dealings had a tendency, to depress prices Adisj istop, trope*]) frioctooQt

says the Independent State Convention bad nominated E. W. McKenstry.for Justice of the Supreme Court. The Convention adopted resolutions that the opponents of organized corruption form themselves into a political body known as the “People’s Independent Party;” repudiates party fealty as a tyrannical rule, sinking the citizen to a servile partisan; condemning the system of using money corruptly in elections; condemning all political rings and cliques formed to control elections; pledging the party to civil-service reform and to resist all Credit-Mobilier contracts with finance companies; denounces the present system of the distribution of lands and grants of lands to railway and other corporations; opposes all kinds of subsidy by Federal, State, county, or municipal governments; opposes the present tariff's; favors taxing solvent debts; favors the eight-hour law; opposed to Chinese immigration, and also opposed to the election of the President for more than a term of four years. The last resolution indorses the stand taken by Governor Booth in behalf of popular rights against the encroachments of politicians and railway corporations. A Washington dispatch of the 26th says the Mixed Commission on British and American claims had made its final awards and concluded its business one day in advance of the time fixed by the treaty. In brief, the result of the inquiry had been that the United States Government pays to the English sufferers by our late war two per cent, of their claims, amounting to $1,929,819, while American claims against England had been all disallowed. : A Washington telegram of the 26th says that the President had tendered the office of Chief-Justice to Senator Conkling, of New York, and that he will accept. A New York telegram of the evening of the 27th says that the week had closed on a more cheerful financial aspect. The greenback reserve had been drawn down from $34,700,000 to $12,000,000. Clearing-House certificates had been issued as demanded or desired, and it was thought that -vith the aid of these and a small infusion of National currency the crops could be moved and mercantile embarrassment and failure averted. The Third National Bank of Chicago closed its doors on the 27th. The Cook County National, one of the suspended banks of that city, had announced its resumption. The Manufacturers’ and Second National Banks haddeeidedtogolnto liquidation. A dispatch from St. Louis of the 27th says that the rear wall of a five-story warehouse on the corner of Second and Chestnut streets had fallen, opening a gap of fifty feet wide from the ground to the roof. One man had been killed and two seriously injured. A dispatch from Matamoras, Mexico, says that an armed party of United States soldiers had crossed the river from Texas, about forty miles above that place, and that preparations had been made to repel the invasion and give the invaders a warm reception. A dispatch from Kingston, Jamaica, says the British steam sloop Niobe had arrived from Honduras bringing the following intelligence: General Estraba’s troops, after assassinating a detachment of Palacio’i force, which was under a flag of truce, approached the fort, sacked Omoa, imprisoned all the British subjects, gutted the consulates of America, England, Spain aid Portugal, tore the American flag to pieces, and sacked the merchants’ warehouses and safes, leaving them perfect wrecks. The Niobe soon after arrived and demanded a surrender of the imprisoned foreigners and an explanation for the outrage. The authorities were obstinate and refused to accede to the demands of the commander of the Niobe, when a bombardment followed until a flag of truce was hoisted. The prisoners were then surrendered and compensation was guaranteed. A New York dispatch of the 28th says that the Prcsident of the First National Bank, of that city, had urged the immediate resumption of specie payment, on the ground that such action will add $60,000,000 positive relief to the money market. A Washington dispatch of the 28th says the President had expressed his determination to recommend to Congress the adoption of a system of free banking. The Secretary of the Treasury had ordered the anticipation of the payment of the November interest. The following letter had been sent by the President to the parties named: Executive Mansion, Sept. 28, 1873. Messrs. 11. B. Claflin and Charles L. Anthony. Gentlemen : In response to the views you have commnnicatcd as to the using by the President of currency to restore confidence and legitimate trade and commerce, I have the honor to communicate the following: The Government is desirous of doing all in Us power to relieve the present unsettled condition of business affairs, which is holding back the immense resources of the country now Swatting transportation to the seaboard and a market. Confidence on the part of the people is the first ihlng needed to relieve this condition and, avert the threatened destruction of business, with its accompanying disasters, to all classes of people. To re-establish this feeling the Government is willing to take all legal measures atits command, but it is evident that no urgent efforts will avail without the active co-operation of the banks and moneyed corporation* of the country. With the $14,000,000 already paid out in the purchase of Government indebtedness and the withdrawal of large deposits from the Treasury, the banks are strong enough to adopt a liberal policy on their part, and by a general system of discounts to sustain the business interests of the country. Should such a course be pursued, the $44,■’00,000 of reserve will be considered as money In the Treasury to meet the demands of public necessity as the circumstances 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 aid necessary to restore trade to its proper channels and condition. Wijh a view of strengthening those who carry out the measures above Indicated, orders have already been issued for the prepayment of interest accruing Id November. U. S. Grant, President The Right Rev. Geo. M. Randall, Episcopal Bishop of Colorado, New Mexico and Wyoming, died at Denver, Col., on the 28th, of typhoid pneummia. A dispatch from Denver, Col., states that over two-thirds of the mining town of Fairplay, Col., had been consumed on the 26th. All the stores, printing offices, the United States Land-Office, Post-Office, Express Office, hotels and other business places, with two or three exceptions, had been utterly destroyed, A Washington dispatch of the 29th says that the depositors In the First National Bank of that city would not receive to exceed fifty per cent, of their deposits. In Chicago on the 29th business had re'sumed very nearly its normal condition. Three of the suspended banks bad resumed business, and were receiving deposits and paying out on checks as before the panic. Over $3,000,000 currency had been received during the preceding forty-eight hours: Traffic had fallen off on the various lines of railroad, and a large numbej„of trains had been drawn off and many men discharged. A Philadelphia dispatch of the 29th announces that Benj. Bullock & Son*, of that city, extensive wool dealers, had failed for a large Bum. The failure had been caused by the suspension of the Gjimham Manufacturing indebte<i

A St. Louis dispatch of the 29th says that while Joseph H. fore, who attempted to kill his wife, on the 4th of June last, was being tried in that city on the 29th for that offense, he threw a heavy cut glass inkstand at his wife as she wla giving in her testimony. The missile missed her, but struck her counsel full in the forehead, inflicting an ugly and dangerous wound. A dispatch from Shreveport, La., of the 29th, says that within the last four days several of the most prominent and useful citizens of that city had fallen victims to the epidemic. The dispatch adds: “The population has been fearfully thinned out by sickness and death. We no longer have funerals. The hearses, followed by one or two carriages, dash through the streets like a section of artillery in a battle seeking a position. A few men are drummed up, the coffins shoved into the hearse, and driven rapidly to the cemetery. This'is the case even with the most prominent citizens. The Howards have opened an orphan asylum, and are feeding about two-thirds of the resident population. There are fewer deaths and hew cases, because there are fewer people.” At a late hour on the night of the 29th the Union National Bank of Chicago, which hsffi resumed business on that morning, and during the day had paid out $400,000, decided to go into liquidation under the provisions of Sec. 42 of the National Currency Act. A Jackson, Miss., dispatch of the 29th says Governor Powers, acting under the advice of Attorney-General Morris, had issued "a proclamation postponing lhe State election. The Governor says that he will convene the Legislature in extraordinary session as soon as possible. The Pilot , the State organ, has pronounced the Governor’s movement incendiary, and calculated to lead to resolution and anarchy. A call has been issued lor a Northwestern Farmers’ Convention, to meet at on the 22d of October, to consist of delegates from granges and farmers’ organizations. A dispatch from Marshall, Texas, of the 30th says that the yellow fever had made its appearance in that place. New Tork telegrams of the 30th say that the day had passed more satisfactorily than the most sanguine had dared to hope. The Stock Board had opened and business was moving along swimmingly. There had been no defaulting in the matter of settlements, and there appeared not a Tipple of excitement in any direction. Greenbacks had appeared on the street in largely increased quantities, and the premium upon them wiped out. A sharp advance In foreign exchange had been effected, crops were once more in motion, and the banks were all working along without trouble. Gold closed at 111 X. Henry J. Brooks, leather merchant, had suspended. A Washington dispatch of the 30th says that it Is the expectation Of the Treasury Department that the importation of sovereigns from England will reach $40,000,000. A large depositor with Jay Cooke & Co. had commenced proceedings in bankruptcy against th 6 Washington branclfof that concern. The official statement shows that the total amount of United States currency outstanding on the 30th was $402,923,039. In Chicago, on the 30th, matters had very nearly resumed their normal condition, so far as the banks were concerned. The effect of the late panic was just beginning.to be felt by merchants and traders. Trade was unmistakably dull and collections difficult to be made. According to Eastern dispatches of the Ist, business in all financial centers had fallen into its old channels. The supply of currency had become nearly equal to the demand; there was a demand for stocks, principally in small lots for investment; foreign exchange had still further advanced, and the feeling was generally one of safety and security. The dry goods house of Baton & Co., of New. York, had suspended. Currency in New York commanded a premium of from 2% to per cent over certified checks. A Madison (Wis.) dispatch of the Ist announces that the Bank of Madison had failed. A dispatch from Jersey City, N. J., says that the Cummings Car Co., of that city, had suspended. The New York State Democratic Convention met at Utica on the Ist. Horatio Seymour was elected President Mr. Seymour delivered an address urging the nomination of men of the highest character and undoubted capacity, and advising the Democrats and Liberal Republicans to unite in the coming election. The Committee on Credentials gave seats to delegates from the Tammany organization, whereupon the Apollo Hall delegation, after withdrawing, met, adopted a vigorous protest and then separated. The Democratic Convention then adjourned until the following day. A dispatch from Springfield, 111., of the Ist, says the Leland House of that city had been. damaged by fire to the extent of SIO,OOO. Washington dispatches of the Ist say the Attorney-General had no official information regarding complications in Mississippi, but anticipated a repetition of the contest in Louisiana. While taking no partin the controversy between the Ames and Alcorn party, he was assured that the result must be either the establishment of two factions, each claiming to be the State Government, between which Congress and the General Government would be obliged to decide, or the continuance of a State Government beyond the time for which it is elected, and such continuance involves the' election of members of Congress and other similar questions, upon which the Government would finally be obliged to pass. The public debt statement for October is as follows : Six per cent, bonds $1,235,000,200 Five per cent, bonds 488,567,300 Total coin bonds $1,723,567,500 Lawful money debt. $14,678,000 Matured debt 1b,756,130 Legal-tender n0te5...... 856,079,742 Certificates of deposit /. 11,250,000 Fractional currency 46,*£J9,391 Coin certificates 3,393,545 Total without interest $ 447,494.534 Total debt .'i .$2,201,496,164 Total interest..... $ 32,083,523 Cash In TreasuryCoin $80,246,757 Currency 3,289,032 Special deposits held for redemption of certificates of deposit as provided by 1aw.„.... 11,250,000 Total in Treasury ~..$ 94,785,789 Debt, leas cash in Treasury. .$£138,726,898 Decrease during month. $ 1,901,467 Bonds issued to Pacific Railroad Com- rr panics, interest payable In lawful money, principal outstanding 64,(23,519 interest accrued and not yet paid ‘ 969,352 Interest paid by United States... 20,447,986 Interest repaid by transportation of malls, etc...; 4,422,111 t _______ Balance of interest paid by United States..... ...$ 16,026,874