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The President wrote and forwarded the fol lowing letter yesterday MANSION. WASHINGTON. D. C September 1873 H.B. GENTLEMEN In response to the views you have communicated to me touching the present stringency in the money market of the country. and the necessary steps to restore confidence and legitimate trade and commerce, I have the honor to communicate the following The government is desirous of doing all in its power to relieve the present unsettled condition of business affairs, which is holding back the immense resources of the country now awaiting transportation to the seaboard and a market Confidence on the part of the people is the first thing needed to relieve this condition and to avert the threatened destruction of business with its accompanying disasters to all classes or the people. reestablish this feeling the govat ernment is willi to take all legal isures its command; but evident that no government efforts will avail without the active coope. ration of the banks and moneyed corporations of the country With the fourteen millions already paid out in the purchase of the governn indebtedness and the withdr wal of their large deposits from the Treasury the banks are now strong enough a to adopt a liberal policy on their part, and by generous system of discounts to sustain the business interestso the country Should such a course be pursued the forty four millions reserve will be considered as money in the Treasury to meet the demands of the 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 rendering all the aid necessary to restore trade to its proper channels and condition, with view of trengthening the hands of those who carry out the measures above indicated. Orders have already been is sued for the prepayment of the interest accru S. GRANT. ing in November The Condition of the Treasury. The following was the financial exhibit of the Treasury department at the close of business on Saturday Currency, (less amount paid for bonds purchased in New York and not report ed,) special deposit of legal ten ders for redemption of certificates of deposit including coin certificates, legal outstanding ders, $355,000,000. The above exhibits de crease from statement the in Friday special deposit of legal tenders for redemption of tificates of deposit of which was drawn from the sub-treasury in New York by holders of these certificates The above amount added to the legal tender paid out by the sub treasurer in the purchase bonde makes total of legal tenders put in circulation in New York ring the past five or six days which. to How in proper channels claimed, would have great measure relieved the present financial embarrassment ATING THE INTEREST The Secretary of the not for the present issue a for the sale gold and the pur chase of bonds nited States coupons maturing will be paid on and after to-day upon rebate of interest the rate of six per cent per annum The amount of interest is$14,600,000 coin. in NEW YORK VIEW OF THE MATTER A dispatch from New York says this action of the Secretary will bring into the market: but as most of these bonds are held in Europe, the relief from them will not be felt for some time. The amount which will result from the payment of interest on registered bonds will be about $4,000,000. The registered bonds are nearly all held in this country Action of the Washington Bankers. AN ASSOCIATION ORGANIZED At an adjourned meeting of the bank direc tors and bankers of the city of Washington, held yesterday at the National Metropolitan bank. the following resolutions were adopted, and the rules appended prescribed Resolved, That view of the present uncalled for and unnecessary demands upon the banks and bankers of this District for currency for other than business purposes and for shipment to other cities. a very large amount having al ready been drawn, and in view of the fact that without exception all the large cities of the United States have adopted similar precaution ary measures the representatives of the banks and business men of the District of Columbia having full confidence in the sound condition of their financial have united for indi vidual support and pledge themselv yes to the following line of policy ving be for the best inter est of the community and of the interest which they represent Resolve That the banks and bankers of the form District into association an which shall elect controlling committe of six into whose hands any bank or bankers of the Association shall have the right to deposit curities, collateral the value whereof is to be affixed by said committee, as follows viz Bonds at par; promissory notes at 50 per cent of their value; other securities at value to be determined by the committee; and against the said affixed value each bank or banker placing such collateral in the hands of said committee may issue certificates and certify checks which, upon being presented and stamped accepted by said committee, shall be received by all bank and bankers of the association for their ful value in payment of all maturing notes or other claims. Resolved, That this arrangement shall go into effect on the 29th of September, and continue until November 1, 1873. REGULATIONS ADOPTED The controling committee have adopted the following rules and regulations for the associ ated banks of the city of Washi ngton, D. C. The banks and bankers of the association may certify checks for their customers in lieu pay ing currency for all deposits held by them to this date, but will open special accounts of currency payable in currency The certified checks will be received by the different banks and bankers of the association on deposit and in payment of notes due them Which certified checks shall be redeemed by the parties certifying in loan certificates issued by the controling committee upon deposits of collateral security asagreed upon at their daily meetings. Each bank will regulate its own exchanges with other cities. The controling committee will meet at the office of the Safe Deposit company daily at one o'clock p. m for settlement with banks of the association The treasurer William Stickney will have custody of all securities deposited by the associated banks J W Thom pson. for National Metropolitan Bank: J.C. McKelden. for Second National Bank: William Stickney for National Savings Bank L J. Davis, for L Johnson & Co Geo W Stickney for Freedman's Savings Bank; Jno Hitz. for German American Savings Bank, Controling Committee HOW THIS ACTION IS RECEIVED TO-DAY The issuing of certified checks by the banks of the city, who formed a clearing house associa ation yesterday, is generally received by those transacting business as a wise precautionary measure. Mr Stickney was at his office during the day receiving collateral securities from the banks who have entered the association. There pretty lively demand for currency upon the banks and banking-houses outside of the association to-day, as the demand is necessarily concentrated upon them. A Better Feeling in Washington To. Day A much better feeling prevails in Washington than on Saturday last, and the general opinion among bankers and business men is that the excitement is virtually over, and that in a few days business will be transacted as usual The action of the associated banks of the city o Washington," relative to the suspension of cur rency payments and the substitution of certified checks. has had RO perceptible effect on the business of the banks Several of the banks
