, but it transpired that the whole of the New York associated
banks held on the morning of the 27th only twelve millions two hundred
thousand of greenbacks, an aggregate still further reduced, at one
time, to a point below ten millions, against nearly thirty-five
millions--bank average--on the 20th, the date of the last statement
issued. Their determination to sustain each other was, however,
so strong that it tended to inspire confidence in their ability to
weather the storm. It was also made known that they had agreed, on the
resumption of business by the Stock Exchange, not to certify cheques
except against actual balances while any certificates of their own
issue remained outstanding. Twenty millions of these had been issued
up to this time, and the additional ten millions before referred to
were ordered to be issued in like manner, as required. The Treasury
paid out during that week, including the previous Saturday, in New
York and elsewhere, about thirty-five millions of greenbacks--namely,
twenty-two millions in exchange for $5000 and $10,000 certificates of
deposit--used as legal tenders at the Clearing-house, and presented
by the banks for redemption, for which there is a special reserve of
notes in the Treasury--and about thirteen millions for the purchase
of the twelve millions of bonds already mentioned. It also sent to
the National banks in the West and South three millions of new
notes, issued under the act of July, 1870, authorizing an addition
of fifty-four millions to the three hundred millions of bank-note
circulation previously outstanding, nearly the whole of which has now
been issued.

The bank failures West and South, and the pressing requirements to
move produce to the ports, led to very urgent demands for currency in
Wall street, and certified bank-cheques were quoted at a discount of
from two to four per cent. as compared with greenbacks, while fears
were entertained that the continued suspension of business would be
only productive of harm. Hence, when the governing committee decided
to reopen the Stock Exchange on the morning of Tuesday, the 30th, a
feeling of positive relief was experienced.

On Monday, the 29th, only two unimportant country-bank failures
were reported, and encouraging accounts were received from the West,
although the suspension of a wool-manufacturing company in New York
and an iron-manufacturing company in Massachusetts--each employing
some hundreds of men--and the disch