The President, who had been on his way from Pittsburg to Long Branch on Saturday, was, in company with the Secretary of the Treasury, at the Fifth Avenue Hotel on Sunday, the 21st, and gave audience to a large number of leading merchants and bankers, who urged upon him the necessity of immediate action on the part of the Treasury to save the country from further disaster, the issue of the “reserve” of forty-four millions of greenbacks as a loan to, or deposit with, the banks being the remedy generally suggested.  The President, however, was firmly opposed to this, and suggested that a week of Sundays would probably afford more relief than anything else, but promised to do whatever seemed advisable within the limits of the law.  On the next morning the assistant treasurer gave notice that he would continue the purchase of bonds, paying for them at the average prices of the Saturday previous.  This he did until Thursday morning, when he ceased buying, twelve millions in all having been bought up to that time, and the available currency balance in the Treasury, without encroaching on the forty-four millions of unissued greenbacks, being exhausted.

On Monday there was a run on most of the city savings banks, which was met by an agreement among their officers to avail themselves of their legal privilege to require thirty or sixty days’ notice of the intended withdrawal of deposits; and this being announced by the respective institutions, the run, as a natural consequence, ceased, and, fortunately, without the slightest popular disturbance.  On the 22d the Security Trust Company and a private banking-house in Pittsburg, Pa., suspended, as also a banking-firm at Wilmington, Del.  The failure of Henry Clews & Co. on the afternoon of Tuesday, the 23d, followed by that of Clews, Habicht & Co., London, caused fresh uneasiness.  This house, being the financial agent of the Burlington and Cedar Rapids Railway, a new line, had been run upon for some days previously, and it showed much strength in holding out so long.  The news was almost simultaneously received that the Baltimore banks had agreed upon the issue of six per cent. certificates in the manner adopted by the New York association, and that five National banks in Petersburg, Va., had closed their doors.  On the morning of the 24th Howes & Macy, known to be a very strong and conservative banking-house, suspended, and this added fuel to the flame of excitement, and wild rumors of impending failures were again afloat.  The steady but quiet run which had been kept up on the banks now increased, and they decided upon the issue of another ten millions of certificates, and a third issue of a like amount, if required.  They also agreed to certify cheques “payable only through the Clearing-house” until the first of November, the payment of currency for cheques, for the accommodation of their dealers, to be optional in the interval with each individual bank.  This involved a suspension of currency payments by all