New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-08-10
LETTERS FROM TIE PEOPLE.
A PLAN TO SIMPLIFY BANK EXCHANGE.


To the Edito, Of The y. Y T,isuh4
SIR: Establish in Wallst an Office or appoint a
Bsnk as the medium through which exchanges shall be
made Let all the City Banks make up their exchanges
as heretofore that is assorted aud made up with slip
FOR each bank with whom exchanges made, these 70
be seut at O'Clock before 10 A. NJ, each day, 70
the e1chaDs Office with sip lac ell rs proof stating
the Zip h bang, and the gross
footing Of the whole At the Office they viii De ener@
f. the credit Of each bank and will h-n be assorted b
entire exchanges upon e4~h bank from all tbs banks
broUght Ogehcr and entered upon Zip Ike me ne seal
footing OF which will be charged 10 Zach bank by
th- ncy that The mt received each cay by the
agency would he exactly equal 10 the amount sent out
Ills by proper system could b. done by lol or ID
O'Clock each DAY which tine the por'ers could receive
their ,Ir- eXcraug-s from all the banks IN the GUY A.
there Az g. banks no in New York, 80 OF ThOn eXci
With each other the result OF the above plan could De hs
closIg % City Bank lsdgers, the daily Saving % 100
and 100 posting for eacn bank the cos'os OF 2oJ
nov in their ledger, and savng OF 1000 entries
ard 1000 % sngs per day total saving Of 10000 entries
pJstirgs for 80 banks per day i in se gre a -sv
ing 81 labor saving nothing about the number of errOrs
sure 10 occur IN such "a number Of eares Another re-
suit wouo BE- the cen-riug of balances only one settle
eut berg Quir,d while 80 are nsce.ssry Inc &C
coprt in each bar k with the agency would be the
il now kept with Ba' and wouli show their position
either as d. btor or crroitor go
DIFF renCes and errors the exchanges could De arranged
either g. they are az presen the counters of the bankers
in which they found by payment or tickets given or
ent through the exchange for the following day 10 entry
terg required better plan would be for the porers 10
have second eting each day ~ say O'Clock VI and
tne arrange them through the agency 10y entries liza banz
bouc h.. apunued rs such az. the others Il lt
coure Responsible for the correct performance of the
outy II Office should be established tor the prpoe as
would for be preferable It's busI ess could
be directed by board Of oahers aop nt-d for the pur
nose The officers employed should give bond for the
faithful perform Of their duty to the JOINT banks to be
he'd either by the board OF cashiers or By sme BANK
selected by the others The responsibility o. such an
office woud BE- no greater than that o he porter' under
the present arrangement as the cash passing through
would OF be disturbed but 90 out just IS cine IN Inc
a. b.tult ~ sfff
an oi the nks and large part ot the ume OF the
cashiers trs bookkeeers and porters wanted Tor o'her
purposes. uld be saved and all the balances mAae
b avery large economy would be made oil interest
iin and money
each day upon the debtor banks to pay the ceo
Tor banks ih,s ~ drafts should be payable IN specie re-
0d or they could be sent through the e1chsnkes upon
the following day specie should he needed ny the cr-
,s notice shud be given the agency and thu debtor
banks should required 10 deliver at the agency To Inc
porter dO bank this coulc De arranged Al th-
Inn. Of receiving the exchanges from the agency but set
t,u.tts could be made as they At present, each
Friday the ere banks drawing the agency for the
specie needed or Their balance aud the agency drawing
upon the debtor hanks qurng them to deliver the specie
therefor clock At The agency where II would DE-
passed To- he cr di'ors The creditor b1nk' c'ud
draw time they chose upon the agency ior specie
but notice thould rways be either az the time at
making the exchanges at the second meeting 9f the
porters Tn. best paD however would Os daily settle
r41t passing 10 the creditors drafts drawn upon the
debtors their balances and then sending them through
the exchsrg, the following Gay unless specie req ed
aro upon it, merits II would save the thousands oi
drafts and counter drafts now drawn and the perpetual
passing Of bags of specie fr vault t. another and
Then bsc it would prevent that disturb and Citation
Of the money market upon the banks drswog
for .p,c- "A the whole thing sample and easily done
About ~ ears since proposed through the c,lunns OF
YOUR paler plan ike this which AT the time called some
attention the subject the article was copied into sev
,ra of the leao ug commercial journal, and msgszn-s,
ard numerous pss proposed to improve present cum
~ method The larg-y Increased nu noer ~ baik- - ~
So widely repd.rs some change absolutely Necessary
tins is admitted on all h4nd and the cashiers Of some Of
The leading banks are giving The matter their st7u
ton respe italy submit 10 them and the pubic thr "a
your psper # you VIII aoS the above plan h"pos tuat
!, will 81 least aid in improving the old menod OF Bank
Exchanges. Respectfully Your, ,v,,.s
Rceeivipy Teller Ban Of