The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15

sefi gss snoher suitable person preside Ee fousd
nose suoh, however, silnDg 70 assume hal premnsrs
aii, up % O'Clock, thsrs vsre uumsvous sroups Of
ciaou~rS NTH nuon warmth hs p,oossdiDxs ns .sss
lpg-whlch mss Of them arrived too ass 70 witnso-and
the spsos Of hlnss generally y Z quite probable Aa
MEETING AT THE CLEARING HOUSE LAST
NIGHT.
The bank officers held meeting last avenipg q The
CIearipg Hosse-k1 O. Hastead In tho char-vhsu no
foovips resolution adopted without ssani-
p,Sss Of th.ss., OF New Yorr seca,ed in ne Bsus Do
pAStmtAt q Albany, and alsU bills Of suoh safety fond
banks may be dsrgns.ed from ams % ume On aepcss
fro customers only, and In payment o noses due our
rhs. We win receive or pay balances = s uea,'ue
veloped tied aad . aed with ina certified she
parcel whensveY ths sum shall sxoecd 81 coo-rovded
the sum be raed by An oosr appointed ~ he Clearing
House Association.
committee appointed 10 arrange the details Of he
plan, which 10 to 90 into operation Immediately
DEPARrURE OF rHs COMMITTEE FOR ALBANY.
Toe committee Of three appointed meeting
efcsn held .. the Clearing House Tuesday evening.
for the purpose Of proceeding 70 Albany 10 request the
Governor TO call extra session OF the LeglA,aye
SIC eer the necessity OF enAcng la~ 70 give relief,
the present financial crlsts, eu nis city for the
ca pta yesterday. the committee composea OF ug;ss.
| Tiesion, Durham and Knapp
| TIE coAhIrrB OF THE NEW YORK CITY BAHKs AP
| ALBANY.
AInASY, Oct II, 1857
The committee from the New Y.rs city banks, with o
similar miitee from the Albany banks ct tho re-
cu.ve chamber a. O'Clock this evening, and al ir
hour 10 p 10 conference ~ith the Executive II 10
believed ,hs will Civ his decision
morning. with The demands Of tie
mittees.
REPU BLICAN GENERAL COMMITTEES.
| THE CITY REPUBLICANS DO NOT WANT EXTRA
| SESSION OF THE LKGIsLAfURR
meeting Of tho Republican General Committee wa
held last night At the stuyvean. institute, John Ken
| nedy In the chair, and VIM. Peel secretary.
| Amor the Transaction Of some unimpoYsant kusnesf,
| kr. MAssHAIt moved the folio wing resolution
Re. oived Tina. in ,ns opnisn of this committee specs,
Legislation always 70 be deprecated and avoided,
that speciA, session OF the Legislature not recures ~
the e1egencies Of the times
sharp debate t,ok place on this subject
motion to lay on the table was LOST
Mr. 9oiDuG opposed 70 The passage OF Yesolu-
ton by that body. would do good and would only
give the democrats chance criche the aots Of ne 70
| publican party.
DR.. asoDGRiss was OF the opinion. TIE teo
had nothing to do With ths, mater
Mr.. Nc-osEnK hopghi The resolution proper
would have sdue ensot special legislator dwNys
dangerous and be believed Il would be bad thing for
might be done At Albany 10 limos like these me cs cr
this special session was sot up BY Eoraao sey nour .ad
sinise- intent party ms,ers seve oono.ruea
Mr. f. DsrfIBID SMrTH thougnt it would be ~se
The committee 70 pass nsi resolution Hs had no vmps-
kr. Jons DoAss, the Rsrs.er, Strongly urged he
After which . vote ~as taken, and was declared css-
ned BY vote Of Il 70 It,
THE NEW YORK CLEARING EOU5E.
arr n y
cLRARtnG HOUSE sYsyES.
The New York Clearing House syssn, wh.oh bAs ioss
completed he fourth yesr OF In Q, s'enoc, houga OF -
benefit 10 The New York banks the fsel CT
their busncss, fulg comprsh.nded bat by smsl
norty OF our busneas men. Wien infRmed tnai ,tls
IN institution for the regulation Of banks
srcsdy sesemen. Of theIs dsrsnces many wort soast
| less wonder, with Nn Psrsiugsoa simplicity, nsa
| our great financial Institutions should bc 90 dig
orderly and quarrclsome need icgsaeve disopne
Bat lhe regulation u not OF . very dscipinry
character, - nfs voluntarily assumed by s and ies
"diersnces sctsisd, NOT ~'sn hard Enosxs bit ~a
hard dollars.
Before the estAbrsh nert OF he Cearics Eyass each
bank was oonssd every morning 10 seni sgsas 10
every other hank In ne city siih shom had dsaaig,r
The purpose OF making erohAnses.n For The uu1ss ed
may be sa.ed that In she Of ns daily bssncss
each bank receives checks and notes On other nsrss
which 70 DO daily rstccmcd In cash.
uisnds on i!scr constituting ~hs. Iernss ks
nhAnsa" The diHerence between the which enc
bAak hes 10 be redeemed al smother, and tse sr,cci
which lhc oiser DO rodocm,d bT q, OF ths drs
reno,s In tho ercaangcs,m osiad "hAsncSn upter
tho old seu he labor Of settling ereaspges saa
balances was very grcai and consu nod ~ sas boar
and hIfor Two hours every m,rnlng Tho enqssae hsa
baan sss thsa IS 900 shori be demsnded operated
very apjusy upon tho larger banks becarss srsr
banks would take 10 keep their bssn,os bolow
smous and thereby In nc agErcgs,s aave toe of
large amount Of money free Of charge
BY the Clearing HJuss system ios labor Of making Tue
exchanges, whioh formerly oosuptsd and sb,H,
10 performed In eisst mirctcs; and psy.
mcni or balances" which formerly epsumed much
time and trouble, and was srvemey inconvorsos. no~
performed By she ucsvns House for the banks very
ssors time, daily. tho small banks to, arc deprived CT
ihelr former sdvaaass -, ey lhe syssm bank
hAs expst settlement with su others every dky
ras modui oprardi by which ali these and naay
beneficial results snAined subject o, interest,"
70 all business men, and u therefore saolscl ot ,hs
article.
rhe New FORK Cea ing Tl,use vss rormay ss,ashssed
NE lin Of oosoesr. 1885, under Ms supsasaseooe Of
hr. Geo. D. Lyman, ~ preaeut msna<~, VINO me
orisns,or Of he ~ asm and worked with iucsssss vsw
FOR ns adoption.
ne Oh sc,s Of The s~ocisuoa are eree os 81 one
place Of he daily exchanges between the several aaoci
banks and pay place Of tss on
resulting from such exchanges Bst tue ssoe alton
Ia In nowse rsspous bic ress.d such exchanges, ror
In regard 10 the balances rcsulus tncrerom eress 50
far = such eaancss shah be actually paid ro The hAnfs
Of The manager me responsslty Of The sssccls,os 10
strictly limited 70 nhfa distribution ~ the manager
smone The ere ior for the ina being OF the
actually received BY bin, srf ss,uh ssy loa oJcur
vAs, me n balances sh. eussouv ~ he rsnas~y
they are borre snd rso ~ the aaocaie1 ssss, IN the
same proportion ~ the otnm expenses Of Gearing
House.
Eaob bark pelo,gng 70 The assocsionis re,re,encd al
all meesipss BY Of ~ prlnci on ,ers aad
eniiled 81 one vote
special meetipgsare called sy ihs uevips House oor-
utee whenever t6ey mar deem q pew lent or sneu-
ever nv are requested 70 do 70 oy any of the
clasd ranks
Al all meetings Of ths sssooiaion . q1orun for lhs
Of n \ g,tifv og fba