The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-22
FINANCIAL AID COmM1r,c tAL.
WrnNEsnLY NaY. n ".

which II Hitbont parallel or preceten. n -h,lf IL.
,oyy, they laid aside al considerations d .n8igs.
dual interest on business rivalry, and pra My cor
soidssed themselves into one bank, vfth ole specls
.'Cd, which they place At the service II tie mer-
san.ile community. The following oi6sil state
Gent viii explain the proceeding n dean
Ma meeting Of the oacers OF the banks o. sse e'y o.
WV York Al the xsrchants' BAnk, On wednesday snt
zss, Of November, 1890 he following F'''''' ns' WV
vnAoiroousIy. adopted, viz
m orssy 70 epsb,s The banks u tue ely Of Rev fora
40 ayDar sbe.- oanb and discounts and Sso cs te per
80. Of trItstpg The settlement " the esefsags es
r,c,o Aha hanks, 4 Is proposed that any bank " s1e
CLEARING s1qsc Association may, A. tn option, decost
wrh committee q five rorsons--co 10 appointed tor
sh., uryposesn amount OF 10 OILS rece DO, gnltd
aas SOCKS, Treasury notes OF stocKs o. tie saso =
s8s York 70 % approved by sad eomu;es, via slali
led 70 saue ihereupoo 70 ssd GsfctDg osnE
tincates Of oepoa bearing interest al seyea or ceat
1s lniun. denominations or tye and cen thousand
fSlars EACH may b. desired 70 amount equal ~
>sve.iy per cent OF such deposit These certificates
ssy bs ased IN settlement II balances o. do Gearing
Eoiso per I'D of iarty days from we data hereof,
sOd ,hey shA - rec.ved 6y creditor osnss ourng ;nat
perioi ally in tho SAME proper: % as taey bear 20 me
sssegaio snonnt or the debtor balances pai q. the
o. arns Eouse. The interest whson may accrue cpon
hsse ceri,iaies shall, Il the eTnlrr.son u the thirty
AaJe, be apporoned among the banks which shsh have
me scuritles dapcs.ted with sal saEarl.ae Above
FAMED sha DO oad BY HON IN rust special De %.
81 p"dsed Tor :he redemption o. tie owaossss fs1ed
-nc sornT,tos .h.u b arthori,sd ssssass sBy r5r
sen n sa.a securities for At amount q others 70
- approved ~ them O. tie res4es q tne iopoeins
ssnh and rhE.nave power % demand sfG onsl sefrry
either By AZ exchange Or 81 Increased sno4bt, ~ IDsr
sscr etor
ssse A. above shan 90: ssoest rye o.ll1n das~s,
sbuso Association wnen assertet 20 By thrsencrhs q
se.olved mat 10 order TO accomplish to purpose s.,
NwiA tbs agreement, the specie belonging - toe -
seosed osnks Foal be coos dered an Treated - COM
nnaeo sha hs 20 power ~ eoHa'i1e 10 game ~ Ssess-
Tor n purpose sssenentr sasl b rssds ., lie CON.
Apite Of the conation " e2sh bRlI ts morning Q!
vs DAY before common cerert o. business, oh shall
= sa' With The e1ahsosss 70 the manager q 'ee cHr ~
/ loAns and dscoUns.
. Depcssts
,. Loan cert1csssx
Resolved, -h.s Afset u. Lei O Lssr@sg Esa s,e.y
hama the Clearing 3ouse Association SAL rare ca
apd .! all times, u spece, smacBt QUA C oae
sc1rtA Of as Let lisbllGs, and Ary Dad EhSte s~es
s,soouais p-ti tss,r ps5n /. 70 sstSbl.hsa ari ~
The Gearing Eose ts.or alton, agree tSst
W xll So1 ooa.roe 10 eaohInse VII sny oArf shlea
hss yeiatet ihs Rrecrasnt
me Chairman appointed the foaowtrf n@ued sn,e-
a. The son1Dtsse-
Eoses Txylcr OF Tho Cey Bank,
James PGnDett, Of the Bsnt Of 4Y1e -a.
n " Now,s, Of the PARK Rank.
a. 5 Fraser, u t5S Seventh Ncr1 5G1E.
ss.-;s' p LeveF'oh, Q, se a. ?. ~ 49,
VI EooysT, Secretary.
D order thai the p-tlic may apTra late The i'm.
ptrtance Of the above resolutions, Z. must be re-
netaberea Lat in 1851 It vas the mutua. fear Of
each other which obliged the banks to c4rtal. 4
hama which expanded its discounts instantly ran
sebtor' q; rho Clearing House, sna had tie NOR
iant alton u seeing ts specie drawn rom II by liz
seos liberal rivals, Under Inc present arrangement
no bank need be afraid at running debtor so long
- il adhercs . the leeAmatc us,aoes Of hanling;
sio Loan Committee u aisa5s here'iy 70 supply
j Sith cerunca,es which VII answer he purposes
q exchanges ri ne Clearing House, 50 long as 4
c.nanes Itself 70 discounjns fair business paper.
Vie arrangement, Of to-day thus rendors il % matter
al certainty that nom this time forth merchants
~ln obtain from The banks all Tie assistance 10
vhich they would have been entitled in ordinary
times. II viii, perhaps, be urged that N discount
az Oh the basis % rhgr 1lla receivable as The
banks are about q do ley are ronn'nS . r.sk
Which they ought nos j. Incur. Their 3 Just this
- - said oil tlat point. The baass bold twenty
siliors n specie, q reariy Tat amount Deer
alli0n viii arrive tbs week from California, some
gold n on tho way from The West indcs by the
Isth December VIC shall be IN receipt OF bullion
from Europe, and the turn in the exchanges pre-
ssges remittanccs OF gold rom the South. There
y ~ export demand vhateyc!; nor. in The present
siatc al the Exchanges can q dollar o, specic 90
abroad Under tho Circumstances Il seems prepos.
isrous t. urge fhai tle hanks cRn be in an IN.
secure position. IT. gold i here and cannot 20
osi q tie country. s1l1ug a. I j. here L VIII IN.
doubtcdly remain ii the banks ID the safest place,
anu he only place where L can be made 10 cara
interest In ls55, i must De remembered, there (,
wa an export Gemand Il was this which broke
The banks. Il : only necessary 10 add that the
resolution limiting tie amount OF tie certificates
70 he created by the Loan Committee Is a mere
matter of form, il Eve millions do rot suffice, ten
will be issued; if ten arc not sufficient fifteen o.
twenty VIII be issued The srecie + now held in
common, and no laws OF routine VII prevent the
expansion IRON being a. liberal a. the commercial
necessity requires
The first effect Of tlr measure adopted to-day
will be- as We said, to enable all fair dealers IL OBJ
tam a proper amount Of bank accommodation at
seven per cent. II must not be expected that tie
money market will ease ~ instantly Nearly one
hsN tie paper discounted IN tlis city Is disenunte1
By private CAPT ali-'s. Tlis class q lenders have
been out 81 tie market Tor week o. more; Il VIII
probably take thon several days 10 recover con.
rage and reucw t.eir purchases Of paper. IN The
seaniime IT, revival q ban. acilities viii enable
o. produce receivers and private bankers to r..
ner their dca!inss with their Western corrcspon.
dcnts. For some GAYS no drafts have come forward
from The West. and siirI9euis of produce have
ncasursbly ceased because no one here could
snord 20 sccep, sight drafis. Now the tele
graph tomorrow viii be called into requsition
70 notify shippers at al Western points tlai pro.
dUec aeceptanccs are once more current, and that
they may draw a. usual. This vii inpaTr ncw
mr. to the markets ol Buffalo Cleveland, Toledo.
Chic ago Milwaukee esd ohcr Western shipping
por;s: Il VII largely relieve tie banks o. itis aud
ffs Western States, which erc under heavy "a.
waves 70 forwafders q. produce 4 similar effect
VIII follow 81 ~ Soua ,aough 10 local disturb
.sstfost teflf 80 sfeaff .-ts,. tFs.e@N.