The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-02-09
The Daily News.
VRmAY MORNING. FEBRUARY ., 1866.
Chinese Banking.

II BROTHERS ad ~ INSe
...n;tal book on.The Social Lie OF inc Chinese ~
-;ves moro informntien on the characteris''cs =,
4he ce,estals than anyextant BOOK ana Is "i'n"'
,erv readable and amusing. Inc Iono"ine "a
t-.ct viii, show how their bank systems Worh' 'nu
-,ov ba commended to fnanciers as presenting :"
n,ethod of compelling specie payment ond as
Some of the banks are OF long sSanu a ~nry wealthy
+he;r nronr;etors are known TO DC feiy orarol
r9 nd apneiently honest their bills are ~ genela ra
.se in the e-transaction of business IneE o nosb
of various denominations, as rePr a IN f,nr
dollars. or silver; and OF various Naiueo, hnndrcd
hundred cash. five nnnqfee e ash as high as several
hundred thousand cash; from one JO 5oIiars. and
snxeraI hundred or even thousands OF dollars, sIa
fTnra one tsel of silver to hundreds OF Lot thoro
of taels of silver Experience PROVES
hin is Generally preferred to the cash WncH IL re-
presents. uuless the owner wishes TO maze use VI
The yalue in the purchase OF small aruces, OF Ior
the purpose OF making various III b;e Arises from the
6sbiljtv of the bank to fail suddenly.
T1bA ontlue of the bill, with various devices to-
rake counterfeiting difficult, is engraved neatly
an a solid block of brass In the case OF wealthy
banks: poor proprietors OF banks use hard wood
instead Of brass. The right-hand margin is made
an inch or moro wider than the left-hard margin
of the block Of brass or wood, for purpose which
Millbe mentioned shortly. The value OF the bill
and the day of issue are filled in with the pen, and
enc or more words to facilitate the detection OF
counterfeit. Various stamps large or small, round
square, or'oblong, some OF which arc very curl
eusly and deliberately engraved, are impressed on
different parts Of the bill, using red or blue INK.
These add very much to the neat and pretty ap-
pearance of the note, and are believed usually to
have some secret or private mark, and arc very
difficult to- initiate with precision and exactness
by eounterfeiters.
But perhaps the use which is made OF the wide
ul,no +la foS{0
against counterfeiting. On this margin are stamp
ed or written various Words phrases, or sentences
before the bill is cut off or trimmed and put into
circulation. When everything is ready, these
stamped or written sentences or phrases arc cut
through by sharp knife, leaving the right-hand
margin of the bill about the same width as the
left hand, though it presents very different ap-
pearance. OF course tho edge of tho right-hand
margin OF the bill, and the edge of tho paper
which was cut off from it, will precisely match
each other; but as the sentences have been cut
into two parts, part Of the words and stamps will
be the bill and part on tho slip of paper cut Off,
These slips are all carefully kept in n book form
ready for reference each slip containing the value
date and private marks of the bill corresponding
to it. On tho presentation of q bill for payment,
If there is the least doubt of its genuincness, re-
ference is made to the corresponding prool-slp,
and the !anker Or his clerks know immediately
whether it is genuine or counterfeit. Asuccesstul
imitation OF the written sentences and words the
blue and red stamps, which are fund on the right
margin of bank-biIl, and which have been cut
through on I limo parallel with the lcft-hand
margin, it is almost impossible to mako so exact,
precise and minute, to tit the preserved proof-sp
When o new bank is opened, custom demands
that the proprietors, the head directors or clerks
of the principal neighboring banks, and the pr!nl-
eipal money gobctweens who are connected with
them shall be invited to feast at the expense OF
the proprietors OF the new bank. Generally, after
this feast, these neighboring bankers unless they
have especial reason to distrust or bo dissatisfied
with the new banker, are willing to recognize the
new bank and use its bills according to custom.
The bank gobetweens also consider the new bank
"a now established and do business with it on the
usual terms, as with old banks in good and regu-
lar standing.
The bills are all made payable on demand. II
the holder Of bills against particular bank pre-
sents them for payment, he may be paid In cash,
or the current bills Of other banks, or in silver or
gold according to the current rate of exchange.
It is not entirely at the option OF the bill-holder
what shall be the equivalent given him, but moro
as the option of the banker especially in case OF
emergency. AS o general rule, however, the
wishes Of the bill-holder arc complied with. Cash
bills are usually paid in cash.
It is an established custom in this place that II
bio TO locIaI;o It's oDIit,ntioi,s ini-
mediatey on tho presentation OF bills, by redeem
ing them in some way, tho holder OF the 1llis may
seize hold of anything in the bank ana take IL on,
10 fhe fnlI amount of his demands if he plcases to
do 40. and there would be no liability for prosecu
tion for theft or misdemcanor. Instances have
occurred where some rascals and their accompuces
have tried to find, or rather make, occasion lor
riaing banks, by calling in o body, and simulta-
peonsly presenting their bills with loud outcries
and insulting remarks, and, by their improper
conduct, have caused what seemed to bo tempo
rary suspension of paJ ment. OCCASIONALLY NJ
such times, 2 seeming pretcxt has ocen gwen,
through fear Of actual robbery on the part OF tie
bankers and their assistants and clerks, for tho
crowd of rascals to pretend that tho ready money
in the bank was short, and that they were IN DAN
rer of not getting their bills cashcd, all which has
resulted in their beginning to plundor the oank.
And when an excited and Interested crowd has
begun such O work, it is exceedingly dithcult 10
prevent the completion of the undertaking.
Trhere are plenty OF begSars and idlers OF vaSa-
Londs in the streets who only too happy to as
aist in such an exciting and prohtaDle sport as
rcbbing bank. Instances arc not very rare
Nhen banks have been completely riddlcd OF every
,sortabe thing worth carrying of, even to the
sleepers and tho rafters Strictly speaking, ac- @
nordine to custom, only those who have pls
against the bank have, any right to engage M III IN
helping themselves to the payment OF their de-
mands. In fact, however, the vast majority o.
those who engage in cutting bank, under the
plausible pretext of its not having money to re-
deem its bills those who have no Dilis against
4. and who, in truth, are nothing but thieves and
robbers.
In the year 1855 there was an unusual panic
among bill-holders. Several banks had just fail-
cd that is had been unable to redeem their blls
ON presentation, and had been robbed OF every
thing in their offices by bill-holders and by the
lower class of the populace, who joined them in
plundering. The viceroy determined to make an an
example Of q few, in order to avert Impending
anarchy and universal distrust. Early on q GER
tain morning bills were presented for payment by
many persons at respectable bank located on
the South street in the city. large crowd as
sembled, and soon a robbery OF the bank COM :
menced by multitude of persons. Several OF
these rioters who had no bills against the bank
were arrested by the police among whom were a
Door chair coolie and a respectable neighbor OF
the bank, dealer in rice. Tho Viceroy, as soon
rs he heard Of the circumstances, and OF the ar.
robbery for engaging in the cutting Of the bank,