, 1870-06-01
MONETARY and COMMERCIAL,
MONETARY,

MONETARY and COMMERCIAL,
MONETARY.
Tuesday EVENING, May 81
Washington despatch Of the 18th SAYS:
"Some Vermont men are here TO urge the Comm
ury to allow them the privilege Of o5enIpg q IA
Etiona1 bank, and do business under The Currency
la% M h ~ al .espsess except as regards crculat,on
ready been issued. They contend that The Cur
rc1cy act allows them that privilege. The Score
toH. @ = ''s 11ehs''' refuses to grant their pea-
The National Currency net places no limit to
the number of institutions that may be form
Cd under its provisions, nor to the increase Of
their capital individually or collectively, Sec
hon 16 provides that all bsnks shall deposit
bonds Of the United States with the United
States Treasurer, to IN amount equal to oue-
third Of their capital, whether they have circu-
iAt'on q not It is we'll known that
never received the iuli qaots
of currency to which they would be entitled II
there were no S300, 600 900 Limit to the National
Dsnk currency. and there can be no reasonable
81 E. oaRp Sb Il b,n!s5 b5sds
with the United StAte8 Treasurer, and having
B circulation Of one do41r, il the bank chooses
to waiFe what is considered the moat profit
AL1S t44fuEfsH LII SSA14UAA1 b2Gk4IH- IL It L0AE
organize with circulation Of anything less
than the full quota it would be entitled to &C.
cording to it's capital if there we're no $s03, COO
600 limit, It is difficult to see why any number
OF National Banks may not legally organize
without any circulation, or upon what grounds
the Secretary could refuse the bank certi-
fcate.
The danger Of frauds by means Of altered
checls continues to e1eate good des1 Of ap-
-Eaxehension among bankers, and some recent
31&tauces in New York show that greater skiI1
belne exercised, and alterations made with
3ech perfection as to deceive the paying telle1s
ol b;as banks % even when theiE attention has been
suspected- Last week a leather merchant in
New Aerk WIS rendered check on the Chat
ham National Bank for S400, in payment Of
Oil 81 S1oo worth OF leather. The merchants
suspicious were aroused perhaps -
check, instead Of money, as By
ANYTHING suspicious IN the appearance Of the
check itself. He therefore sent it to the bank
Zee hetssr + was genuine ne l. was
not feeling satisfied, sent it second time, and
it was again pronounced genuine. The meI-
chant. still having some suspicious, sent it to
the drawer Of the check, who pronounced it !
altered, having been raised from SaO to 900. ]
All Of the original writing rpou it, except the !
signature, had been erased by some chemical |
process, Of which no trace could be found !
e indicate whether it IVES = liquid Or a !
eaPy4. VI u "Aa1 manner II mad been
applied Other cases laye occurred recently, |
Ee - Ts5e err neasiy a. difficult 70 detect In
x1e" o. the increasing danger Of thus class OF
notified their correspondents that thev eha1i
hereafter nav no checks deAx1 u,,or, ]bow - |
l-ss they No ,,Tax.;rn7al~ a5;tpa t - .e!u st ~"
,1..1-e l'A~4. o"s.oe " uAles, |
tu-Aa' nnnoS.s' 1iuounts. ETC. This rule !
On DO ai,p1ed 10 out-of-toWn correspondents
to considerable extent, but would be 1mpos-
E1ble with the city customers of the banks.
The degree OF perfection to which the
ratt las now been brought leaves
j;S,ia - a.osp. H. ou a..aa taM IL Ia
-. ~ - tne 7ttentlon OF even the |
M Iaos. Mstetnui. nnat u required, therefore, is |
eso1ne 1cs1n OF cneck thas, II altered, will make
defect that will catch tIte pta at nnoa 0f III |