The New York herald., 1872-09-21

haVo anyways heIJ them against all temptations 70
SELL and after what 1t has done in this lookup
business my confidence has been made greater
than ever. am glad indeed to see that there is at
least one bank that has had The courage 10 stand
up against so gigantic yillany as that contem-
plated by the men In the lookup clique That
man, SIR, is only one OF many of the business CON-
nunty who have taken the trouble 20 come here
and express their thanks for what we have done
for the
INTEREST OF THE PuBaxU"
"Yet, Mr. Vail, does the bank assume the right TO
refuse payment OF its own endorsed checks when-
ever 1t sees hts n 1t does, would depostor not
be utterly At its mercyf SsppOsing he wanted
money to pay u loan; he gets check ocrttfed and
Hyss y to and snS debtor on presenting
"You do not put the case rightly" replied Rr.
Vail. Business, as they say, is business. Il you
tiled checks from other banks, and after they have
gone through the usual course draw against them,
the bank would unqaeSionably pay the money on
"And where's the 0fference in thevase Of Smith
and the,ethers ?"
memcnt's reflection. We certihea checks on the
1rth which they ceuIa have deposI,edin
THEIR OWN BANK
Of deposit and drawn against Hadthey done 80
the banks would have known exactly where they
simply got the checks in their possession after
they were certfcu, held them back for a couple OF
and them for tn at aas
way OF doing business, and the men who attempted
to get greenbacks by the method they adopted
knew right wensthat they were not going on In
tions for $Aoeo,o66, and right away, before the
regular method OF the checks passing through the
Clearing House, checks should be presented for
over and above that amount. Don't you see that
any set OF men by combining could ruin any bank
In the county by that means A banks stability,
DxpENDs soLEDy UPON CREDIT,
and no bank,in the counyFyts at all times ready to
meet all its obligations In a:rush."
"Well, supposing the Clique had made their de:
"if they had deposited the certitied Checks and
they had In the regular course Of business gone to
the Clearing House, VIC would have been duly cred
tied In greenbacks with the amount deposited.
Then, II they had presented their checks. even for
the whole @ amount: we would %Ip pay them them: But,
seVes OPEN g the tha
were playing into the hands q class OF men who
to sng on Sckp Of
You must remember, making such action on the
part Of any bank a.
from the benefits OF the Clearing House; so we'd
have to be judged according to our motives;
against his deposit is entirely different from a
party part demanding payment OF q certified check be-
"Will the bank stand firm In the position 1t has
taken p"
at viii at all hazards. It has taken the only
stances. We knew what the designs of the men
were who were attempting to withdraw from cir
cuatlOn q large amount OF currency, and we felt
justified In doing what we did. Under like cir
cumstance we would do the same thing again. We
have, think, In u measure, put check upon
plot that, if successful, would have been rulnOus
to the best interests OF the business community,
and know that all right-mlnded men not in any
way interested in the rise ana fall OF stocks that
are made use OF in Wall street as means OF specua-
ton are
ON OUR sIDE"
'erhen the bank will risk all consequences OF Its
aCtiOnsY"
at will to the bitter end It Ia in the right, and
1t must prevail despite oil legal quibbes OF techni-
calities.o
This ended the conversation with Mr.. VAIL which,
by the way, it may be said, was several times inter-
rupted by business men who came in to c0ngratu-
late the bank officers on the stand they had taken
against the cllques.
The reporter soon afterward called at the City
Bank. Mr.. Moses Taylor was not IN, hut he ascer.
taned from Mr.. Cartwright, the cashier, that the
checks which had been presented the day before by
the clique and had been refused payment had not
been protested, and that the bank would fight the
good fight out against the plotters If 1t took all
Winter.