, 1873-09-28

with Interest 1t 10 nor cent nor n,n,1u. With noTcr o{
shlo Of collacrals wl.hnt notice. Bnel dca1d noso
Committee Ar Bnccja enost fnr Tie ro,la,nntion of
tho lonlcrrtiGcatea hereinafter nanc And such col
ateraa to c1ss oiil.er In la receivable, to he al
proved IT by tho connItec in lonls Of tho City Of
warehouse receipts Of grain anl PROVISIONS stored Ii,
regutnr warehouses, or auch other htocks mil
S1"' %"% 's sncr nax "pptssa %s'sana nd
United a,ates eold or silver Or uni:ol satcA bonds.
Of nn'a s e. xs 81 n os
1oar-cestineato shall DO executed in tho following
form, to.wft: -
CHICAGO O1gAnrNa-1Iousx ASSOCIATION, Gt1oAao,
oet. ~ la75-For yal'o roeeycd tho Chicago oIcar-
nsnt H. n ~ a. ona a5o'eGs Ill 10 Try - lug noneF
al ID ncr ca,,t uc,, annnn Th.s nartnnsn ,nn hoem
saMoa to mcnber Of lilo clearinghouse Association
IIosHo Association at teir meeting le sept H. la75
Chicago Clearing House Association Lonu.Cortiacae
Buch cor1cnto Bhn1l bo receivable at tho Clearing
Mose in payment OF haa1iccs ant received by cred
.os pahXa IN Inc nFoporlion teer IcRneenve erents
nn thc and - n raao ~" hnnr I'll. H..
elrcs to recsivn tho currnnoy for INV of lin oacer
tiaeaes he ay hold 10 shall gtvo ono day notice 10
tho clearinghouse dommittco who a,a't Immediate
y on receiving such Notice, mike pro.raa demand
GU aa ~ tne 70 mo @ hafG % nee aaI is
smoumt Of loan cerscates for %ich tic currency has
bcsn called for And in case oy member callcl shall
fail 10 respond at once Tho Clearing Co,umittcc
shall acl sufficient amount Of tho security Lodged by
sNcn 0olauilh9 me"oef 10 FealA@e tno aoant VI nlS
PFC la'a Gu. an ,, ,,,a ,.,, L., , ,~, .5,,n ,,
marn;n Of thn sermrity f in tho ,aMs Of }lo Commit
teo ss SECURITY for o balance Of Tic indebtedness Of
such member remaining unpaid In tho hansls Of Bad
Committee, and such member shall fall, within forty
eight hours Of snsn notico o1 sale TO- deposis adl-
@ ~ o. mr. ont M s o ss stamI
81 a. from n menbership M in ito oloar5na and The
Comrnittco shall cal meeting Of tRe
Aaaecation to be chilled to decide what further action
shall be Ind In tho PROMISES Tho parties holding any
Of tho oiearing.lieuso certificates sha be entitled 70
receive interest ~ io pef cct neT annan LOT the tae
lucy nas nA'o so''4nsA.'ly noaa .uola'
THE MINORITY hEroRT.
MI. Rutnsey prosecuted minority report, as
1olowB: .
Tic banks OF Now York, having adopted tho plan Of
Issuing te,r experience 81
70 @ some a gcm n nan ny a n ou To
VS. feel fully prepar1 to ADVISE. j. 8. RumsEy.
1sAAu G. LOMBARD.
MR. aHEENEHAuM MOVES 70 ADOPT TIE Last ONE.
Alr. Grcanebaum moved that tho minority ro-
port DO adopted. The motion wa8 seconded By
Mr. Rumaey.
Mr. Clark ono Of the. Committee, SAID 1t
eeemod 70 him tue Clearing nouso IN nnd heon
doing al hr. hunlsoy wanted done. ihe bllea-
neRs OF THO committee was to mako report 1o5
the present meeting to act on. ln tue iimltoa
time tho COMMITTEES bud, having only, met at y
o'clock, it did NIL 1t could and tho members would
like to have tho matter discussed. aud new ideas
ELECTED. 10 adopt the minority report was SIM
ply going over tho same ground AGAIN. and lead'
ing to Tue cholc9 OF now committee.
Mr. Rumsey thought those remarks pertinent
There were many valuable ideas III tho majority
report, put as nc could nos pee MS way clear IN
Bome thlngB no mad submitted the minority re-
port out or sense Of duty: ,, stu Ae would li2e
to hear tho majority report discussed Ho him m
Bolf might 10 convinced, and 1t Was u'le TO the
Committee to considcr what they lad submitted:
The minority report Rhonld not DO adopted o.
once
II agreed, eEen III Tue limited tine thoy had.
Mr ieereoau H noReu na moHon aipI, "omid snid
prevail. me minority report slhpty snIa si,[a
y Waa ues'taple 70 auoPt u pau so1neWhas Ahe
tue NOW ioTk one out that they were not agfe,ea ,
as 70 uetaslH. LINZ "As tue coHultloh VI tne
Aasocatloh, lof II was not ynt quite asreea as TO
the oetal'a o. y plaa. Whon llB notlon "as
agreou to. he shou!a move to taHo up tao oeAef
THE MOTION AGREED 70.
His motion waB agreed to, and the majority
report was taken up in order that it might be
voted down or amended.
| Mr Graenobaum said that, the idea Of issuing
| such certificates having boon approved. how
was It as to the security of his plan Gould
they issue ono vufo In oil rospaets, and
| bolisyod tho one subn1ittod would do It. Thov
could appoiut a good committoe Of trustworthy
mou to supervise tho matter, and . oail-note
tbus guaranteed was sufficient for all purposes.
n Inv com]d rat IS nor cont on A. wbeat recoipt,
| tiley rocardod it safo or whom they geyo Is nor
cont on Cook County bonds. They would hive
certificates running for short time, which could
| be caghed ut ono DAVIS notice. II any ono de-
nna;taf 11b nm with him he was individually re-
| snopBible for It all but il aty ono had S2j QUO
il Cloaring-Houso certificates. aud vas called on
! for money. all tic menbors OF the Association
could respoud, and 1t would bo but ~ per cont
~, ZACH 1nonGer. i man who had $50, 600 OF
certificatos issued to him paid up Only $1,000. It
would create an additional currency, bonriug 10
ner cent interest, payable and col!octabo at call
Ha wanted nothing Iottor in lis vaults,
HOW ABOUT THE 1NTEnesr.
Mr.. Iyos wantod to Know Low thoy would man.
aca about aottIiug lie lntorost. "e' '''''''
H1r. Graenebaum sali oyory cert;6cate would be
reristeroI. The Cleariug-fiouge manager know
wGorc thov wero lolIred and ho woud mako out
H. ataIomant and c!,orua f1,o in mr. cant r. thn
aU haUre oni;t1ad tn i Mr In Koveu cnn;d fSouro
T. n,t to = cent. Tn wonld know inst how ioul,