, 1873-09-28

bankers tho money they required to movo tho
cropH. There WINS unitatl action among the
bnuks NJ for a. tloy a8roed.
tV oEnT1P1CATEs AnE 1BsuED THIS DANK WITH"
DRAWS.
II the Association iaauol cortifcntoa, his bnnk
would withdraw. 1t could incot NIL its demands,
md ho lid not acc why other bankB alould OBJ
Ject. Ho waH not fighting tho resolutions. iio
sIfnpiy said ho did not want tho oorsiiicatea The
ration. But tho pooplc must hayo tho money.
70 prevent the breaking down Of tho country
corrcspondensB, thoy should lot them lihvo their
due. lio wanted to bo llntted.
Mn. unEEsEnAuM oRoss. QUESTIONS.
Mr. 0rconobaum inquired II Mr.. blair did
not think TINT there must bo a certain amount
Of currency Clearing 1louao bafancoB.
Mr. Blair said oyory bank must hare surpIi1B
ct mgn9y s sHyors hundred oayanh aoas I9y
day without money. 49,
k1r. Groenobau1n asked II drafts drawn by
country correspondents oAnlo to tic city and
wore prcaontod through tho Clearing House,
would not hia certificates pay thom At tue oloar
Mr. Blair aaid RHO could not be mado to
apply to nil chaoH. II mans check was pro-
Rortod Il must DO paid.
Alr. dreonobaum said that in Now York they
wore certified "gooq through tho oloa1ihg-
House,
A DEFENCE OF CERTIFICATES.
hfr. Clarke said tho Committee had mndo
these loans payable on demand, on r., ono days
notice; strictly demand lonn. Il,oae s, ,ao Mho
afford to wait twenty-four honra: Mr.. Dlntr
know tho trouble wna owing to tho lack OF cur
roncy: 11o know there waa good orop that
tho whoat crop would mood. $50, 100000 to ro-
move. uithorto the crops lad beon r., removed BY
planned. What institution in tho city could
Inovo tho crops? Theao banks hore could not
tako tho risks, for thoy might want their money
for their depoBtors. II these certificates could
safer security bo found 1Iero waa good
noto, and tho responsibility Of the bank on top
guaranteed. Was not corn at 25 por cent below
value good security? Mh1t It, wa TUG a,dsI risk e
they made him soouro If there was no risk,
thon oil theso mon should como In. Cook Coun-
ty bonds wero good aocnrity, md 80 Was gold.
10 meot all objections, 1t lad boon mado tlmo
loan with 25 pcr cent margin.
MUCH MONEY, puT NO CONFIDENCE.
Mr. Blair said il d man could not pay today,
tho presumption WAS ho could not tomorrow.
There WAS mood Of money. There was as much
as month ago, but 1t waa boarded up aa It
"bills recoiyablo." Lots Of them we're going to
protest. There were heavy collections for East
orn banks. half Of which would not be collected.
Tho trouble can1o from not paying tho country
banka. Tho crop could not DO moved,
becnuse there waH panic. It was
lonostor for d banker hero to give tho
country banker his money evon If It led to
fnure, for otherwise the reputation Of Chicago
would bo ruined, and they would mover got Any
credit again. He did not want to como, but he
had to. It WAS hiB duty to oxpress bis opinion.
EVERYBODY B1NoEHE.
Alr. dreenobaun moved the adoption OF tho
report. He waB auro Mr.. Blair waB sincere and
logical in what ho Haid. It was sound from tho
obA -SS,t
you Ind to stop. But other bankers had diff
feront standpoint, hnd not 80 much money mud
would not be SO long in getting through 1t. All
he wanted wan a general consent In tho sincerity
Of ono another'8 motives.
Mr. numsey would like a little more talk (thia
WIS 10 o'cluclt) 30 he moved to take it up by
sections, in order to discuss aud amend it, ro-
serving the right to vote against the whole Of it
II 1t did not suit him IN tts final form. He
would like to try his hand aud Heo ii he could
not improve soma OF tho sections.
DIRECT VOTE WANTED.
Sol Smith suggested that they had better votA,
and not tnlk till midnight. They had had meat
inss enough 10 decide something. The question
Io hoped all pending questions could bo with
drawn and q vo1o taxen on tho naked question
Of Issuing loan certificates. Then they would
know where they Htood.
Mr.. Groonebatln, withdraw Ills report, ind the
question ca,no up on mr. Smiths Suggestion.
Mr.. Nash failed to SEQ, even il they had
certificates. whore they would got money to sond
iuto tho country. How would 1t be Of any avail
to move tho crops7
lii. LoEwENTnAL.
Mr.. Loewentilal said one question had been
overlooked. Alr. Blair said cnrroncy must be
sent to country correspondents. That WAS truc.
But how did Now York stand now? Quco II Sup
piled us. Now it did not, Binco IL had not it to
send. Did not Chicago occupy tho Bnne posi-
ton to itH country bankers Thore was cur
rency enough, if not locked up. It would como
when Now York lot 1t out. Tho certificates we're
merely temporary roiof.
came to DO locked up.
Mr. Loewenthal set it down to lack OF conf
donco.
b1r. Blair snid IL would not be restored il Chi
cago banks did not pay.
ANOTHER MAN THREATENS TO WITHDRAW.
sol Smith was willing TO do anything 10 Bur-
taln our business credit. but he did not SEQ how
general suspension and loan certificates would
afford relief. A daft on Now York had beon Of
fcrod at per cont discount for currency. A
ca!lod on him for $4,000 for bis payroll. How
could the speaker pay him and replace
It, except at q ,prcmium Of per cent j?
It was Impossible for Chicago to do
IS they did in New York in tho
use Of loan certificates. How could they GOT
! along for q day BY paying checks with loan cor-
tificatoB good through the Clearing -lIouHa AZ
for big bank he proposed to pay out every dollar
hc had 40 long % checks were presented, aud
then 60 into liquidation. Ho would not run it
OH tho basis Of d dopreciated currouoy. In ono
| week, Oh His houor rs d banker and man, it the
bankera stood up, thoro would bo moro cur
roncy hero than for twolvo mouth. Eyory
| cAook presented at his counter Saturday
! Ind boon paid, and tho deposits made
good about two-thirds or Ct per cent OF
what Was drawn. Ito regretted to differ aud op.
pose any plan which seemed to look to ro.
iiet., lie had large stake in Chicago, and
would do ANYTHING but llo did not 500 any propo.
stion which would enable him to pay his credit
orH, 80 it tha Association paid loan certificates
| Ao must Withdraw from it,
ltr. Groenebaum wanted to know Would the
interest Of Mr. Smiths bank or tho country Auf
fer if Mr. Smith would try tho experiment for
| day or two, aud only withdraw il disappointed
| provided ho could not get tho currency or cor
| tticateB.
Mr. Smith said It was merely call loan. FL
had plenty In ls bank, but could not get All,
money gu them. Tic Ind no objection to at,
plan which facilitated settlements at the Clear:
ing House. Io would Withdraw il the eersia
! cato busluosB was agreed to.