New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-02

the currency squeeze and in restoring confidence.
We presume it ia not more open to legal objection
than other measures adopted by the banks to meet
most unexpected emergency, and as q temporary
measure of relief, seems quite good as anything
that has been suggested:
TO the Money Editor OF The Trfbuns.
SIR: Allow me to suggest a simple remedy for tho
disturbance of money market caused by the
drain upon the currency IL Ia the establishment OF an
Issue department Of the Clearinghouse OF the Assooi
ated Banks tho Issue 70 be limited for the present.
you please to an OF ten per cent of the aggre
gated deposits OF the banks say goo oo
THIS would give 900 70 be instead OF cur
rency and might be issued In to t2c 49, and sioo GER
fcates secured by deposit of double the amount Of
good coateras The Clearing house should charge In
teres on the amount Of certificates issued the
cost OF issue and cause their as early prac
ticable.
Any city bank then having need OF such certificates
which would be received at any place in the country In
stead Of currency, would apply TO the Clearing house.
and upon lite deposit OF the stipulated security receive
an amount Of certificates sufficient to meet require
ments. certificates South and West in place
Of currency would be readily taken, and the banks
would thus be relieved OF their pressing necessities IL
would seems to mo- be OF the most substantial
aid in restoring confidence, aud currency which Is now
boarded gold in former crises. would very soon
be unlocked and flow into the banks which, their GER
tincates returned and having further for them
would restore them TO the Clearing at the same
time receiving back their securities In proportion TO the
amount of certificates redeemed.
lack OF confidence the scarcity OF currency,
and people suffer inconvenience which is ALB
surdy aggravated by groundless fears had occasion
to-day 10 use few hundred dollars TO pay of my
monthly bills, the bank, following the established
rule, refused payment. This Ia OF many examples
Of the trouble meeting daily, and strongly
impressed with the idea that plan substantially as
have sketched might be adopted greatly the relief
OF the community. A BANKER.
Netc-YOrk, Oct. 1.
The suspension Of the banking-hous Of Northrup
e. Chick was this morning announced. They did
regular banking business, and had no Stock Ex-
change contracts. Their Western correspondents
we understand, by the withdrawal of deposits. They
express the opinion that within a reasonable time
they will be able to pay every dollar in full, or so
soon as they realize their assets which In good
part are bills receivable.
The October coupons Of the Chicago and Alton
Income bonds, and St. Louis, Jacksonville, and
Chicago First Mortgage bonds, will be paid by M.
X. Jesup 81 Co., No. SO Liberty-st.
The Real Estate Trust Company will pay divi-
dend of 7 per cent upon its capital stock Oct. 10.
The Fifth National Bank has declared the usual
quarterly dividend of 81 per cent, payable on de-
mand.
The Philadelphia stock market is firm
Pennsylvania 6s 1O7; Philadelphia and Erie Rail
road, IL Reading Railroad, 81 Pennsylvania Rail
road 49, Gold ILL.,