, 1873-10-03
currency VS.. Laall:certileat;;s s.'a' ."'''Fs'"s'
~ up Notes Not p!'s. ', Employers
awl .nnpl'yed'
.o,l tllat Congress To Convened
se"eSh Extrn Session, and I.egislato 3
FOR tho Immediate RO.
sumption Of Specie
Payments.
spoiled Iobs...perits Of NEUTRALITY-SUSPICIOUS.
Tho Question Of Governmental for
The Northern Pacific.
Currency va. soat,-Certjficatos.

And i've wcro wso, and five wero foolish.
They tint were foolish took their iaups, nn took no
c ut ss e 's %lsd look o III nolr vessels with their
tho bEassoe% % .ssr'f .4 tnss w. a. .ry sgsS5sa ss
"nehofi tho bridegroom eonoth ; go s' out 10
Tlion nit tioao virgins nna trlmmea theis
tas. and tho foolish ga unto tho wtso "aivo us Of
four otl !; for our lnnra hive go',o ont" -. .,...
c us nut 'an eo Mi1 for s n yS but 90 "a rather
tllcm that soii, anil bug for yourselves.
10 tic Editor qf Thc Chicago Iribttnc:
Sir; Tho above passage Of Scripture WIS Hug-
gestot1 to tho writer's mind i'll nomont Of mot-
Lation, upon tho notion Of some Of our barks,
and especially upon the portaa OF articles u tho
pnpere some 1ay or two since, signed by AN
Old settler " and II Merchant" 10 say that the
writer docs not altogothor agreo with tho gentlo-
men roforrod to, would but family oxprcsH tho
difference Of opinion. They have takon pains
almost to yilify some Of our best cttzens, and
especially two of our most prominent baik-
Presidents; nnd Why2
A gentleman (yho has jnst written his own
obituary. who was tho President Of Tho largest
banking institution, Of tho Northwest submitted
to tho mombors Of tho Chicago olonring-
House n p1nn Of action similar TO tho
ono adopted by tho New York bnnkB
to meet tho difficulties Of tho hour,
Tho fcnttro of the plan WAS, that any bank hay
Ing my indebtedness, 1argo or small, should pay
such indebtedness by giving to it's creditor cor-
tincato Of said clearinghouse ; and That tho
sad creditor should accept this cortidcato as full
pnYmcnt Of this inaobteAness, It being accozn-
paniod by certain kinds Of securities, said to be
available for tic faco OF Tho certificate.
Tho representatives Of the Merchants Loan
e. tlruat Company, Morchants' National, Corn
Exchnngo National, md soyeral othor Of onr
most prominent bnnke, coull not aco how this
would accomplish tho desired ond, land, being able
TO pay dollar for dollar, simply solicited the
privilege Of paying tloir dopositors tho sums Of
money which thoy had respectively intr,lBted to
s banf" t% Gr dssa sssh0spsg M tss S
these gentlemen TINT tho responsibility Is
prato with tho other banks Gin not payng sho.e
erosors is only to 20 measured req ya " lio fl sa
tlor" declares it Is tho embodiment Of soltlsh-
ness In a1l itg features.
Suppose tic plan hna boon adopstod what y i
woull haye been ts practical worEnEsf; a9 a. .no
ngainst one Of tho weak institutions, aud to"
morrow It occurs again, and 80 OIL for Wooks.
Tho banks holding this indebtedness are given
secured hy DIE d reseiystG e
and " Merchant" think tho trouble is over Not
30; tho strong hanks hna in . short time they
have been pag Gut ~ IT. their saca mGasssa ssy
secured by bills receivable; and now they mist
realize; thoy must got back thor money BY sell
ing thcse eeeurtica. Is it necessary. to ask tho
business mon Of Chioago how much in currency
so"4 bnnk gs nav f1s av nr sroante
50 sents on tf,o Iollar Tic banks af Now York
daro not attempt to realize on thoIr oertiioato9
OF the seeurities for tho same they continue
inSiriapna iair Tat se,nehIus may turn ap." WI,
is it impossible to soil New York exchauge II
Chicago to.day2 Because tho banks cannot sol 81!
1t in Now York. unless 9! to p per cent ,ans atv
and ara giving, Q to + per cent for currency oyel
pay the balances Of Western banks. 1s 1t r1gh
from Iowa, who has 1000 to 100000 IN q Chi
caro- bank ns currency, that ]le cannot hayc chr
rollcy, but lnuat take certificate, or promise tt
nay, which caunot bo used unless at per con
OIL lis deposit to ,get back :, WbH d,;
s. ssssR sey'' and n''' sssssS hssn ssS 8 5
certificate syaton, mud by the aido Of every banl
Working VI Ii the intorest Of that bank. buying III
own cortiacascs at to por cont discount. AM
tie gallant few who fought against this sulclda
systutu nro to ha tornaod "Helhsh. "dogs IL tn
~
o1ae Rnt solashnesa. From tie other siio thin
tere Is tse groatcst nolilslncsu Tho ntropg ar
asked to giye their 1nouey to tho woals, aud Tux
u H. g yiss Sssan w;1a n oro asod 10 gye Of thor oil
.for ia our our lan1ns ayo gone out" Thank God 10
such MOI, in thoao tinlas MS tho officers Of til
hnni;a Who on,,oBed this plau,
Whv wns Il. wlou Tie r,1n was begun upon til
Corn Exchange thut its chief tlopositors felt s
eonnjont. and determined to stand by tile banl.
Hncn,,He tbcy heard Mr.. Hutchinson Hay lie Wolll
ancriiieo Mi father than that tic bank should fa
Ter in ita duty viz: to pay overy deposition ovor
r. i,iar aud Sol Smith declared in their ilr1
,ynv. HWo hayo maid, ,5o Gun pay, and wo wi
pay'h Aud It is from this uoryo displayed by
fow banks that coulidol,co is being restored all
'fho inrl1neBa ia tlieuppeariug. -
II Chicago had adopted tho plan Of cortll
nosfail in Chicago lanlia by tho pooplo Of til
Northwest !? Not q dollar; but what lloy ha
here would hayo bceu rapidly withdrawn. Why
Simply because thoy would ARvo Vao"ea u ~