The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-25

Committee reported that ten millio
dollars of loan certificates authorized I
be issued to the associated banks hal
been taken out, whereupon 1t was resolvet
that an additional sum Of ten million dol
lars be authorized. .s.
oi The following resolution was adopted
That all checks when certified by any
bank shall be first stamped or writer
payable through clearing house,. Th,
following resolutions were also adopted
That in order to supply public demant
for legal tender notes and renew the i'm.
paired confidence of the clearing house
the committee be authorized to purchase
only part of the $40, 100000 U. 3. bond!
and to procure the redemption o. somt
by the Secretary ct the Treasury, the ios!
or cost OF the transaction TO DC divided
among the New York associated banks
pro rata o. the amount OF thelr deposlts
respectively, as.shown by the return o
last week, and that the committee be au.
thorizeds to assess the share Of each bsnH
BY drafts N the usual manner. -
1t was resolved that each member 9 9
the association CONSIDER himself q specla
committee 70 ascertain wnele sucl
bonds could be had, 80 invite par
ticipation IN (, TINS eiiort. ,:o! |. ever
institution and every individual ~ II
the community TO report % Ihe commit
tee OF the Association io.aay. ys. .Le. !
The following resolution was also uaan,
imously adopted: That me fresiaent ..l 9
the United States and tne Secrelary9 9i !ne
Treasury be requested BY the AssociaIior
BY telegraph, TO prepay the outstahulpg
United States bonds due on the hrst OF
January, 1874. ~, /.
The following resolution was also unan'
imously, adopted: ..r..
WHEREAS, The banks composing the
Clearing House Association, in order te
allay pnblic excitement and restore the
impaired confidence, are united together
by combining the average OF their ag-
gfegate reserves, and to that end have
generously rellnquished for the common
good whatever superiority In position any
Of them possess over their associates, and
whereas 1t would be manitestly un-
fair, that any member declining
to participate fully in the arrangements
should receive q fictitious credit reputa'
ton in the business Of the community by
our self sacrifice.
Resolped, That any member so conduct
ing himself shall be reported to the man.
ager OF the clearing house, who shall
iorthwith expel him from this body, and
the checks upon It shall be drawn by
presentation Immediately to q special
agent appointed by him for that purpose
in behalf of the Association. ta5 llsr..v
The Committee Of the Stock Exchange
to-day sent the Chairman Of the Clearing
House Committee their views as to the
proper course TO be pursued by the banks
10 save themselves from further compli-
cations. and enable the Stock Exchange
10 resume their operations. with
safety 10 the banks themselves and those
whose interests they represent. The com.
mittee says:z5a. ia 'ls-I' -. ! .si,g,L -i4r
aThe trne p,sn in the present emer-
pency. in our opinion, Is that those
6anks which are content TO make clear
snces' with each other should, to the ex.
tent Of their associated capital, guarantee
the payment Of the checks certified to by
thebanks and allowed TO onter into the
clearing house. 1t may seem invidious
or unkind TO deprive any Of the existing
association Of banks Of Its connection
with the clearing house, but wesubmit TO
your consideration the fact that In the
present state Of affairs, II ID necessary to
have the moral courage to sacrifice the
weak members Of your present association
rather than have all the banks OF New
York suffer the disgrace oi o suspension
OF payment. Nor need this ster
be taken violently, 80 alto, cause undue
losses othose banks whom the majority
may distrustg Such banks may pc mott:
fed toreduce their liabilities and curtail
their engagements. Within 0 day or two
after that time, II the other banks will
adopt onr plan, we can with safety reopen
the stock exchange, first passing o law
that all transactions Of our members shall
be satisfied and completed BY check
on any one OF the banks entering into the
mutual guarantee. This would, at once
preclude sall1 demands for legal tenders
arising tout, toi 81 the,Y operation O
the stock exchange and manifestation
Of confidence on the part Of the bank
themselves, and q corresponding evidence
Of security ID the solyency Of banks o!
shown by the stock exchange wonld, In
our Judgment, 90 influence the public
mind that instead Of suspending pay
ments, our banks would be able 70 pas
through the present crisis with unimpair-
ed credit. To enable the banks wht
would assent to our proposal to feel tha
they are not entering into an unlimited
guarantee Of those whose condition ther'
Is not now time to investigate with accu
racy, we would suggest that bank clear
| ings be made an hour earlier thar
at present, and that on discover.
the Clearing House OF any weakness OF
the part Of the bank, the President Q