The New York herald., 1873-09-25
The Bank Presidents.


Yesterday morning meeting OF the bank presi-
dents took place in the directors room Of the
Merchants National Bank in Wall street. There
was full meeting, and Mr.. Vermilyea, OF the
Merchants Bank, President of the Clearing House
Association, had the chair.
The CHAIRMAN announced to the meeting that
the entire $40 900 of loan certificates had been
taken up by the banks and moved that an addi-
tonal $1O Oooo 900 worth be issued. This was unani
mously adopted.
The following resolution was then offered and
passed.
That checks when certified BY any bank shall be rst
oe'' moase'" 0' "'''''A '"'' '"''-s" vic N'A''"S
A resolution was then offered, which read -
for a1 % odsT to to
the Clearing House Committee be authorized TO purchase
procure tie redemption OF the same by the secretary Of
hs III the 3s TO Ss
OF the amount Of their deposits as shown
authorized the share of each bank by draft in
the usual manner
consider himself special committee to find out
where such bonds could be had, and to invite par
individual in the community, and report the result
to the Chairman OF the association immediately.
II was also resolved to meet again at hall-past
three in the afternoon.
The following important resolutions were then
adopted
Resolved, That the President of the United States and
the Secretary the Treasury be solicited chair
man Of this association by telegraph prepay the out
ishdnS s one' states 00na' au' on the s OF January
The following resolution was also unanimously
adopted
Association in order to aiiay public excitement and to
restore impaired condolences have united together by
TO that end have generously renqusled Tor the COM
their % e wosa
be maniiesy unfair that any member declining to parti
credit reputation in the business OF the community by
:, Resolved That any member 50 conducting himself
s a Ss the em Of his f an
upon II shabe drawn by presentation Immediately to
half of the association.
The meeting adjourned
Interviews with Bank Presidents.
A HERALD reporter called upon Mr.. Shepherd
street. and asked him his opinion OF the additional
issue OF loan certificates. Mr.. Knapp said -
:" AS this IS currency entirely among ourselves
nobody can be hurt by II, while it vastly benefits
us, allowing us to make our clearances without
trouble, when there Is 80 great stringency in
money. The additional issue Of these certificates
simply means that the FIRST ten millions was not
enough. 1t has no further significance, and only
shows how useful this measure has been. Indeed,
1t has worked to charm. You see, the govern
ment plan OF buying in ave-twenty bonds really
uoes US no eoou we nave not as RUE, any gov.
ernment bonds to sell, and the main part OF the
money realized in this way goes to the uptown
savings banks and to the country banks. know
OF one man VINO got $500, 900 from the Sub.1reasury
to-day to send to savings bank in
Buffalo. he wanted half million, but
General Hillhouse said he had enough.
in their bonds as quickly as possible to realize
upon them. SO you see that we are not helped by
this action OF the government to any appreciable
extent. This is why all the New York banks have
determined not to pay any large checks. II a man
comes in who really wants some money we give 1t
to him. but II 1t is to speculate with or TO lock up
we refuse to give greenbacks, because II wOu
soon probably exhaust u.s."
The President Of the Bank OF North America ex-
pressed himself to the same purpose. He said that
the city banks would first OF all protect them
selves For man who did not need money for
such purposes as paying on his men, or some such
necessity this, could do just as well with cer-
tined check. The speaker had seen check for
So 600 refused in greenbacks for these reasons and
the North America would reuse check for $1,000
under like circumstances.
Mr. Tappan the President OF the Gallatin Bank,
said that Tor such business as the banks had with
the original issue OF So 100000 In loan certificates
had not been enough, and, indeed, when origin
ally contemplated, $40, 100000 was the sum fixed; !;
but IT resolved TO try na OF the sum as an ex-
pertinent II mad been 80 successful that the other
$40, 900 900 issue had been resolved upon IL was
not probable, however, that 1t would Oil be taken
up. Banks would apply for more when they felt
the necessity OF 1t. AS to the TACT that large checks
could not be paid in greenbacks that was natural
enough in the present monetary .tightness and
would continue until II was over. No bank could
pay oil checks IN greenbacks at present
Afternoon Meeting OF the Presidents.
| At hafpast three In the afternoon there was