The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-26

accommodate their customers and the gen
eral public banks, must keep large amount
of their available funds idle at the COM
mercial cmporiums. The accommodation
to the public, then, if we are correct, Is the
only reason why deposits are made and
checks or drafts sold These banks be-
come and are. to all ntents and purposes,
depositors, but still depositors who arc en-
titled to more honorable treatment than
the ordinary run of individual or company
depositors. This is so, because they are
not alone dcpositors in the same sense rs
others, but, also, because they arc acting,
in n certain sense in fiduciary capacity
for Others. Funds are sent from the
country to meet checks which may he
drawn. and every dollar thus RENTED adds
to the commercial soundncss Of New York,
for instance. because il adds to the volume
of currency with which the city is sup-
piled. II /. sacred trust however, and
all demands upon this trust fund should bc
promptly attended 20.
How Ito these New York banks respond
to the trust and confidence thus rposcd in
them? We are told. and there is no qlics-
ton about il, that the presidents of these
institutions have held repeated meetings to
devise ways and means 10 furnish the New
York bankers, brokers. merchants. and
business men generally. with currency. or
that which will there answer in its stead.
so that they may suffer no dctrimcnt from
the panic. But how is II with country
banks. which have deposited with them. in
trust. funds 10 meet certain wants and con-
tingencics: Upon Tuesday. drafts were
received from the country, drawn upon
| funds placed in these banks to meet the
same. to large amount. and presented, in
due course of business, for payment and
how arc they met Instead of paying
them at sight, as they were in honor bound
10 do, rs they had agreed to do, as they
had been provided with tic money to do.
and as. unless they are in a crippled and
failing condition, they must have had the
funds with which to do. they hastily call u
meeting of bank presidents and of the en-
ccutive committee of the clearing house"
They assembled, Wednesday, and we are
cody informed that ''their action gives
universal satisfaction What was this
action? They resolved not to ''lct any
money 90 ont of the city" This uni
ycrsal satisfaction. is we presume, confined
to the universe of New York city" 1t is
to be understood we take it. that the ma
tional banks outside of the city. the over
two thousand private bankers or banking
houses the twenty-five hundred banks in
the country including both national and
state--are somewhere outside OF the ''uni-
verse" Other portions of the country need
money just as much as does New York
city. When it is understood that some
four thousand banks and bankers have de-
posts in New York. some idea of the cnor-
nous aggregate of country money there de-
posted may be gained. yet the depositors
of this money arc deliberately informed
that they cannot have any of it to take ''out
of the city" but if they will use it there, so
as to help New York, they will, perhaps,
graciously give them their own. and there
is universal satisfaction at this dctermi-
nation. When the Boston banks undertook
to dictate to the country banks, some years
since, it Occasioned universal satisfaction
at the universe of the Hub" but the coun-
selves Umvcrsa ' sslt tfa, core Fl III ''N New
York may lead to the same results. The
country must be accommodated as much as
New York, and that city is as much if not
more, interested in the financial soundness
of the country and our business and COM
mercal prosperity. as we are in theirs.
New York is more dependent upon us than
We upon them. and country banks and
bankers, we do not believe, will take snlb-
bling or dlctation from the banks of New
York any better than they did from Boston