The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-25

a hoH ktuu u unAnclAl lnAltuIiOn mas
been started in England called 4 "cheque
bank" the effect Of which Is to make 0
larger circulation Of bank checks in place
Of coin, thus inone sense making an in
creasing supply Of currency, and econo.
MIXING the use Of COIN for all small pay.
ments. ,To'ihe small ,tradesmen, artisans
and other persons Wh0e accounts are too
small TO be very dsaIrabIa To the larger
commercial banks, its 'conveniences are
very great It's peculiarly Is. that, in.
stead Of being 9 competitor OF other
banks, it In fact co operates with them, 50
that all the other metropolitan banks are
practically rnade branches Of the cheque
bank. Chambers Journal gives the fol.
lowing dsnib oiis operation aiA3 7 aCt
'Ar When any money Il deposited, the
only receipt given is q scheck.Book con
tanning checks Tor the amounG lodged.
The largest amount TOR any one check
can be drawn 70 Rl0d II we deposit 500
We receive a check:bOok containing ten
checks for &lo; we may, however, have
twenty checks for ,e5, or one hundred
checks for 81. Now We can draw only
10 the amount OF our deposfs, and no fur
ther, for, In the corner Of each check, its
value Is perforated In words, thus being
indelibly fixed. In this way 1t ia sheer
lmpossibility Tor US to overdraw our &C.
count, for, though we may make out q
check Tor any less amount, than
that specified on it, we cannot
for 9 greater. This 10 q great
advantage, as there can never be any
check returned to the payer with No
funds Inscribed on II, as too often In the
case with the old system. II, then, we
make out some checks fof q less amount
than that specified, there must be a bal.
ance standing at our credit when the
check.book is finished. This we may
have carried on toward new book, or
II we like, may draw 1t, on guaranteeing
the counterfoils Of the old check.boolS.
All checks are made payable to order,
and are crossed besides; 90 that, before
receiving payment. the check must have
been Endorsed, This puts such an eftec-
tual barrier TO J Unfair dealing, that the
risk run by the Cheque Bank Is compar.
atively insignificant. Each book Of
checks contains ten, for which the uni
form price Is one shilling -tenpence being
Tor Government stamps, and the. old two.
pence being divided between the expense
OF the paper and bank commission. The
way in which the book d Kept Is peculiar,
and saves an enormous amount OF time
and trouble. Instead Of each check be-
ing entered In the books some halI.dozen
times, the total amount only OF all the
checks paid out Is placed ID. the books,
Andto avoid all risk, the checks are 50
carefully indexed and put past, that tan
years hence check cashed now will be
found quite readily; also their checks are
cleared daily, thus avoiding the necessity
Of passing through the bankers Clearing.
House. II. [ggiE ftgl al
a The leading peculiariLies Of this new
Institution ares. 1. No interesti Is allowed
on deposits. 3. 1t does not keep its own
cash. 8. 1t tranacts no financial business
whatever 4. Being intended only TOR
small accounts las no interestis given, It
Is essentially . bank for the million. 5.
ltdiscounts no bills.
5 "The sources Of profit TO the stockhold.
era are: /. The interest on the 100000
reserve fund invested in government con.
sols. Large returns cannot be looked for
here, as the best security, and otEhighs
per centage Is sought 81 The, dividends
arising from the Investment Of The depos.
its. 8. The interest on the money depos-
tied daily in the. banks with which Il has
opened credit. 4 The balance Of the
shilling paid for each check book after
deducting tenpence for stamps and the ex:
pense OF the book" , "IGT ,gLLIN.