, 1875-08-05
THE CHICAGO TRIBUNE: THURSDAY, AUGUST 6, 1876

nearly 70 that sum ~ It tn practicable to rnaks
them, tho bank or htntelf paying AnY differ
enc4 In currency. Without stattng other de-
ta!Is. .be above IA .ulilc.cnt 70 giys general
Idea OF tho plau.
TNR ADVANTAGE.
"Ths advantage 10 tho investor or depoator
Ia that hs gets h.ghor rate Of interest than o
could upon deposit wnct, he might demand At
any time, together with tho best OF hocurfty.
Commonly an unquest!oneti security run
ming , long time, can BE- placed 1t = lower
tins. Ths reason Of this II we'll understood ny
at fnancie1s. But bore We bayo perpetual go
cufity OF tho first casa. paying IN e1cortlonnl.Y
high rase Of interest becatlee OF tho Immunity
payment in currency upou dcmAnd, or Al any
liked period Buch cortihcatoe, resting npoft
such security. ought to become very popular.
and wheFo the facta and tho institution AID 10
command their face in tho market, so that prac-
ttcally they would neyer ba presented for re-
denp.ion.
.'Of courss, Tue advantage to tho bank. In this
form Of deposit, ia. that It is exempt from a!l
liability TO runa In tina Of general or special
panic. II does not have 10 keep any money on
haud bearing no interest," or in bank bearing less
interest than It payH, TO meet tliose cor1ticates.
Thoy ara fedchmablo In curroncy only At tic OPP
tion Of the bank. or from money received as tue
procaeds Of its Recnrfties after demand ID made.
/ But in the securities tlenholscs. tho holder Of
! certificates TO q certain amount may demand
E8QaQ1ptlo0 Ak Aly II ID III tHbHEu III
| the midst Of the paniu, Toas ago, htnk
could have said to depoattor Who wanted hia
&o00, 'flero in I mortgage for 450'l into Hh'clI
| ~ put your money taKe this aud discharge ohr
| oblgatiop' But We need not dwell up ~ the
practical bearings OF tho nchemot which are
sufficiently obvious. We oulY suggest tllat naily
| arc beginning TO look With more or aeAs Of Rp-
| pfehsUsiOn upon the accumulated deposits IN
| savings bankB, ali payable on demand accord
e! Ing 10 the common understanding, costainsT
payable upon very abort notice. while tue eecur~
| ites hel1 to offset thta Inability Arc rcdeeMAble
! ali the way fun one 10 tbirt. years hencc.
| aft IL gratifying to see sarin2s bat.k man
! ager looking ip now directions fur tho means OF
sverling the cy,Is inscparable from 81 raufc or
! run, ~hetbor that evil coIueB III the form Of \
eae.ince Of securities, the lcas obi onnhle.
but still objectionable, form Of He!usal TO pay
In tho usual nniner, or w1thnnt notice.
"We know OF savings bank ofiicetH in this city
| who have Rtycn much thought TO this eubIec
mud they viii soc from the above that others tls1
are thlukiug upon It, and, undor less restricted
powers tliat aIe conferred here, are giving "a
1 tLcir thought. practical folm aud embodiment
t;tecimons Of these certificates can be scan Al
our Office"
The above ssticlo coming AS it does from &c
high sn authority, ia 70 Le regarded as htKhl,
complimentary to tho management Of the bank
Tho paper III ono which In regarded ns an hu
tharity In banking circles. and where savings
| institutions arc more numerous than they ART
hero. has largo circulation. 1tB sentment1
alouId he unde. e.etood in all ussts Of tie conn
try, Tor the bank aud its manager, Af. SSdno,
Myors, have national reputation.