New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-15

many dahgpra of ihs plan IA u pnufa ndnprmnh'H 'e
killing, ahd that u onnFs trmptins facilities tni dhr
thlnl hualhras 80 NllhW' tha hn,e =. "" p', ~, ,t
busness o banking during the panio that there vac ah
unavoidable diacuhlinuhneu OF this pfarlnr "l "hnh
aud oreing such checks 10 tho deposition Instead OF as
dcuosts OF the banks ana al the time sunleotns
the hanks to he drawn upon for money not received anu
days aud suheotng the bank 10 Keeping reserve OF ~
per cent OF the amount even when not drawn upon Nv
the dep0sOrs The practice of rec wing such ohevsH
has led % large Increase Ia their amount. RENT
tauce- from the country that used IN drafts on
NewNoik or IN money now sent In checks drawn ON
from Maine to reXas, which have to ne
mcG s a.. the T should have been at & 5y drafts on
city OF New-Iork. The expense aud delay are not me
only evils In the case but the usage places the
the position OF lenders Of money without interest anu
without knowing any ming ABOUT tne secu ,r who
checks are deposited with the receiving uieIs, va"
know little the dealers and neither dealer nor
teller knows whether the chick L. good at the bank ~
drawn upon Inc pfactce u OF 10 pehlt 70 s5nt In
bic dealer, for II his balance l. all the time sucleus W
cover the checks while collecting he IA not oehen.eI
bv the apparent increase deposit while the bank 10
put the needless expense OF taxation and reserve ~
the collection account, where they properly heIohe ~
depositors should object to having the pans
they deal ia unsafe by any such practice Durhs
unwi.e enough to initiate the practice to refuse TO con
tinue IT, and the banks rave several times been con-
PEELED propose the adoption Of the rule recently unu
discussion at the New YORK Clearing House. eIpelng al
banks from it. privileges credit cash thaI
not payable through the Clearing House. 10, rroed
NewYork Is concerned the usage has as uT
it, present dimensions from the habit into when eo
fallen OF rculItlhg ~
stead OF 10y bank drafts collecaDle III ,bcrebv
f. no Justification for that custom he rehitler % ~
cck has to be sent the place OF issue 10 be col
lecied through a bank draft. which could easily usHe
abuse but it would be well Of business If they
10 avoid threatened INCONVENIENCE anu eAlcn'.'G
insist as far possible tim their country correspond
ent, substitute bank drafts NewYorK for their own
check in making future remittances. Perhaps might
be- well FOR the banks, by consent. TO enforce
this rule as far a. they can
HOW TO ESCAPE RAISED" DRAFTS.
The next paper presented from Daniel Geary
cashier OF the Rational Bank Of Albuquerque - NJ
on Raised Drafts The paper was - follows
Having been compelled. like TOO many 9ther bank
officers. give 10 The subject Of raised p'uh oi'lt,
reached the conclusion that there r. no fuch thln2 a. an
-olute safety under the present ~ STEM anu ,a, %
ASSUME great risks u such matters. or handle dai ohN
,fi,d I'm co-e OF loss This method or plan. 10 me.
appears mpractranr, because frequently pcr-on' vel
ana fayoraby known may inlorsc' or present l3t Ply
one possessed OF honestly yet should the drat prove
iraudu would bee unable 10 reimburse ie BANK Whcn
adva need the unds' and .ucu dfit may pass nouEn
numerous hands, and win Ierhaps dozen o.. Nor,
iudor-ers before hnal payment nH tsr ui'"rg @,H t
pei sou can Say where the. LOGS VII iaii ', l,uS W w.,
u ior-crs may Ice irresponsible. Under ur'' ciIcuu-
stance, 70 strikes thtt secret cipher code Ehl u'
adopted ht au h1o@- ana uanh'I, t,, ,i y, ,,.s,
printed ana circulated under the authority "I lui ''o
authorized 10 -ru drafts and O. Ds on behalf %, any
such bank The cipher indicating tlc numncr %. nun
to entered upon tho fac. or back or every -u' di'
This book pamphlet o 'c sent to a banks ON pay men.
f .l..,,. in, I, ,.,.e- of doubt or when
drafts presented bf strangers such system "onN
on, amounts and ob,i1tc tue necessity 81 telegraph
iu to l4,rtiu toe tf,i, amounts Al changes s.Eua-
tura. o' si-uur officer. fo uc report mon hf 1u DIS
.rneme to some bauk officer of Ncw-lorF OF lonr cT.
pcucucc for Dol. views or io mr me rhu io'hs i'','
aud o' great utility Ihc cipher could no changed ahhu-
ally % deemed adv is1hr.
oN CoHroRArr ~UErTYsWPs.
A paper vat prese tod from C. neral Richard 4. ~
mer la pre-idcutof thelr. Na ioun Bank OF Waverr,
New York ON Corporate surety ship" The paper said
b. parIi
bog leave ~ invite you at'cuou 20 the prqc'ic adj
Surt Igct odriod b, sy TEN OF rpota tIot''Np,
vhicI srlpuN -uucrscdiuR hr ola i uod' "l V'i'ol'
On c.irs ion this Try. RE larry 49, ppNcd %
the quremrnt ofhaus-a neiug h7 buttons ~ lh
tc rci ,vo the onicnso Do anh IRON vrca Yea ot
rau Die ono dg1 59a nee ' ,s. IN solpn '2"e
formed To- fhr toutIu .Oiycnry ana ahil "i ludl
yidua sure ios To moo thcir 900 ION. oul1 LAIN
for os' arise 30 Ia sup.u uung now -urr,.'
wmn tho orsnN on dl w.t. hi Aw or be
h,b aod Tangible ,oua o. security nm TIA Of private
-uro ysulp "b GO s an tod oy do' d, - 81, and
otrr 'r.nn tanco. i"g ns r NO 81 ,0. r,r"etsT
n ", G.ter dian tic innnc e.. of purely private
IAc .uu vance and o. Of -cc.Ig snre.les Oh tue
1ue hand aid oi being ask d TO become ;ur''y
fhe community, and VIA "rllh III. u .lup.
e,sryooit anew nj uld va 90 eve ynody lse mas
lc uu ron and veKat to large degree IN Ia -e
city ~ small mount ~ ms , D.. IT q &C. ny O,
surcue-, VINO ofen ume obs to"s when ney 'honi-
NOT inclr a4d canno aH,rd 10 di 'AtiEe M4u! ,T
vduals yield oIup rIuty agu 81 trr be yer Juus.-
ncnt d out 4 kinInes 10 hc friends forget IN Do
X tons to IeF idMil s. u ICES ms H. o. +, i
r. sd with Ide that ere 10 prob Oil O theE
% bond Co porate suretysi9 has oren tn on
syst,m OF suretysHp n LuslAI' ,o' ., III tt r
commuu ~ Ia = sure me ,ns o. sr tp oteciou Tue
security Oheed Is b ter because II rs tur
~ .ffI Y.arIu. III. 4
r. III p, ia f 40 ne cent ~ All premium recei ed
III ~ u a tI - U.i',, nm he INN t,tc super
vision OF o autho lies, its e. nuous so yency l.
assure AMI its .s,e reality "NaaO t Iue e1 eft o.
ia seclr Is ere IRE pIac 4 bcyonl doubt The cor
poratou .ct surely o Gus ~ 3 rnclpea' 'u WIN
Tie ul ow edge in the uatur, % tniu-s e certain
pcrceus r. OF he mount "a ion % a. unrs VII
become cl inns or % 'rmnlty. pr mi iH rates are
care ally c.nputeI and e, aol ned IRON long Z e.
ence On the p iycu If tue ltAs OF average whe s
fis1s r. - Isolated and r-fore not subject to any
and marine isurance co npaues
THE PREVENTION OF PANGcs.
John Tnom son. OF NeS-York. addressed the Conven-
ito. Oh The eyeItou Of PIncs" He said:
Three wear. az, { our agara Cow ntion, said
Nv r stvcy 90 90 a. T. AM II iS .hc par OF
wi-doq a d go ceiye u but our duty. TO put o.
IN. brase." lhat tn, wreck VIII Il IL uOrs N, may be
the less disastrous Tn aAtc pated tenysar nc =.
com- and is passing ava. h pc am tust th1t ~
aou me- III Al raj the vision ma -ufii
ciently culm!natei TO teac us many gJoI iea-ons
Among ohet ,hngs. may lelrr q III L one extre4e
ollo sd by op 1osite The Do'm II ISL,
1879 1850 but IN Tor runner OF me
recent disast and depurable r-act.n 2 Great
pr ,sp,rity dem0ral ZlC | stimuli tn almost an
al desire 10 get rcA IN haste commercial and duan-
cil gambling gov rank opening broad road, dOuD
track down grade 20 ba kruptcY deta aton. dOmestc
mserya and ide 3d. q Od often lose their |
Read Ia ooom." exempnn by the untortu ate po
.ilOs OF a humble o. p-omiAe q nk official. ia New
YOra city, well a h ldr q more b. kers, aud |
hundred merchant The prevailing dea Il that
their heads IA panic; the panic Onl develops
tu- IA that they lost th II hea Ia the "bo uu.
a. Bank Ulcers IA manage their bank and live on
n ir salaries DepusilOrs and stock Oid"rs forfeit al
sympathy n they tolerate specu ing official 10 stay
one Iuuf Il charge tner et-. Turn he Spectator
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