St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-09-25


acts? AS to the first question, | have
sought in vain for reply. No lawyer or
student of law among the many to whom l
have put the question has been able to give
me the origin and history OF acts of legal
tender" Mr. Atkinson's paper then enters
eXhaustively into the subject, treating upon
the relation of capital to labor and many
other interesting points.
Prof. Albert S. Bolles of the University
Of Pennsylvania furnished an article on
Protection Against Defalcations. He said
that guards have been multiplied from time
to time with the expansion of business and
the growth of experience, but the defalca-
tlons that have happened within the last
two or three years have led many banker
to inquire whether it was not possible to
devise and apply more effective protection
against these unwelcome occurrences. A
bank can multiply its checks or guards
against fraud and error without mingIing
personal responsibility, followed, however,
by three important. consequences: First the
employment of more men; secondly, IN
creaSng the expense, and thirdly, diminish
ing the facility for transacting business.
FRAUDS AND ERRORS HAPPEN,
for the most part, among those who handle
the securities or cash. Let us consider the
the money of depositors to go through the
hands of two receiving tellers. The first
one will take it and count it, and enter it
on his book and give ticket for the amount.
and then return it to the dep0sitor, who
takes it to the second teller, by whom it is
received as we'll as the ticket, recOunted and
entered on his book. In posting such
deposits, it will be seen that an admirable
system of checks is created; for the keepers
of the individual ledgers may post from the
first teller'S record, while the general book
keeper may make his posting from the sec
ond teller's record. and thus a good check is
! established all around. Another guard
might be established. The depositor might
be required to make two tickets describing
his deposits, leaving one with the discount
clerk or other designated official, and the
money and second ticket with the receiving
teller. Then the general bookkeeper might
post from one set of tickets and the indiyid-
ual bookkeepers from the second set, and
thus
a GOOD SYSTEM OF CHECKS
be established. Another thing can be
done, namely, after counting the money of
the depositor, to return it and have him de-
| posit it in proper receptacle, and which
the receiving teller cannot open. If this
were done he would hare no money what
ever in his possession, save during the
count. But then it would be necessary for
somebody to handle it, and when this was
done the risk of loss would be incurred.
The details of various ways of protection
were given, in the main his ideas concur
| ring with those of Mr.. Drew.
A report was presented from Mr. J. S.
Barrett, cashier of the German Security
bank OF Louisville, KY, upon the opera
| tions of an important organization recently
established in that city, whose object is to
| give facilities to banks, and whose name is
the Bankers Credit-Liaoility association.
This society has been in existence two
years, and its success is very gratifying to
| its promoters, cOmprehelding almost all
the members of the louisville clearing
house.
AN ADDRESS
upon The Silver Dollar and Silver Certifi-
cate was then presented fIpm Mr.. Franklin
| Haven, Jr., president OF the Merchants
National bank OF Boston, and formerly as
sistant treasurer of ROstott, 81 introduc-
| ing the subject it stated that Daniel Web
| Ster said that "a sound currency is an essen
| tial and indispensable security for the fruits
| of industry and honest enterprise. Ordi-
| nary tyranny, oppression, excessive taxation,
these bear lightly on the happiness Of the
mass Of the community, compared with
| fraudulent currencies and the robberies
| committed by deprecated paper" The
| silver dollar issued to the people at large
| percentage above its true value, and the
| silver certificate irredeenable in gold or
legal tender notes, come within the an
! athena OF Webster. In the few years Of
their existence they have already unsettled
values andSHread a feeling Of uncertainty
and distrust through the community. No
other cause, SO potent, can be found for the
present depression Of the industries Of the
country. Another serious
OBJECTION TO THE SILVER DOLLAR
is the iuducement offered to cqpnterfeiting
by the great difference between its nominal
and intrinsic yalue. Modern mechanical
skill can easily make a fac-simile OF the
coin that shall have the same intrinsic
value. The silver certificate causes, to
| more or less extent, the boarding
and the export of gold, tends to
lower to its own standard all other
United States notes and the
national bank notes, renders uncertain the
value of all property and Of all labor in the
United States, and undermineS confidence.
which is so essential to prosperity The
evil consequences are to-day felt through
the length and breadth Of the land, and fu-
ture prosperity cannot be assured until the
country returns to an honest currency.
MI. @. 3. Evans, financial editor of the
| Chicago Tribune, furnished an article on
Banks and Business in the West, in which
lie says there is among the people in this
country, and even among the business men
Of the West themselves, but very imper-
feet appreciation of the high degree of de-
yelopment which the machinery Of trade
has reached IN the Western states and terri
tories. The
GREAT PROGRESS THE WEST HAS MADE
in the production of food, and the transport
tation of that food to the consumer. is
known to everybody, but it is not SO well
understood that around the agricultural in
terests have grown UP manufacture and
trade in almost every variety, and that
the comforts and eleganeieS Of life are null
tiplying in this part of the United States
as rapidly as anywhere in the world. The
failure to appreciate what capital has done,
and how capital has increased is specially
common. We do not realize that the sec
ton Of the country, known as 1.-The West
ern states and territories" which so short
a time ago was Wilderness, has banking
capital Of 5000. 600. 900. out of a total. in
round numbers, Of $3.50, 900, 600 in the
United States.
OTHER ARTICLES.
Mr.. Frank E. Stevens of Huron, Oak,
furnished an address, giving a resume og
historical sketch of the general character of
Northwestern banking. Among the other
articles presented were, one by A. II. Boyle,
receiver Of the Middletown National Bank.
Middletown. n. Y, on Collection of
Country Checks; one by Washington B.
Williams of Newark. Y. j., upon Our
Extradition Treaties and Their Defects: one
by 3. K. Olmstead ON Extradition Laws