The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-03
MUST BE PAID TO-DAY.
Decision Of the Clearing House Re-
gardinR Paper Due on Monday.

Decision Of the Clearing House Re-
gardinR Paper Due on Monday.
There is considerable Of a muddle among
business men and bankers caused by the
failure of the act setting aside the fret Mon
day In September as Labor day to specify
the time for payment Of bank paper and
other Indebtedness maturing on that day
Notwithstanding the mayors proclama-
ton intended 20 remedy this oversight,
making the day one of thanksgi wing
and rest, which he Is authorized 20 do
! by the code, the Savannah Clearing
| House Association has decided that all
bank paper falling due on Sunday and
! Monday shall be payable on Saturday.
| In the case OF all other public holidays,
provided for by law, where the holiday
| falls upon Monday all notes, drafts and
other bank paper falling due on Sunday
are made payable on the preceding Sstur-
day and those falling due on Monday are
made payable on the Tuesday following
In one instance the debtor loses a days inter
est and in the other he gains a
days interest, so the provision is a fair
one. The act setting aside the first Monday
In September as Labor day failed to pro-
vide for this emergency.
Mayor McDonouRh said yesterday that
Notwithstanding any action OF the clearing
association his proclamation held good 80
were concerned, and that notes and other
paper falling due on Monday are not due by
law until Tuesday, and collections cannot
be enforced nor the paper protested. The
mayors opinion and that OF the Clearing
House Association are both based upon the
code.
WHAT THE CODE PROVIDES.
Section 1888 of the Code of 1882 provides
that New Years day, Washington's birth
day, Decoration day, the Fourth OF July.
Christmas day, and "anY Gay appointed or
recommended by the governor OF the state,
the President Of the United States, or any
municipal authority, as a day of thanks
giving or fasting aud prayer or other re-
ligious observances, shall, for all purposes
whatsoever, as regards the presenting for
payment and acceptance and OF the protest
ing aud giving notice of the dishonor
OF bills Of exchange, bank checks
and promissory notes, be treated
and considered as Sunday aud as public
holidays; and all such bills, checks and
notes otherwise presentable for acceptance
or payment on said days shall be deemed to
be presentable for acceptance or payment
on the business day preceding such holidays"
The next section Of the code (27S3 Al pro-
vides that whenever Jan. l Feb %, April
%, July or Dec. IS shall fall upon Sunday
the Monday next following shall be
deemed a public holiday, and papers
due upon such Sunday shall be
payable on the Saturday next proceed
ing, and papers which would otherwise
be payable on said Monday shall be payable
on the Tuesday next thereafter. Whenever
either Of the days shall fall on Saturday the
papers due on the Sunday following shall
be payable on the Monday next succeed
ing.
Whenever either OF said DAYS shall fall on
Monday the papers which would otherwise
be payable on that day shall be payable on
the Tuesday next succeeding,
II will be observed that the last section
applies only to the days specified and no
provisions are made for any other holidays
that may be declared on Monday, the idea
probably being that no holidays would be
declared on that day.
Mayor McDonough's supposition IN max
ing bis proclamation dou htless was that this
section would apply and the whole Diff
Guilty complained of would be obViated.
The bank men have determined to stick
to the teohnicality of phe law, however.
The point might be raised, though, that
there Is no law compelling man to pay up
his commercial paper two days before ma
turlty. II does compel him to pay one day
before maturity in several instances. 1t is
a Question if man who had note failing
on Monday, should appear at the bank on
that day with the money to pay IL, whether
his note could be protested II there was no
one at the bank to receive the mouey.