The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-12

their pay rolls to-day. were placed in n
quandary, and number of shipments
were necessarily postponed There are
about 5000 worth OF stamps purchased
each business day, and the manufacturers
are far from having any such amount OF
actual cash.
Yesterday afternoon the tobacconists OF
the city held y meeting IN the rooms of
the Chamber OF Commerce and fully dis
cussed the situation. They decided 10 APP
peal 20 the department at Washington.
and petition that certified checks be al
lowed to be used until the money strin-
gency is over. Messrs. Thomas Atkinson
and r. G. Williams will this morning
leave for Washington and confer with
Nirginia's representatives on the subject.
The action OF the Revenue Department
not only affects Richmond and Manches-
ter. but Petersburg. Danville and other
places.
The Action of the Banks.
The action OF the banks was made
necessary from the fact that for some
time past Il has been observed that de-
posts in currency were becoming less
and less, while checks for large amounts
or currency were presented for payment
Checks for thousands Of dollars were
daily presented and the currency handed
across the counter and a comparison OF
figures for the same days Of different
weeks showed that there was very much
more being drawn than deposited. The
bankers were next cut Off from receiving
currency from their Northern correspon-
dents, and were forced to take some ac-
ton for self-protection. They said that
in ten days time, with constant draining
on their supply Of currency. there would
be no greenbacks. gold or silver I'm the
banks. and they then took the action of
Thursday.
Depositors OF large sums were put
10 no little inconvenience yesterday but
declare that the banks made very
sensible move. AS soon as the situation
was fully explained to those who did
not before understand IT. they too agreed
that Il was a very wise movement. They
realized the fact that It is for their own
good, and that while the banks are
strong they want to help to keep them
In such n condition.
There were few deposits made at the
banks yesterday. Between and o'clock
is usually the busiest time with the re-
ceiving tellers, but on yesterday the line
Of depositors was a small one About
per cent Of what was deposited was
currency. which is placed TO the patrons
credit in a separate column opened since
the clearing house association took their
recent action. The currency thus de-
posted can be checked upon, and cur
rency received and other moneys belong
ing 10 the depositor can be checked upon
for checks and drafts.
When I called on several bank presi-
dents yesterday they were all Of the
opinion that, although inconvenient to
some, the action of the Clearing House
Association has given satisfaction and
has met with the approval Of all right
thinking business men. Mr.. Pace said
that ne hoped that in ten days matters
would again right themselves, and that
people who have thousands Of dollars
stored away in safety vaults would put
more money into circulation.
The Adams Express Company having
collections to make for parties outside
Of the city were forced 10 wait for in
structions yesterday. Checks or drafts
presented to the banks were returned to
the company with the statement that a
certified check or a bill of exchange
on New York was the best that could
be done. The Express Company making
IL rule TO only receive currency unless
otherwise ordered, Of course refused the
banking papers, and during the day were
forced TO communicate with their pa
irons by wire or otherwise.
Mr.. Otis II. Russell, postmaster,
yesterday stated tndt ne sometimes re-
ceived certified checks from large con-
Germs for stamps. but would have to re-
fuse them, as the government requires
currency.
A firm engaged in making rubber
stamps yesterday received about 300 or
ders for stamps reading Payable
Through Clearing House" Such a large
number Of orders in one day gives one
somewhat Of an idea Of how the stu
alton affects Richmond.
But during all this the Richmond pub
lie have the satisfaction OF knowing that
these banks were never stronger than
at the present time; that the ratio Of
men out Of employment is small com
pjared with other cities that the prem
ium on money I'm New York was less
yesterday than for several days past;
that business men Of Richmond have
thus far been able 10 hold their heads
above water. and that the action Of the
banks do not impede TO any consequential
extent the transaction Of business