The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-08-31
AS GOOD AS GOLD.
Cleariag House Certificates Going the
Rounds In Atlanta

Clearing House Certih flo ates Going tn.
Rounds In Atlanta.
ATLANTA, GA, August 23.-The frs,
little Gve-dollar certificate from the
| Atlanta clearing house found its Way
INTO the pockets Of the trading public
Today. 1t was passed over the marble
counter or one of the best banks of the
city, and stands for what it is worth
whether it be used for debt paying or
cash trade. 1t Is as good as the gold OF
ey with the bloom on it. and there will
Will be no such thing as turning it
down In Atlanta or elsewhere, for
everybody is glad to know that it has
found Its way from the vaults of the
| banks at last.
During the day a large amount of
theoe certificates were paid out to DIFF
ferent persons. These certificates will
20 the rounds now, that they are out,
tney VIII go the wage-earner every
saturday night when the work Of the
week is done. They will 90 to the the
capitalists who needs more money than
the banks can comfortably let him
nave for the payment of his greater ob-
legations. They will go to the black
man and the white, to the young man
and the old, to the poor and the rich
alike. The history of how they came
TO be issued is well known to the At
lanta public. 1t was not through any
fright. The banks of Atlanta have
stood the tempest Of hard times far
oetter than the banks of any other city
word of complaint.
But when the leading trade journals
OF the North began TO publish reports
that the banks of the South would not,
be able to furnish enough ready cash to
move the cotton crop this fall and win
ter, then it was that the citizens of AT
lanta identified with her growth and
her best interests got themselves to-
Rether IN mass meeting called by the
president of the chamber of commerce..
and decided to call upon the banks of
the city, to issue their clearing house
certificates IT 1t became necessary to
furnish the cash demanded to move the
cotton crop. The banks of Atlanta, al
ways ready and willing to do all that
tho people and business men of the
city demand of them, at once took
steps to meet the call. They decided
not to issue certificates such as the
mass meeting asked them to do, not
deemlng 1T necessary just at that time
to put in general circulation sort of
local currency. But they did decide tc
issue such certificates as could be used
by themselves in the clearing house
in squaring their daily settlements.
These certificates were issued. At the
same time the bankers declared their
Willingness to issue other certificates
for general use whenever the demand
made it necessary. The merchants of
the city at once began movement to
get the banks to take this step. The
long list of names the Constitution
published from day to day from the
best and most progressive business
| men III the city asking the banks to
issue these general certificates and
pledginR themselves to use them Just
as readily as the cash money tended to
show the bankers that the people wan
ted them to issue the paper, and they
have met the peoples demands.
When the banks first issued the reg
ular settlement clearing house certiii-
Gates they did SO TO the amount of $50
GOO. Most of the certificates were of a
denomination ranging from SlOO to
$500 in value. They have within the
last day or two, however, issued small
er certificates, and it is these smaller
ones of from 50 to $50 in value that
are just beginning to find their way
out into the arteries of trade and COM
merce.
The larger ones will continue to be
used by the banks themselves in their
daily settlements through the clearing
house. The banks have not yet gone
above the limit of issue they at first
agreed upon-$90,OOO. They will prob
ablp have to increase the limit, how
ever, before the cotton market is at its
zenith of activity. This depends alto
gether upon the way money begins to
come into the banks.