Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-17

naner their customers have to have, and
| to carry all pay rolls. think this IS
! true. / also think Mr.. Harris idea OF
small denominations Of certificates IS
wrong. 1t is possible that small certl-
fed checks may have been used In that
manner"
Secretary Hazlett instanced case
where ne knew certificate had come
into private hands, and had been used
as cash.
Mr.. Dalzell thought that was an ex-
traordinary case, for the reason, II none
other, that individuals we're unknown
to a Clearing House.
After some further and general dis
cussion of this matter, Mr.. Hazlett re-
ferred casually, to the former attempts
| TO form a clearing house in this city,
said It had progressed so far that some
/ of the necessary blanks had been
printed, and stated that all the papers
appertaining to the matter were upon
! the table in front OF him.
Tn reply to question by Chairman
| OBrien Mr.. Dalzell said 1t was bis ln-
diyidual belief that clearing house
would be of great use to all the banks
| OF the city, but that its existence would
not enable them TO extend to their Gus
toners any greater facilities than the
banks were prepared to offer at the
opening Of business this morning.
In reply 10 another question, as to
the use of small certificates as gem
eral circulating medium, Mr.. Dalzell
| said he thought a better plan would be
| for the manufacturers TO themselves
issue due hills IN small denominations,
at thirty aud sixty days, and use them
! In raging off employees, etc. Ihat
would be better plan than TO have the
acceDtances of the banks, bearing SIX
Der cent. interest, handled ABOUT the
! city.
In reply to this, Mr.. Dobbins said
| the idea was not 10 have the banks
| issue the certificates, but the clearing
House would do it.
Mr. G. Lamb took occasion to say he
was satisfied that If Clearing House
! Association was instituted and certin-
Gates issued, by the banks through 1t, q
! great deal of currency now held In re-
| serve could be let loose.
! Mr.. Jepson wanted TO know where
! the currency so let loose would go, ana
Mr.. Lamb replied that the banks would
| have TO exercise due caution In that re-
gard. Mr.. Jepson was inclined TO THINK
! however, that in the due course OF time
! the banks might find themselves with
! lots of certificates and no ready cash.
Mr.. Dalzell thought so, too, and SAID
the cash might tend TO "hy away"
! Mr.. Hart differed with these express
sions, and thoughtthe cash as well as
certificates would find its way back TO
the banks quite as readily as at present
Messrs. Hart and Dalzell debated this
poipt for quite little while, but with
| ont coming to any definite
or satisfactory conclusion. Mr..
| Hook made clear and
lucid statement Of what it was hoped
might be accomplished by the issue OF
Clearing House certificates, and then
Mr.. Whitaker threw in word OF eau
ton, saying that In his opinion no reso-
| luton ought to bs adopted which Would
throw or tend TO throw any greater re-
sponsibility upon the banks than at
present existed. He thought the ten
dency of Mr.. Harris resolution was In
that direction. 1t would be we'll TO sug-
gest TO the banks the formation OF a
Clearing House, but 1t was not well
to 90 farther chan that. As
for the certificates, Mr.. Whitaker
said, in reply TO question oy Mr..
Hook as to whether he would be willing
TO take them and use them, II Issued,
that he would be perfectly willing to DO
both, but he didn't believe all the GER
tifcates which could be issued in this
city would do any good in the way OF
startings up his factory. There was
total lack Of orders at his mill, custo-
mers seemed to have no confidence In
prices, or in anything else, and until
these conditions changed, there would
be no use for certificates.
The discussion ran on in this general
manner for quite time, until the
Chair reminded the meeting that the
only thing before 1t was the question OF
whether or not il believed Clearing
! House would be good thing. Finally
! the question was put, and Mr.. Harris
resolution was adopted, with one dis
seating vote, and the meeting ad-
journed.
1t was announced after the meeting
that the representatives OF the banks
OF the city would meet this afternoon
at half-past four at the Chamber OF
Commerce, to discuss the Clearing
House question.