The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-12
MONEY IN RICHMOND.
,,ox or THE CLEARING HOUSE
ASSOCIATION EXPLAINED.
NIGHT Thinking Business Men Agree that
the BANKERS Did Perfectly Right Al
though IL Creates Inconvenience.

.~t. financial situation IN richmond
..,oiav was rather pcrplexing to those
.,, aid not understand the action OF the
.....t,r House Association on Thursday.
mon who do most OF their business
., checks. and understood what had
49,, dome. there WAS but little trouble.
49,. ~ the former class. however, soon
.a ONT what was meant by the agree
entered into by the banks. and as a
,.-,i thing they agreed that, though in
...-lenf TO come, Il was the best that
l be- done under the circumstances.
40 will be remembered. the Clearing
u.... Association decided that un-
matters became more settled
f more currency could be cir
".4 the banks OF Richmond
.,..t not pay any checks drawn on them
y, cash. except for $50 The so proviso
a. ..f mean that a man who had a de-
.r say of 500. In bank could 40 each
and with checks Of so each draw I'M
ain. had received his entire deposit, but
a. -..ant that the bankers. realizing that
4. gauid be somewhat OF hardship TO
~, thcir patrons off without any cur
~r, decided that each depositor VINO
l.a that amount to his credit or even
-..re or less should be allowed that much
.,h,cks. silver. etc, thus giving the
t.eostor actual currency suiiicient 10
rre ON the small expenses of an oihce'
Az soon as the publication was made
d.. rhe Times yesterday many were OF the
.,f-Ion that the banks would cash al
I.ks for amounts below $50 but the
...nafiOn above demonstrates that
such rs not 10 be the case.
The other provision that checks given
sr,uld be ordered TO 90 through the
Gearing house was done so as TO proNue
AGAINST demand for currency from other
sources IN this way. Brown gives Sinitn
"a check for 500, and smith SENDS II 70
Uanviue or Charlottesville, or some
cher Mace. and requests some one there
to send Il 10 Richmond for collection
Tho Individual I'm Danville or Charlottes-
me mis- the. check in the hands OF the
lv,rose company for collection, and that
cornpany demands currency. mus 'i7
hank would again have 10 pay s'ee"-
backs and silver across the cOuiieoI. ~.
q,be check. however. marked payaDie
,tronqb the clearing house. would
r.t cali for actual cash, but
could after being certified, pc
c.ne a currency of its own. For in
.,snce Bank Street & Co. issue checks
q, their creditors. say for 500 each' TO Ten
mon. Those checks are certified. Inc
.gners of them then have guarantee
f.,fo both Bank Street a co. ana the
hank that the checks are good but upon
-lsartatfon. the bank refuses 10 give ac-
c,trrencv for them. The creditor,
t.grev.r needs $50. lie deposits the
r..t in bank. and "checks" on the
,r,t The result IS the same. lie can
..t onlv do this. but II he knew the
counts he needed, when Bank street
ro give him the check they would most
0.rtainly as a business courtesy spilt
,n" the 500 for him. He could mus pay
ti. hills with the small checks, and nav,
i.. one OF them cashed by some le'ali
Who does most Of his business
with currency. he would be put 10 Du' i'
r.. If any, inconvenience.
rfs can nav his notes due or TO become
due at the bank with his cheek; ne vai
INV AN Of his large debts win cheohs,
can get bills Of exchange on New
v,rt banks with his check, and all that
a.. cannot do is 10 get actual currency
To use an minor business Hd''eis'
10 Pay Employees.
therefore the hardship that wiz iosul'
fr0r, the necessary action OF the oie"ii ,'s
''' tN, .+gociafion on the manufactures
r ,o-dav Will pay his employees. IN
,.-rrf,rtaring establishments where lhere
.-. hundreds employed who do not re-
...ra aver ten dollars a week, ana many
,,., DID not receive half that amount IL
&. difficult TO give eacn man OF ""4i"'
"a check The negroes DO not as u luiV,
know what 20 do with such piece vi
faper and regard 1t with SUSPICION. Inc
,,tro v.are-earner, unaccustomed 10
i.rts and the usages that obtain In
reference 10 q check. IS i'll at ease win
sirned paper as a return for his week
lh1r. and the employer of such people
Yesterday used every effort 10 gamer
together as much currency as possible
Quite a number, anticipating the present
state OF affairs, some days ago purchaser
currency al a premium in New YORK OF
other Northern cities, while others were
forced Yesterday 10 provide for the pay
ment OF their pay-rOlls. Many finding thar
their savings Of currency would bring
them An a premium VITA certified check
sold their money aud IN one instance a
check Of $1,000 was given an Italian Wo-
man for $1,000. Another well-knOwn firm
who have a heavy payroll 20 meet to-
day succeeded IN having number Of
their checks cashed by retail merchants
on Broad street, and several tobacco
manufacturers gave their checks in ex-
change for currency, paying consider
able premium. Not only do manufac-
tlrers wish 10 avoid paying their en-
IlOyees an checks for the reason that
there would necessarily be hundreds Of
such pieces Of paper. but the employers
d. not wish their employees 10 be put 10
the expense 90 secure currency in some
cases by accepting less than the face
value Of the check.
There will be every effort made to-day,
and every possible place drained of its
currency TO help meet the demand, and
men this morning are hoping that their
requests for currency at premium prices
from New York and other North arn
banks will be compiled with. Several
large manufacturing firms wired early
yesterday for money 20 be sent by ex-
press 10 arrive here to-day.
The Richmond Locomotive and Machine
Company will to-day pay their hundreds
Of employees I'm scrip. the denominations
being 81. s.. s.. $40 and so. The notes
we're engraved, and can be used by the
employees I'm almost every instance as
money The entire payroll amounts 10
he large sum OF $1,000.
The Chesapeake and Ohio employees
vll also receive scrip. and the pay-rolls
20 The various departments make a grand
'.al Of a very considerable sum.
Tie Allen & Ginter branch Of the Amer
ia0 Tobacco Company were using every
efort 10 arrange for the payment of
ite.r employees to-day in other than
checks but when i saw one OF the Off
Gals last night he replied that ne did not
Know how the men and young women
10 10 Los