St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-29

| that doubt if the custom can be sue
icessfully eradIcated, especially in the
| Northwest, and predict that in short
time the matter will blow over, and
banks will return to their old custom.
There is no bank that wishes to
lose business. and the st. Paul
banks will certainly lose large
amount of business through the
accounts of their wholesale houses
and their outside correspondents. If
they insist upon carrying outthe terms
lntheir circular. The action of the st.
Paul banks, in the present time of
financial depression. certainly shows a
selfish and ''deyil take the hindmost"
spirit, especially when their action has
been the cause of the wholesale houses
sending out notices to their country
customers, couched in the terms Which
they have used. One house in st. Paul
Stnt,out its notice worded: The st.
Paul banks refuse to accept checks upon
hanks IN your city" When It is con-
sIdered that these circulars were dis
tributed throughout the entire country,
the harm they might have done In de-
stroying confidence can be readily seen.
In the present financial furry the whole
matter certainly does not reflect much
credit upon the banks of st. Paul.
j. A. Armstrong, President Winnie
bago City Bank approve of the st.
Paul bankers action i'll part, but not
altogether. For instance, L keep an ac-
count at a Mankato bank and one in
st. Paul bank where the Mankato bank
keeps an account also; send my check
on the MankatO bank i'll st. Paul for
credit; why should | not get credit for
this item at once and same be charged
up to the Mankato bank? So far as
private checks others than bankers
checks circulating through the country
and accommodating at sucn points as st.
Paul and Minneapolis to be returned
through correspondents to their re-
spective places of business, have
always disapproved of it.
George A. Du Toit, Cashier Carver
County Bank, Chaska-The question is
broad one with good arguments on
each side; but, briefly speaking, l think
it is bad move for st. Paul. L have
interviewed large number of my Gus
toners, merchants, who tell me they
Will purchase their goods in MinneapO-
lis, and Will continue sending In their
private checks. L have converSed with
several outside merchants who tell me
the same thing. Such feeling as this
must certainly inJure the st Paul
wholesaler.
F. w. Sickler. Cashier Lyon County
Bank, Marshall, Minn.-The action is
cOmmendaDle, and if adhered to will
currect very bnrdensome practice and
result benencialiy. L hope lor its COLI
tinuance.
Sentiment Differs.
f. E. Kenaston. President First Ma
tiOnal Bank, Breckenridge, Mimi
Any concerted actien by any body of
individuals which has a tendency to
tlA diStruct ar hanIinan CnApdV
and convenient method of doing bust
ness through the medium of banks
which has so long prevailed, is ceg
tainly to be deplored. The ukese
issued by the ST. Paul banks has pro-
duced variety of sentiment through
the state. In some localities it Is re-
garded as an Intentional thrust At the
county banks, sort of declaration to
the world that the ST. Paul banks cou-
slider their country correspondents in
the light of hazardous connections, and
by thus advertising their own fears in
huence country merchants and others
10 leave their home banks and send
their deposits to st. Paul. Many
country merchants regard the new rule
as reflection upon their credit,
and in some instances have threatened
to sever business relations with ST. Paul
co Germs. At this particular juncture l
would consider the action inadviSed on
the part OF the st. Paul bankers, for the
reason that with the present strained
condition of business credits it is most
unwise To cast any reflection upon the
standing of any one by word or act. |
presume the real reason why the as
soeiated banks of ST. Paul adopted the
rule III question was To release them
selves of carrying large transit &C
count and the contingent risk of taking
checks Endorsed by their own unSound
| customers, However, l do not think
any one need worry about the matter,
for the rule won't last lOng-in the nat
ural order of things it cannot last-and
when 1t dies Its authors should use the
epitaph of the Scotch baby:
Since | was so soop to be done for
l wonder whatever was begun for
Craig IL Smith, Ortonville, Mimi
The plan is a good one if it could be
made custom generally and adhered
| to. 1t would be better all around and
do no one any harm. and do away with
| the nuisance of paying private checks
| at par in some central point, as now.
1t is.qulte an expense in postage alone
| 10 take care of this business, besides
| time, stationery. etc.
| (. s. Christensen, President Bank of
| Rush City, Miun.-l consider the action
L d
mental to the country banks as we'll as
| to business in general throughout the
| state, especially in the way it was start
! ed and arranged beforehand, and for
| the jobberS To join the crusade, and to
| do this at Il time when the confidence
| between banks and depOSitorS had been
very much disturbed. From the way
! our business men view the matter, |
can say it Will be quite hurtful to st.
! Paul Interests in general.
&. w. Baumback. Cashier First Ma
tiohal Bank of Wadena-ID my opinion
| the action taken 10y the St. Paul banks
| Ill refusing 10 accept from their custom
| erS individual checks on out-OT-town
banks is very unjust. On the other
! hand, | think it is more detriment to
| St. Paul than to the outside banker, as
! many have changed their accounts to
| Minneapolis banks which are willing to
| credit upon receipt.
Two Varying Views
F. E. Searle, President German-Amer-
! lean National Bank, ST. Cloud. Mini
l think on the Whole, If judiciouSlv en-
forced, the rule adopted by the ST. Paul
banks in refusing TO credit indiscrlmi-
nalely country checks should meet with
| approval. Of course to the merchants.
| and perhaps some bankers in larger
| towns where tnere are several banks
and no charge for collecting checks
has been practiced, the action appears
| unnecessary and detrimental But |
take it that no reflection was intended
either on the country bank or merchant,
but rather to do away with a pIactice
that was rapidly growing to be, if rot
already, nu sance. People will soon
adjust themselves to the new condi-
tions, and in the end it will result in
safer and better business methods, and
| perhaps benefit rather than injure the
| country banks. The st. Paul banks are
/ as much to blame for the evil practice
| they would stop as any one. By adver-
| Using large par lists" they have ell
| cnurasrnd nnunfru chpckinn rChn nn-,.