The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-18


tiGCates at per cent per annum with
an additional charge Of / Of per cent
month for the cost OF doing the busl'
ness, total equivalent Of 0 per cent
per annum. At this rate 1t is not to DO
supposed that a bank will 80 in for any
more than it must have, yet
owing to present conditions in
the money market Pittsburgh has
issued something more than 100000
in this form, and 1t is the testimony OF
bankers with whom l talked that the
issue has been q great relief. 1t is not
money, but, for the purpose to be
served, it is a solid and servlceable sub
stitute for money
In Pittsburgh the issue OF these GER
ti6cates has not gone beyond the banks,
From published accounts was led to
think otherwise, The misrepresentation
arose, probably, from the present prac.
tice, now very general in Pittsburgh, OF
limiting the payment OF checks
to the clearing house channel,
With a hand-stamp the drawer
OF check stamps 1t "PaYa-
BILE Only Through Pittsburgh Clearing
House." or, playable Through Pitts
burgh Clearing House Only" the two
equivalent forms being in use, No
bank, not even tho bank it is drawn on,
will cash this cneck on presentation.
1t must 60 through the clearing house,
and before 1t can got there 1t must BIO
deposited in q bank. This plan COM
pels man who does any business to
keep q bank account, enables the banks
to hold their currency and to retain
their grip on the situation through
the clearing house. Currency may
be stuffed away in strong box or
under the carpet or in tho stove.
pipe. One OF these checks will
not DO, Checks so drawn have been
used by some concerns in payment OF
wages, to what extent no banker met
WIS able to tell. Checks drawn with
similar Limitation as to payment have
long been in use in England, perhaps
also on the continent. They are called
Crossed checks" because OF two verti'
cal lines drawn across tho face, indicat'
ing that the check is payable only
through bank other than the one it is
drawn ON. The explanation, l believe,
Is that this is done to identify the payee.
1t is moro likely to be done to keep the
currency in the banks, for they have
their currency ianines in Europe as
we'll as in America. These limited
checks arc thought to DO performing
good office in Pittsburgh. ] was told
that banks give accommodation based
on the use OF them. 1t Is fair to say
that this is also denied. was unable
to discover that there is any remon-
STRANGE among business men against
this form OF check. 1t is accepted and
ut goes" II goes outside OF the city
us we'll as in the city, and this seems
to be one OF the objects in view.
know OF Wheeling manufacturers who
have made its acquaintance. If Wheel
ing had u clearing house the same expe-
dicnt could be resorted to to keep cur.
rency from getting away.
Talkingthe matter over with the head
OF one OF the most important financial
institutions in Pittsburgh, lie expressed
surprise that the banks OF Wheeling
had been content to go along without a
clearing house, making their exchanges
from door to door, so to say. He said
that the banks OF Pittsburgh would not
think OF dispensing with this great con-
yeuience. In the present emergency,
he said, the banks and, by reflex action
the community, have been greatly help
cd and strengthened. He laid good
deal Of stress on the confidence inspired
in tho public by this association Of
banks, and confidence, when you look il
all over, is tho lacking thing that breede
trouble. The return OF confidence in
Pittsburgh is shown by the return to the
banks Of many deposits withdrawn by
persons who week or two ago thought
1t was about time to got frightened and
do something heroic.
A shrewd business man, intimately
connected with the banking business
but not an executive officer, expressed
tho decided conviction that the time
has come when the banks may safely
"about face" and get back to the regu-
lar order OF business. There ia Us much
money in the country US there was be-
fore, less tho gold that has not yet ro'
turned from abroad, but is coming, the
national banks areg getting more currency
and tho people have madeuptheir minds
that they will not rush into panic
this year. He thought tho banks
should accommodate their customers III
usual for legitimate purposes aud do all
in their power to set the wheels of in
dustry moving. He instanced some
banks that are doing this aud thought
it at once sign Of health and a prophecy
OF better things TO come. He was good
enough to say that from his knowledge
OF the solidity OF Wheeling our city
should be able to step to the music O.
livelior strains as soon Us any other.