The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-17

clearing house certificates being issued
for such small denominations as five
and ten dollars,
Mr.. Haslett stated to the meeting
that when nm effort was made two or
three years ago to establish clearing
house, all tho forms, blanks were pre-
pared, and even tho clearing house
statement was printed. These are all
available now.
Mr.. Daizeit wanted 1t understood that
he was not opposed to tho organization
OF u clearing house, but no would COM
bat the position that the banks arc not
doing all possible for the good OF the
business public.
Mr.. Dalzell was interrogated by the
chairman, who asked il tho proposed
clearing house would not be OF great
benefit to the banks and business men.
The gentleman replied that u clearing
house would not enable the banks to
"ahord moro relief than they are able
10 give tonight"
ElMr, Dobbins wanted IN expression,
whether tho certificates could be used
by the manufacturers in paying their
men.
MI. Dalzell thought it would be un,
dignitled for the banks TO issue notes, us
this would DO practically SO, for such
small sums, bearing interest ut Six
per cent,
THE PROJECT DISCUSSED,
The chairman asked ii such condi-
ton wouldn't be better than practical
suspension,
Mr.. DalzelI responded that he didn't
know whether it would be lawful to
issue such certificates.
Mr.. Dobbins said tho banks would
not issue the certificates, but that would
BIO done by the clearing house, which
would take bills receivable in exchange
from the banks.
Mr.. Lamb was confident that consid-
cradle currency would DO let loose by
the clearing house project, and not so
much currency would then DO needed
as is now tho case.
Mr.. Jepson asked where the currency
would go. He was OF the opinion that
the banks would soon find themselves
without any currency. Mr., DalSell
said it would probably go out OF town.
Mr.. Hart asked ii tho currency would
not go from the manufacturer to the
workmen, and FROM the latter to the
grocer, clothier and landlord, and
from these persons back to the banks.
Mr. Geo. Hook gave clear exposition
OF how tho clearing certificate would
work in Wheeling. ltwould soon come
back to the banks and then be reissued.
It would have the effect oil putting
$4,000 or 100000 additional money,
into circulation here ut u critical per-
iod. He did not expect such clearing
house as that in New York, but with
the small certificate feature, it would
relieve matters greatly.
The chairman called tho meeting
back to the object for which it was
called and had the resolution OF MIR.
Hart again read. The banks, he. said,
would attend to tho organization oil the
proposed clearing housc. The purpose
OF the meeting and resolution was
simply to give an expression OF sentI-.
ment from the business men.
There w0s some discussion as to the
form OF the resolution, but it was said
that the resolution Us prepared was
agreeable to q number oil the bankers
themselves, who had seen it before the
meeting.
Further discussion was ended by the
chairman, who put tho resolution to q
vote, and it was carried, with but one
dissenting vote.
The meeting thon adjourned sine die.
It was stated that there would DO
meeting Of the bankers to take steps
toward organizing tho clearing house
after the meeting. but it was decided
that the matter will be discussed by the
bankers ut u meeting called for this
afternoon nj the chamber OF commerce.