The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-22

Checks and printed due bills arc day
by day erewdIRg out actua! money in
New York business transactions, The
majority OF business firms and corpora
tons yesterday paid the weekly salaries
due employees in checks Only wages
amounts of less than SlOr-are now in
yariably paid in cash. Even the SIP a
week clerk is apt to have check hand
ed tn him for his salary. The next
question-and q very serious ono to
many-is to get it csshed to pay car fare
or luncheon,
The great corporations who have sub
stituted checks for cash have. been
driven TO it The mere preparation Of
100 10 1000 cheCks, properly filed and
signed, Ia in itself q protracting mid
summer days task. But where cash
for q 5000 pay roll can be bought
only by a certified bank check for the
full amount and $3.50 besides for the
cash the check becomes necessity.
A week ago yesterday very large
amounts OF checks and due bills were
put out and the amount issued yester'
day was still larger. Gen. Thomas l..
James, president OF the Lincoln Ma.
tional Bank, said to Press reporter
that probably from 60 to rs per cent OF
the wages paid in New York yesterday
were paid without currency, gold or
silver. Most houses have their checks
paid out for wages certified, but some do
not. The certiGcation form now adopted
is similar to that commonly used, with
the addition Of the words. Payable
through the clearing house.
"What If received my salary in the
form OF q check certified in this way"
the reporter asked President James.
SWELL" was the reply, you would
have to andsome oue-your butcher, or
grocer, or baker, or some one else who
knew yon-to cash IT for you"
Suppose couldn't do that?"
"You would have no recourse. These
checks are good for their face value,
and would be accepted anywhere in
payment OF bill, but there have been
many instances OF embarrassment re-
ported nevertheless. But 1t can't be
helped. The currency Is not obtainR-
BILE. The business houses that bank
down town are having more trouble
than uptown houses, because the retail
dry goods and other dealers are uptown,
and their sales are 80 largely for cash
that they deposit currency every day.
A few Of them sell coin to money bro
kers, but only few. We have been
regularly supplying two or three down
town banks with bills in return for
their checks, but we have been obliged
to discontinue doing this within fort.
night
PAYING CHICKS WITH SILVER DOLLARS.
"There is another reason why down
town banks arc shorter OF currency
than those uptown. The downtown
depositors have more out OF town cor
respondents than the uptown banks,
and the out Of town banks send In
drafts which have to be honored in bills
or coin. In many instances of late
these drafts have been honored in
standard silver dollars. This is not
pleasing to the drawers Of the drafts,
but they cannot help themselves, for
standard silver dollars arc legal tender
and must be accepted. Silver dollars
and silver fractional currency are not
nearly 40 much OF o drug on the market
as they were. That means that they
arc being used in business without a
protest-people do not object to taking
them now; they are glad to get any
thing in the shape OF money. Gold is
also being circulated much more gem
orally than for many years, We use 1t
quite freely in making out payrolls for
our customers to-day, and shall I'M
doubtedly put great deal OF 1t out for
some time to come.
"You will notice that most checks
that are not certified now are stamped
payable only through clearing house,
meaning that the check must be de.
posted In the bank. Cash will not be
given for 1t. This Is stamped on by
many drawers OF the checks at the re-
quest Of their banks,
Few employers have issued checks
for pay rolls for smaller amounts than
SOS, pains being taken to pay the lower
grades OF workmen in cash. although
some concerns have met their entire
rolls by checks"
WHENCE WILL RELIEF CoMEH
1t is expected that the large amounts
OF national bank notes that are now be.
Ing Issued will help to relieve the ten
sion. President James was engaged
when the reporter called in signing s.
and $40 notes in sheets. The bureau OF
printing and engraving in Washington
is running night and day turning out
money. Banks which buy government
bonds and send them to Washington as
security for circulation are now recoiv.
ing crisp new bills ready to sign and
eend out within less than a week, and
In some instances in three days.
AT most Of the down town retail
stores aud plaGes Of business visited by
tho reporter checks arc refused. At
one large restaurant the cashier said lo
had orders from the proprietor to 70.
fuse 10 cash any check, no matter how
good the name at the bottom, aud
whether II was certified or not.
III we begin to cash them" he said,
1--WE shall have TO keep 1t up. We
would rather hang up some OF our
regular customers whom We know TO
DO good than to begin the cushing Of
cheCkS."
$4,000 IN CHECKS IN ONE RESTAURANT IN A
DAY,
AZ another restaurant visited tho op.
posite policy has boon adopted.
"wo caShod $4,000 or $1,000 worth
last Saturday." the proprietor said,
"and are doing as largo business in
Cushing checks to-day and tonight
We do not charge any premium for do.
ing this but wo do not cash checks for
any ono not 4 regular customer We
have been saving otif currency all Che