Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-01-31
cash A SMALL FACTOR
IN the Daily Business Transactions 0
Life.
Actual Money is Only Used in
About Ten Per Cent. Of CONNER
cial OperatiOns-The Banks Have
More DepositOrs Than Ever Be
fore.

The public of Wheeling undoubtedly
seldom think of the transactions in
financial matters carried on and con-
summated by systems of checks and
drafts. Twenty years ago the bus
mess firms Of the city and individuals
very generally made settlements by the
actual payment of the currency. The
tribute was not paid in those days TO
New York City by the banks of the
country as nowadays, although ex-
change on that point could then be
purchased and was to some extent.
New York is the recognized financial
centre Of the country for the reason
that its exchanges are received at par
in all parts Of our own country as well
as in foreign countries. and the increas-
ed use of checks and drafts in domestic
and foreign transactions OF our country
has been kept pace with by the use of
those forms of represented value by
all classes of business interests in the
country to a degree, as previously
stated, beyond the knowledge Of the
general public The banks of Wheel
ing to-day, as the result OF the growth
and extension OF the check and draft
system, can receive credit in New York
at face value on all items taken by
them on points as far west as Philadel-
phia, and possibly Pittsburg, and by
reason of this fact and the further one
that large sums Of the actual currency
are deposited in the local banks of the
city by corporations and companies
heTeabOuts. Obyiates the necessity Of
making only occasional shipments of
the actual currency to New York by
the banks of Wheeling. to meet the de-
mands of local circulation i'm the form
Of currency. 1t is probable that not
over ten per cent. of the settlements
and transactions in the financial and
business interests of Wheeling and
those Of the individual are cOnsum-
mated and effected by the actual deliv-
cry Of the cash There never was a.
time in the history Of Wheeling when
there was so large a number of indi-
vidual depOsitCrs at the various banks.
and including all classes Of people The
Wage-earner now has his bank ac-
count subject to- check, and the plan of
paying over the currency, even i'm the
very small transactions Of business
matters Of the city. is almost a custom of
the past, for the reason that the use OF
the check and draft is far more con-
venient and safe as q method of doing
business and securing a proper re-
ceipt as evidence of the transaction be-
tween the parties TO the same.
The more extended use Of the check
and draft system by the public is also
the outgr0wth Of greater confidence
which the public in general NOWADAYS
have in financial institutions of the
country The banks of this country and
city are ever alert to adopt methods for
the safety and convenience of their
customers and they. and not the public.
were the Origin3-ors and continuing
promoters Of this great method of ex-
change (the use of checks and drafts
which Of itself is one of the greatest
conyeniences in the financial and bust
ness world Of modern times. and by
this system, in its practical operation,
The smallest dep0sitOr or customer re-
ceives the same benefits by the use Of
checks and drafts as the largest and
most wealthy business concern.
AS stated above, probably ninety per
cen.. OF the daily commercial and g-n-
er2l business tran-3c,.Ors of Wheeling
are in checks, drafts. notes. or some
ether form of credt. paper, and bu, ten
pr cent. in actual cash. I'm many