The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-12
SUB TREASURY FOR SAVANNAH
WHY GEORGIA BANKERS WANT
THE INSTITUTION HERE.

Country Banks-A Protest Against
the Charges of the New York
Clearing Association and an En-
GOrsement of the Uniform Negotia-
BILE Intrument Law-PrOsperity
Prevails Throughout the state.
Bankers Representation at Cotton
Classification Discussion.
Savannahs delegates to the meeting of
the State Bankers Association at Warm
ed well pleased with the meeting, but
found travelling somewhat unpleasant dur
ing the hot weather. Those who attended
from Savannah were Mr.. W. G.. Cam, Of
the Savannah Bank and Trust Company;
Mr.. F. d. Bloodworth, of the National
Bank of Savannah; Mr.. George c. Free
man, of the Citizens Bank; Mr.. John NJ.
Hogan, of the Germania Bank; Mr.. w. f.
McCauley, of the Chatham Bank, and Mr..
James Sullivan, of the Southern Bank, all
cashiers. Cashier w. NJ. Davant of the
Merchants National Bank would have at
tended but for the serious illness of his
father, Col. r. J. Davant. AS it was, Sa-
vannah's representation was the largest
in the meeting.
A synopsis of the very excellent address
delivered by the retiring president, Mr.. w.
G. Cam, was published in Saturdays
Morning News.
THE meeting was very satisfactory
one in every respect" said Mr. Cam, when
seen yesterday. THE attendance was
10 nd ~ f1rl1 If in
terest. The action of the association in
recommending the establishment of a sub
treasury at Savannah was hearty and
unanimous. Better still, it was spon-
taneous, coming without effort upon the
part Of the Savannah men. The resolu-
ton came from the interior bankers, who
are The ones who are most affected by
the present lack of treasury facilities in
this section. Their trouble is simply this.
During the cotton harvesting season they
require silver in large quantities. which
can only be obtained from the treasury at
Washington or the sub-treasury at New
Orleans at a cost for transportation Of
q. per $3.50. After the cotton has been
harvested the silver begins to pile up in
the banks The city banks will not accept
it, having al they care of their own,
and the only way the country banks can
get rid of it is to ship 1t back to the
q
$1,000 With a sub-treasury located at Sa-
vannah the express rate would be much
less and shipments could be more quickly
transmitted and received The South Car
DINA and Florida banks would be equally
benefited with the Georgia banks"
''At present." said Mr.. Cam, 1.-The only
subtreasury in the South is at New Or
leans, which is about the same distance
from US as the treasury at washington.
va taI-
with Washington, New Orleans and Sa-
vaunah as the three points, you will find
that Savannah viii occupy the right angle.
There is probably not such an
other large stretch of territory
in the country unprovided with
subtreasury facilities. Another argument
in favor of a subtreasury al Savannah is
that this city will undoubtedly continue to
be the main port of embarkation and sun
ply for the United States forces in Cuba
Tor many months to come. During the
last several months thousands of dollars
in government certificates upon the sub
treasures located in various parts of the
country have been paid out here for gov
eminent work and supplies. With a sub
treasury here these certificates would be
paid right in Savannah 10 the advantage
of all concerned
Mr.. Cam said that it would not be
matter of any great expense 10 the gov
eminent to maintain a sub-treasury here.
The rooms in the custom house which
are now being vacated by the United
States Courts are exactly suited to the
purposes Of the sub-treasury, and the
only expense would be the clerical force
which would be small.
The revenue tax act was condemned
by the bankers" said Mr. Cam, "for
several reasons, one being that it is more
prOduCfiVe of vexafio, than ravar,,o
another, that it bears more heavily upon
the small dealer than upon the large one
The tax on all checks and drafts being
the same without regard to their face val
ne. We realize that the government must
have revenue, but we hardly think the
revenue derived from this feature is in
proportion TO the trouble and vexatiou
which it causes to the banks OF the coun-
Try and their patrons"
A protest was registered by the Bankers
Association against the action of the New
York Clearing Association in placing
charge of one-quarter of one per cent
upon all checks and drafts upon banks in
this state cashed by members Of the asso-
citation.
I'VE recognize the reasonableness of a
small CHARGE sufficient to pay.
the cost of collection" said Mr.
Cam. but the charge assessed
against the Georgia banks is en-
tirely TO high. The charge against banks
in the Eastern and Middle states, near
New York, is only one-tenth of one Der
cent charge of one-quarter of one per
cent for Georgia collections is out of ali
proportions. The minimum charge is 10
cents so that the holder of a 81 check on
a Georgia bank would only receive 90
cents. The banks of this state are wen
distributed for collection purposes ana we
have excellent ana close mail and express
facilities. The charge should not al tbe
outside exceed one-1fth of one per cent
This protest will be brought to the alien
ton of the New York Clearing Associa-
ton"
1t was decided to appoint committee
of the Bankers Associate to attend the
annual meeting of the State Agricultnral
Society at Quitman in August. This ac-
ton was the result of letter from Hon
Pope Brown, president of the Agricultural
Society, calling attention 10 the fact mar
the society viii devote special attenflon
to the subject of uniform cotton classin-
cation at its next meeting, and desires
that all interests should be represented
on that occasion