New-York tribune., 1899-03-24
industrial wealth and productiveness OF tne ISL
and. What it wants is order and peace anu soou
goYernment.
TILE TAY on CHEChS.

Tho mercantile community, with remarhhoic
unonimitv resents the action Of the New-lorh
CLEARING House rs to charges for coilecuoh vi
mt town checks as an unwarranted imposi-
tion To nut the matter without disguise, IL Is
on attennnt TO take from the customers or the
hanks n part Of their profits. which range lroin
only LITTLE In some cases TO tenth OF their gross
rcceipts on out-of-town business Tor others IL
tho hanks were in distress one could see reason
Cor giving them bit There Is no such pre-
tence and they claim TO be and are more pros
MARQUIS than they ever have been. NO one Is
oblo 70 claim with reason that these collections
cost the banks anything. The checks come ana
60 exactly as others do between banks OF this
CITY involving not one atom more FISK OF
bother. It IS therefore wanton and entirely
tnexcusablc tax Of the mercantile community
for the benefit of few banking institutions
which owe their prosperity and even their very
existence TO the confidence and favor OF the
mercantile community
On the face of things this Is an imposluon
which New-York business men find 1t hard 10
excuse When they see that bankers In Chicago
and Philadelphia are busy hunting for the bust
ness which the New-York bankers are threaten
ing to drive away they ask themselves why the
institutions which are kept alive by their de-
posIts should treat them in this fashion. 1t may
be said that tle tax Is not large on some con-
Germs, but Oh others handling many small re-
mittances from the country it mounts up to 10
per cent Of their gross receipts on such collec-
TONS What excuse have the banks for trying
to impose such a tax on anybody, be 1t large or
small?
They do the business gratutously, they say.
That is not true They hold deposits for many
hundred millions which they are using all the
time in call loans to Wall Street SPECTATORS,
with profit TO themselves. and on those deposits
they realize profit amounting TO many millions
every year. II they cannot even then afford to
collect check for dollar which it costs them
nothing whatever to collect but must charge 10
cents for that service, the depos1tor is exceed
,ngly apt to feel that the bank Is bleeding him
as far as it possibly can, without justice or rea-
son, and without any regard to his position as
depositor.
No reference to backwoods cities which have
neeced their depositors after this fashion. and
have money thereby, is in order NewYork
is the great commercial city in this coun-
try and its business men may claim with reason
the support of the banking institutions which 1t
supports. Yet this new rule can have TO other
effect than TO drive great amount Of business
out Of this city to other cities where banks are
not inclined 10 shave so closely. 1t Is not
small matter TO New-York just now Other
combinations and jobs have so plundered the
commerce Of this port that it has much to COM
plain Of. This bit Of tax. by the very institu
tons which the business of New-York keeps
alive, is a shade too much. What remedy de-
posltorS may have is not clear, but If they have
bn harE irwin IN 1T +ba
business which gives them chance of profit