Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-11-08
CERTIFICATES THE REMEDY.
South Carolina Bankers Consider the
Situation.

South Carolina Bankers Consider the
Situation.
The banking troubles have had their
effect on southern banks. They have
taken no money away from southern
banks and the south is more prosper
Gus than ever, but it takes a great deal
Of money to move the cotton crop and
it is the hard money that is hard to
get. Banks have balances in New
York, Baltimore and Philadelphia
banks but they cannot get the curren-
cy. The New York clearing house
simply said that it would ship no cur
rency and thus stopped currency from
coming south as it usually does in the
sall of the year.
Atlanta a few days ago authorized
through it's clearing house, clearing
house certificates to the amount OF w.
O00, 900. These certificates are endorsed
by all the banks of the city and are
further secured by one and half times
the amount in high class bonds. Ma
con has adopted clearing house certi-
icates. so has Augusta. Other cities
are fast doing the same to get the
ready currency, as the certificates are,
of course. accepted by the banks in
payment of debts or exchange Is is
sued for the clearing house certificates.
The trouble is to get actual currency
in ample quantities. All banks are
holding as much currency as possible.
The Savannah banks recently passed
a resolution limiting the amount. The
South Carolina banks want to help
move the cotton crop and today, re-
sponsive to a call of Col. D. D. McColl,
chairman Of the executive committee
Of the State Bankers association,
there was a general meeting held here.
There were present at this meeting
of leading banks In
Charleston, Spartanburg, Anderson,
Sumter, Rock Hill, Camden. Darling
ton, Greenville and other leading bank
ing centres. All the Columbia banks
were represented. The consensus Of
opinion on the part Of the leading
bankers present was that the banks or
this state are stronger today than they
have ever been. Yet they appreciate
the difficulties of getting currency on
account of the action of the clearing
houses Of New York, Baltimore and
other centres in declining to ship cur
rency TO the south. The conference Of
the bankers lasted for three or four
hours and it was finally decided to call
upon the clearing houses Of Charleston
md Columbia to come to the relief or
the currency situation by issuing fully
protected clearing house certificates.
Such certificates would enable the
banks to handle the cotton crop and
particularly to assist those farmers
who wish to hold their cotton, and 1t
was the general desire of all to CO.
operate with the farmers in the ef-
fort to hold cotton and not have 1t
forced on the market in case the far
berS elect to hold the cotton.
The following resolutions drawn up
by Mr.. R. Goodwin Rhett Of Charles
ton. after the discussion, were unani-
mously adopted as representing the
views of all present:
Your committee would recommend
that this meeting, composed Of thirty
bankers, from various parts OF the
state. adopt the following resolutions:
Whereas. the financial disturbance
in New York has resulted in scarcity
# actual currency so much needed at
this time to move the cotton crop or
the south. while our banking institu-
tionS are in the best condition they
have ever been, and,
Whereas this scarcity of actual
currency is also depressing the prices
of our products and causing them to
be sacrificed. and
Whereas some measures for sub
stituting a circulating medium in place
Of this currency is of extreme i'm
portance for this protection of the
value of our products.
Now. therefore, we. the said commit
tee of bankers of South Carolina. do
hereby
Resolve. first That the Clearing
House associations of Charleston and
Columbia be requested to issue clear
ing house certificates for the general
relief of such conditions in this state
as are above described: second. that all
hanks in this state be requested to
urge the use of such certificates in
lieu of currency until conditions again
become normal"
1t is too early vet to say what the
Charleston or Columbia clearing house
associations will do. They will con-
slider the resolutions fully and, no
doubt. do what is within reason ana
in accordance with sound business
principles. - Columbia correspondents
Charlotte Observer