The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-11-05

ceive rs per cent only in these clear
ing house certificates, so hat any per
son taking a clearing house certificate
has back of that personal security to
the extent of the subscription of the
business men who have subscribed
for the stock of this clearing house,
and in addition 100 per cent of ap-
proved collateral for each IS per cent
of certificates issued; SO l al it
that there will be no question but
what the certificates which may be
issued by the clearing house will be
considered just as safe as the bonds
of the government of the United
States. (Applause.)
Now, in the ordinary course of bu-
siness of the community l see no rea-
son why it should not proceed with
just as much expedition as if this
move had not been taken. The merch-
ants of the town will accept these
certificates as cash; they will go with
them to the banks, and the banks will
receive them upon deposit the same
as cash. If you want cash in large
amounts, the bank will give you these
clearing house certificates, and such
small change or currency as you may
need for your purposes. But the bank
will not ash a check in currency, or
pay out specie, where there is a prob
ability that the currency or specie is
drawn out for the purpose of being
boarded up; and We believe within a
day or two, as Don as the community
becomes familiar with the plan, that
you will have no trouble in carrying
on your business just the same. If
you want to go East; if you want to
go to New York, Or Chicago, or Kan
sas City. OF Denver-for that trip the
banks would give you the money, such
as NAV be needed, and if you want
to use any money in New York or n
of the cities you may desire to visit.
the banks Will give you a draft on
New York, which will be payable thru
the New YOrk clearing house, or in
other words, you can use it for depos-
It there and for cash in the same way,
because these banks will also give out
cash for small purposes just the same
as the banks here; and if o send a
load of sheep to the Kansas City mar
ket, the only way you will be paid for
that carload of sheep will be by draft
ISOLATION of Kansas City. These clear
ing house certificates which you will
get from Kansas City for the sale of
your sheep, you will bring back here
and deposit in the bank here the same
as if it was cash or an ordinary draft,
with any other lin of business, the
banks will accommodate themselves
to the situation. We have not worked
out all the details, because they must
be worked out as they come up, but
there is no reason in the world why
the merchants of the town should not
carry on business as usual. There may
be some inconvenience until the peo-
pie get acquainted with the plan, but
that they will get acquainted with it
and accommodate themselves to the
situation we have not any doubt.
Il want to a to you that this
movement was made for the enef1t
the community. 1t wal not made
because of any peculiar situation with
reference to the banks here, because
were never il n better shape than
they are today, n l earnestly believe
that if the banks of the country gen
orally had taken this move in 1898,
as they are doing now, a great deal
of h trouble of hat period would
been avoided, or in other words
business would lave resumed its nor
NAL attitude a great deal sooner, and
instead of looking upon the movement
as a misfortune. / think the communi-
ty should congratulate itself upon the
having bee made, because
l believe it will rebound ultimately
for the great benefit of the communi-
ty- Of course We regret that any of
the banks throughout the country
had to suspend, OF any of them
had to issue certificates, but as
long as they have commenced back
east, it becomes an absolute necessity
here. unless we want to have
financial difficulty al home.
THE purpose of calling this meet
ing vas to explain the situation and
acquaint the business men of tAe com
munity with what had been done"
Mr.. Jones then called upon Others
for remarks, and answered various
questions. The Optic says: "The people
home from the meeting confident
that the financial situation lad been
wise net by the banks, and that there
was absolutely no cause for the slight
est alarm, so far as the financial in
situations of our city are concerned"
L. B. B~oeIlner. the Jeweier. sells