The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1907-11-08
ARE GOOD
AT FACE VALUE
NO OCCASION FOR DIscoUNTINc
THEM. ALTHOUGH SOME
ARE DOING 90.
ARE ACCEPTED BY MERCHANTS
All That 10 Necessary 10 Full
Understanding Of the
Situation.

Because Of the ignorance OF man,
persons Of ordinary banking rules ant
their lack of familiarity with checks
a few depositors are offering TO dis
count their bank balances.
II these people understood the sit
uation they would decline to make
snch Offers, because they can obtain
full price for their products in checks
upon any OF the local banks. and these
checks are as good as the coin. The
person receiving a check can take 1t
to the bank and there deposit it to his
credit and IL he, then desires to buy
anything from the stores he can use
his check just as advantageously as
he could the money. The Columbia
merchants viii as gladly accept checks
at their face value as they would cur
rency.
II You wish to make a purchase,
and the purchase does not amount to
the full amount of the check you may
have received, the merchant will pay
the change in currency, IL he has the
currency, and IL not he will give his
check for the difference, and that
check can be used at any other store
just the same as money. And in this
way checks can be used just as salts
factorily as currency, without one cent
being lost.
The farmer or any individual who
allows a check to be discounted is
simply throwing away the amount of
the discount. There is no occasion
whatever for alarm. Not a single |
farmer, banker or other in
dividual in Maury county has lost a |
dollar of his wealth as result of the
FURRY in Wall street. They are all
worth just as much as they were be-
'ore, although for the time being it
s of course more difficult to convert
heir holdings into actual currency.
But every check that, before the re-
,ent rule was adopted by the banks,
would have been accepted at face
value, is worth just as much now.
Again there are some few individ-
Ials who have taken advantage OF
he situation to discount checks. None
f these persons would of course dis
cunt check that was not perfectly
God Not only are the men who do
his guilty of a moral wrong, but they
re in the same class with the note
havers, and unless they have state
nd county license as such their acts |
re illegal and would subject them to
rosecution. II
With the exceptions above noted,
ne alone to ignorance on the part
/ one class and to cupidity upon the /
art of the other the new rule is work /
II satisfactorily and the banks are tc
Ding just about the usual amount OF e
lsiness. They are getting in about r
le same amount of currency that
ley are paying out That con- s
ience in these institutions has not v
zen in the slightest way diminished t
demonstrated by the large daily de- III
,sits which they are receiving. r
This is the first of the month when &
e bill collector is abroad in the land, a
Id particularly in Columbia, and re-
,rts are that collections are above I
e average; there being some who !
normal times love their bank bal
ices too well to draw upon them, but
no are now checking to beat the band.
ecessarily the smaller accounts are 7
ing paid more frequently in checks
an formerly, but this is not causing
e slightest inconvenience and they
e readily accepted by the collectors.
On the whole the situation improves ~
Oh day, and all that is necessary to re
AXE the. new plan thoroughly salts d
Glory il a full understanding OF the Il
hiking rules. r