Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1907-11-11
CLEARING HOUSE CURRENCY IS
ISSUED TODAY.
Will Serve the Public as Cash, and
Are Based on Most Ample Sc.
CURLY. Gilt Edge Securities in
Hands of Trustee HOdgdOn, s.
for 81.

In order to supply the temporary
need of currency and coin to fur
nish means for keeping the indus
tries of the county going during the
financial furry, the banks of Che
halls county have formed clear
morning began the issue of certif
1cates in denominations of 81, 81,
IS. $40 and $40 for general circu-
lation.
These checks. or clearing house
certificates ere based upon deposits
of securities by the panks with Hon.
c. w. Hodgdon, of Hoquiam, as
trustee, to an amount One-third
greater than the sum of certificates
issued. Those securities were passed
upon by a committee, consisting of
w. L. Adams, Hoquiam, w. J. Pat
terson, Aberdeen. and w. H. France,
Montesano, and the issue of them to
banks is limited to IN per cent. of
their deposits.
The certificates, or emergency
bank notes. will be used in all trans
actions the same as coin or cur
rency. They will be received by the
banks as deposits and in payment of
all obligations and will circulate the
same as gold, silver or papey money.
1t is currency taking the place of
money tied up in other places where
the banks cannot get it. All mer-
chants in the county will take them,
making them as available as green
backs
These certificates are but two
thirds the value of the securities de-
posted to secure the payment. The
securities themselves are no longer
in possession of the banks to whom
they belonged, but are deposited
with trustee, to whom they are as
signed for the redemption of the GER
tifiicates.
There is nothing, in fact, which
can locally be done with money that
cannot as we'll be done with these
certificates. For paying bills, notes,
or for any other purpose locally,
whatsoever, they are exactly as good
as money. If taken to Portland, Sc
attle or Tacoma, they can be ex-
changed at any of the banks of those
cities for similar currency good
there. For paying bills at distance
the banks will issue drafts for them
the same as for money; the railroads,
telegraph, telephone and express
companies will receive them the same
as coin.
A canvas of the business men of
Aberdeen was made Saturday and
practically all business places signed
an agreement to receive the certifi-
Gates the same as coin, in fact, one
establishment is advertising to pay
a premium on them. The mills will
pay off in the new currency, and
the men will find it will answer every
purpose of gold, and will have the
additional satisfaction of knowing
that it's issue will be the means of
keeping the mills in operation, which
could not be done otherwise, owing
to the fact that those concerns are
receiving no cash returns for the
lumber they are shipping to Califor-
mia and Eastern points.
The unanimity of the banks at this
crisis, as we'll as the splendid con-
fidence in those institutions, is a
matter for congratulation for the
people of Chehalis county. The to-
tai issue of the currency in this
county will be about 100000, be-
hind which is a bank responsibility
of $3,SO0,000. The securities depos-
tied with the trustee are to be held
by him as special deposit in pledge
for the redemption of the certificates
issued, and he has the power to col
lect the securities deposited and to
sell them to redeem the certificates.