The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1919-12-20
EXCHANGE OF CHECKS AT PAR"
Address Before the Chamber OF Commerce OF the
St Louis, April 30th, 1919.


became apparent. So they devised
naper money which, of course, cost
less to transport, but the risk Oh
loss from fire, storm, theft, etc.,was
still there.
Then men said, "Why should we
send out and back again, money OF
any kind? Why not let the money
stay in some safe place and send
checks which are good only to the
persons for whom they are IN
tended?'' "This would avoid the ex-
pense of having to insure these
checks in transit, and the people
who receive them in payment for
their grain or other products can
endorse them to others from whom
rev wish to obtain something IN
trade for those products, the cost OIL
such a plan being only postage
stamp each way"
mis- plan was still further sim
plifed by passing these checks
through banks, which would IN tpri;
mail many of them in one envelope,
thus reducing the cost Of sending
them back and forth.
TIE banks service was still prac-
tically that of transferring the
money to the point where it was due
and payable. The service was rem
dered by the paying bank and rem
dered to its customer whose obhga-
ton it was to place that exact
amount in the hands of his creditor
at a distant point. The service was
to the party making the payment
not to the one receiving it, and
therefore any charge for such SER
vice should be paid by him to whom
: the service is rendered, viz: the
buyer who orders his banker to
make payment for him.
: To express it in another way, II
is the obligation of the debtor to
place in the hands of his creditor
and at the place where his debt Is
!. payable, the full value of the deb
in money or its equivalent, any ten
der which involves the creditor In az
: expense in actually getting the mon
q ey or its equivalent is not paymen
y in full, it is rather an attempt u
force. creditors to take less than on
E hundred cents on the dollar.
IS Barter or trade practically begin
II with the producer of new weait
re whose surplus products, beyond tn
, needs for his own consumption, n
10 wishes to exchange for the product
r of other sections or manufacture
L goods.
n Business starts by either offerin
or for sale at the point of their Pre-
as duction, or by shipping to some ceI
Of trail market, the new wealth OF
producing community, and therefor
ny the money given in exchange Il
he these products must originate
IN the markets to which they 81
III shipped.
Ter This means that the first NOV
If ment of money is toward those q
pm tricts which produce the new wsalt
'n- and if the money is due and payah
Ter in the district where the new veal
is produced, then the cost incide
of to placing it there must be paid
the the party buying those products
rem that is, the party in the cent
re- market-and the services CT
hat bank in the central market are r.
ing dered to its customer and should
is paid by him.
uc- The first trip which the nor
hat takes is from the central market
ig's that which produces the new veal
and whatever it costs to send
lich money from the central market
out the outlying district is paid BY
alue party in the central district who
ex- the buyer. This sending Of
money at the expense of the bu!
Eek half completes the exchange OF
urse new wealth for other things WI
all are desired by the people OF
way. community where that new we
the has been produced. The money
oney their evidence of their having d.
only cred something Of that value
also of their being entitled to receiv
: in return whatever they desire OF e
the value.
When this half Of the exchi
Until is completed and the money IS
the livered at the point where the
noted wealth originated, and when
/, one community wishes to obtain the
dol ducts of some other community
town, gives this money in exchange
d in them, it is then the province o.
rs. If local banks to render TO tnelr
ealer, toners the service of transfe
money the money back again to that
It the munity. The service thus ren'