Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-28
H. M. Victor, Of Union Ma
tiOnal, Believes Small
Banks Selfish.
URGES CAROLINAS TO
AID VALUE OF CHECKS
"Nonpar Clearance" Not Pro
gressive and Is Detrimen-
tai. He Declares.
WILL WAIT On ssEMBLl
Number OF Richmond E'inaucicrs
Will Leave City Today FOR North
Carolina Capital.

Claiming that The so-call.d non
par clearance" act. passed by the
Genera! Assembly at it's present scs.
sion. is no; progressive. aud Is ,ict-!
mental. ont only to interstate busi-
ness. but 10 the people OF North Car
olina themselves. who patronizc sma,i
banks in sending checks out Of the
State. and serves only the iutcres. :
Of these banks. II. NJ. Victor presi-
dent OF ihe Union National Bank. OF
Charlotte. has indorscd the stand OF
the Fifth Federal Reserve Bank and
Richmond bankers backing M that in
st!tution.
This became known here yesterday
SeNcra! prominent bankers OF the
city and many other North Carolina
banker are reported to be lighting
for -. repeal Of tho 'nonpar clear
ance law"
number Of Iichmoud bankers rii!
leave this city today for Raleigh.
where they will tomorrow attend a
hearing before n committee. whiri.
is now considering n bill which has
been introduced To repeal the newly
passed law.
IN reply 10 an attack on the Federal
reserve bank and an attemp, ia make
The matter Il personal" one between
the banks in the CaroIinas afr.cte,,
hy the city OF Richmond by IL. \.
Page, .lr. for the so-calIcd NORTH
Carolina bankers Protective Asso-
citation. MIR. Victor specifically states
that the issue involved Is coustantiy
avoided, and a personal" attack is
made on ltichmond. His staternen,
as received by bankers here. follows:
Ten Districts In Linc.
Richmoad has nothing 10 do with
The question OF par-clcarancc. TIE
Federal reserve banks Of ali OF Tho
twelve districts have inaugurated III.
system os ?ar-ciearancc. believing !.
20 be To the best interests OF III. pub
nc at large. regardless or the hank
hhd eventually to the advantage o,
ne state banks. Out OF the twelve
districts. ton have fallen in line and n
a:Se portion OF the rcmninin. .wo.
or the Fif;h District. all bu, tha tw,
Cafolihas have agreed to it,
me tWo tarol!nas can collect thei-
checRs on nearly every bank in tho
."'teh states at par. They receive
through member banks of the Fed
or"' reserve system the great bene-
~ anoided by IL. ana in return. wish
I" withhoid the paitry tariff that they
'h"'s" Tor remitting for check. on
themselves This tariff is n burden
on inc merchant, manufacturers on1
farmer, wherever they are dependent
upon the facilities OF bank. wb,c,
eNac's this toll on every transoc,ion
win the people away from home
IL the people and the leris,oto.s
VINO represent them would grasp tho
laca that The recent Law pcrmittin.
S'a'" banks TO refuse to pay cheeks
IN cash and to issue drafts on cor
respondents with Il paid charge Is
beneficial only to he local Stare h,,,.
ana detrimental 10 the town and com.
ihhnity IN which that bank is located
they would realize that they ar.
simply tools Of these small banks ro,
the benefit only OF the banks.
far-clsarance makes Il good cheek
worth par anywhere. SIX states in
the Union are down on the man in