Jasper County Democrat, Volume 17, Number 35, Rensselaer, Jasper County, 5 August 1914 — BANKS ON CERTIFICATE BASIS [ARTICLE]

BANKS ON CERTIFICATE BASIS

Clearing House Meeting Takes Drastic Measure to Protect Gold Supply— War Crisis Is the Cause. New York, Aug. 4.—The clearing house at a meeting decided to issue clearing house certificates to meet the currency situation brought about by the European war crisis. The decision to issue certificates was reached after a general discussion of the foreign situation and its bearing on business conditions here. It was the unanimous opinion that in view of the foreign situation every means should be adopted to protect the country’s gold supply. It was voted, therefore, that for the present and until further notice the association place itself upon a certificate basis. An additional resolution was adopted making available in payment of balarices all forms of currency issuted on authority of the national government. This indicates the desire by the bankers to use freely the currency issued by the National Currency association and to the fullest extent for the requirements of their correspondents and the needs of interior exchange.