Rensselaer Semi-Weekly Republican, Volume 40, Number 22, Rensselaer, Jasper County, 22 November 1907 — EMERGENCY CHECKS ARE AUTHORIZED BY BANKS. [ARTICLE]

EMERGENCY CHECKS ARE AUTHORIZED BY BANKS.

Clearing House Decides ‘lssuance of Scrip Will Help Local . Financial Situation. At a meeting of the Chicago Clearing House Association, which was attended by representatives of the nineteen member banks, it was decided, upon recommendation of the Clearing House committee, to issue checks of small denominations, to be used as a medium of exchange In lien of currency until such time as local banks shall see fit to resume specie payments. The new checks will be in denominations of sl, $2, $5 and $lO, and will be issued by the Chicago Clearing House Association in payment of clearing house certificates of large denominations, which have been previously issued to the banka It was decided, for the convenience of handling them, that the checks will be drawn on only four member banks of the association. These are the First National, the Corn Exchange National, the Continental National and the Commercial National. When any bank in the Clearing House Association desires a supply of the checks it must present to the manager of that organization clearing house certificates of the larger denominations for the amount of small checks it applies for. The checks of small denominations, which are guaranteed by the clearing house, will then be drawn, based on one of the banks designated, in payxnent of the clearing house certificates to the association, and the checks will be made payable to the bank which applied for them, or bearer, and will, therefore, be transferable from one holder to another without indorsement Banks receiving the checks will pay them out to customers for pay roll purposes and tliey will pass Into the. hands of employes, from them into the hands of merchants and others, and from the latter back into the banks, which will accept them as deposits. The United States mint in Philadelphia Tuesday delivered $1,900,000 in gold double eagles to the subtreasury there. It is stated that within the next three months the mint will coin $52,000,000 In double eagles. This enormous amount of gold will be distributed among the subtreasuries and will be employed to relieve tbe money stringency. The movement of gold from tbe vaults of European banks to the United States, which has been iu progress for several weeks. In which the unprecedented total of nearly $60,000,000 has been engaged abroad for import, still continues.