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requirements of their ia Honolulu. business. a Nov. 8, 16, It has long been the pr. companies and some of the Street, corner in meeting checks for Cc amounts to draw checks upon tional banks with which their I. are kept. If they pursue this polic. noorrow and until the end of the pres crists it will not be a departure froi. their usual practice. Such checks under ordinary circumstances are preferred to currency, and if currency is demanded in unusual amounts it will be refused unless evidence is given that it is required in good faith and for other purposes than for hoarding, to prevent which is the main purpose of this step. Currency will be paid on small checks as desired and to provide funds for pay rolls and other legitimate and ordinary uses. It may be thought advisable to stamp checks "rayable through the clearing house," as was done in 1893. The suspension of currency payments at that time extended to all the banks and also to the trust comparies, which were then a comparatively small factor in the situation. Little If any inconvenience resulted from the payment by checks instead of currency. except in cases where there was special need for currency. Currency at a Premium Currency at that time went at a premium of a fraction of one per cent, and in some cases even as high as one per cent. This was due to the fact that currency was even refused for pay rolls, for the use of retail shops and for other purposes for which it was required. It is believed the situation will not be acute on this account, and that currency can be paid where it is required for legitimate business purposes and not for hoarding. This system of check credit will operate in the usual manner, and there will be no inconvenience to the man who does not make special effort to obtain currency. Checks drawn in payment of current obligations, will be received for deposit by any bank and redeemed through the clearing house in the usual manner, except that clearing house balances against the banks will be settled in clearing house loan certificates instead of currency. A man having a bank account will have checks put to his credit as usual and can draw against them freely without interruption in the course of his relations with the banks. It is not believed now that a dearth of currency will be such as to prevent those requiring small amounts, or not having a regular bank account, from obtaining it. It was found in 1893 that while currency went to a slight premium in certain cases, the public generally accepted the suspension of currency payments with equanimity. Runs upon banks ceased because the object to such runs, namely, to lock up currency. was defeated by the decision to pay only in checks acceptable to the clearing house. A large force of clerks wer at the clearing house today preparing for the issuance of loan certificates tomorrow. These are in $5,000, $10,000 and $20,000 denominations, and in the form: "This certifies that the bank has deposited with this commission securities in accordance with provisions of the meeting of the association upon which this certificate is issued. This certificate will be received in payment of balances for the sum of $5,000 from any member of the Clearing House assoc tion. "On the surrender of this cer by depositing bank above nay commission will endorse the a payment on the obligations bank, held by them, and proportionate share of curities held thereund Certificate This is the for these certifica that time th o
