CHAPTER VI 



THE FIRST CORNER IN CURRENCY 



The first attempt of the Exchange to relieve 

 its members from the risk of handling large sums 

 in gold coin was its recognition of the Bank of 

 New York as an official depository of the metal 

 and making its certified checks in amounts of 

 five thousand dollars each a good delivery on all 

 contracts in gold when not otherwise specified. 

 The bank supplied dealers with checks for five 

 thousand dollars each, which were uniform in 

 design with a space at the end reserved for the 

 bank certification. Coin was still used for de- 

 livery in many cases, which grew fewer week by 

 week. 



Whatever gold our firm held over night, 



whether coin or checks, we deposited in the bank, 



drawing our own new checks against it on the 



following day. I then explained this deposit of 



no 



