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banks exceptionally strong, as shown by the fact that there was no meeting of the clearing house until this morning it was determined that similar action was necessary in order to prevent other cities from increasing their supply of currency by cash withdrawals from this city. Not Applicable to Future Deposits. "They therefore resolved that except as to deposits of cash and of New York exchange hereafter made, which deposit can be withdrawn in kind upon demand, the associated banks of Montgomery limit their cash payments to any one depositor to $25 per day except that pay rolls and pay checks of railroads and industrial corporations may be paid in cash and that checks will be certified payable through the clearing house. This action preserves the local situation from the needs of other communities, and has preserved our supply of currency for local needs, until the present stringency which is regarded as temporary and due largely to local conditions in New York has ceased." "Under the present currency system there is no method providing for expanding the volume of money to meet extraordinary occasions, hence the bankers of New York nearly forty years ago devised the system of issuing clearing house certificates as a methods of necessary relief from monetary stringencies. It was resorted to the last time in 1893 when it was general over the United States without the loss of a dollar to a depositor. The singular and fortunate feature of the present stringency is that it has happened at a time when the country is generally prosperous, as the cotton and grain crop will soon return money for use in commercial and industrial business, and the present stringency will in all probability be of short duration. Precedent in 1893. "Most of our present business houses and many of the individual dealers will recall that the operations of the clearing house restrictions in 1893 did not prove unduly burdensome after it became effective, and was understood by the community, and we apprehend that these same people will commend the action of the banks now as they did then. One thing is certain that New York bankers must of necessity, in order to obtain bills against which to import gold, bend every effort toward restoring normal methods in the handling of cotton bills, and this will mean a restoration of normal methods on the part of local banks in providing for funds to pay for cotton. Meanwhile it may be stated, that this feature of the business of Montgomery will receive careful consideration and some plan worked out whereby restrictions upon the orderly marketing of cotton will be, if not eliminated entirely, greatly minimized; the matter of clearing house action not having been anticipated until the action of Birmingham and Mobile banks became known today, it has only been possible up to this time to adopt preliminary measures." Tuscaloosa Banks Act. Tuscaloosa, Oct. 29—(Special.)—All of the banks of Tuscaloosa issued a letter to the public this morning announcing that owing to the fact the banks of Birmingham, Cincinnati, St. Louis, Chicago, New Orleans, New York and other large cities are unwilling to remit cash money to interior banks in payment of their balances due the interior banks from the city banks, and that because of this, it would be absolutely necessary for the industrial and commercial welfare of this city that its agricultural, saw mill, iron, coal and other industrial pay rolls, should be cared for, it would be necessary to limit the cash payment to any one depositor to $25 per day. They further stated that New York and other checks would be issued as usual. The letter was signed by The City National Bank, The First National Bank and The Merchants Bank and Turst Company.