Front Page Titles (by Subject) Payment of Wages by Cheques. - Money and the Mechanism of Exchange
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Payment of Wages by Cheques. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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Payment of Wages by Cheques.
The managers of the Cheque Bank hope to substitute their cheques for the coin now used by manufacturers in payment of wages. If this could be accomplished it would be convenient rather than otherwise to bankers, who are weekly called upon to furnish large sums in gold and silver coin, and have the trouble and cost of holding and counting a sufficient stock. Now, if a master in paying his men presented them with small cheques, or, perhaps better still, with cheques for even sums, and the balance in silver, the cheques would be cashed by shopkeepers, and would be deposited by them in the banks, or might even be bought back in large sums by the masters for further use. It was at one time the practice of great railway contractors to issue tally checks in the form of one, two, or five-shilling cards, which were paid to their workmen, and circulated among the publicans and tradesmen of the neighbourhood, until taken back by the contractor in wholesale. Such cheques constituted true representative money, but would be of doubtful legality. The Cheque Bank cheques might serve the same purpose, and have been declared legal, but it is yet very doubtful how far the wholesome practice of immediately presenting ordinary cheques will stand in the way of the continued circulation of other cheques, for which there is no need of immediate presentation. Time after time we have found that habit and custom exercise an immense and very unmanageable influence in monetary affairs, and it will probably take a long time to teach the public to look upon a cheque as a safe document to keep.