Triumphs and wonders of the 19th century, the true mirror of a phenomenal era, a volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress .. . ese items was $31,-294,, and they were paid with $ in money, which represents thecredit balance clue to the Bank of the State of New York. This instanceshows what large transactions may be effected with small sums of money byemploying proper banking machinery. Banks multiply the usefu
Triumphs and wonders of the 19th century, the true mirror of a phenomenal era, a volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress .. . ese items was $31,-294,, and they were paid with $ in money, which represents thecredit balance clue to the Bank of the State of New York. This instanceshows what large transactions may be effected with small sums of money byemploying proper banking machinery. Banks multiply the usefulness ofmoney many fold. The New York Clearing-House Association was organized September 13,1853, and the first clearing made by the Association took place on October 11, 468 TRIUMPHS AND WONDERS OF THE XIXth CENTURY 1853. The banks belonging to the New York Clearing-House Associationreported on April 1, 1899, loans and discounts, $779,951,100; deposits, $898,-917,000; specie, $187,144,300 ; circulation, $13,870,600. Clearing-House Loan Certificates. —These are simply devices thatthe banks have invented for use in times of panic. They are issued by acommittee of the Clearing-House Association on the deposit of approvedsecurities by the bank desiring them, and are used only to settle balances. NEW YORK CLEARING-HOUSE. between the banks. They are not money, but serve a useful purpose indiminishing the demand for money ; for when the banks agree to acceptthese certificates among themselves, it makes that much money available tobe loaned or paid to depositors. In 1893, and in other years of financialstringency, the issue of these certificates afforded great relief to businessinterests and saved the country from some of the most disastrous results con-sequent upon such panics. These certificates are not to be confounded with clearing-house gold certifi-cates issued by the Association on deposits of gold coin. They are used in PROGRESS IN COINAGE, CURRENCY, AND BANKING 469 making p
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Keywords: ., bookcentury1800, bookdecade1890, bookidtri, booksubjectinventions
