Clearing house certificates are used in many cities for payment of balances by banks of the debtor

Clearing house certificates are used in many cities for payment of balances by banks of the debtor. They are let out against the gold deposited with one of connected banks. They are numbered, registered, and signed by the appropriate official, and used only in settlements between banks. Various methods of creation of settlements are used. In some of cities balances are paid according to projects on New York or other centres of money. The bank of the debtor sells to some bank of the creditor the New York exchange, and receives in exchange the check or the order concerning a clearing house which when is presented does balance and credits. It is considered, that the actual cash used in the New York clearings, are less than one half one percent. From balances.
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AS the REMOTE BANKS are connected by CLEARING HOUSE SYSTEM
check collections.