FOOTNOTES:
[121] James G. Cannon, Clearing Houses, Publications of the National Monetary Commission, Senate Document, No. 491, 61st Congress, 2nd Session, p. 1.
[122] Ibid., pp. 148-150.
[123] Ibid., pp. 150-154.
[124] Ibid., pp. 163-165.
[125] 62 members in 1914.
[126] Ibid., pp. 41, 43, 44-46.
[127] Ibid., p. 37.
[128] Ibid., pp. 75-79.
[129] O. M. W. Sprague, Banking Reform in the United States, pp. 104-113. Harvard University. 1911.
[130] The figures in the text refer to the legal tender holdings of the banks. The banks also held a considerable amount of specie but it was not a free asset as most of it had been received on special accounts payable in gold. Including the specie holdings the reserve ratio was 12.8 per cent.
[131] C. F. Dunbar, Economic Essays, chap. XVI.
[132] The increase in the amount of money in circulation for August, 1893, was estimated at $70,000,000.
[133] James G. Cannon, Clearing Houses. Publications of the National Monetary Commission, Senate Document No. 491, 61st Congress, 2d Session, pp. 137-141.
[134] [A number of the more important cities such as St. Paul, St. Louis, and Philadelphia, following the example of Chicago and Minneapolis, have instituted clearing house bank examinations since 1907.]
[135] Adapted from Robert Martin Holland, The London Bankers Clearing House. Publications of the National Monetary Commission, Senate Document No. 492, 61st Congress. 2nd Session.
[136] The date of the establishment of the Clearing House is not known. The Clearing has, however, been in existence about 150 years.—Editor.
[137] [For the five years 1910-14, the total clearings of the London Clearing House were in the neighborhood of £15,000,000,000 per annum of which the Town, Metropolitan, and Country Clearings were about 86, 5.5, and 8.5 per cent., respectively.]
[138] [The approximate number of clearing houses outside of London, in England, in 1915 is twelve, but these are used only for local clearings. In addition, most of the towns in England and Wales have a local exchange which is a clearing on a small scale.]
[139] This tendency has continued as to both the joint-stock and private banks.—Editor.