Uncle Sam: Mr. Farmer has forced an adjournment.
THE CLEARING HOUSE
Uncle Sam: We are on the very last lap tonight, as I understand the situation. We have had the Standard of Value, Money, Currency, Exchange, Value, Price, Property, Wealth, Credit, Reserves, the Bank; and now comes the settlement of the claims against the bank in the shape of checks, drafts and bills of exchange.
When we finish this conversation we can, I hope, begin to put things together, that is, make use of our material.
Mr. Banker: Uncle Sam is right, we shall be ready to do some constructing when we have disposed of the Clearing House, which is destined to play a gigantic part in the future of American banking. This is true because the Clearing House is bound to become the machinery by which all American banks are to coöperate and protect themselves through their combined strength; and it will be a splendid exhibition of what true coöperation can accomplish.
The character and origin then of the Clearing House, its present and prospective function, must be carefully studied by us, if this assumption is correct.
Mr. Merchant: The character of the Clearing House, or the principle upon which it works, is simple enough; although its operations are vast, and its achievements in times of financial stress have been most striking, even though not always satisfactory.