Second: The first Clearing House started in London in 1775. The second Clearing House started in Boston in 1818 under the Suffolk Bank. The third started in New York in 1853.
Third: Clearing country checks was established in London in 1857. New England became a free zone for country checks in 1899.
Fourth: Clearing Houses without any authority of law have adopted the following functions: (a) They have fixed charges for services; (b) they have provided reserves for their convenience; (c) they have forced all those banks, which are members, and all those clearing through them to submit to examinations; (d) they have not only issued Clearing House certificates for use in settling balances, but for circulation as currency in denominations of $1, $2, $5, $10, $20, $50, $100, to meet the demands of trade.
If you'll give them fifty years more, and will not interfere with them, they will in actual defiance of law reëstablish the currency system of New England before the war and now in operation in Canada.
It's too late to detain you a minute longer. You may go now, but remember that it took your Uncle Samuel to discover the important historical fact that the first Clearing House established in this country was the Suffolk Bank at Boston.
Good Night.
FOOTNOTES:
[1] Since the above was written New York City has become a free check zone for a large territory tributary to it.