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V4 2001 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 4, Number 45, November 4, 2001, Article 10 FEATURED WEB SITE This week's featured web site is the New York Clearing House. "The New York Clearing House is the nation's first and largest bank clearing house. We continue to play a key role in developing the U.S. banking system. In 1853, we helped simplify the chaotic exchange and settlement process among the banks of New York City. Before the Federal Reserve System was established in 1913, the Clearing House stabilized currency fluctuations and carried the monetary system through recurring times of panic. Since then, we have applied our organizational talent and technological innovation to meet the demands of the rapidly evolving payments industry and challenging regulatory environment." http://www.nych.org/hist.htm http://www.nych.org/files/nych_hist.pdf The second link is a three-page paper (in Adobe format) outlining the history of the Clearing House, which mentions clearing house certificates. These certificates were issued during the financial panics of 1873, 1893 and 1907, and functioned for a time as a circulating medium of exchange. The article also states that clearing house certificates were first used in the panic of 1857. Are any such notes extant?

Wayne Homren, Editor

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