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Updated: June 1, 2025
It was a disconcerting fact, indeed, that although Spain and Portugal had divided the world between them, the thrifty Dutch seemed to reap the major profits of their discoveries. Within half a century Antwerp had risen to be the chief entrepôt and financial clearing-house of western Europe. English wool was marketed there, and there English loans were floated.
As daily returns of all "foreign" carriages arriving and departing from all Clearing-House stations are forwarded to the same office, they are thus in a position to check the traffic, detect discrepancies, and finally make the proper entries as to mileage and demurrage in the accounts of the respective companies.
In spite of the excellent Chinese habit of making the close of a year a grand clearing-house for all debts, Chinese human nature is too much for Chinese custom, and there are many of these postponed debts which are a grief of mind to many a Chinese creditor. The Chinese are at once the most practical and the most sentimental of the human race.
But if this were done on a large scale, the bank's 'cash in house' would soon be gone; as the Clearing-house was gradually superseded it would have to trench on its deposit at the Bank of England; and then the bankers would have to pay so much over the counter that they would be unable to keep much money at the Bank, even if they wished. They would soon be obliged to draw out every shilling.
They bring together the farmers and their families, sometimes from several neighborhoods and for several days, for the consideration of agricultural problems and for entertainment and mutual acquaintance. They are able to attract speakers from the State agricultural college or board, and even from national halls, and they become a valuable clearing-house of ideas and experience.
Frequently the charge of one-tenth of a penny per mile for a tarpaulin is divided among several companies in various proportions. For a waggon or carriage from Edinburgh to London, mileage and demurrage accounts are sent out by the Clearing-House to four companies.
But, in the first place, this argument assumes that the Banking Department would have enough money to pay the demands on it; and this is a mistake: the Banking Department would not have a hundredth part of the necessary funds. And in the second, a great panic which deranged the Clearing-house would soon be diffused all through the country.
As for the particular check of sixty thousand dollars yes, he had seen it before. It had come into the bank on October 10th along with other collateral to offset an overdraft on the part of Cowperwood & Co. It was placed to the credit of Cowperwood & Co. on the books of the bank, and the bank secured the cash through the clearing-house.
"This may be a sort of clearing-house for the smugglers." "That's so. Well, I don't know as we have anything to do with it. Only if those fellows are using an airship I'd like to know what kind it is. Well, come on out to the shop now, and we'll see how the silent motor works."
The usual weekly bank statement was again omitted by the Clearing-house from motives of policy, but it transpired that the whole of the New York associated banks held on the morning of the 27th only twelve millions two hundred thousand of greenbacks, an aggregate still further reduced, at one time, to a point below ten millions, against nearly thirty-five millions bank average on the 20th, the date of the last statement issued.
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