_Second_: The clearing of country checks, of which Boston was the pioneer in a large way, although preceded in point of time by Sedalia, Mo., a country city of only 15,231 people in 1900.
_Third_: The examination of all banks clearing through the Clearing House, of which Chicago was the pioneer, starting June 1, 1906--and probably the best type, although there are today about twenty cities following in her footsteps, including the following: Minneapolis, Feb. 1, 1907; St. Paul, May 1, 1908; St. Louis, Oct. 11, 1907; Los Angeles and San Francisco following upon the heels of St. Louis; Kansas City, March 1, 1908; St. Joseph, the early part of 1909; Philadelphia, April 5, 1909; New York, 1912, with others, not mentioned, making twenty in all.
_Fourth_: The centralization of the reserves of the banks at the Clearing Houses, as a matter of convenience in settling balances, and carrying on their common business generally, but subsequently for the purpose of facilitating the issuance of Clearing House certificates.
MR. LAWYER: Let me repeat to you, gentlemen, what may have been stated before, that there is no law providing for the existence of the London Clearing House, nor is there a single law in a single state in any way authorizing or affecting a single Clearing House in the United States. Therefore, all that they have done has been without any authority of law. They are a law unto themselves; and it is not at all certain that that has not been wise. Indeed, I am of the opinion that it has been most fortunate for the business interests of the country. What do you think, Mr. Banker?
MR. BANKER: I am of the same opinion; in confirmation let us return to the consideration of the points suggested.
_First_: The New York Clearing House, as stated, had its first clearing Oct. 11, 1853. Mr. Cannon says that not until August, 1854, did the New York Clearing House have a constitution. This instrument, with the subsequent changes, is in force today, and constitutes as perfect an illustration of the evolution of law by practice, as can be found anywhere.
This institution had various homes until it took up its present quarters in one of the most beautiful buildings in the whole country--worthy in every way of its use and purpose. It has cost $1,130,000 and is owned by the Clearing House Banks of New York, under the name of the Clearing House Building Company.