Front Page Titles (by Subject) New York Clearing House. - Money and the Mechanism of Exchange
The Online Library of Liberty
A project of Liberty Fund, Inc.
New York Clearing House. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
About Liberty Fund:
The text is in the public domain.
Fair use statement:
New York Clearing House.
The New York Clearing House was established in October, 1853, and has become a most important institution, embracing 59 banks, as compared with 26 in London, and settling transactions hardly, if at all, inferior in amount to those of the London house. The general method of settling the business is necessarily much the same as that already described, but it seems to be in some respects better arranged than in London. The work is carried on in a fine large Exchange Room, and there is proper accommodation for the manager and his clerks, instead of the small glass box in which the inspectors sit in the Lombard Street room.
Each New York bank has one settling clerk in the Exchange Room, besides a messenger, who brings and delivers the parcels of cheques and bills. The settling clerks sit in a series of desks arranged in an oval form in the middle of the spacious room, and the exchanges are effected by an equal number of messengers simultaneously walking round the desks, delivering the parcels of "out-clearing," and receiving those of "in-clearing," or as they are called in New York the Credit and Debit Exchanges. An account of the institution will be found in Gibbon's work on "The Banks of New York; "but the general method of procedure is so far like that in England, that I need not again enter into the details, which I have had no opportunity of examining in person.