"The clearing house was first established... in London in I773, and in 1775 occupied its building in Lombard Street. Its object was the ready and easy exchange of checks, drafts, bank-notes, and other evidences of indebtedness between banks. In May, 1864, the Bank of England joined it, since which time transfers and exchanges have been made without the intervention of bank-note or specie. The clearing-house and each banker using it has an account with the Bank of England, and the balances due at the close of the daily transactions are settled by the transfer of accounts on the books of that bank. The clearing-house in New York City—the first in the United States—was established Oct 1st, 1853, since which time the banking centres of each geographical section of the country have some bank of clearing for their own convenience."