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- Title
CLEARING HOUSE CURRENCY.
- Authors
Timberlake, Richard H.
- Abstract
The article discusses 19th century commercial banking clearing house associations in the U.S. It examines U.S. commercial banking following the U.S. Civil War, the establishment of clearing house banks, and clearing house loan certificates (CHLCs). It also discusses the extension of the issuance of clearing house currency during financial panics between 1857 to 1907, the view of clearing house currency among prominent economists, and clearing houses as lenders of last resort. It also contrasts clearing houses and the U.S. Federal Reserve System concerning inflation.
- Subjects
UNITED States; CLEARINGHOUSES (Banking); BANKING industry; BOARD of Governors of the Federal Reserve System (U.S.); LENDERS of last resort; PRICE inflation; CENTRAL banking industry; ASSOCIATIONS, institutions, etc.; FINANCIAL crises; HISTORY
- Publication
CATO Journal, 2014, Vol 34, Issue 2, p303
- ISSN
0273-3072
- Publication type
Article