These partake somewhat of the nature of demand certificates of deposit, being vouchers for money deposited, issued in the form of a check drawn by the cashier on his own bank in the following form;

Exchanges For Clearing House

Where there are several banks in the same place, it happens, in the course of business, that the depositors of one bank will receive from their customers checks on other banks in the same place, and will deposit such checks, to be collected and placed to their credit. When this is the case, the banks usually form themselves into what is called a "clearing house,"' under an agreement to send a representative from each, to meet at a stated place on the morning of each business day, at a stated hour, for the purpose of "exchanging" all checks that each bank received during the previous day. The checks are separated by each bank and passed around until the representative of each bank has received all checks drawn on his bank. When this has been done, the amounts are added up, and if the total of such checks on his own bank exceed in amount the total of the checks on other banks brought by him to the "clearing house," then he is "debtor" to the clearing house, and must by a certain hour the same day produce the money to pay this difference. If, however, the checks on other banks received by his bank exceed in amount the checks on his bank, he is "creditor," and must later the same day receive money for the amount of the difference. It will be perceived that the amounts paid by banks that are debtor will be exactly sufficient to pay balances due to banks that are creditor.