The division of the country into twelve reserve districts with individual reserve banks obviously suggests two main classes of domestic clearings, namely, those within the several districts and those between the districts. The Reserve Act itself, in providing that reserve banks might be required to act as clearing houses for their member banks, and that the Reserve Board might act as a clearing house for the reserve banks or might designate one of the reserve banks for this purpose, clearly foreshadowed the development of clearings between the reserve banks themselves as well as intraand interdistrict clearings between member banks. As might be expected, interdistrict clearings involving the reserve banks themselves were first provided.