Clearing house currency. As one means of securing an elastic asset currency which would be
entirely safe and at the same time responsive to the needs of business it is proposed by some that
the privilege of emitting circulating notes be taken from the individual banks and delegated to
clearing houses. This, it is urged, would place behind the notes the combined strength of the
associated banks and would also do away with any danger of reckless emissions of notes by
poorly managed or weak institutions.