Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-09-12


before taking political action. Sne
really has no boss. All authority comes
from . Committee Of Twsnty-four, com.
posed Of the leaders in tho assembly
districts, who meet once week. W
course there are men with strong per-
sonsl following on this committee, bat
none dare 10 assume the role Of dicta-
tion. The committee does not delegate
its power. and each man is jealous Of
the rights of his district. All appear to
work for the common good Of the party,
and patronage IL divided IS evenly and
apparently as conscientiously IS aparty
of fishermen would divide its catch. No
man as vet looms up IS q Tammany
candidate for mayor, and no man VIII
know who DO is to be sooner than the
committee itself.
SETTLING BIG BALANCES.
In the revival Of business the en-
coursging clearinghouse returns OF
the great centres Of trade are studied
by merchants and bankers with In
creasing interest. The clearinghouse,
by the way, is one Of the strictly
modern inventions Of business and
illustrates anew the fact that business
in this epoch has become . science.
In former times" says new literary
celebrity in France--the Able Roux-
Z" literature was an art and finance q
business. Now their positions are re-
versed." This sounds somewhat Gym
ieal, but il has q certain ring oil
truth. Like all inventions, the
clearinghouse came when it was most
needed. The restrictions upon bank
ing in this State, which we're due doubt
less TO the early efforts Of Alexander
Hamilton and Aaron Burr, pioneers in
finance as in politics, were removed in
lS48, and thereafter the growth OF
banking in New York city was very
rapid. Up to 1853, however, the
methods Of the banks were the same as
those OF some small town. From each
bank clerk started out every morning
with accounts against other banks,
and i. vas frequently 3 o'clock be-
fore be could finish his work.
HOW THE CLEARING-HoUs STARTED
Often be was SO hsmpered by
the large sums Of money which he car.
RED that it was comparatively easy for
a couple Of able-bodied thieves 10 rob
him OF all be carried. After number
of "runners - had been robbed detec-
tive or a constable, as the policeman
was called in old days, was detail
ed TO protect them. Yet even
then the transfer Of hundreds Of
thousands Of dollars by messenger
became so risky that in 1853 fifty-two
banks met and agreed to form clear
ing-house. One was already in exist
cree in London, and, with some inno-
yations TO suit the customs of New
York, the London plan was adopt
ed. BY this plan, Of course,
all the accounts which one bank has
against another are taken to one place
psmely, the clearinghouse building-a
handsome structure at the corner OF
Pine and Nassau streets. 1t frequently
happens that bank has perhaps mil
lion dollars due from another bank,
which, in turn, has an account for the
samo amount, or about that sum,
against ~ nrst-named. The transac-
tion can be settled at the clearing
house by checking it of, or by the pay
ment of small sum without the risk
involved in transferring sl,000,000, or
ANYTHING like that amount, by mes
seDger.
THE LARGEST BALANCE.
The largest balance that any bank
ever received at the clearinghouse was
on November II, 1868, the amount
beirg l0,5S5, Alb. Sometimes, on
the other hand, the balance dus to a
bank is not more than ono dollar. This
recalls the fac. that in New York BUSH
rets a check was once made for fifty
three cents. The late Isaac W. Eng
land, once publisher of the New York
Sun, was Some years ago in charge OF
Frank Leslie's Illustrated Newspaper,
and made checks for one dollar be-
cause he wished voucher for
all his expenditures. There was once,
moreover, speaking Of small things,
an error in the accounts Of an inte-
rior bank with the Sub-Treasury here
Of six cents. Thomas c. Acton, the
Assistant Treasurer Of the United
States, refused to receive the check I'M
Ill this error had been corrected, and
notified the bank that be must have the
six cents. lie got it. The expense tC
The United States Government Of Sc
curing the six cents must have beer
much greater than the SUN involved
but the bank in question was more care
full about its accounts thereafter. Th'
average amount Of money required tC
make settlements at the New York
clearing. house is only about 4 per cent
Of the total transactions, and the daily
business is done in an hour and half
HEAD OF THE CLEARINGHOUSE.
William A. Camp is the head Of th'
clearinghouse Of the metropolis. III
is Of medium height, of slight build
with clear-cut and intelligent features
lie boards in fine house up town, AM
has eight or nine rooms, which have
cost him 5000 a month for the last ter
years. he is sixty-four years OF age
and a native Of Connecticut, whittier
bis ancestors emigrated early in th'
seventeenth century. He was many
years a dry goods merchant, but aoou
1852 entered bank, and in the follow
ing year, when the clearing house wa
established, he became its aSsiStan
manager. Since 1857 he has had alInos
unlimited control Of its affairs. He ha'
always lived we'll, and at times is con
fined to his luxurious rooms with tht
govt yet even there he attends to bust
ness by means Of messengers. He is I
man Of strong will, of positive convic
tons, and very thorough and accurat'
in business. He is q connoisse,ir Of to-
fine arts for years he acted as one o
the Hanging Committee Of the Acsdem,
Of Design, aud his purse has Away
! been open for the relief Of unfortunat
artists.