The morning times., 1896-05-31


nearly SiXty-sIx tons OI the pre-
ci0uS metal; yet Such was the
sum that was transferred Te-
cc--eIy from the sales or UHe Aer-
cantire Trust Company 10 the immense un-
derground vaults or the New YORK Gear
ing uouse.
1t IS known as the clearing house gold,
but actually DeIongs 10 tne various banks
forming the clearing house association,
FOR IL is against tuls enormous deposit
that the cicaring house CerTifieates are
issued 70 facilitate the banks in making
exchanges. The work OF moving II OG-
cupied scyerai days The gold was taken
from the trust Compauys safes, truck
load at time, a corps Oh deJecJives armed
to the teeth accompanying each load u
guard against any possible attenpt at
robbery.
But before removal it had TO be counted
or weighed in coin OF bullion. This respOn-
sIbIe task devOiyed upon William j GIlipin,
the assistant manager OF the clearing house
"a young man who handles more money IN
actual Casu Than any other person in
America and probably in tGe world IL
does not pass through his hands IN the
form OF Cuecks, bonds, or stock certiII-
Gates, but in legal tenders ana Treasury
nOtes-that is 20 say, III so many actual
dollars
Every business day OF the year he
handles over S5.0U0,OOO. He has counted
as much as SO, 100000 in single day.
Altogether ne has had TO do with the
handling of over SIS, ,0o6, ,UOO.O 900 in cash.
THIS stGpendOus sum represents far more
than the SUN total OF the fortunes or ali
The milhonaires IN America and Europe
combined.
To assist the Imagination in the proper
appreciation OF its immensity. IL may b.
noted thai if Adam-frOm tie day q has
CreatiOn-abOut 5,9Un years &gs-H1d con-
tlnHoUsly counted silver dallarS, day and
night, for every minute Of the time that has
Elapsed 20 the present day. he must have
counted at the rate OF over ten Per minute
to have aggregated the numbeT Of dollars
that have passed through Tine dnds OF Mr..
Giipin- Or were they ColnCa into pennies
and strung together 50 rs t. tOUCh one an
other, they would make a stung of copper
extending into space for distance Il over
Al 600, 900 miles
Yet Mr. GilpIn Is not a rich man himself.
He dra VS. d iaIrIy good salary $4,000 a..
year-as assistant manager OF the New
York clearing house: but be possesses no
private fortune Of Consequence He Is J.
living example of the possibility that q nan
may handle almost In6 on lei yable wealth
aud Yet not be tCTdeGed WiJn an Undue
proportion thereof as bis private property
When mere youth. in 1875, he entered
remained IL its employ ever since. steadily
rising from one position OF responsibility
to another until he became its assistant
manager He Is now about thiTt r->e ven
years Old, but locks much Younger. HIS
features are Ciear cut aud strong, and be
has finely shaped head. Quick and ncrv-
Gus 10 action and tcnCi>e in speech. he has
that peculiar air Of aIertEcSs that char
acterlzcS men Of accuracy and precision
ia financial matters.
During the greater part Of his connection
vita the clearing house he has handled
the cash balances tbaU pass through 1t. and
during iii that time not single error haSOc-
Cured for Which he was in the least re-
spcnSible. Sucha record for cCUr3cy defcs
COMPARISON
so you would like 20 know how one
man can Ra mage to handle the vast sums
OF cash that pass through this Office ZACH
day" he said TO NE recently. Fist Itt
me explain. as briefly and clearly as posi-
bic, " hy the money comes here at du. Sup
pose that owe you S5H and that You owe
me SO, and it becomes necessary that we
should settle our accounts We appoint a
given time and place in which TO transact
the business. 1t is obvious that IL would
| he quite unnecessary for me TO hand You
the $50 owe you and for You TO hand me
the SO you owe me in money. Twenty
five dollars. the sum representing the diff
ference between our debts. IS all the cash
that need pass between Us.
1T is the same with the banks. They set
| tie theiT accounts with each other in bal
| anCeS; but rs the r3mifications of this in
| dCbtcdneSS are very Widespread and COM
/ pliCated in a city " here there are so many
| banks as in New York. a general place and
/ time OF meeting to transact such business is
| necessary.
/ Hence we have the clearing house. The
| balances are brought here in cash for settle
/ ment, and average over s., ,OOO. .OCO daily
| or course, no living man could handle that
/ amount nf money all in small bills. so tire
| bulk OF the payments are made in notes Of
| large denomination To be sure, in tGe set
| tlement OF small amounts. pennies. silver.
| andIesal teadersare employed; but aIIlarge
! balances are paid in Treasury notes II
| $500 and $1,000 and clearing house GER
| tificateS Of $4,000 and $4,000 each
/ These certificates are equivalent TO a
| Treasury note, for they are issued against y
| deposit of gold in the clearing house de
| pCSitoTy. and represent SO nluCh actual
! cash I remember that on ore coca sion
/ the gold itself was passed through the
| clearing hnuSe II amounted To IS 200, 600.
| or over fifteen tons OF the precious metal.
| 1t was brought to the clearing FoUSC on
| trucks and gave Us no end 0f trouble q"
''noeS not the responsibility Of handling
| such immense sums each day wear upon you
greatIy?" I asked
"Oh, I suppose one can get used 20 any
thing after time, was The reply. j must
acknowledge, however, that when / first
began pa WIN. out So. 900 aud $4,000 bills
| as ftbcy had been fiycs aud tens, l was ex-
trcnIeiy nervous.
''Tou see, l bad no more time To verify
the payments than is allowed the TayiHS
teller OF bank Everything has To be
done quickly here. for when you have
millions TO pay out by n specified Eoar
you cannot taEc Your own time about 10.
But after while my nervousness wore
Off. ana now ! think Dc More OF handling
! these big bills than IL they were OF the
| smallest possible denomination. DO not
mean that / am careless in the matter. but
| I have become so accustomed t0 paying
| them ont that am no longer nervous about
it, No: it is ret the big bills that 7 fret
over hat the pennies, dimes. and bills OF
. small denominations. II Is in the he nd
! ling OF these that errors are most likely
to Ooccur. lam aware thata "a difference Cf 2
single cent in our accounts weuh not p,
tolerated by our manager. Mr.. Shercr Buf
sucb an errc- has never occurred during
tire whole for; g-thrCe years that the Clear
ing House has been in existence -
JOHN p RITTER.