The Central Banking Role of Clearinghouse Associations
指出美国19世纪末清算所发行的货币虽非法但有效，在银行危机时缓解了挤兑和破产，揭示了清算所事实上的中央银行功能。
MOST OF THIS [clearinghouse] currency was illegal, but no one thought of prosecuting or interfering with its issuers.... As practically all of it bore the words 'payable only through the clearing house,' its holders could not demand payment for it in cash. In plain language, it was an inconvertible paper money issued without the sanction of law, . . . yet necessitated by conditions for which our banking laws did not provide.... When banks were being run upon and legal money had disappeared in hoards, in default of any legal means of relief it worked effectively and doubtlessly prevented multitudes of bankruptcies which otherwise would have occurred (Andrew 1908b, p. 516).