bank is guaranteed by Government, and the notes of any bank in any one Government are good in any country of the globe; the various Governments having treaties to the effect that each shall guarantee to the common banking fund a certain percentage of its revenues, and the amount of money issued in each country being in proportion to the net revenue of the year preceding.
All currency is decimal, and uniform over the whole civilized globe, greatly facilitating travel and commerce.
By an ingenious system the great clearinghouses of each country are united in a National Clearing-house which serves weekly for all those in each city the same purpose as the local establishments do daily for the banks which are members thereof. Similarly, there is in London an International Clearing-house through which the National Clearing-houses all over the world effect monthly clearances. Each city bank takes an equal quantity of certificates in its local clearing-house, so that when aid is extended, no unfavorable inference is drawn; and the same arrangement exists up to the International establishment in London.
