THIRTEENTH NIGHT THE CLEARING HOUSE

 Uncle Sam: We are on the very last lap tonight, as I understand the situation. We have had the Standard of Value, Money, Currency, Exchange, Value, Price, Property, Wealth, Credit, Reserves, the Bank; and now comes the settlement of the claims against the bank in the shape of checks, drafts and bills of exchange.

 

When we finish this conversation we can, I hope, begin to put things together, that is, make use of our material.

 

Mr. Banker: Uncle Sam is right, we shall be ready to do some constructing when we have disposed of the Clearing House, which is destined¹ to play a gigantic part in the future of American banking³. This is true because the Clearing House is bound to become the machinery⁴ by which all American banks are to co?perate and protect themselves through their combined strength; and it will be a splendid exhibition of what true co?peration can accomplish.

 

The character and origin then of the Clearing House, its present and prospective⁵ function, must be carefully studied by us, if this assumption is correct.

 

Mr. Merchant: The character of the Clearing House, or the principle upon which it works, is simple enough; although its operations are vast, and its achievements in times of financial stress have been most striking, even though not always satisfactory.

 

The principle of clearing is, as I have just said, simple indeed. If I have a claim against Mr. Manufacturer, and he has an equal claim against me, we clear them by exchanging our claims with each other. If one of you gentlemen should sue another for one hundred dollars, and the other should make a defense⁷ by pleading an offset⁸ of one hundred dollars, and the court should allow[Pg 290] both claims, you would clear them through the court, the one offsetting⁹ the other; that is all there is of the principal involved.

 

Mr. Banker: Mr. Merchant, you have put this matter more simply than any book has ever done. Indeed, I had not reduced the transaction to such simple terms. To put it in the form of a definition, as you stated, it would read this way: "To offset one claim against another, and pay the balance, if any, is clearing them."

 

I had thought that it would be my particular task to explain this transaction of clearing, and after a good deal of meditation¹¹ I had worked out a thought which I am sure is next best, after your definition; and it will take us one step nearer to the Clearing House, without getting into any of its complexities¹². My illustration is this: if there were but one bank in a town, and all the people did their business through this single bank, by depositing their money and checks, and then paid all their bills, with checks on the bank, apart from any outside business, every debt in the town would be paid by check, and there would be no need of any money at all as the claims and debts would be exactly equal, and would always cancel each other to a cent.

 

Mr. Lawyer: What you have said about one bank in a town is equally true of two, three or four, or any number of banks, if you assume that every person in town does his entire business through the banks, providing, of course, that the banks get together, and offset all the checks and drafts they receive during the day. There might be something to pay from day to day for the time being, but all would be adjusted in the end, without any variation or difference.

 

Mr. Banker: Precisely¹³ so, but when you get those bankers together, for the purpose of trading checks, you have created a Clearing House.

 

Stephen Colwell says: "Clearing is beyond all question, the simplest, the most economical, and when ap[Pg 291]plicable, the most efficient of all modes of paying debts; it is precisely analogous¹⁴ to balancing accounts."

 

James G. Cannon¹⁵, author of the leading work upon the history of American Clearing Houses, describes a Clearing House "as an office, established by the banks of a city, where their representatives meet daily to exchange drafts and checks, and adjust balances." Again, "as a device to simplify and facilitate the daily exchanges of items, checks, drafts and bills of exchange, and the settlement of balances among the banks, and a medium for muted action upon all questions affecting their mutual¹⁶ welfare."

 

You would think that the Clearing House was such a simple matter, and such a great advantage that a Clearing House would have been thought of, and put into operation as soon as banks got under way, but not so. Their development and establishment, as we know them today, has been slow indeed, and the early history of their origin most interesting.

 

Jevons says: "About the year 1775, a few of the London bankers hired a room where their clerks could meet to exchange notes and bills, and settle their mutual debts. The society was of the nature of a strictly¹⁷ private club; the public knowing nothing about it, and the transactions being conducted in perfect secrecy¹⁸. Mr. Gilbart tells us that even in this form it was regarded as a questionable¹⁹ innovation, and some of the principal bankers refused to have anything to do with it. By degrees, however, the convenience of the arrangement made itself apparent, more bankers were admitted to the Society, and a distinct committee and set of rules were formed for its management. Although it remains²⁰ to the present day a private and voluntary association, unchartered, and in fact unknown to the law, the Clearing House has steadily²¹ grown in importance, and in the publicity²² of its proceedings²³.

 

"Several important extensions of the clearing work have been made in the last twenty-five years. After the[Pg 292] rise of the London joint²⁵ stock banks, subsequent to 1833, they were for a long time refused admittance to the Clearing House; but in June, 1854, they were at last allowed to join the Association. The Bank of England long remained entirely²⁶ outside of the confederation, but more recently, it has become a member." (Written in 1875.)

 

The establishment of Clearing Houses in English cities, outside of London, did not take place until a century, almost, after that in London went into operation, or as late as 1872, which was just five years short of a century later.

 

As early as 1831 Albert Gallatin presented a plan for a Clearing House in New York, and so perfectly²⁷ outlined the scheme, finally adopted, that I want to read it to you. And I want to impress upon you the fact that Gallatin was one of the very ablest economists²⁸ that we have ever produced.

 

"There is a measure which though belonging to the administration of banks, rather than to legal enactment³⁰, is suggested on account of its great importance. Few regulations would be more useful in preventing dangerous expansion of discounts and issues on the part of the city banks, than a regular exchange of notes and checks, and an actual daily or semi-weekly payment of the balances. It must be recollected³¹ that it is by this process alone that a bank of the United States has ever acted or been supposed to act as a regulator of the currency. Its action would not in that respect be wanted in any city, the banks of which would, by adopting the process, regulate themselves. It is one of the principal ingredients of the system of the banks of Scotland. The bankers of London, by the daily exchange of drafts at the Clearing House, reduce the ultimate balance to a very small sum; and that balance is immediately paid in notes of the Bank of England. The want of a similar arrangement among the banks of this city produces relaxation³³, favors improper³⁴ expansion, and is attended with serious[Pg 293] inconvenience. The principal difficulty in the way of an arrangement for that purpose is the want of a common medium other than specie for effecting the payment of balances. Those are daily fluctuating; and a perpetual drawing and redrawing of specie from and into the banks is unpopular and inconvenient³⁵.

 

"In order to remedy this it has been suggested that a general cash office might be established, in which each bank should place a sum in specie, proportionate to its capital, which would be carried to its credit in the books of the office. Each bank would be daily debited³⁷, or credited, in those books for the balance of its account with all the other banks. Each bank might, at any time, draw for specie on the office for the excess of its credit, beyond its quota³⁸; and each bank should be obliged to replenish³⁹ its quota whenever it was diminished one half, or in any other proportion agreed on. It may be that some similar arrangement might be made in every other county, or larger convenient district of the State. It would not be necessary to establish then a general cash office. Each of the banks of Scotland has an agent at Edinburgh, and the balances are there settled twice a week, and paid generally by drafts on London. In the same manner the balances due by the banks in each district might be paid by draft on New York, or any other place agreed on."

 

James C. Hallock, the highest authority in this country upon Clearing House operations, has so succinctly⁴⁰ stated how the checks were disposed of, before the Clearing House was established, that I am going to read that to you, and show you two diagrams, which we will keep on file for future reference. "In 1853, the Banks of New York City organized a Clearing House, the first in America; until then they had done business without one. The method had been laborious⁴².

 

"Each of the fifty-two banks had daily received over its counter, or by mail, checks on every other bank in town. To collect them the banks had opened deposit ac[Pg 294]counts with one another. Each had become a depositor in fifty-one city banks. Each also had had the others as depositors and kept fifty-one accounts with them. The pass books used had been of the ordinary form as 'Merchants' Bank, in account with Chatham Bank.'

 

"According to the common usage of depositors, each bank would have sent messengers to fifty-one banks daily, and each would have had fifty-one messengers come to its own counter from the other banks. They had done a little better than that. The Chatham Bank, for instance, would have checks on the Merchants' Bank. It would list them on a deposit slip, charge the Merchants' Bank with the amount in its pass book, and place the checks in the book which the messenger would now carry to the Merchants' Bank, and deliver to its Receiving Teller⁴⁴. The latter would remove the checks, and having some on the Chatham Bank with list attached, he would credit his bank with the amount in the pass book, place the package in it and hand it back, thus refilled to the messenger.

 

"This exchange of checks by two banks at the counter of one was a rudimentary clearing which, like all bank clearings, saved labor⁴¹, time and trouble. To deposit these checks in the customary manner would have required two messengers and two pass books. By this clearing arrangement one messenger and one pass book sufficed. Perceiving the sensibleness of this saving, the New York banks had for many years tacitly agreed that each should send messengers to one-half of the banks for six months, and the other half for the next six months. They had thus reduced the number of banks to be visited daily by each from fifty-one to twenty-six banks, and accordingly reduced the number of pass books in use by each.

 

"The accompanying diagram representing the banks arranged in a circle, with two of them sending messages to twenty-six each, indicates how toilsome the exchange of checks still was, up to the formation of the New York[Pg 295] Clearing House, which commenced operations on Oct. 11, 1853; though only two banks are represented as sending, in fact, all were really sending, or being sent to; for every bank sent to all others that did not send to it.

 

pic

 

Without a Clearing House in New York.

Diagram showing a Bank Messenger's 26 Trips to Exchange Checks with other Banks.

 

"When two banks exchanged checks the amounts were almost always unequal, leaving a balance for one to pay and the other to receive. Every day every bank, if they had settled daily, would have had fifty-one balances to pay, or receive. They were payable⁴⁵ in coin. Instead of attempting the daily adjustment of accounts, which[Pg 296] would have consumed hours, and caused much annoyance⁴⁶, it had become a tacit agreement that a weekly settlement of balances should be made after the exchange of Friday morning. On settlement day, the cashier of each bank would draw checks for every debt due to him by other banks, and send out the messengers to collect them. Over fifty porters were out all at once, wrote a bank officer of the time, with an aggregate⁴⁷ of several hundred bank drafts in their pockets, balking⁴⁸ each other, drawing specie at some places, and depositing it in others, and the whole process was one of confusion, disputes and unavoidable blunders of which no description could give an exact impression.

 

"The second diagram, representing the fifty-two banks in a circle around the Clearing House, indicates how completely all this misdirection and waste of energy stopped upon the installation of that marvelous method which affects such amazing economy. Every bank now sends straight to a common point. Every bank sends there all the checks it has on all the city banks, and charges the whole amount against an imaginary debtor—the Clearing House. Every bank receives there all the checks all the other city banks have on it, and admits its indebtedness for the whole amount to an imaginary creditor—the Clearing House. The balance can now be struck. If the bank loses, it pays the Clearing House the difference. If the bank gains, the Clearing House pays the bank; and there is the end of it, reached by the shortest path with the greatest ease and quickness.

 

"The principal results may be summarized:

 

"The Clearing House saved every bank in New York City on the average twenty-six trips daily to exchange checks with other banks. It abolished sending to other banks for this purpose. It substituted one trip to the Clearing House—an economy of 96? per cent.

 

"The Clearing House saved every bank in New York the payment or receipt, mostly in coin, of fifty balances on settlement day (Friday). It abolished settling at the[Pg 297] counter of banks, except for checks, sent through the clearing and returned 'not good.' It substituted one payment, or receipt, of a net balance to or from the Clearing House, an economy of 98 per cent.

 

pic

 

With a Clearing House in New York.

Diagram showing Single Trips to Exchange Checks with all other Banks in the City.

 

"The Clearing House saved the banks of New York all the drudgery⁴⁹, irritation⁵⁰ and anxiety which had made daily settlements impracticable. It abolished the weekly settlement; it substituted daily settlements to the Clearing House—an economy of considerable importance.

 

"The Clearing House saved all the banks of New York[Pg 298] the trouble of keeping accounts with one another. It abolished accounts of city banks with city banks—closed 2,652 accounts. It substituted one account for each bank with the Clearing House—an economy of 98 per cent.

 

"These savings⁵¹, not to mention others, proved beyond dispute, that clearing checks economizes⁵²."

 

It was twenty-two years before Gallatin's suggestion was adopted, and a Clearing House was established, which, as stated, was in 1853. The first clearing was effected on Oct. 11, 1853, and amounted to $22,648,109.87. The balances amounted to $1,290,522.28.

 

Boston followed in the footsteps of New York, and established a Clearing House in 1856, and Philadelphia in 1858.

 

The next step in the line of progress, in the matter of bank clearings, came, as Hallock says, as a result of cheap postage and the railroads in England, and included country checks.

 

He says: "Somewhat less than half a century ago London recognized the fact that the out-of-town check was an indispensable instrument of civilized⁵³ man, at least in Great Britain. He would use it, contrary to custom, and despite the remonstrances⁵⁴ of city bankers, who thought only London drafts should be sent to London.

 

"A product of modern times and method, country checks came to London with the railroads. Few at first, when the average postage on a letter consisting of a single sheet, was nine pence, and another sheet, or any enclosure, however small, doubled the rate, making the postage on a letter enclosing a check thirty-six cents, on the average. With penny postage established in 1840, regulating the rate on a letter by its weight (one penny per half ounce), without regard to the number of sheets, or enclosures, country checks began to stream into London.

 

"In 1858 the city bankers, perceiving their inability to suppress, or exclude them, decided⁵⁵ to adopt the sugges[Pg 299]tion of some country bankers, and collect English and Welsh checks through the Clearing House.

 

"The idea originated in the spring of 1858 with a young country banker, William Gillett, the son and grandson of country bankers. He visited the provincial⁵⁶ banks, and interested them in the project. When prepared to carry it out the country bankers met in London on Sept. 29th of that year, and communicated the plan to the London clearing banks to obtain their support. The Londoners opposed it; they suggested doubt as to the utility and feasibility of any change in existing systems. However, their co?peration being solicited⁵⁷, the London bankers held a meeting at the Clearing House on Oct. 12th, to take the matter into consideration, and appointed a special committee to confer with the country bankers.

 

"Then, on reflection, it appeared to another young man, the son and grandson of clearing bankers, that the organization of a large and entirely new establishment, which the country bankers proposed, was unnecessary, as the London bankers could give them all the facilities they required, without any great additional labor, or expense. This junior officer in the private bank of which his father was the head, has since gained world-wide celebrity⁵⁸ in science and literature as Sir John Lubbock (now Lord Avebury). Even with the aid of such talent and opportunities as his, it required unflinching resolution to establish country clearing in London. After devising a method that conformed as closely as practicable to actual usage in clearing city banks, young Lubbock had to call at every London bank, at most of them several times, and explain fully⁶ the exact manner in which he proposed to carry out the system. It was very difficult for him to convince his brother bankers. Finally the special committee requested him to meet the principal clerks of the different banks. These clerks unanimously recommended the adoption⁵⁹ of his plan.

 

"The London bankers then adopted it, and on Nov.[Pg 300] 16th submitted it to their country correspondents. The plan for an independent country Clearing House was abandoned by the country Bankers' Committee on Nov. 19th, and the clearing of country checks commenced in London on Nov. 23, 1858. In less than eight weeks, after the idea was broached⁶⁰ in London, it was put in practice there."

 

This system covers 60,000 square miles.

 

Mr. Hallock says, "Sedalia bankers unconsciously imitated the London plan, but modified it, as had been done abroad elsewhere; for out-of-town checks are cleared, not only in London, but also in other English cities, as Manchester, Liverpool, Birmingham, Newcastle-on-Tyne, Leeds, Sheffield and Bradford, in some eight Scotch⁶¹ towns and Dublin."

 

The next advance, which is undoubtedly⁶² destined to revolutionize clearing in the United States, was started in Boston in 1899 by making New England a free check zone.

 

Hallock says: "The clearing of out-of-town checks, though opposed for years by a small minority of Boston banks, was successfully established at Boston in 1899. The system includes checks on all points in New England, and maintains a free zone of nearly equal extent.

 

"Proposed in 1877 and 1883, the Boston movement at first resulted in a deadlock⁶⁴, based on the supposed importance of having certain city banks, who declined to come in, participate. After twenty-two years through another movement started among the Connecticut banks, the deadlock was broken by substituting the manager of the Boston Clearing House for any abstaining⁶⁵ members, and giving him checks on their correspondents to collect. The association finally decided that all checks passed through the out-of-town clearing should be collected by him.

 

"The only opposition⁶⁶ exhibited by country banks has been in the refusal of a few to pay the Clearing House in full for their checks, deducting⁶⁷ so-called exchange.[Pg 301] Boston checks passed through the Clearing House are paid in full, or not at all. New England checks should be. This can be effected, either as in London, by Boston banks returning checks, drawn⁶⁸ on such banks, as not collectible through the Boston Clearing House, or by the manager, charging to collect checks, bearing indorsement of the non-par² banks, which would cut them off from the use of the New England free list, now enjoyed by them, without reciprocity; that is, without being themselves on the free list."

 

Mr. Charles A. Ruggles, manager of the Boston Clearing House, says: "In the thirteen years that we have made collections in this way, we have collected over eight thousand million dollars ($8,000,000,000).

 

"Our cost now is, and has been for ten years, seven cents for a thousand dollars. That includes the clerk hire of fifteen men, postage and stationery⁶⁹, and we collect seven or eight hundred million dollars a year; furthermore, 90 per cent of the banks in New England remit⁷⁰ at par. We collect 95 per cent of it in twenty-eight hours."

 

It is an interesting and important historical fact that the country banks of England and Wales forced the clearing of country checks at London; so, too, the banks of Connecticut, thirty of them in number, by combining under the advice and leadership of Mr. James C. Hallock, succeeded in having the plan adopted by the Boston Clearing House. As a result New England became a free check zone. I think we should note in this connection that the father of Mr. James C. Hallock was the organizer, if not, indeed, the originator of the New York Clearing House in 1853.

 

Mr. Laboringman: Mr. Lawyer, you talk and talk and talk, when you could say what you really have to say, in one-tenth of the time, and in about as many words. We have spent a whole hour in the history of the origin of the Clearing House, and have just learned what I could repeat in about two minutes.

 

[Pg 302]

 

First: London, in a kind of a sneaking⁷² way, began to clear checks in 1775, and kept a Clearing House in a blind alley⁷³. Nothing more was done in England by way of advance until 1858, when the country banks of England and Wales, covering a territory of 60,000 square miles, by threatening to start their own Clearing House in London, compelled the London banks to clear their checks. Not till 1872, nearly one hundred years later, did any other city adopt it. But today many cities in Great Britain are clearing country checks.

 

Second: Gallatin proposed a Clearing House for New York in 1831. Hallock established it in 1853. Boston and Philadelphia followed in three and five years, respectively. In 1899, New England became a free check zone, all checks being received at par at Boston. Since then several other cities have followed suit. Atlanta, Macon, Nashville, Sedalia and Kansas City. Now, I have said everything you said. Next!

 

Uncle Sam: Mr. Laboringman always gets a "B" line on things.

 

Mr. Lawyer: That is true in substance, but the very fact that Mr. Laboringman has stated the case so well is the greatest compliment he could pay us. It is only by iteration and reiteration⁷⁴, word upon word, and precept⁷⁵ upon precept, that has made this whole subject so plain to all of us. We have made haste by going slowly, and we don't want to get into a hurry now.

 

Mr. Banker: I agree with you, Mr. Lawyer, patience has been our best and truest friend in all these talks, and we should not desert her now.

 

Mr. Laboringman: That's all right, but let us get down, right down to business. Just where are we at now? And where are we going to in the Clearing House matter?

 

Mr. Banker: We are now going to discuss the Clearing House from five points of view.

 

First: The Clearing House, from its original standpoint—New York was the pioneer, and is probably our[Pg 303] highest type. Its clearings are certainly by far the largest in the world.

 

Second: The clearing of country checks, of which Boston was the pioneer in a large way, although preceded in point of time by Sedalia, Mo., a country city of only 15,231 people in 1900.

 

Third: The examination of all banks clearing through the Clearing House, of which Chicago was the pioneer, starting June 1, 1906—and probably the best type, although there are today about twenty cities following in her footsteps, including the following: Minneapolis, Feb. 1, 1907; St. Paul, May 1, 1908; St. Louis, Oct. 11, 1907; Los Angeles and San Francisco following upon the heels of St. Louis; Kansas City, March 1, 1908; St. Joseph, the early part of 1909; Philadelphia, April 5, 1909; New York, 1912, with others, not mentioned, making twenty in all.

 

Fourth: The centralization of the reserves of the banks at the Clearing Houses, as a matter of convenience in settling balances, and carrying on their common business generally, but subsequently for the purpose of facilitating the issuance of Clearing House certificates.

 

Mr. Lawyer: Let me repeat to you, gentlemen, what may have been stated before, that there is no law providing for the existence of the London Clearing House, nor is there a single law in a single state in any way authorizing⁷⁶ or affecting a single Clearing House in the United States. Therefore, all that they have done has been without any authority of law. They are a law unto themselves; and it is not at all certain that that has not been wise. Indeed, I am of the opinion that it has been most fortunate for the business interests of the country. What do you think, Mr. Banker?

 

Mr. Banker: I am of the same opinion; in confirmation⁷⁷ let us return to the consideration of the points suggested.

 

First: The New York Clearing House, as stated, had its first clearing Oct. 11, 1853. Mr. Cannon says that[Pg 304] not until August, 1854, did the New York Clearing House have a constitution. This instrument, with the subsequent changes, is in force today, and constitutes as perfect an illustration of the evolution of law by practice, as can be found anywhere.

 

This institution had various homes until it took up its present quarters in one of the most beautiful buildings in the whole country—worthy⁷⁸ in every way of its use and purpose. It has cost $1,130,000 and is owned by the Clearing House Banks of New York, under the name of the Clearing House Building Company.

 

Mr. Cannon says: "The administration of the Clearing House is vested in a President, Secretary, Manager, Assistant Manager, and five standing⁷⁹ committees.... The manager under the control of the Clearing House committee, has full charge of all business at the Clearing House, but before entering upon his duties, he is required to give bond, in the sum of $10,000.... Although the Constitution provides for the appointment of a manager, annually⁸⁰, it is the custom to retain the same one in office, year after year. As a matter of fact, there have been only three managers in the whole history of the association.... The Clearing House committee is clothed with almost absolute power, being second in authority only to the association itself. The ablest and most experienced bank officers, therefore, are usually chosen to serve on it. The committee is elected annually. The association at present, 1912, consists of sixty-three members and twenty-two non-members, and the United States Sub-Treasury⁸¹, located at New York. The latter makes its exchanges only at the Clearing House, its balances being settled at its own counter. It has no voice in the government of the association, and pays a nominal⁸² sum for actual expenses. The privilege which the Sub-Treasury enjoys of making its exchanges through the Clearing House is a matter of great accommodation, both to the Sub-Treasury and to the banks. The New York post office clears through one of the members, but[Pg 305] renders no compensation to the association for the privilege.

 

"The membership of the association, since its organization, has been constantly changing, owing to the admission and expulsion of members and voluntary withdrawals⁸³, as provided by the constitution.... A bank, the capital of which does not exceed $5,000,000, must pay $5,000; a bank, the capital of which exceeds $5,000,000, must pay $7,500. Any member increasing its capital is required to pay in accordance with those rates."

 

In 1899, the large number of trust companies that had come into existence attracted the attention of the Clearing House and the Clearing House Committee adopted a rule that no trust company could clear that had not been in existence for at least one year, and that every trust company clearing through a member shall furnish a weekly statement of its condition to the manager of the association.

 

The New York State law did not then provide that any trust company should carry cash reserves, although state banks were required to have 15 per cent cash in their vaults⁸⁴. It was tacitly understood that all banks clearing, should have 25 per cent reserve. Of course the trust companies could ride the banks, and they took advantage of their opportunity. This caused great dissatisfaction, and rightly so. On Feb. 11, 1903, the association passed a resolution requiring that every institution (not a bank required to maintain specified⁸⁵ reserves) "shall after June 1, 1903, keep in its vaults a cash reserve, equal to 5 per cent; after Feb. 1, 1904, 7? per cent; after June 1, 1904, not less than 10 per cent, nor more than 15 per cent, as the association might determine."

 

The trust companies kicked and protested, and almost, without exception, withdrew from the Clearing House; but, after the panic of 1907, the New York legislature passed a law requiring them to carry 15 per cent cash reserves.

 

On June 13, 1908, the association passed a resolution[Pg 306] compelling all trust companies, who were members, to carry a cash reserve of 25 per cent, and on Jan. 16, 1908, the association for the first time in its history made a rule compelling all its members to keep a cash reserve of 25 per cent.

 

Every member of the New York Clearing House is required to furnish to the manager, weekly, for publication, a statement showing its condition, showing the average amount of loans, and discounts, specie, legal tender, notes in circulation and deposits. The capital and net profits are also given, this being the only association which gives the latter item.

 

Along the same line of legislation controlling the action or conduct of its members, the Clearing House committee, having plenary power to do so, passed a rule—determining just what every member and bank, clearing through members, should charge for collections.

 

The rule made some cities free, that is, there were no charges for collection made compulsory⁸⁶. Some cities were under a fixed⁸⁷ charge of one-tenth of one per cent, and others under a fixed charge of one-quarter of one per cent. Upon April 3, 1899, this rule became obligatory⁸⁸, and if any member violated it, the penalty was $5,000 for the first offense⁸⁹; for the second offense it might be expelled from the association.[1]

 

Mr. Laboringman: That is precisely the same rule we have in our union, only our limit is not so high. We fine a member $5.00 for his first offense, and for the second offense we take away his card. By Jove, that is a hot proposition. And these are the very fellows who are always cussing us because of our union rules.

 

Mr. Lawyer: I want to tell you something else, gentlemen, that combination among the banks is clearly in restraint of trade and in violation⁹⁰ of the Sherman Anti-Trust Law. Anybody who wants to can bring those banks to time.

 

[Pg 307]

 

Mr. Banker: Now, gentlemen, don't you perceive that this institution, step by step, has evolved its own laws, or rules of action, slowly developing its present system, and regulating and controlling the conduct of those outside institutions which enjoy its privileges? The story of this Clearing House is the record of all of them in principle. They are, each and every one of them, self-centered, self-contained, and a law unto themselves.

 

The operation of the New York Clearing House is practically that of all the others. Its room is sixty feet square. Four rows of desks occupy the floor. Each member has its own numbered desk separated from its neighbors' by a wire net work.

 

At one minute to ten o'clock the manager sounds the gong and all are instantly ready for the exchange which begins promptly⁹¹ at ten o'clock.

 

At the expiration⁹² of forty-five minutes usually, but sometimes in thirty-seven minutes, and even in thirty-five minutes, every member of the association has in its possession all the paper drawn upon itself, which the other members have credited on their books, and has delivered all the paper drawn upon all the other members of the association in exchange which it has credited upon its books.

 

Mr. Cannon states that the amount delivered by any member has never been exactly equal to the amount received but has come within one cent upon a single occasion. To complete the clearing transaction, it is necessary, of course, for those who owe anything to pay it to the Clearing House, and for the Clearing House in turn to distribute what is paid to it among those who are entitled to receive it.

 

As a matter of convenience for the purpose of settling the balances, the members of the Clearing House deposit with the Clearing House gold coin, gold certificates, silver certificates and legal tender notes, and receive clearing house certificates, therefor, in denominations⁹³ of $1,000, $2,000, $3,000, $4,000, $5,000, $10,000, $20,000, $50,[Pg 308]000 and $100,000 each. All notes of a smaller denomination⁹⁴ than $5.00 should, according to practice, be put up in packages of not more than $5,000. All packages are sealed and marked with the name of the institution depositing them with the amount, date and kind of money they contain.

 

The banks, also, deposit at the Sub-Treasury in New York gold coin, for which certificates are issued by the Assistant United States Treasurer⁹⁵. These certificates are in two denominations, $5,000 and $10,000 each; the holders⁹⁶ of these certificates are the absolute owners of them.

 

It is stated upon high authority that the amount of such money now deposited at the various Clearing Houses throughout the United States exceeds the sum of $200,000,000. In other words, that we have today in the United States centralized our reserves to that extent for certain purposes.

 

Mr. Merchant: Mr. Banker, your history of the development of the Clearing House and your description of its operations have certainly been very clear, and most interesting. The second point you mention, the clearing of country checks, will appeal to all the business men of the country as it has to me for a long time; especially since I have a great deal of business up in New England, where this practice has been in force since 1899. I was up there the other day, and my partner took me to see Mr. Charles A. Ruggles, the manager of the Boston Clearing House. After he had described the system of clearing country checks, he handed me a little pamphlet giving the history of its development in Boston and setting forth⁹⁹ its reasons and advantages so graphically¹⁰⁰, that I am going to quote from it in telling you gentlemen about it.

 

Let me say to you that I am confident that when this principle is fully understood, and carried out, as it soon will be, to its logical conclusion, checks, precisely like our bank notes, will be par everywhere in the United[Pg 309] States. I am fully aware that you are greatly surprised at this statement; but take my word for it and remember that what I have prophesied¹⁰¹ is going to happen. Free zones are going to increase until every check will be free within its own zone, and almost immediately as a consequence, the zone centers will settle with each other daily; that is all checks will not only be free in their own zones, but will be free between all zones, that is all checks will be par everywhere.

 

However, let me tell you how it developed in New England. Ruggles describes it in these words:

 

"That the use of checks has increased rapidly in the past ten years is an undisputed fact, and the question of how to handle them to advantage, or without loss, is a problem that has caused much discussion. All large cities have had the same experience, and have dealt with the question in various ways. Rather than ask his bank to draw exchange, the country merchant sent his check to Boston in payment of his account, and in this way, he was encouraged by the city merchants who deposited the check in his bank, where it was received at par. This continued until the volume handled reached such proportions as to make the item of exchange quite prominent in the expense account, which the city bankers sought to reduce by various methods. In many cases checks were not sent directly to the banks upon which they were drawn, some other route being selected to avoid exchange charges; as, for example, a check on Stonington, Conn., deposited in Westerly, R.I., only six miles distant, after many days, during which it traveled one thousand miles, perhaps, passed through Providence¹⁰², Boston, Newport, then New Haven¹⁰³ and New London and reached its destination bearing the endorsement¹⁰⁵ of nine banks. Mr. Cannon in his work on Clearing Houses cites a remarkable¹⁰⁶ case of zigzagging¹⁰⁷ to avoid collection charges; a check on Sag⁴³ Harbor, N.Y., paid to a Hoboken firm was eleven days reaching its destination. Had it been collected through the New York Clearing House ten days'[Pg 310] time, fifteen hundred miles of travel and a vast amount of clerical work might have been saved."

 

Here are two diagrams showing the route and the indorsements of the check to which Mr. Cannon referred, taken from Mr. Cannon's work on Clearing Houses.

 

Mr. Ruggles further says: "The subject of the collection of the country check in a more expeditious¹⁰⁸ and economical method than that then in force in Boston, was first agitated¹⁰⁹ in 1877, when a committee of five was appointed to consider the question. A majority reported that the annual cost to the banks of Boston was two hundred and twenty-nine thousand dollars for collecting New England checks and recommended that the business be consolidated¹¹⁰, which would very materially reduce labor and expense. This report was received and placed on file. A minority report was also submitted in opposition to any change, on the ground that it would sever²⁴ the social and business relations which then existed, and the clerical force required to handle the entire business would incur¹¹¹ so heavy an expense that the cost of collecting would be as much, if not more, than was the case by the method then existing. No further action was taken until 1883, when another committee was appointed to consider the same question. They reported that returns from all the banks showed that double the business reported by the former committee was then being transacted¹¹² and that the probable cost was four hundred thousand dollars; they suggested that an agency similar to the Clearing House be established for the purpose of making the collections. The banks failed to endorse¹⁰⁴ this proposition and the matter was dropped until 1898, when a committee was appointed by the Bank Presidents' Association to again consider this important question; in their report it was recommended that the Clearing House Association act on the matter and undertake to make the collections. A committee was appointed by that body, who endorsed¹¹³ the previous report. Their report was accepted and the Clearing House Association author[Pg 311]

[Pg 312]ized the Clearing House committee to put in operation the present system, and the banks of Massachusetts were first addressed on the subject on April 14, 1899, the result being a conference between the Massachusetts Bank Cashiers' Association and the Clearing House committee. This conference revealed a decided difference of opinion at first, but both sides were brought to a clear understanding of the situation eventually. The position taken by the Clearing House was that it did not propose to dictate¹¹⁴ to the country banker how he should transact¹⁰ his business or coerce¹¹⁵ him into acting¹¹⁶ in conjunction with the Clearing House; nevertheless, the Boston banks claimed the right to use their own methods in making collections, and should the country banker decide to charge exchange, checks on his bank would not be accepted at par in Boston, and might be collected by express or such other means as was thought advisable. Comparatively few of the banks in Massachusetts appeared in opposition when the subject had been fully discussed. At a second conference the Cashiers' Association asked the privilege of making payments in New York Exchange if more convenient for them, and this request was readily complied with. They also asked that they might ship currency when necessary, at the expense of the Boston banks; this request was also granted, and in a few months all were remitting¹¹⁷ at par and checks from all the Boston banks were being collected through the Clearing House. On Sept. 21st, Maine was added to the list, followed by Rhode Island and Connecticut on Nov. 9th, and New Hampshire and Vermont in January, 1900.

 

pic

 

Fac-simile of the Back of the Check, Showing the Numerous Indorsements it Bore on Finally Reaching the Bank on which it was Drawn.

From James G. Cannon's Work on Clearing Houses.

 

"The first year the amount collected was $541,000,000 at a cost of ten cents per thousand dollars; the second year $565,000,000 at a cost of eight cents; the third year $607,000,000 with cost reduced to seven cents. Since the opening of the Foreign Department, as we term it, the average yearly business has been six hundred million dollars, and the average cost seven cents. The expenses are met by an assessment¹¹⁸ levied¹¹⁹ on the banks based[Pg 314] on their daily average business. There are at present in New England six hundred and thirty-seven banks and trust companies to whom checks are sent daily, and the number of packages handled will average five thousand."

 

pic

 

Map Showing the Check's Itinerary¹²⁰.

From James G. Cannon's Work on Clearing Houses.

 

Mr. Banker: Mr. Merchant, I am very much surprised that you have made such a thorough study of this feature of the banking problem, but I am also equally gratified. You have certainly explained the question so clearly and fully that no one can fail to be impressed with the future possibilities of this plan of clearing country checks, and I am convinced that you are absolutely right that the time is not far distant when every check in the United States will be par everywhere precisely as our bank notes are today; and why should they not be so, since both are identically the same thing in principle.

 

Mr. Lawyer: I can see what a tremendous advantage that would be to our commerce, indeed, incalculable, and I can see that there is no substantial difference between a check on a bank and a bank note, which is a check of the bank on itself; both are mere¹²¹ credits, and as you say, when fully comprehended and rightly understood, will be treated in precisely the same way in the exchanges of the country. But it does seem to me as though we shall have to have a better knowledge of our banks, and the business houses of the country, too, if this great reform is to be brought about.

 

Mr. Banker: That is true, but the bankers of the country have realized for a long time that their greatest peril¹²² came from the unsound practices and reckless methods of some of their own number and have already taken steps to protect themselves against such practices.

 

You, gentlemen, will all of you, no doubt, remember the Walsh failure at Chicago in 1906. You will also remember that Walsh had control of three different banks with approximately $30,000,000 resources; one was a National Bank, under national supervision¹²³; one a Trust Company and one a Savings Bank; both of the latter being under State supervision. This enabled Walsh to flim-flam the[Pg 315] examiners, one examiner being national and the other state, by juggling¹²⁴ the assets and then finally diverting practically all of the deposits into his own enterprises; certainly the best part of them was used in promoting his business schemes. It took this kind of an earthquake to wake up Chicago and bring into the banking fraternity, or business world, one of the greatest reforms of the commercial life of the country. I say commercial world advisedly because about the same time Chicago had an experience with a fish house that was really the biggest fish story that was ever told. The sad thing about this fish story was that it was true and cost the fishermen, the Chicago banks, and the fishermen and bankers elsewhere, about $3,000,000.

 

These two experiences capped the climax¹²⁵ and illustrated¹²⁶ perfectly the need of just what followed in the Clearing House at Chicago.

 

This brings me naturally to the third point that I mentioned as important and vital in the evolution of the American Clearing House.

 

On June 1, 1906, the Clearing House Association of Chicago, Illinois, acting upon a resolution introduced by Mr. Fenton, Vice-President of one of its banks, established an independent system of Clearing House bank examinations. Only recently the chairman of the Clearing House used this language:

 

"The result of our experience in Chicago is most satisfactory and gratifying. The banks have almost unanimously adopted every suggestion made by the Clearing House Committee for their betterment and strength. In several instances the Committee, from its wider knowledge of the financial situation, has been able to save some of the smaller institutions from loss by enabling them to take hold of conditions in time. I cannot properly go into such details as would illustrate¹²⁷ the effectiveness of Clearing House examinations as we have experienced it, and can only say in a general way that[Pg 316] it has been even more satisfactory than I anticipated it would be before it was undertaken."

 

Mr. Lawyer: Right on this point I want to read to you a letter I have just received from the Clearing House examiner of Los Angeles, California.

 

    Dear Sir:

 

    Replying to your inquiry¹²⁸ of December 9th, will say that Clearing House examinations were begun in Los Angeles on May 1, 1908. Since the inauguration¹²⁹ of the system there have been no bank failures, because the Executive Committee of the Clearing House Association will not permit banks to reach the danger point.

 

    We have had one instance where, after watching a bank for three years, giving it a chance to correct its bad methods and put itself in good condition, the Clearing House finally compelled it to assign all of its assets to a trustee, and the public was notified that all claims would be paid on demand....

 

    National and State examinations have improved greatly during the last ten years, but they will always lack the strongest element—the calm, clear judgment¹³⁰ of the local executive committee, whose demands are founded on knowledge of the situation, and whose mind is not warped¹³¹ by political strings¹³².

 

    Yours very truly,

    (Signed) John W. Wilson,

    Examiner, Los Angeles

    Clearing House Assn.

 

Mr. Cannon in his admirable work on Clearing Houses, says:

 

In substantially his own words the Chicago examiners operate under the following conditions: The examinations extend to all the associated banks in Chicago, and to all non-member institutions. The work is conducted with the aid of five regular assistants, each fitted by experience to thoroughly¹³³ do that part of the work assigned[Pg 317] to him. The examinations include, besides the verification of the assets and liabilities of each bank, so far as is possible, an investigation¹³⁴ of the workings of every department, and are made as thorough as is practicable. After each examination the examiner prepares a detailed¹³⁵ report in duplicate, describing the bank's loans, bonds, investments and other assets, mentioning specially⁹⁸ all those, either direct, or indirect, to officers, directors, or employees, or to corporations in which they may be interested. The report also contains a description of conditions found in every department. One of these reports is filed in the vaults of the Clearing House in the custody¹³⁶ of the examiner, and the other is handed to the examined banks' president for the use of its directors. The individual directors are then notified that the examination has been made, and that a copy of the examiners' report has been handed to the presidents for their use. In this way every director is given an opportunity to see the report, and the examiner, in every instance, insists upon receiving acknowledgment of the receipt of these notices.

 

The detailed report, retained by the examiner, is not submitted to the Clearing House committee, under whose direct supervision he operates, unless the discovery of unusual conditions make it necessary. A special report in brief form is prepared in every case, and read to the Clearing House committee at meetings called for that purpose. The report is made in letter form, and describes in general terms the character of the examined banks' assets, points out all loans, direct or indirect, to officers, directors, or employees, or to corporations in which they may have an interest. It further describes all excessive and important loans, calls attention to any unwarranted conditions, gross irregularities, or dangerous tendencies, should any such exist, and expresses in a general way the examiner's opinion of each bank as he finds it.

 

The circumstances under which the first Clearing[Pg 318] House bank examiner was appointed and the result are well set forth by James B. Forgan, President First National Bank of Chicago.

 

"Chicago was the pioneer in Clearing House bank examinations.

 

"They were inaugurated there in 1906 after the failure of a National bank and two State banks. These institutions were under the direct management of one man who was president of the three. The condition of their affairs when disclosed surprised and appalled¹³⁷ the other Chicago bankers. The liabilities of the private ventures of the president had gradually accumulated in the three banks until they had absorbed the entire capital and surplus of all three, amounting to $3,500,000, and 44 per cent of their aggregate deposits of $27,000,000, one-third of which was public funds.

 

"The condition in the National bank had developed through a period of years during which the Comptroller of the Currency, through the semi-annual reports of his examiners, had been kept fully advised of what was going on. Among the assets were found nineteen fictitious¹³⁸ loans for $90,000 each represented by so-called memorandum¹³⁹ notes. Each memorandum note purported¹⁴⁰ to be secured by $100,000 of second mortgage bonds of the Wisconsin & Michigan Railway Co. This road was controlled by the bank president, and the bonds proved worthless. The first mortgage bonds of the same road, $952,000 of which (being almost the entire issue) were also among the assets of the banks, were finally disposed of at about 23 cents on the dollar. These memorandum notes did not, on the face of them, even pretend to be the obligations of bona fide borrowers. The ostensible¹⁴¹ signatures on them, although in different names, were all in the handwriting of the clerk who filled them out and who wrote plainly in red ink across the face of each the words 'Memorandum Note.' They could not deceive anyone who saw them and they did not deceive the na[Pg 319]tional bank examiners who reported to the Comptroller the facts in connection with them.

 

"Although cognizant of these irregularities and of the accumulating obligations in the bank of the president's private enterprises, the Comptroller apparently¹⁴² could not or at all events did not take measures to stop them by other means than those of expostulation and reproof¹⁴³ until matters became so bad that they simply could not be permitted to go further.

 

"When at last drastic measures were decided upon the Comptroller and the State Auditor¹⁴⁴, acting together on a Saturday afternoon after the vaults of the three banks had been closed with time locks set for Monday morning, notified our Clearing House committee that unless provision were made for payment in full of the deposits none of the banks would be permitted to open for business on Monday morning and they would be put in the hands of receivers.

 

"Business conditions were strained and the time was therefore particularly unfavorable for permitting the failure of three prominent banks. The effects of such a calamity¹⁴⁵ it was feared would have extended far beyond the confines of Chicago.

 

"The situation was thus protected from a general disturbance¹⁴⁶ of public confidence, but it was done at the cost of a very heavy loss, foreseen at the time and since realized by the participating banks.

 

"The statements of the National bank made five times a year to the Comptroller's department, copies of which were rendered to the Clearing House committee and on which it had implicitly¹⁴⁷ relied, failed to disclose these conditions.

 

"I have given you these details of this unfortunate affair because they show so clearly the limitations of governmental supervision of banks under our National banking law as it has been interpreted by the courts and by the legal advisers¹⁴⁸ of the Comptroller's department.

 

"Let me draw your attention to a few of the legal re[Pg 320]strictions which limit the Comptroller's power to act in such cases.

 

"1. Under the National Bank Act no obligation due a bank is considered bad until interest is past due six months and not then if it is secured or in process of collection.

 

"2. The Comptroller may appoint a receiver when he concludes that a bank is insolvent¹⁴⁹. But here again he has been hampered¹⁵⁰ by the legal definition of insolvency¹⁵¹, which is 'inability to pay current debts as they mature.'

 

"3. The making of a National bank report to the Comptroller so long as it is in accordance with the bank's books, however erroneous it may be as to actual values, which alone disclose a bank's true condition, cannot be construed¹⁵² as a misdemeanor.

 

"These legal restrictions¹⁵³ are presumably the reason why some banks have been permitted to persistently¹⁵⁴ publish to the public the figures of their statements as rendered to the Comptroller of the Currency after they are known to have met with heavy losses and have failed to provide for them by charging them to profit and loss. That this has been permitted in some cases is notorious. The case of the Chicago National Bank and a recent one in a large central city [$6,000,000 of $8,000,000 surplus was charged off] are conspicuous¹⁵⁵ examples because of their size. Undoubtedly as a rule the published statements of the banks are reliable, but there are a few exceptions, with which, in view of the legal restrictions which govern his action, the Comptroller finds himself unable to cope. These exceptions, however, frequently result in failures and catastrophes¹⁵⁶. The Comptroller cannot legally take drastic measures with such banks until they perform some act of insolvency or when he believes their capitals to be impaired¹⁵⁷, which, being a matter of judgment in regard to the realizable value of their assets, is frequently difficult to prove.

 

"These disclosures in connection with the failures of these three banks showed the associated banks of Chicago[Pg 321] that statements so rendered, which up to that time had been all the Clearing House Committee had to rely upon and which, as published, form the basis of the standing and credit of banks with the public, could not be implicitly relied upon. It was therefore unanimously resolved to adopt a system of supervision, under which there would be some assurance that such conditions could never again develop in any bank connected with the Chicago Clearing House Association. There was therefore organized a bureau of examination in connection with the Clearing House.

 

"As to the practical working of Clearing House examinations in Chicago during the six years of their existence I can only say that it has proved in every way most satisfactory and successful. There has been neither friction¹⁵⁸ nor unpleasantness. Bank directors realize the great benefits derived¹⁵⁹ and are unstinted in their praise of them. They are greatly assisted by these reports in keeping themselves informed on the condition of their banks and they readily co?perate with the Clearing House committee in the correction or elimination¹⁶⁰ of anything open to criticism. Our experience has been that the banks have almost unanimously adopted every suggestion made by the committee. I cannot, of course, discuss such details as would show its efficacy. I can only say that the results have been most satisfactory to all concerned and that much good has been accomplished¹⁶¹ for the Chicago banks individually and collectively.

 

"The organization, being entirely voluntary, partakes somewhat of the nature of a gentlemen's agreement, under which each bank binds¹⁶² itself to conduct its business under proper methods. The effectiveness of the method lies in the fact that they are all measured by the same standard, viz.: that their statements as rendered to the Clearing House Association must be satisfactory to the committee, in view of the examiner's reports upon them,[Pg 322] otherwise they cannot continue to enjoy Clearing House privileges."

 

Mr. Banker: From Mr. Wilson's statement about Los Angeles and Mr. Forgan's statement about Chicago, it must be perfectly clear to all of you, as it now is to me, that if we had in this country, say thirty or forty commercial zones, or free check zones, like New England now has, that is thirty or forty financial centres, covering all the territory naturally tributary¹⁶³ to them, and so compassing, or covering the entire country, and these zones, all organized precisely as the Chicago Clearing House Association is organized for the examination of all the banks of the United States, bank failures would become a thing of the past.

 

Mr. Lawyer: Well, let me see now, how you would insure that result, that is that bank failures would cease. The banks fail very often, possibly generally, because the officers of the banks have used the bank's assets in their own schemes, or those in which they are interested. But bank failures are very often due to fish paper, such as you described a few moments ago. How would you detect, check and stop that sort of thing? That is, how would you prevent too much paper from some one merchant, or manufacturer, getting into the banks?

 

Mr. Banker: Don't you see, Mr. Lawyer, that if your examination covered all the banks in a commercial zone, your examiners would always know, or could very easily find out, just how much paper any business house had in the banks of that particular zone, couldn't they? Don't you see that if they observed that a large amount of paper of some business house had been placed in the banks of that zone, that is, loans made, or paper sold, they would at once be placed upon their guard and inquiry, and would proceed to find out just how much paper that particular business house ought to have, or was entitled to have out, considering its capital, and the general character of its business? Don't you see that these bank[Pg 323] examiners could insist on knowing all about the financial condition of any business house in their particular zone, just as well as the banks themselves could and do insist upon knowing? If a business house should refuse the bank examiner the fullest possible information about its affairs, its days would be numbered as a borrower at the banks of that zone, would they not?

 

Mr. Lawyer: That is just the point. A business that is over expanding its credit by borrowing, or by selling its paper, will probably be working some other zone, or several of them at the same time.

 

Mr. Banker: You might naturally think so until you reflected upon the situation for a moment. Don't you see that if you had, as I have just said, thirty or forty such commercial zones, all organized, and all united into one system, as perfectly as if they were one single institution, that they could within twenty-four hours know to almost a dollar how much any business house in the whole United States had outstanding so far at least as the banks were concerned in all of them—simply by telephoning or telegraphing to each other?

 

You must see that every one of these commercial zones would soon become the most comprehensive and the most perfect credit bureau in the entire world, and that taking them altogether, they could and would, by the most exhaustive methods, not even now fully appreciated, be able to check the whole commercial situation in the United States in an incomprehensibly short space of time. Nothing is so essential today as to know the facts about the situation because of the enormous increase of trade, and consequent expansion of credit.

 

Mr. Lawyer: It does seem to me, after all, now that you have finished the details of your plan, that you have in it a perfect check upon the whole business of the banking world. Humanly speaking, I see no loophole nor escape whatever.

 

Mr. Laboringman: That looks to me like an all-round scheme. It will certainly work like the colored man's[Pg 324] fish trap, it will catch 'em, both "agoin' and acomin'," and would give this country the only practical scheme I've ever heard of for insuring bank deposits; for it does not seem possible to me for a bank to get into a position where it ought to fail. Now, gentlemen, if there is one reform in this whole business that ought to be accomplished it is such an administration of these banks, as will practically prevent failures. Don't you think so yourselves? This question is always coming home to the working people, because a bank failure is a tragedy in their lives.

 

Mr. Manufacturer: Yes, Mr. Laboringman, I certainly do agree with you, and I believe that this plan of having all the banks of the entire country examined by bankers just as they are now being examined by the clearing houses instead of politicians, and finding out, as such clearing house examiners will, not only the condition of the banks, but the financial condition of every business house as well, will accomplish what you want. The laboring⁷¹ people are entitled to better protection than what has yet been given them. This goes to the very root of things.

 

Mr. Merchant: Gentlemen, I have been listening with the greatest possible interest to the story of the growth of the American Clearing House and the most marvelous thing about this matter to me is that this vast system which has not yet been correlated is the product of experience, and that there is not a single practice of this huge machine from the Atlantic to the Pacific as it is carried on, or operated, that is based upon a single statute¹⁶⁴. Think of the Clearing House Associations in those twenty cities, actually examining, not only their own members, but every other bank that clears its checks through one of their members. Why, gentlemen, today these bank examiners could cut off my credit at my bank without my knowing it by simply saying to the banks that my credit was too much extended, and that I ought to cut it down, and get into a safer position.

 

[Pg 325]

 

Mr. Farmer: Well, do you know, I am of the opinion that there is nothing so important in these days as to have someone going around and compelling these fellows to pull in their horns. They will never interfere¹⁶⁵ with anyone as long as he keeps in sight of the shore. It's a good thing and will do more than anything I know of to keep our business ship on an even keel.

 

Mr. Manufacturer: When Mr. Farmer talked about pulling in their horns, I thought he was perfectly at home, and talked about something that he was familiar with; but when he gets to talking about a ship and keeping close to shore, it strikes me that he's getting out to sea. However, this proposed supervision and checking scheme strikes me just as it does him, as the most desirable, wholesome¹⁶⁶ and healthy process by which we can go on in the future far more steadily, and in the end far more rapidly than we do now, with our ups and downs, and I am heartily¹⁶⁷ in favor of it.

 

But, Mr. Banker, it occurs to me that if these thirty or forty zones you speak of are going to work so closely together, as you think, and have outlined, there will be sooner or later a tremendous business going on between them.

 

Mr. Banker: Of course there will; and that suggestion brings me naturally to the fourth point I raised in connection with the development of our American Clearing Houses which was a combination of a part of their reserves for their own convenience.

 

You will remember that I called your attention to the fact that it was estimated by high authority that the banks belonging to the Clearing House Associations were now carrying upwards¹⁶⁸ of two hundred million dollars of their reserves at the various Clearing Houses. It does not seem to me as though it was taxing the imagination very much to see how very easy it would be to apply the same principle to the thirty or forty financial centers that is now being applied¹⁶⁹ to all the banks included in the Clearing Houses. Of course I realize that the reserves will[Pg 326] have to be upon a correspondingly increased scale, ranging from one billion to one billion and a half, as things now stand, and that they will all have to be actually combined, and perfectly mobilized, precisely as the reserves are, when a Clearing House Association fortifies¹⁷⁰ itself, to protect all of its banks, and the commercial interests of any community in times of danger and panic.

 

Mr. Laboringman: What do you mean by Clearing House certificates? I have seen these things mentioned time and time again in the papers, and I must say I could not get on to them. I supposed it was just some huggery-muggery of Mr. Banker, over there, for the purpose of getting the best of the dear people.

 

Mr. Banker: On the contrary, just the reverse is true. Clearing House certificates, commonly so called, are issued only to protect the people's interest. They are issued for the common good, and are thoroughly appreciated by all those who understand their use, and the circumstances under which they are issued. Mr. Laboringman, you have just asked what a Clearing House certificate is. We all know what a gold certificate is. It certifies¹⁷¹ that there are deposited in the Treasury of the United States as many gold dollars as its face calls for, and the holder⁹⁷ can go and get the gold dollars by presenting the certificate. In the early part of this evening, we learned that a Clearing House certificate was issued by a Clearing House whenever some bank deposited with it gold coin, gold certificates, silver certificates, or United States Notes; that is, such a Clearing House certificate is for such a deposit as is made, and entitles the holder to what it calls for, as was then stated. Now, the popular name, Clearing House certificate, is applied to something quite different from the exact, or technical, definition above given.

 

When we say that a Clearing House has issued Clearing House certificates, in ordinary, or popular, language we mean "Clearing House Loan Certificates," because the public never have any occasion for discussing the[Pg 327] usual Clearing House certificates. The Clearing House loan certificates are issued by a Clearing House upon commercial paper, bonds, stocks or any satisfactory security. In 1907, collateral¹⁷² security amounting to $453,000,000 passed through the hands of the New York Clearing House Committee, of which $330,000,000, or 72.92 per cent, was commercial paper and $123,000,000, or 27.08 per cent, was bonds, stocks and short-time railroad paper.

 

Mr. Lawyer: Mr. Banker, if you will allow me, I think that Mr. Cannon has stated this phase of the question so well that I should like to read it right here. He says:

 

"Clearing House certificates are of two kinds, those issued upon the deposit of gold coin (and in New York City and Boston on gold and silver certificates and legal tender notes) and those issued upon the deposit of collateral securities. The former are employed in ordinary times solely¹⁷³ as a method of economizing¹⁷⁴ time and labor and reducing risk in handling large sums of money. The latter are employed in times of financial disturbance or panic, and although both are intended for use solely in the settlement of balances at the Clearing House, the circumstances that call them forth, the results effected by their use, and the part they play in banking economy have little or nothing in common. The certificates issued upon the deposit of gold, etc., are termed 'Clearing House Certificates,' and those issued upon the deposit of collateral security are very properly termed 'Clearing House Loan Certificates,' with which latter only are we here concerned.

 

"Clearing House Loan Certificates may be defined as temporary loans made by the banks associated together as a Clearing House Association, to the members thereof, for the purpose of settling Clearing House balances. Such certificates are negotiable, as a rule, only among the members of the association, and are not in any sense to be regarded as currency. They are not even seen by the business community, and do not pass from[Pg 328] bank to bank except in payment of Clearing House balances.

 

"To obtain an intelligent understanding of the real character and purpose of such certificates it will be well to treat somewhat of the circumstances under which they are issued. In the course of the present century the United States has undergone periodical derangements of business affairs, when confidence was displaced by mistrust, when the payment of debts became difficult, when property values declined, and business houses failed; when industry and trade were paralyzed, and general stagnation¹⁷⁵ ensued in all lines of enterprise. In such times depositors in banks, stricken with fear and sometimes pressed by need, draw out their deposits, in many cases to such an extent as to render it difficult or even impossible for the banks to contract their loans sufficiently¹⁷⁶ to meet the demands thus made upon them. Under our present currency system no adequate method is provided for expanding the money volume as occasion demands, whereby the banks can continue their usual loans and discounts, and thus prevent a panic with all its evil consequences. Hence it is left in a large measure to the financiers of each community to work out their own remedy, supplemented by such mutual assistance as a courteous¹⁷⁷ regard for each other may dictate or as business relations may demand.

 

"Quick to see the defects in our currency system, and the desirability of in some way supplying it, the bankers of New York, nearly fifty years ago, devised the scheme of issuing Clearing House Loan Certificates as a method of relief from temporary stringencies. Subsequently, nearly all the Clearing Houses in the great centers adopted the same device, and by their heroic resort to the measure they have at different times relieved the business community of untold¹⁷⁸ disaster, for which invaluable¹⁷⁹ service they have justly received the grateful recognition of the entire country.

 

"The great value of Clearing House loan certificates[Pg 329] lies in the fact that they take the place of money in settlements at the Clearing House, and hence save the use of so much actual cash, leaving the amount to be used by the banks in making loans and discounts, and in meeting other obligations. The volume of currency, to all intents and purposes, is expanded by this means to the full amount of the certificates issued."

 

In the history of the past the denominations have varied¹⁸⁰ from 25 cents to $100,000 in the different associations and in proportions varying from $50 to $100 of certificates to $100 of collateral deposited.

 

The total amount of its balances is not always paid in Clearing House loan certificates by a bank to which such certificates have been issued. Thus, for example, the debit³⁶ balance of a given bank may be $500,000, which in ordinary times would be paid in money or gold certificates. In a time of panic a part of this sum—say $300,000—is paid in Clearing House loan certificates and the remaining $200,000 in currency. Another, with the same balance, might pay the whole in Clearing House certificates, while still another would pay the full amount without the use of any certificates whatsoever¹⁸¹.

 

The first issue of Clearing House certificates occurred in 1860. In the autumn of that year there was a rapid shrinkage in bank deposits and a corresponding contraction¹⁸² in loans and discounts. The situation grew more and more serious as the end of the year approached. The presidential election was a disturbing factor of more than ordinary significance. Immediately succeeding the election of Abraham Lincoln to the presidency¹⁸³ the situation began to assume a critical aspect. Distrust and uncertainty¹⁸⁴ were universally felt.

 

In accordance with the authority thus given, the first issue of certificates was made Nov. 23, 1860, and the beneficial effect was immediately felt. The banks rapidly extended their loans, deposits increased, and commercial paper, which formerly¹⁸⁵ could not be sold for 20 per cent, was now freely marketed at 7 per cent and 8 per cent.[Pg 330] As a result of the pressure the association passed a resolution in the following September, authorizing another issue of loan certificates, and on Sept. 19, 1861, the first issue was made.

 

In 1863 the association issued certificates for the third time. The first bore the date of November 6th, and the largest amount outstanding at any one time was $9,608,000.

 

Owing to the prolongation of the war, with the consequent unrest in business circles, the issue of certificates for the fourth time began March 7, 1864, and reached its maximum, $16,418,000, on April 20th of the same year.

 

No more loan certificates were issued until the year 1873, when for the first time the Clearing House associations of other cities, seeing their great practical utility, began to avail themselves of their use. In the year mentioned the association at New York followed the precedent¹⁸⁶ established in 1860, and the same course was taken by the Clearing House Associations at Boston, Philadelphia, Baltimore, Cincinnati, St. Louis and New Orleans. The panic which called forth such united action was one of unusual severity. It reached its climax in September, and so severe were its ravages¹⁸⁷ that the New York Stock Exchange closed its doors on the 20th of the same month, for an indefinite period, but reopened them ten days thereafter.

 

The usual resolutions were passed by the Clearing House Association, authorizing the issue of certificates, and on September 22d the first issue was made. The amount was fixed at the outset at $10,000,000, which, with the announcement that the Government would purchase the same amount of bonds, caused an immediate³² subsidence of the panic, and in less than three days its most acute stages were over. During the two months referred to, certificates to the amount of $26,565,000 were issued.

 

New Orleans alone issued certificates in 1879, the[Pg 331] amount being $54,000. New York alone issued certificates in 1884, the amount being $24,915,000.

 

The next certificates were issued Nov. 12, 1890, and the issue ceased December 22d, amounting in the aggregate to $16,645,000; the largest amount outstanding at any one time was $15,205,000, on December 12th; and the last certificates were retired¹⁸⁸ February 7, 1891, less than three months from the date of the first issue. Boston and Philadelphia followed. Then came one of the memorable¹⁸⁹ panics, 1893.

 

The issue was commenced June 21, 1893, and ceased September 6th of the same year, the total issue having been $41,490,000. The largest amount outstanding at one time ($38,280,000) was attained¹⁹⁰ August 20th, which amount remained unaltered until September 6th. Then followed Philadelphia, Baltimore, New Orleans, Cincinnati, Buffalo¹⁹¹, Atlanta and Birmingham. Birmingham to protect its cash issued denominations all the way from twenty-five and fifty cents up to $1, $2, $5, $10, and all the larger amounts.

 

Besides the loan certificates issued in 1893, there was a considerable amount of emergency circulation taken out by the banks in the Southeast, under the title of "Clearing House certificates," in cities where no Clearing Houses existed. In adopting the name of Clearing House certificates, it was not the purpose of the banks to practice deception¹⁹² on the people, but to indicate what was really true and what the term would seem to imply, namely, that such certificates were temporary loans made by the banks associated together, and that the banks were pledged for their redemption. The denominations in the cities referred to were: Albany, Ga., $10, $5, and $1; Chester, S.C., $10, $5, and $1; Columbia, S.C., $50, $20, $10, $5, $2 and $1; Danville, Va., $100, $50, $20, $10, $5, $2, and $1; Newman, Ga., $10, $5 and $1; and Rock Hill, S.C., $5, $2 and $1. There is no doubt that the relief afforded in this manner was of great public assistance in the several communities where it was given, ef[Pg 332]fecting results similar to those accomplished by the actual Clearing House loan certificates in the great centres. Business houses and corporations came to the relief of the situation and among them was the New Bedford Mfg. Co., Social Mfg. Co., Hartford, Conn., Eagle and Ph?nix Mfg. Co., Columbus, Ga., Swift Mfg. Co., Columbus, Ga., Arnold Print Works, North Adams, Mass., Richmond Locomotive Works, Richmond, Va., Minneapolis and Northern Elevator Co., City of Tacoma, City of Richmond, City of Johnstown, Pa., Loomis and Hart Mfg. Co., Chattanooga, Tenn.

 

So much for panics up to our last. Then came the panic of 1907. Of this a prominent banker and economist²⁹ has said: "The truth is that responsibilities for the panic of 1907 lie at the door of our currency system. No other adequate cause can be found. We do business by the modern system of bank credits, but we have failed to supplement this machinery with the means for readily converting bank credits into cash."

 

On Oct. 26, 1907, New York issued Clearing House loan certificates. On Oct. 26, 1907, Chicago also issued Clearing House loan certificates. On Nov. 6th, Chicago issued Clearing House checks for $1, $2, $5, $10, amounting to $7,500,000. These checks were secured by Clearing House loan certificates.

 

On November 16th, Philadelphia issued Clearing House certificates and the business houses issued pay checks for wages which were cleared through the Clearing House.

 

During the fall many cities issued Clearing House checks in small denominations which were used for currency. Canton issued pay checks for $1, $2, $5 and $10, amounting to $200,000, which had no security back of them.

 

In November pay checks in denominations of $2, $5, $10, $20 were issued to the fourteen banks of the Clearing House of Cincinnati.

 

[Pg 333]

 

Cleveland followed Chicago in denominations of $1, $2, $5, $10.

 

Fargo, Dakota, issued $5, $10, $20, $100 and $500.

 

Los Angeles issued October 30th "Clearing House certificates or scrip," designed as a circulating medium for the general use of the public.

 

Mr. Cannon records the action taken by the associated banks of Group No. 2 of the Ohio Bankers' Association, which includes twelve counties, and is worthy of comment since it offers the first concrete example of the possibilities of the banks of any particular section of any state, uniting in an effort to overcome the disastrous¹⁹³ consequences resulting at times from false rumors¹⁹⁴ in panic periods.

 

Mr. Merchant: Now, gentlemen, why all this frightful¹⁹⁵ agony, this terrific straining, this ever-recurring tragedy and universal ruin, simply because we persist in being utterly¹⁹⁶ ignorant of the simplest economic truths which our own actions on every such occasion have demonstrated—that there is absolutely no difference between a bank book credit and a bank note credit, except that the people want something that passes current in greatly increased quantities, when loaning stops or credit is checked. You have only to go to Scotland, and note the fact that there has been in operation there two hundred and seventeen years the vital principle involved, the conversion¹⁹⁷ of bank book credits into bank note credits, and the current redemption of all bank credits in gold coin, whenever called for.

 

Why, gentlemen, if the man who wants to find the cure would only shake the moss¹⁹⁸ from off his back, and take time to read what I am going to submit to you now, or pull the cobwebs out of his eyes and go up to Montreal, or Toronto, or any Canadian city, and see the bank notes come into the Clearing Houses, with the checks and drafts, he would wonder why he had been such a complete idiot all his life, when our nearest neighbor was enjoying perfect immunity¹⁹⁹ from our troubles.

 

[Pg 334]

 

L. Carroll Root, an American economist and historical student of the first rank, after a most thorough and exhaustive investigation of banks and banking in New England before the war, concludes his comment as follows:

 

"When the National Banking System appeared upon the scene it found the channels of circulation in New England filled by a State bank currency of well recognized soundness.

 

"In general, it was a currency based upon the 'banking principle.' It was issued against general assets—not against the deposit of bonds. It was secured in addition, in most of the states, by the further liability of officers and stockholders, or by a first lien²⁰⁰ upon all the assets of the bank, or both. It was limited—rather loosely, we would now say—to one hundred and twenty-five or one hundred per cent of the capital. But though issued under the legislation of six different states, it was in reality a single currency system—made so through the agency of a commercial enterprise, established and carried on without the aid of law. The bills of banks in any one part of New England passed at par in every other part; and for years the notes of New England banks had been enjoying an extended circulation in the west, where its reputation found for it ready acceptance. At home, too, its valuable points were appreciated and its forced transference to the national system a matter of regret.

 

"The history of New England bank currency, thus closed, is significant for two developments which characterize it:

 

"First, the steady growth, under the teachings of experience, of the system as to the issue and regulation of bank currency, which has since then become generally approved among the English-speaking peoples of the New World. In one direction after another special opportunities for fraud or exploitation of a confiding²⁰¹ public by rash banking developed their legitimate²⁰² disasters and prompted the invention of remedies 'to fit the crime.'[Pg 335] Conditions were so nearly alike throughout the New England states that each was prompt to suffer from any financial disease affecting any other, and equally prompt to adopt, with such improvements as its own enterprise might suggest, the remedies which had been found effectual elsewhere. As a result, the complete system, at the time of its practical suppression by the National Bank Act, was utilizing²⁰³ nearly every expedient²⁰⁴ to secure safe and conservative banking that were then or have since been incorporated in our own National Banking system, or in that of Canada—the two great plans which have since been matured.

 

"A second feature was the development of redemption facilities and methods. Starting with absolute chaos²⁰⁵, assisted by no law, progressing tentatively as each necessity prompted the invention of new means to meet it, the result was a carefully buttressed²⁰⁶ and easily working system, under which, to an extent never approached in its efficiency by any plan elsewhere created by law, the bank note currency of New England was made elastic²⁰⁷, safe and ideally convenient and inexpensive in use.

 

"For a full generation before the war, the amount of ultimate loss to noteholders was too small to be reckoned as an appreciable²⁰⁸ percentage on the amount of currency outstanding, while the delays and minor⁶³ inconvenience in the prompt cashing of the bills of broken banks were the result rather of the imperfect communication and exchange facilities of those days than of material defects in the banking system itself; indeed, so satisfactory had been the workings of what is known as the 'Suffolk Bank Redemption Plan'—that the need even of the most modest guarantee fund for instant redemption of broken bank bills was not felt until after the panic of 1857; and even then the total loss was petty when compared with the total circulation, and such as the most moderate plan of subsidiary guarantee would have forever obviated²⁰⁹."

 

Mr. Manufacturer: That is most astonishing, actually astounding²¹⁰; they went through identically the same[Pg 336] experiences during the first fifty years of this country that we have been going through during the last fifty, and they perfected a banking system which we killed by the 10 per cent tax on bank notes. Now we are gradually, whenever necessary, even in defiance²¹¹ of law coming back to the same principle of credit currency, for certainly, whatever may be said of the Clearing House loan certificates, generally speaking, all those $1, $2, $5, $10, $20, $50 and $100 Clearing House checks were nothing but a pure credit currency, and we do not seem to have sense enough to see it, and adopt that principle.

 

New England redeemed²¹² all her currency at the Suffolk Bank at Boston, the financial centre of that commercial zone. New England did before the war, precisely in the redemption of her bank currency what she has been doing since 1899, in redeeming²¹³ New England checks at Boston. We must take our hats off to New England. All we want to do is to adopt the currency system which she worked out, and her free zone system for check redemptions.

 

Canada obtained her original banking law by copying the statutes²¹⁴ of Massachusetts before the war. She has improved upon them in detail, but the great underlying²¹⁵ principle is the same.

 

Mr. Merchant: The total amount of certificates in one form or other, cash checks, etc., issued in 1907, was stated by the Comptroller of the Currency to be $248,279,700. It is a most interesting fact to note that just prior to the panic Hon. Charles N. Fowler, then Chairman of the Committee on Banking and Currency, of the House of Representatives, introduced a bill for the purpose of allowing the banks to issue $250,000,000 of bank notes of the pure credit currency character, and urged its adoption, as a measure of relief for the impending²¹⁶ crisis. You will note the amount was only one million and three quarters in excess of the amount actually issued, or an estimate within three-fifths of one per cent of the amount actually used.

 

[Pg 337]

 

Never before in the history of the country was such license²¹⁷ taken by the banks of the country as in 1907 in using bank credits in the form of cash checks indiscriminately; but they demonstrated this great economic truth that the nearer they approached to a pure credit currency, the nearer right they were. And they demonstrated this fact also to the satisfaction of every intelligent man on this question; that, if this country had been blessed with a credit currency redeemed through the Clearing Houses every day, precisely as these Clearing House certificates and pay checks were, the panic of 1907 would never have marred²¹⁸ the commercial history of this country.

 

With all of our own experience before us, from the establishment of the banks of Virginia in 1803, is our stupidity to continue. And are we now to do something possibly more than stupid when we are naturally, even in defiance of law, as we have seen, finding our way out? If left alone, we shall soon adopt these same principles, now in practice in Scotland, Ireland and Canada? Principles which, without statutory laws, gave New England, before the war, the most perfect banking system that has ever existed anywhere in this world, all things considered.

 

Mr. Farmer: Then why in thunder don't we adopt it now? I suppose we are through with the Clearing House now, aren't we? I hope so, for I am due at the farm. They are waiting for me.

 

Uncle Sam: Just hold on a minute. If I understand the facts, you are all wrong about one thing, and this includes both Mr. Cannon and Mr. Hallock. The first Clearing House on this continent was not at New York at all, but it was established at Boston, where I held my first Tea Party, and it was started in 1818, thirty-five years before New York got to going. It only took two clerks to do the business for the first six years. By 1855, just two years after New York started, it took seventy clerks to do the business, and the redemptions amounted to four hundred million dollars per year. Transactions in[Pg 338] New England in those days were comparatively very small, and the business was carried on as it is in France today, very largely with bank notes instead of checks. You remember, we learned one night that the Bank of France owed $1,000,000,000 (one billion) in notes, and only one-tenth as much, or only $100,000,000 subject to check; and that if a bank could issue notes, as freely as take deposits, the habits of the people would always determine whether the amount of bank notes was greater than the deposits.

 

From 1840 to 1860 the note issue of the 510 banks in New England ranged from $30,000,000 to $57,000,000, and averaged $43,000,000, while the deposits ranged from $15,000,000 to $47,000,000, and averaged only $31,000,000, or the note issue was nearly 50 per cent greater than the deposits. The note issue then was the main feature of the banking business, precisely as it is at the Bank of France, and they started a Clearing House to clear the bank notes and it was called "The Suffolk Bank," where all the New England bank notes were cleared, precisely as New England checks and drafts are cleared today. New England was a free bank note zone before the war precisely as it is a free check zone today. All notes were par at Boston, as all checks are par today, and the Suffolk Bank, where the bank notes were cleared, was just as much a Clearing House as the one they have in Boston today, for clearing the checks and drafts. There is not the slightest difference between the two, and the fact that no one of you men recognized it as a Clearing House, convinces me that you do not yet fully comprehend and appreciate the fact that there is not the slightest difference between deposits subject to check, and a true credit currency, or a bank note issue. This is the great fundamental, economic truth, and unless you understand and recognize it, you might as well quit now.

 

Mr. Banker: I thoroughly appreciate what you say, Uncle Sam, and I think we all do, but you have driven this matter home, so that I don't think we will ever[Pg 339] forget it, or fail to apply it under such circumstances again, will we, boys?

 

Mr. Laboringman: No, never. That discovery of Uncle Sam's was a centre shot, a real bull's eye.

 

Uncle Sam: The result of this evening's talk is then, as I recall it:

 

First: There is no statutory authority for any Clearing House, either in England or the United States.

 

Second: The first Clearing House started in London in 1775. The second Clearing House started in Boston in 1818 under the Suffolk Bank. The third started in New York in 1853.

 

Third: Clearing country checks was established in London in 1857. New England became a free zone for country checks in 1899.

 

Fourth: Clearing Houses without any authority of law have adopted the following functions: (a) They have fixed charges for services; (b) they have provided reserves for their convenience; (c) they have forced all those banks, which are members, and all those clearing through them to submit to examinations; (d) they have not only issued Clearing House certificates for use in settling balances, but for circulation as currency in denominations of $1, $2, $5, $10, $20, $50, $100, to meet the demands of trade.

 

If you'll give them fifty years more, and will not interfere with them, they will in actual defiance of law re?stablish the currency system of New England before the war and now in operation in Canada.

 

It's too late to detain you a minute longer. You may go now, but remember that it took your Uncle Samuel to discover the important historical fact that the first Clearing House established in this country was the Suffolk Bank at Boston.

 

Good Night.

 

1 destined   

adj.命中注定的；(for)以…为目的地的

参考例句：

• It was destined that they would marry.他们结婚是缘分。
• The shipment is destined for America.这批货物将运往美国。

2 par   

n.标准，票面价值，平均数量；adj.票面的，平常的，标准的

参考例句：

• Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
• I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

5 prospective   

adj.预期的，未来的，前瞻性的

参考例句：

• The story should act as a warning to other prospective buyers.这篇报道应该对其他潜在的购买者起到警示作用。
• They have all these great activities for prospective freshmen.这会举办各种各样的活动来招待未来的新人。

6 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

7 defense   

n.防御，保卫；[pl.]防务工事；辩护，答辩

参考例句：

• The accused has the right to defense.被告人有权获得辩护。
• The war has impacted the area with military and defense workers.战争使那个地区挤满了军队和防御工程人员。

8 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

9 offsetting   

n.偏置法v.抵消( offset的现在分词 )；补偿；（为了比较的目的而）把…并列（或并置）；为（管道等）装支管

参考例句：

• Dealers, having concluded a forward contract, should always hedge with an offsetting contract. 外汇经营商在签订了一项远期合同之后总是应进行套头交易签订一项相抵合同。 来自辞典例句
• Where does Germany think offsetting shifts into greater external deficits might occur? 在德国看来，这么大的外部赤字应该转移到哪里？ 来自互联网

10 transact   

v.处理；做交易；谈判

参考例句：

• I will transact my business by letter.我会写信去洽谈业务。
• I have been obliged to see him；there was business to transact.我不得不见他，有些事物要处理。

11 meditation   

n.熟虑，（尤指宗教的）默想，沉思，（pl.）冥想录

参考例句：

• This peaceful garden lends itself to meditation.这个恬静的花园适于冥想。
• I'm sorry to interrupt your meditation.很抱歉，我打断了你的沉思。

12 complexities   

复杂性(complexity的名词复数)； 复杂的事物

参考例句：

• The complexities of life bothered him. 生活的复杂使他困惑。
• The complexities of life bothered me. 生活的杂乱事儿使我心烦。

13 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

14 analogous   

adj.相似的；类似的

参考例句：

• The two situations are roughly analogous.两种情況大致相似。
• The company is in a position closely analogous to that of its main rival.该公司与主要竞争对手的处境极为相似。

15 cannon   

n.大炮，火炮；飞机上的机关炮

参考例句：

• The soldiers fired the cannon.士兵们开炮。
• The cannon thundered in the hills.大炮在山间轰鸣。

16 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

17 strictly   

adv.严厉地，严格地；严密地

参考例句：

• His doctor is dieting him strictly.他的医生严格规定他的饮食。
• The guests were seated strictly in order of precedence.客人严格按照地位高低就座。

18 secrecy   

n.秘密，保密，隐蔽

参考例句：

• All the researchers on the project are sworn to secrecy.该项目的所有研究人员都按要求起誓保守秘密。
• Complete secrecy surrounded the meeting.会议在绝对机密的环境中进行。

19 questionable   

adj.可疑的，有问题的

参考例句：

• There are still a few questionable points in the case.这个案件还有几个疑点。
• Your argument is based on a set of questionable assumptions.你的论证建立在一套有问题的假设上。

20 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

21 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

22 publicity   

n.众所周知，闻名；宣传，广告

参考例句：

• The singer star's marriage got a lot of publicity.这位歌星的婚事引起了公众的关注。
• He dismissed the event as just a publicity gimmick.他不理会这件事，只当它是一种宣传手法。

23 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

24 sever   

v.切开，割开；断绝，中断

参考例句：

• She wanted to sever all her connections with the firm.她想断绝和那家公司的所有联系。
• We must never sever the cultural vein of our nation.我们不能割断民族的文化血脉。

25 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

26 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

27 perfectly   

adv.完美地，无可非议地，彻底地

参考例句：

• The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
• Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。

28 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

29 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

30 enactment   

n.演出，担任…角色；制订，通过

参考例句：

• Enactment refers to action.演出指行为的表演。
• We support the call for the enactment of a Bill of Rights.我们支持要求通过《权利法案》的呼声。

31 recollected   

adj.冷静的；镇定的；被回忆起的；沉思默想的v.记起，想起( recollect的过去式和过去分词 )

参考例句：

• I recollected that she had red hair. 我记得她有一头红发。 来自《简明英汉词典》
• His efforts, the Duke recollected many years later, were distinctly half-hearted. 据公爵许多年之后的回忆，他当时明显只是敷衍了事。 来自辞典例句

32 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

33 relaxation   

n.松弛，放松；休息；消遣；娱乐

参考例句：

• The minister has consistently opposed any relaxation in the law.部长一向反对法律上的任何放宽。
• She listens to classical music for relaxation.她听古典音乐放松。

34 improper   

adj.不适当的，不合适的，不正确的，不合礼仪的

参考例句：

• Short trousers are improper at a dance.舞会上穿短裤不成体统。
• Laughing and joking are improper at a funeral.葬礼时大笑和开玩笑是不合适的。

35 inconvenient   

adj.不方便的，令人感到麻烦的

参考例句：

• You have come at a very inconvenient time.你来得最不适时。
• Will it be inconvenient for him to attend that meeting?他参加那次会议会不方便吗？

36 debit   

n.借方，借项，记人借方的款项

参考例句：

• To whom shall I debit this sum?此款应记入谁的账户的借方？
• We undercharge Mr.Smith and have to send him a debit note for the extra amount.我们少收了史密斯先生的钱，只得给他寄去一张借条所要欠款。

37 debited   

v.记入（账户）的借方( debit的过去式和过去分词 )

参考例句：

• Your current account is automatically debited with the amount of your purchase. 你购物的金额会自动记入账戶借方。 来自《简明英汉词典》
• The money will be debited from your account. 钱会记入你账戶的借方。 来自《简明英汉词典》

38 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

39 replenish   

vt.补充；(把…)装满；(再)填满

参考例句：

• I always replenish my food supply before it is depleted.我总是在我的食物吃完之前加以补充。
• We have to import an extra 4 million tons of wheat to replenish our reserves.我们不得不额外进口四百万吨小麦以补充我们的储备。

40 succinctly   

adv.简洁地；简洁地，简便地

参考例句：

• He writes simply and succinctly, rarely adding too much adornment. 他的写作风格朴实简练，很少添加饰词。 来自互联网
• No matter what question you are asked, answer it honestly and succinctly. 总之，不管你在面试中被问到什么问题，回答都要诚实而简明。 来自互联网

41 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

42 laborious   

adj.吃力的，努力的，不流畅

参考例句：

• They had the laborious task of cutting down the huge tree.他们接受了伐大树的艰苦工作。
• Ants and bees are laborious insects.蚂蚁与蜜蜂是勤劳的昆虫。

43 sag   

v.下垂，下跌，消沉；n.下垂，下跌，凹陷，[航海]随风漂流

参考例句：

• The shelf was beginning to sag beneath the weight of the books upon it.书架在书的重压下渐渐下弯。
• We need to do something about the sag.我们须把下沉的地方修整一下。

44 teller   

n.银行出纳员；(选举)计票员

参考例句：

• The bank started her as a teller.银行起用她当出纳员。
• The teller tried to remain aloof and calm.出纳员力图保持冷漠和镇静。

45 payable   

adj.可付的，应付的，有利益的

参考例句：

• This check is payable on demand.这是一张见票即付的支票。
• No tax is payable on these earnings.这些收入不须交税。

46 annoyance   

n.恼怒，生气，烦恼

参考例句：

• Why do you always take your annoyance out on me?为什么你不高兴时总是对我出气？
• I felt annoyance at being teased.我恼恨别人取笑我。

47 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

48 balking   

n.慢行，阻行v.畏缩不前，犹豫( balk的现在分词 )；（指马）不肯跑

参考例句：

• He picked up a stone and let fly at the balking dog. 他捡起一块石头朝那狂吠的狗扔去。 来自互联网
• Democrats won't pass the plan without votes from rank-and-file Republicans andof-and-file Republicans were reportedly balking. 没有普通共和党议员的支持，民主党人无法通过这项方案——到周四晚间，据悉那些普通共和党人在阻挡（该计划）。 来自互联网

49 drudgery   

n.苦工，重活，单调乏味的工作

参考例句：

• People want to get away from the drudgery of their everyday lives.人们想摆脱日常生活中单调乏味的工作。
• He spent his life in pointlessly tiresome drudgery.他的一生都在做毫无意义的烦人的苦差事。

50 irritation   

n.激怒，恼怒，生气

参考例句：

• He could not hide his irritation that he had not been invited.他无法掩饰因未被邀请而生的气恼。
• Barbicane said nothing,but his silence covered serious irritation.巴比康什么也不说，但是他的沉默里潜伏着阴郁的怒火。

51 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

52 economizes   

n.节省，减少开支( economize的名词复数 )v.节省，减少开支( economize的第三人称单数 )

参考例句：

• A good concept art design is best method that economizes the design labor cost. 概念概念艺术设计是整个项目的灵魂。 来自互联网
• It economizes the resources and raises the economic benefits, and also exists hardly overcoming drawbacks. 格式条款在节省社会资源、提高经济效益的同时也存在着自身难以克服的弊病。 来自互联网

53 civilized   

a.有教养的，文雅的

参考例句：

• Racism is abhorrent to a civilized society. 文明社会憎恶种族主义。
• rising crime in our so-called civilized societies 在我们所谓文明社会中日益增多的犯罪行为

54 remonstrances   

n.抱怨，抗议( remonstrance的名词复数 )

参考例句：

• There were remonstrances, but he persisted notwithstanding. 虽遭抗议，他仍然坚持下去。 来自《现代汉英综合大词典》
• Mr. Archibald did not give himself the trouble of making many remonstrances. 阿奇博尔德先生似乎不想自找麻烦多方规劝。 来自辞典例句

55 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

56 provincial   

adj.省的，地方的；n．外省人，乡下人

参考例句：

• City dwellers think country folk have provincial attitudes.城里人以为乡下人思想迂腐。
• Two leading cadres came down from the provincial capital yesterday.昨天从省里下来了两位领导干部。

57 solicited   

v.恳求( solicit的过去式和过去分词 )；（指娼妇）拉客；索求；征求

参考例句：

• He's already solicited their support on health care reform. 他已就医疗改革问题请求他们的支持。 来自辞典例句
• We solicited ideas from Princeton University graduates and under graduates. 我们从普林斯顿大学的毕业生与大学生中征求意见。 来自辞典例句

58 celebrity   

n.名人，名流；著名，名声，名望

参考例句：

• Tom found himself something of a celebrity. 汤姆意识到自己已小有名气了。
• He haunted famous men, hoping to get celebrity for himself. 他常和名人在一起, 希望借此使自己获得名气。

59 adoption   

n.采用，采纳，通过；收养

参考例句：

• An adoption agency had sent the boys to two different families.一个收养机构把他们送给两个不同的家庭。
• The adoption of this policy would relieve them of a tremendous burden.采取这一政策会给他们解除一个巨大的负担。

60 broached   

v.谈起( broach的过去式和过去分词 )；打开并开始用；用凿子扩大（或修光）；（在桶上）钻孔取液体

参考例句：

• She broached the subject of a picnic to her mother. 她向母亲提起野餐的问题。 来自辞典例句
• He broached the subject to the stranger. 他对陌生人提起那话题。 来自辞典例句

61 scotch   

n.伤口，刻痕；苏格兰威士忌酒；v.粉碎，消灭，阻止；adj.苏格兰(人)的

参考例句：

• Facts will eventually scotch these rumours.这种谣言在事实面前将不攻自破。
• Italy was full of fine views and virtually empty of Scotch whiskey.意大利多的是美景，真正缺的是苏格兰威士忌。

62 undoubtedly   

adv.确实地，无疑地

参考例句：

• It is undoubtedly she who has said that.这话明明是她说的。
• He is undoubtedly the pride of China.毫无疑问他是中国的骄傲。

63 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

64 deadlock   

n.僵局，僵持

参考例句：

• The negotiations reached a deadlock after two hours.两小时后，谈判陷入了僵局。
• The employers and strikers are at a deadlock over the wage.雇主和罢工者在工资问题上相持不下。

65 abstaining   

戒（尤指酒），戒除( abstain的现在分词 )； 弃权（不投票）

参考例句：

• Abstaining from killing, from taking what is not given, & from illicIt'sex. 诸比丘！远离杀生，远离不与取，于爱欲远离邪行。
• Abstaining from arguments was also linked to an unusual daily cortisol pattern. 压抑争吵也造成每日异常的皮质醇波动。

66 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

67 deducting   

v.扣除，减去( deduct的现在分词 )

参考例句：

• Deducting drop size and velocity from circular blood stains. 如何从循环的血液中降低血滴的大小和速度。 来自电影对白
• Ordinary shareholders receive dividend from profit after deducting the preference shares dividend. 普通股股东可获派剩馀的盈利为股息。 来自互联网

68 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

69 stationery   

n.文具；(配套的)信笺信封

参考例句：

• She works in the stationery department of a big store.她在一家大商店的文具部工作。
• There was something very comfortable in having plenty of stationery.文具一多，心里自会觉得踏实。

70 remit   

v.汇款，汇寄；豁免（债务），免除（处罚等）

参考例句：

• I hope you'll remit me the money in time.我希望你能及时把钱汇寄给我。
• Many immigrants regularly remit money to their families.许多移民定期给他们的家人汇款。

71 laboring   

n.劳动，操劳v.努力争取(for)( labor的现在分词 )；苦干；详细分析；（指引擎）缓慢而困难地运转

参考例句：

• The young man who said laboring was beneath his dignity finally put his pride in his pocket and got a job as a kitchen porter. 那个说过干活儿有失其身份的年轻人最终只能忍辱，做了厨房搬运工的工作。 来自《简明英汉词典》
• But this knowledge did not keep them from laboring to save him. 然而，这并不妨碍她们尽力挽救他。 来自飘（部分）

72 sneaking   

a.秘密的，不公开的

参考例句：

• She had always had a sneaking affection for him. 以前她一直暗暗倾心于他。
• She ducked the interviewers by sneaking out the back door. 她从后门偷偷溜走，躲开采访者。

73 alley   

n.小巷，胡同；小径，小路

参考例句：

• We live in the same alley.我们住在同一条小巷里。
• The blind alley ended in a brick wall.这条死胡同的尽头是砖墙。

74 reiteration   

n. 重覆, 反覆, 重说

参考例句：

• The reiteration of this figure, more than anything else, wrecked the conservative chance of coming back. 重申这数字，比其它任何事情更能打消保守党重新上台的机会。
• The final statement is just a reiteration of U.S. policy on Taiwan. 艾瑞里？最后一个声明只是重复宣读美国对台政策。

75 precept   

n.戒律；格言

参考例句：

• It occurs to me that example is always more efficacious than precept.我想到身教重于言教。
• The son had well profited by the precept and example of the father.老太爷的言传身教早已使他儿子获益无穷。

76 authorizing   

授权，批准，委托( authorize的现在分词 )

参考例句：

• Letters of Marque: Take letters from a warning friendly power authorizing privateering. 私掠许可证：从某一个国家获得合法抢劫的证书。
• Formal phavee completion does not include authorizing the subsequent phavee. 阶段的正式完成不包括核准随后的阶段。

77 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

78 worthy   

adj.(of)值得的，配得上的；有价值的

参考例句：

• I did not esteem him to be worthy of trust.我认为他不值得信赖。
• There occurred nothing that was worthy to be mentioned.没有值得一提的事发生。

79 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

80 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

81 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

82 nominal   

adj.名义上的；(金额、租金)微不足道的

参考例句：

• The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
• The charge of the box lunch was nominal.午餐盒饭收费很少。

83 withdrawals   

n.收回，取回，撤回( withdrawal的名词复数 )；撤退，撤走；收回[取回，撤回，撤退，撤走]的实例；推出（组织），提走（存款），戒除毒瘾，对说过的话收回，孤僻

参考例句：

• He has made several withdrawals from his bank account. 他从银行账户上提了几次款。 来自《简明英汉词典》
• It is not the bank's policy to deduct interest on withdrawals. 提款需扣除利息这并非是本银行的政策。 来自辞典例句

84 vaults   

n.拱顶( vault的名词复数 )；地下室；撑物跳高；墓穴

参考例句：

• It was deposited in the vaults of a bank. 它存在一家银行的保险库里。 来自《简明英汉词典》
• They think of viruses that infect an organization from the outside.They envision hackers breaking into their information vaults. 他们考虑来自外部的感染公司的病毒，他们设想黑客侵入到信息宝库中。 来自《简明英汉词典》

85 specified   

adj.特定的

参考例句：

• The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
• It is generated by some specified means. 这是由某些未加说明的方法产生的。

86 compulsory   

n.强制的，必修的；规定的，义务的

参考例句：

• Is English a compulsory subject?英语是必修课吗？
• Compulsory schooling ends at sixteen.义务教育至16岁为止。

87 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

88 obligatory   

adj.强制性的，义务的，必须的

参考例句：

• It is obligatory for us to obey the laws.我们必须守法。
• It is obligatory on every citizen to safeguard our great motherland.保卫我们伟大的祖国是每一个公民应尽的义务。

89 offense   

n.犯规，违法行为；冒犯，得罪

参考例句：

• I hope you will not take any offense at my words. 对我讲的话请别见怪。
• His words gave great offense to everybody present.他的发言冲犯了在场的所有人。

90 violation   

n.违反(行为)，违背(行为)，侵犯

参考例句：

• He roared that was a violation of the rules.他大声说，那是违反规则的。
• He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。

91 promptly   

adv.及时地，敏捷地

参考例句：

• He paid the money back promptly.他立即还了钱。
• She promptly seized the opportunity his absence gave her.她立即抓住了因他不在场给她创造的机会。

92 expiration   

n.终结，期满，呼气，呼出物

参考例句：

• Can I have your credit card number followed by the expiration date?能告诉我你的信用卡号码和它的到期日吗?
• This contract shall be terminated on the expiration date.劳动合同期满，即行终止。

93 denominations   

n.宗派( denomination的名词复数 )；教派；面额；名称

参考例句：

• Christians of all denominations attended the conference. 基督教所有教派的人都出席了这次会议。
• The service was attended by Christians of all denominations. 这次礼拜仪式各教派的基督徒都参加了。 来自《简明英汉词典》

94 denomination   

n.命名，取名，(度量衡、货币等的)单位

参考例句：

• The firm is still operating under another denomination.这家公司改用了名称仍在继续营业。
• Litre is a metric denomination.升是公制单位。

95 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

96 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

97 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

98 specially   

adv.特定地；特殊地；明确地

参考例句：

• They are specially packaged so that they stack easily.它们经过特别包装以便于堆放。
• The machine was designed specially for demolishing old buildings.这种机器是专为拆毁旧楼房而设计的。

99 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

100 graphically   

adv.通过图表；生动地，轮廓分明地

参考例句：

• This data is shown graphically on the opposite page. 对页以图表显示这些数据。
• The data can be represented graphically in a line diagram. 这些数据可以用单线图表现出来。 来自《简明英汉词典》

101 prophesied   

v.预告，预言( prophesy的过去式和过去分词 )

参考例句：

• She prophesied that she would win a gold medal. 她预言自己将赢得金牌。
• She prophesied the tragic outcome. 她预言有悲惨的结果。 来自《简明英汉词典》

102 providence   

n.深谋远虑，天道，天意；远见；节约；上帝

参考例句：

• It is tempting Providence to go in that old boat.乘那艘旧船前往是冒大险。
• To act as you have done is to fly in the face of Providence.照你的所作所为那样去行事，是违背上帝的意志的。

103 haven   

n.安全的地方，避难所，庇护所

参考例句：

• It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
• The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。

104 endorse   

vt.(支票、汇票等)背书，背署；批注；同意

参考例句：

• No one is foolish enough to endorse it.没有哪个人会傻得赞成它。
• I fully endorse your opinions on this subject.我完全拥护你对此课题的主张。

105 endorsement   

n.背书；赞成，认可，担保；签(注)，批注

参考例句：

• We are happy to give the product our full endorsement.我们很高兴给予该产品完全的认可。
• His presidential campaign won endorsement from several celebrities.他参加总统竞选得到一些社会名流的支持。

106 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

107 zigzagging   

v.弯弯曲曲地走路，曲折地前进( zigzag的现在分词 )；盘陀

参考例句：

• She walked along, zigzagging with her head back. 她回头看着，弯弯扭扭地向前走去。 来自《简明英汉词典》
• We followed the path zigzagging up the steep slope. 我们沿着小径曲曲折折地爬上陡坡。 来自互联网

108 expeditious   

adj.迅速的，敏捷的

参考例句：

• They are almost as expeditious and effectual as Aladdin's lamp.他们几乎像如意神灯那么迅速有效。
• It is more convenien,expeditious and economical than telephone or telegram.它比电话或电报更方便、迅速和经济。

109 agitated   

adj.被鼓动的，不安的

参考例句：

• His answers were all mixed up,so agitated was he.他是那样心神不定，回答全乱了。
• She was agitated because her train was an hour late.她乘坐的火车晚点一个小时，她十分焦虑。

110 consolidated   

a.联合的

参考例句：

• With this new movie he has consolidated his position as the country's leading director. 他新执导的影片巩固了他作为全国最佳导演的地位。
• Those two banks have consolidated and formed a single large bank. 那两家银行已合并成一家大银行。

111 incur   

vt.招致，蒙受，遭遇

参考例句：

• Any costs that you incur will be reimbursed in full.你的所有花费都将全额付还。
• An enterprise has to incur certain costs and expenses in order to stay in business.一个企业为了维持营业,就不得不承担一定的费用和开支。

112 transacted   

v.办理（业务等）( transact的过去式和过去分词 )；交易，谈判

参考例句：

• We transacted business with the firm. 我们和这家公司交易。 来自《简明英汉词典》
• Major Pendennis transacted his benevolence by deputy and by post. 潘登尼斯少校依靠代理人和邮局，实施着他的仁爱之心。 来自辞典例句

113 endorsed   

vt.& vi.endorse的过去式或过去分词形式v.赞同( endorse的过去式和过去分词 )；在（尤指支票的）背面签字；在（文件的）背面写评论；在广告上说本人使用并赞同某产品

参考例句：

• The committee endorsed an initiative by the chairman to enter discussion about a possible merger. 委员会通过了主席提出的新方案，开始就可能进行的并购进行讨论。 来自《简明英汉词典》
• The government has broadly endorsed a research paper proposing new educational targets for 14-year-olds. 政府基本上支持建议对14 岁少年实行新教育目标的研究报告。 来自《简明英汉词典》

114 dictate   

v.口授；(使)听写；指令，指示，命令

参考例句：

• It took him a long time to dictate this letter.口述这封信花了他很长时间。
• What right have you to dictate to others?你有什么资格向别人发号施令？

115 coerce   

v.强迫，压制

参考例句：

• You can't coerce her into obedience.你不能强制她服从。
• Do you think there is any way that we can coerce them otherwise?你认为我们有什么办法强迫他们不那样吗？

116 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

117 remitting   

v.免除（债务），宽恕( remit的现在分词 )；使某事缓和；寄回，传送

参考例句：

• You should fill in the money order carefully before remitting money. 在办理汇款业务前，应准确填写汇款单。
• Please wait for invoice detailing shipping costs before remitting your payment. 汇款前请为您的付款详细运费发票等。

118 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

119 levied   

征（兵）( levy的过去式和过去分词 )； 索取； 发动（战争）； 征税

参考例句：

• Taxes should be levied more on the rich than on the poor. 向富人征收的税应该比穷人的多。
• Heavy fines were levied on motoring offenders. 违规驾车者会遭到重罚。

120 itinerary   

n.行程表，旅行路线；旅行计划

参考例句：

• The two sides have agreed on the itinerary of the visit.双方商定了访问日程。
• The next place on our itinerary was Silistra.我们行程的下一站是锡利斯特拉。

121 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

122 peril   

n.(严重的)危险；危险的事物

参考例句：

• The refugees were in peril of death from hunger.难民有饿死的危险。
• The embankment is in great peril.河堤岌岌可危。

123 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

124 juggling   

n. 欺骗, 杂耍(=jugglery) adj. 欺骗的, 欺诈的 动词juggle的现在分词

参考例句：

• He was charged with some dishonest juggling with the accounts. 他被指控用欺骗手段窜改账目。
• The accountant went to prison for juggling his firm's accounts. 会计因涂改公司的帐目而入狱。

125 climax   

n.顶点；高潮；v.(使)达到顶点

参考例句：

• The fifth scene was the climax of the play.第五场是全剧的高潮。
• His quarrel with his father brought matters to a climax.他与他父亲的争吵使得事态发展到了顶点。

126 illustrated   

adj. 有插图的，列举的 动词illustrate的过去式和过去分词

参考例句：

• His lecture was illustrated with slides taken during the expedition. 他在讲演中使用了探险时拍摄到的幻灯片。
• The manufacturing Methods: Will be illustrated in the next chapter. 制作方法将在下一章说明。

127 illustrate   

v.举例说明，阐明；图解，加插图

参考例句：

• The company's bank statements illustrate its success.这家公司的银行报表说明了它的成功。
• This diagram will illustrate what I mean.这个图表可说明我的意思。

128 inquiry   

n.打听，询问，调查，查问

参考例句：

• Many parents have been pressing for an inquiry into the problem.许多家长迫切要求调查这个问题。
• The field of inquiry has narrowed down to five persons.调查的范围已经缩小到只剩5个人了。

129 inauguration   

n.开幕、就职典礼

参考例句：

• The inauguration of a President of the United States takes place on January 20.美国总统的就职典礼于一月二十日举行。
• Three celebrated tenors sang at the president's inauguration.3位著名的男高音歌手在总统就职仪式上演唱。

130 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

131 warped   

adj.反常的；乖戾的；（变）弯曲的；变形的v.弄弯，变歪( warp的过去式和过去分词 )；使（行为等）不合情理，使乖戾，

参考例句：

• a warped sense of humour 畸形的幽默感
• The board has warped. 木板翘了。 来自《现代汉英综合大词典》

132 strings   

n.弦

参考例句：

• He sat on the bed,idly plucking the strings of his guitar.他坐在床上，随意地拨着吉他的弦。
• She swept her fingers over the strings of the harp.她用手指划过竖琴的琴弦。

133 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

134 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

135 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

136 custody   

n.监护，照看，羁押，拘留

参考例句：

• He spent a week in custody on remand awaiting sentence.等候判决期间他被还押候审一个星期。
• He was taken into custody immediately after the robbery.抢劫案发生后，他立即被押了起来。

137 appalled   

v.使惊骇，使充满恐惧( appall的过去式和过去分词)adj.惊骇的；丧胆的

参考例句：

• The brutality of the crime has appalled the public. 罪行之残暴使公众大为震惊。
• They were appalled by the reports of the nuclear war. 他们被核战争的报道吓坏了。 来自《简明英汉词典》

138 fictitious   

adj.虚构的，假设的；空头的

参考例句：

• She invented a fictitious boyfriend to put him off.她虚构出一个男朋友来拒绝他。
• The story my mother told me when I was young is fictitious.小时候妈妈对我讲的那个故事是虚构的。

139 memorandum   

n.备忘录，便笺

参考例句：

• The memorandum was dated 23 August,2008.备忘录上注明的日期是2008年8月23日。
• The Secretary notes down the date of the meeting in her memorandum book.秘书把会议日期都写在记事本上。

140 purported   

adj.传说的，谣传的v.声称是…，（装得）像是…的样子( purport的过去式和过去分词 )

参考例句：

• the scene of the purported crime 传闻中的罪案发生地点
• The film purported to represent the lives of ordinary people. 这部影片声称旨在表现普通人的生活。 来自《简明英汉词典》

141 ostensible   

adj.(指理由)表面的，假装的

参考例句：

• The ostensible reason wasn't the real reason.表面上的理由并不是真正的理由。
• He resigned secretaryship on the ostensible ground of health.他借口身体不好，辞去书记的职务。

142 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

143 reproof   

n.斥责，责备

参考例句：

• A smart reproof is better than smooth deceit.严厉的责难胜过温和的欺骗。
• He is impatient of reproof.他不能忍受指责。

144 auditor   

n.审计员，旁听着

参考例句：

• The auditor was required to produce his working papers.那个审计员被要求提供其工作底稿。
• The auditor examines the accounts of all county officers and departments.审计员查对所有县官员及各部门的帐目。

145 calamity   

n.灾害，祸患，不幸事件

参考例句：

• Even a greater natural calamity cannot daunt us. 再大的自然灾害也压不垮我们。
• The attack on Pearl Harbor was a crushing calamity.偷袭珍珠港(对美军来说)是一场毁灭性的灾难。

146 disturbance   

n.动乱，骚动；打扰，干扰；(身心)失调

参考例句：

• He is suffering an emotional disturbance.他的情绪受到了困扰。
• You can work in here without any disturbance.在这儿你可不受任何干扰地工作。

147 implicitly   

adv. 含蓄地, 暗中地, 毫不保留地

参考例句：

• Many verbs and many words of other kinds are implicitly causal. 许多动词和许多其他类词都蕴涵着因果关系。
• I can trust Mr. Somerville implicitly, I suppose? 我想，我可以毫无保留地信任萨莫维尔先生吧？

148 advisers   

顾问，劝告者( adviser的名词复数 )； （指导大学新生学科问题等的）指导教授

参考例句：

• a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
• She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。

149 insolvent   

adj.破产的，无偿还能力的

参考例句：

• They lost orders and were insolvent within weeks.他们失去了订货，几周后就无法偿还债务。
• The bank was declared insolvent.银行被宣布破产。

150 hampered   

妨碍，束缚，限制( hamper的过去式和过去分词 )

参考例句：

• The search was hampered by appalling weather conditions. 恶劣的天气妨碍了搜寻工作。
• So thought every harassed, hampered, respectable boy in St. Petersburg. 圣彼德堡镇的那些受折磨、受拘束的体面孩子们个个都是这么想的。

151 insolvency   

n.无力偿付，破产

参考例句：

• The company is on the verge of insolvency.该公司快要破产了。
• Normal insolvency procedures should not be applied to banks.通常的破产程序不应当适用于银行。

152 construed   

v.解释（陈述、行为等）( construe的过去式和过去分词 )；翻译，作句法分析

参考例句：

• He considered how the remark was to be construed. 他考虑这话该如何理解。
• They construed her silence as meaning that she agreed. 他们把她的沉默解释为表示赞同。 来自《简明英汉词典》

153 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

154 persistently   

ad.坚持地；固执地

参考例句：

• He persistently asserted his right to a share in the heritage. 他始终声称他有分享那笔遗产的权利。
• She persistently asserted her opinions. 她果断地说出了自己的意见。

155 conspicuous   

adj.明眼的，惹人注目的；炫耀的，摆阔气的

参考例句：

• It is conspicuous that smoking is harmful to health.很明显，抽烟对健康有害。
• Its colouring makes it highly conspicuous.它的色彩使它非常惹人注目。

156 catastrophes   

n.灾祸( catastrophe的名词复数 )；灾难；不幸事件；困难

参考例句：

• Two of history's worst natural catastrophes occurred in 1970. 1970年发生了历史上最严重两次自然灾害。 来自辞典例句
• The Swiss deposits contain evidence of such catastrophes. 瑞士的遗址里还有这种灾难的证据。 来自辞典例句

157 impaired   

adj.受损的；出毛病的；有（身体或智力）缺陷的v.损害，削弱( impair的过去式和过去分词 )

参考例句：

• Much reading has impaired his vision. 大量读书损害了他的视力。 来自《现代汉英综合大词典》
• His hearing is somewhat impaired. 他的听觉已受到一定程度的损害。 来自《现代汉英综合大词典》

158 friction   

n.摩擦，摩擦力

参考例句：

• When Joan returned to work,the friction between them increased.琼回来工作后，他们之间的摩擦加剧了。
• Friction acts on moving bodies and brings them to a stop.摩擦力作用于运动着的物体，并使其停止。

159 derived   

vi.起源；由来；衍生；导出v.得到( derive的过去式和过去分词 )；（从…中）得到获得；源于；（从…中）提取

参考例句：

• Many English words are derived from Latin and Greek. 英语很多词源出于拉丁文和希腊文。 来自《简明英汉词典》
• He derived his enthusiasm for literature from his father. 他对文学的爱好是受他父亲的影响。 来自《简明英汉词典》

160 elimination   

n.排除，消除，消灭

参考例句：

• Their elimination from the competition was a great surprise.他们在比赛中遭到淘汰是个很大的意外。
• I was eliminated from the 400 metres in the semi-finals.我在400米半决赛中被淘汰。

161 accomplished   

adj.有才艺的；有造诣的；达到了的

参考例句：

• Thanks to your help,we accomplished the task ahead of schedule.亏得你们帮忙,我们才提前完成了任务。
• Removal of excess heat is accomplished by means of a radiator.通过散热器完成多余热量的排出。

162 binds   

v.约束( bind的第三人称单数 )；装订；捆绑；（用长布条）缠绕

参考例句：

• Frost binds the soil. 霜使土壤凝结。 来自《简明英汉词典》
• Stones and cement binds strongly. 石头和水泥凝固得很牢。 来自《简明英汉词典》

163 tributary   

n.支流；纳贡国；adj.附庸的；辅助的；支流的

参考例句：

• There was a tributary road near the end of the village.村的尽头有条岔道。
• As the largest tributary of Jinsha river,Yalong river is abundant in hydropower resources.雅砻江是金沙江的最大支流，水力资源十分丰富。

164 statute   

n.成文法，法令，法规；章程，规则，条例

参考例句：

• Protection for the consumer is laid down by statute.保障消费者利益已在法令里作了规定。
• The next section will consider this environmental statute in detail.下一部分将详细论述环境法令的问题。

165 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

166 wholesome   

adj.适合；卫生的；有益健康的；显示身心健康的

参考例句：

• In actual fact the things I like doing are mostly wholesome.实际上我喜欢做的事大都是有助于增进身体健康的。
• It is not wholesome to eat without washing your hands.不洗手吃饭是不卫生的。

167 heartily   

adv.衷心地，诚恳地，十分，很

参考例句：

• He ate heartily and went out to look for his horse.他痛快地吃了一顿，就出去找他的马。
• The host seized my hand and shook it heartily.主人抓住我的手，热情地和我握手。

168 upwards   

adv.向上，在更高处...以上

参考例句：

• The trend of prices is still upwards.物价的趋向是仍在上涨。
• The smoke rose straight upwards.烟一直向上升。

169 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

170 fortifies   

筑防御工事于( fortify的第三人称单数 )； 筑堡于； 增强； 强化（食品）

参考例句：

171 certifies   

（尤指书面）证明( certify的第三人称单数 )； 发证书给…； 证明（某人）患有精神病； 颁发（或授予）专业合格证书

参考例句：

• Authority certifies the identity of sites on the internet. 权威负责向Internet网站授予其标识。
• The paper then certifies this algorithm by infrared image processing. 并且文中使用红外图像对这个算法进行了验证。

172 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

173 solely   

adv.仅仅，唯一地

参考例句：

• Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
• The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。

174 economizing   

v.节省，减少开支( economize的现在分词 )

参考例句：

• Strengthing Management of Economizing Electricity Enhancing BenefIt'step by Step. 强化节电管理效益逐上台阶。 来自互联网
• We should lose no time in increasing production and economizing. 六、抓紧增产节约。 来自互联网

175 stagnation   

n. 停滞

参考例句：

• Poor economic policies led to a long period of stagnation and decline. 糟糕的经济政策道致了长时间的经济萧条和下滑。
• Motion is absolute while stagnation is relative. 运动是绝对的，而静止是相对的。

176 sufficiently   

adv.足够地，充分地

参考例句：

• It turned out he had not insured the house sufficiently.原来他没有给房屋投足保险。
• The new policy was sufficiently elastic to accommodate both views.新政策充分灵活地适用两种观点。

177 courteous   

adj.彬彬有礼的，客气的

参考例句：

• Although she often disagreed with me,she was always courteous.尽管她常常和我意见不一，但她总是很谦恭有礼。
• He was a kind and courteous man.他为人友善，而且彬彬有礼。

178 untold   

adj.数不清的，无数的

参考例句：

• She has done untold damage to our chances.她给我们的机遇造成了不可估量的损害。
• They suffered untold terrors in the dark and huddled together for comfort.他们遭受着黑暗中的难以言传的种种恐怖，因而只好挤在一堆互相壮胆。

179 invaluable   

adj.无价的，非常宝贵的，极为贵重的

参考例句：

• A computer would have been invaluable for this job.一台计算机对这个工作的作用会是无法估计的。
• This information was invaluable to him.这个消息对他来说是非常宝贵的。

180 varied   

adj.多样的，多变化的

参考例句：

• The forms of art are many and varied.艺术的形式是多种多样的。
• The hotel has a varied programme of nightly entertainment.宾馆有各种晚间娱乐活动。

181 whatsoever   

adv.（用于否定句中以加强语气）任何；pron.无论什么

参考例句：

• There's no reason whatsoever to turn down this suggestion.没有任何理由拒绝这个建议。
• All things whatsoever ye would that men should do to you,do ye even so to them.你想别人对你怎样，你就怎样对人。

182 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

183 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

184 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

185 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

186 precedent   

n.先例，前例；惯例；adj.在前的，在先的

参考例句：

• Is there a precedent for what you want me to do?你要我做的事有前例可援吗？
• This is a wonderful achievement without precedent in Chinese history.这是中国历史上亘古未有的奇绩。

187 ravages   

劫掠后的残迹，破坏的结果，毁坏后的残迹

参考例句：

• the ravages of war 战争造成的灾难
• It is hard for anyone to escape from the ravages of time. 任何人都很难逃避时间的摧残。

188 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

189 memorable   

adj.值得回忆的，难忘的，特别的，显著的

参考例句：

• This was indeed the most memorable day of my life.这的确是我一生中最值得怀念的日子。
• The veteran soldier has fought many memorable battles.这个老兵参加过许多难忘的战斗。

190 attained   

（通常经过努力）实现( attain的过去式和过去分词 )； 达到； 获得； 达到（某年龄、水平、状况）

参考例句：

• She has attained the degree of Master of Arts. 她已获得文学硕士学位。
• Lu Hsun attained a high position in the republic of letters. 鲁迅在文坛上获得崇高的地位。

191 buffalo   

n.(北美)野牛；(亚洲)水牛

参考例句：

• Asian buffalo isn't as wild as that of America's. 亚洲水牛比美洲水牛温顺些。
• The boots are made of buffalo hide. 这双靴子是由水牛皮制成的。

192 deception   

n.欺骗，欺诈；骗局，诡计

参考例句：

• He admitted conspiring to obtain property by deception.他承认曾与人合谋骗取财产。
• He was jailed for two years for fraud and deception.他因为诈骗和欺诈入狱服刑两年。

193 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

194 rumors   

n.传闻( rumor的名词复数 )；[古]名誉；咕哝；[古]喧嚷v.传闻( rumor的第三人称单数 )；[古]名誉；咕哝；[古]喧嚷

参考例句：

• Rumors have it that the school was burned down. 有谣言说学校给烧掉了。 来自《简明英汉词典》
• Rumors of a revolt were afloat. 叛变的谣言四起。 来自《简明英汉词典》

195 frightful   

adj.可怕的；讨厌的

参考例句：

• How frightful to have a husband who snores!有一个发鼾声的丈夫多讨厌啊！
• We're having frightful weather these days.这几天天气坏极了。

196 utterly   

adv.完全地，绝对地

参考例句：

• Utterly devoted to the people,he gave his life in saving his patients.他忠于人民，把毕生精力用于挽救患者的生命。
• I was utterly ravished by the way she smiled.她的微笑使我完全陶醉了。

197 conversion   

n.转化，转换，转变

参考例句：

• He underwent quite a conversion.他彻底变了。
• Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。

198 moss   

n.苔，藓，地衣

参考例句：

• Moss grows on a rock.苔藓生在石头上。
• He was found asleep on a pillow of leaves and moss.有人看见他枕着树叶和苔藓睡着了。

199 immunity   

n.优惠；免除；豁免，豁免权

参考例句：

• The law gives public schools immunity from taxation.法律免除公立学校的纳税义务。
• He claims diplomatic immunity to avoid being arrested.他要求外交豁免以便避免被捕。

200 lien   

n.扣押权，留置权

参考例句：

• A lien is a type of security over property.留置是一种财产担保。
• The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。

201 confiding   

adj.相信人的，易于相信的v.吐露（秘密，心事等）( confide的现在分词 )；（向某人）吐露（隐私、秘密等）

参考例句：

• The girl is of a confiding nature. 这女孩具有轻信别人的性格。 来自《现代英汉综合大词典》
• Celia, though confiding her opinion only to Andrew, disagreed. 西莉亚却不这么看，尽管她只向安德鲁吐露过。 来自辞典例句

202 legitimate   

adj.合法的，合理的，合乎逻辑的；v.使合法

参考例句：

• Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
• That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

203 utilizing   

v.利用，使用( utilize的现在分词 )

参考例句：

• Utilizing an assembler to produce a machine-language program. 用汇编程序产生机器语言的过程。 来自辞典例句
• The study and use of devices utilizing properties of materials near absolute zero in temperature. 对材料在接近绝对零度时的特性进行研究和利用的学科。 来自辞典例句

204 expedient   

adj.有用的，有利的；n.紧急的办法，权宜之计

参考例句：

• The government found it expedient to relax censorship a little.政府发现略微放宽审查是可取的。
• Every kind of expedient was devised by our friends.我们的朋友想出了各种各样的应急办法。

205 chaos   

n.混乱，无秩序

参考例句：

• After the failure of electricity supply the city was in chaos.停电后，城市一片混乱。
• The typhoon left chaos behind it.台风后一片混乱。

206 buttressed   

v.用扶壁支撑，加固( buttress的过去式和过去分词 )

参考例句：

• The court buttressed its decision. 法院支持自己的判决。 来自辞典例句
• The emotional appeal was buttressed with solid and specific policy details. 情感的感召有坚实的和详细的政策细节支持。 来自互联网

207 elastic   

n.橡皮圈，松紧带；adj.有弹性的；灵活的

参考例句：

• Rubber is an elastic material.橡胶是一种弹性材料。
• These regulations are elastic.这些规定是有弹性的。

208 appreciable   

adj.明显的，可见的，可估量的，可觉察的

参考例句：

• There is no appreciable distinction between the twins.在这对孪生子之间看不出有什么明显的差别。
• We bought an appreciable piece of property.我们买下的资产有增值的潜力。

209 obviated   

v.避免，消除（贫困、不方便等）( obviate的过去式和过去分词 )

参考例句：

210 astounding   

adj.使人震惊的vt.使震惊，使大吃一惊astound的现在分词)

参考例句：

• There was an astounding 20% increase in sales. 销售量惊人地增加了20%。
• The Chairman's remarks were so astounding that the audience listened to him with bated breath. 主席说的话令人吃惊，所以听众都屏息听他说。 来自《简明英汉词典》

211 defiance   

n.挑战，挑衅，蔑视，违抗

参考例句：

• He climbed the ladder in defiance of the warning.他无视警告爬上了那架梯子。
• He slammed the door in a spirit of defiance.他以挑衅性的态度把门砰地一下关上。

212 redeemed   

adj. 可赎回的，可救赎的 动词redeem的过去式和过去分词形式

参考例句：

• She has redeemed her pawned jewellery. 她赎回了当掉的珠宝。
• He redeemed his watch from the pawnbroker's. 他从当铺赎回手表。

213 redeeming   

补偿的，弥补的

参考例句：

• I found him thoroughly unpleasant, with no redeeming qualities whatsoever. 我觉得他一点也不讨人喜欢，没有任何可取之处。
• The sole redeeming feature of this job is the salary. 这份工作唯其薪水尚可弥补一切之不足。

214 statutes   

成文法( statute的名词复数 )； 法令； 法规； 章程

参考例句：

• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法
• Each agency is also restricted by the particular statutes governing its activities. 各个机构的行为也受具体法令限制。 来自英汉非文学 - 环境法 - 环境法

215 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

216 impending   

a.imminent, about to come or happen

参考例句：

• Against a background of impending famine, heavy fighting took place. 即将发生饥荒之时，严重的战乱爆发了。
• The king convoke parliament to cope with the impending danger. 国王召开国会以应付迫近眉睫的危险。

217 license   

n.执照，许可证，特许；v.许可，特许

参考例句：

• The foreign guest has a license on the person.这个外国客人随身携带执照。
• The driver was arrested for having false license plates on his car.司机由于使用假车牌而被捕。

218 marred   

adj. 被损毁, 污损的

参考例句：

• The game was marred by the behaviour of drunken fans. 喝醉了的球迷行为不轨，把比赛给搅了。
• Bad diction marred the effectiveness of his speech. 措词不当影响了他演说的效果。