Retrieved from “www.archive.org the hands of a few managers, who might use it for per- sonal aggrandizement, or for the exercise of an arbitrary supervision. But the need of fixed rules of some sort for their guidance became more and more urgent, and on February 28, 1854, one of the bank officers ” recom- mended that an act of incorporation be obtained for the clearing-house, or that some other form of organization be adopted, with a constitution and laws for its govern- ment, providing for regular meetings of bank officers.” A constitution was drafted by George Curtis, and upon June 6, 1854, it was adopted and ordered sent to THE NEW YORK CLEARING-HOUSE 135 the several banks for their action. Upon August ist it was signed by each of

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