CLEARANCE,
com. law. The name of a certificate given by the collector of a port,
in which is stated the master or commander (naming him) of a ship or
vessel named and described, bound for a port, named, and having on board
goods described, has entered and cleared his ship or vessel according
to law.
2.
The Act of Congress of 2d March, 1790, section 93, directs, that the
master of any vessel bound to a foreign place, shall deliver to the
collector of the dis ot from which such vessel shall be about to depart,
a manifest of all the cargo on board, and the value thereof, by him
subscribed, and shall swear or affirm to the truth thereof; whereupon
the collector shall grant a clearance for such vessel and her cargo; but
without specifying the particulars thereof in such clearance, unless
required by the master so to do. And if any vessel bound to any foreign
place shall depart on her voyage to such foreign place, without
delivering such a manifest and obtaining a clearance, the master shall
forfeit and pay the sum of five hundred dollars for every such offence.
Provided, anything to the contrary notwithstanding, the collectors and
other officers of the customs shall pay due regard to the inspection
laws of the states in which they respectively act, in such manner, that
no vessel having on board goods liable to inspection, shall be cleared
out, until the master or other person shall have produced such
certificate, that all such goods have been duly inspected, as the laws
of the respective states do or may require, to be produced to the
collector or other officer of the customs. And provided, that receipts
for the payment of all legal fees which shall have accrued on any
vessel, shall, before any clearance is granted, be produced to the
collector or other officer aforesaid .
3.
According to Boulay-Paty, Dr. Com. tome 2, p. 19, the clearance is
imperiously demanded for the safety of the vessel; for if a vessel
should be found without it at sea, it may be legally taken and brought
into some port for adjudication, on a charge of priacy. Vide Ship's
papers.
CLEARING HOUSE,
com. law. Among the English bankers, the clearing house is a place in
Lombard street, in London, where the bankers of that city daily settle
with each other the balances which they owe, or to which they are
entitled. Desks are placed around the room, one of which is appropriated
to each bankiug house, and they are: occupied in alphabetical order.
Each clerk has a box or drawer along side of him, and the name of the
house he represents is inscribed over his head. A clerk of each house
comes in about half-past three o'clock in the afternoon, and brings the
drafts or cheeks on the other bankers, which have been paid by his house
that day, and deposits thein in their proper drawers. The clerk at the
desk credits their accounts separately which they have against him, as
found in the drawer. Balances are thus struck from all the accounts, and
the claims transferred from one to another, until they are so wound up
and cancelled, that each clerk has only to settle with two or three
others, and the balances are immediately paid. When drafts are paid at
so late an hour that they cannot be cleared that day, they are sent to
the houses on which they are drawn, to be marked, that is, a memorandum
is made on them, and they are to be cleared the next day. See Gilbert's
Practical Treatise on Banking, pp. 16-20, Babbage on the Economy of
Machines, n. 173, 174; Kelly's Cambist; Byles, on Bills, 106, 110;
Pulling's Laws and Customs of London, 437.
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