Through

the Treasury. ‘This term is applied to transfers of funds by a bank in one city to a bank in another city through the United States Treasury. If a bank in New York desires to send $500,000 to a bank in Chicago it will deposit the money in the Sub-Treasury in New York and will receive a check payable (always in the same kind of money or the kind of money for which the money deposited is exchangeable) at the Sub-Treasury in Chicago. The check is sent by mail to the Chicago bank. If, however, a telegraphic transfer is desired the Sub-Treasury will telegraph (through the Treasury at Washington) to the Sub-Treasury in Chicago to make immediate payment. A memorandum order for the money is then forwarded by mail by the Sub-Treasury in New York to the Sub-Treasury in Chicago for use as a record of the transaction.