An important private arrangement to deal with bank runs during the pre-Federal Reserve period was called

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The New York Clearing House was created in 1853 to provide a private mechanism for member banks to exchange checks and settle accounts. During times of financial panic, the Clearing House would also provide loans to banks facing runs or liquidity issues. This helped prevent widespread bank failures and contributed to financial stability during the pre-Federal Reserve period.

An Important Private Arrangement to Deal with Bank Runs During