The inelasticity in the money supply exacerbated the problem and led directly to the creation of the Federal Reserve System. To put liquidity in the system local clearing houses, businesses and banks created cash substitutes to act as circulating media. The most common were circulating checks, clearing house certificates and payroll checks. This first piece is a clearing house check (really a draft) issued through the Milwaukee Clearing House. This is a Clearing House Certificate from San Francisco. The legend explains that the banks of the Clearing House have deposited securities to back the issue of the certificates. This is an example of a pay roll check issued by the Duluth, Missabe & Northern Railroad Company in Minnesota. It was paid out by the railroad as part of its October pay roll as it was not possible to obtain enough cash to pay employees. It is in the form of a bearer check that would pass without endorsement through the banking and commercial systems. The checks were backed by the company's deposits in the American Exchange Bank of Duluth. The checks could be spent in commerce or deposited in the bank but could not be cashed. This is the face and back of a $2.00 pay roll check from the Great Lakes Coal Company in Pittsburgh. The back explains how the check can be used. Actions taken in November 1907 were sufficient to hold off total collapse. The certificates continued to circulate into early 1908.