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   So far however the institution would only turn out profitable to a debtor, by affording ~ him the means of putting .off (i) payment, but commercial law and custom combined have succeeded in securing for the creditor the great advantage of being enabled to use the whole or nearly the whole of the money in bis due at any time before maturity of the bill, nay, from the very moment of its issue, by tranferring his rights, as guaranteed by the bill or note, unto another person, either in payment of a debt towards the latter, or against reimbursement of the sum thereby represented, minus, in the latter case, a certain percentage called discount (2); the same being equal to interest on the sum for the time still to elapse before maturity.
   The transfer of the holder's rights on a bill or note to another person is effected through endorsement (3), which consists in writing on the back of the bill the words:
   « Pay to.......followed by the holder's
   signature; or what is still more common, his sole signature on the back of the hiii or ni)te,
   (1) La locuzione «to put off» significa « rimandare ».
   (2) Discount  Lo sconto, cioè la deduzione sull'ammontare della cambiale per 1' anticipo della somma.
   (3) Endorsement o Indorsement  La « girata », cioè l'atto col quale il legale possessore di una cambiale passa i suoi diritti su di essa ad altra persona.
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   thus making it payable to whomsoever presents it (1). .
   The indorser (2) of a bill or note is .liable both towards the holder and all subsequent in-indorsees (3) for the payment thereof, while he has a right of recourse (4) towards all preceding parties for any money he may have been obliged to pay.
   Both bills and notes may be drawn and made payable at home, or otherwise, either drawn or made payable abroad; in the former case being called i^and, in the latter foreign (5).
   Foreign bills of exchange are usually drawn up in sets of three originals, respectively called first, second and third of exchange (6); the drift of such a division being that the payee may use the bill directly on its issue, instead of waiting for its being returned duly accepted by the drawee; which is done by sending one
   (1) La formula italiana di girata è letteralmente corrispondente all'inglese, cioè: «E per me pagate a.....».
   (2) The Indorser  Il girante, cioè colui che fa la girata.
   (3) The ìndorsee  Il giratario, cioè colui al quale la cambiale viene girata.
   (4) Right of recourse  Diritto di regresso, cioè il diritto di rivalersi sjpra la persona o persone responsabili per il pagamento.
   (.5) Inland biils  Cambiali all' interno, cioè tratte e paga-bili nello stato  Foreign bills  Cambiali estere, cioè tratte o pagabili all'estero.  Vedi modulo pag. 23
   (6) First of exchange  La « prima di cambio » Second of exchange  La « seconda di cambio » Third of exchange  La « ter^a di cambio». Coi quali no ni sono distinti i tre originali, che usualmente si fanno di una cambiale estera.