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   of the bills (usually the first) to a party at the drawee's place of residence to get it accepted by him, and negotiating another on the original market; which, being duly endorsed, will afterwards be joined with the accepted one, and thus form the complete title to be presented for payment on maturity. The third bill is kept to be used in case of loss.
   Thus, by a simple turning of paper, both buyer and seller enjoy the gregt advantage of credit, whereby a merchant is enabled to carry on a much more extensive trade than /ffi would be allowed by the capital lie disposes of. " Other forms of instruments of credit are cheques (i) and letters of credit (2).
   The former is a paper, whereby a man, who has money deposited with a banker, orders him to pay on demand, out of the amount at his hands, a specified sum to a third person (3).
   This mode of paying one's debts is used on a large scale, especially in England, not only in commercial transactions, but also for the daily requirements of life; a man paying
   (1) Cheque  II nome originale inglese dell' assegno ban-cario era check, v'ocabolo che ha altri significati, per cui fe ora piii comunemente usata la voce francese « cheque. » adottata anche nel linguaggio tecnico italiano
   (2) Letter of credit  Lettera di credito.
   (3) Vedi esempio di cheque pag. 24.
   regularly into a bank any wages, earnings, and profits of any description coming to his hands, and paying, by means of cheques and out of such sums, all expenditure required, whatever be the object thereof.
   It is easily understood that any person receiving a cheque in payment of his due, can use it on his turn for the same purpose with another party, by endorsing it to his creditor, who will do the same with another, and so on; the paper having thus possibly served for many transactions before it is presented for payment at the banker's.
   A merchant, or any other commercial man, even a traveller for the sole saké of amuse-ment, going afar from his usual place of abode, would of course be obliged to take along with him the money required for his travelling expenses, and occasionally such sums as he may be in want of for commercial operations, the exact amount^-of which may'vetyflively be1 unknown to him at the time of smarting.
   To carry money on one's person while travelling cannot help however being the source of trouble and risk, which business men succeeded in avoiding with the universally adopted insitution of letters of credit, whereby the means is procured of rising money, but available only for the person in whose behalf the letter was drawn up.