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on London, at the time and place of payment, subject to no deduction for Commission, or to any other charge whatever, unless the payment be required in some particular coin which bears a premium. They are drawn to Order, and the traveller will naturally, for his own security, not indorse them till he receives the money; besides which, such checks are so concerted with the agents as to render a successful forgery of his name scarcely possible."*
Bank Post Bills.-The Bank of England issues Bills at seven days' sight, which require endorsement before they can be paid, and are therefore safe to send by post.
Technical terms used in Bills.-Days of grace are a certain number of days allowed for in the
* From Murray's "Handbook."
payment of Bills of Exchange, after the time specified in the Bills has expired. In England the usual days of grace are three.
Usance is a certain space of time allowed by one country to another for the payment of Bills of Exchange. It varies according to the custom of countries.
A Promissory Note is a written promise to pay to another, or his order, a certain sum of money on demand, or at a certain future time, thus
On demand £100: 6: 0.
Bristol, 15th March, 1863.
I promise to pay C. D., or order, the sum of One Hundred Pounds and Six Shillings, value received.
Warwick, 13th March, 1863.
Three months after date I promise to pay Mr. A. B., or order, the sum of Eleven Hundred Pounds for value received.
Payable at Messrs. A. B. & Co.
Bankers in London.
3d March, 1863.
At fifteen days' sight pay to Messrs. C. D.,
or order, the sum of Three Hundred Pounds, for value received.
To Messrs. Edwards, Liverpool.
Promissory Notes and Inland Bills of Exchange must be issued on Stamps of a certain value, according to the sum of money mentioned and the time after date or sight. Foreign Bills of
Exchange are issued on Stamps of a certain value.
£100 is the penalty for post-dating Bills of Exchange.
I. O. U.
An I. O. U. is an admission that the signer thereof owes the money stated therein, to the person to whom it is directed. It is used by the sporting world, and is convenient. For instance, if in travelling abroad, one's money runs short, and a relation or friend lends a sum, it is the simplest way of acknowledging the debt. It can be written on a visiting card.
London, March 14th, 1863.
I. O. U. Two Hundred Pounds.
An I. O. U. requires no Stamp and is ad
missable in evidence, because it merely affords
evidence of a debt, and is neither a Promissory Note nor a Receipt. Be careful to adhere strictly to this form, and not to add more words, for if a person goes on to state when it will be paid,— for instance, “I. O. U. £200, to be paid on July the 10th, 1863,"-the latter words mean a promise to pay upon a particular day, and the paper must be stamped, as being a Promissory Note or an Agreement. It is better to take a Promissory Note when you can get it, as being more regular than an I. O. U.