Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-08-24

puflOr. iie mas long hluut koho wv "
the majority, 30 here Twill not so much
as name or describe him. Sufficient to
say that as soon as SGT eyes upon him
l thought that we would have no partic-
ulnr difficulty In carrying out our plans,
Tho manager, who had been told that
was "a railroad contractor, expressed
himself highly gratidod to have mo do
my business through the bank and said
they would do all in their power to nc-
commodate me told him that of course
] was financing large sums and would
require more or less discounts before tho
year was out. Then l camo away, and
meeting my two friends outside OF the
bank In answer TO their engor inquiries
as TO what hild trnnspired | told them
that so far OK tho bank officials wore con-
cerned our way to the vaults Of tho bank
was wide open.
So ended the last scene Of act T.
The noxt day went to the Continental
bank In Lombard street and bought
sight exchange ON Paris for 200, 600
francs, paying for it by u check ON tho
Bank of England. was given note
OF identification to tho Paris ngont of
tho bank
That night left Victoria station for
Paris. AT 10 the noxt morning had my
money, and going TO tho Place dc la
Buurso, near tho exchange, commits
stoned broker, who was member Of
the exchange, to purchase bills In Lon
don for $4,000. 1 cautioned him TO buy
bills drawn only ON vol known bank
ing houses. About o'clock ho had the
bills ready. | paid him tho amount
along with his commission, and examine
ing the paper found he had purchased for
mo about what [ wanted.
will explain, for the benefit OF any
reader not Cunvorsant with financial
transactions, that if John Russell, cot
ton broker in savannah, ships thou
sand bales of cotton to firm in Man
chester, the firm Ia Manchester author
i2cs him to draw a bill of exchange ON
their firm, payable ut some London bank
at three or six month"; time, for the
value of the cotton, We will say the
price Ia El0, 900 Russell draws ten bills
for Gl 600 each, say, payable Mt the
| Union bank Of London. Ilo gives these
| bills to u money broker in Savannah,
| who sells them ON tho exchange and
| gets for thom whatever tho rnto of OK
change may then hO ON London. The
president of the Georgia Central railroad
may have ordered thousand tons Of
stool rails in England for his road, and
to pay for thom he orders n broker 90
buy for him bills ON London to tho
amount of tho cost Of the rails, Ho pur-
chasos the Russell bills, and these bills
Of exchange he sends In payment to the
steel rail manufacturers in England 30,
as n matt0r Of fact tho president of the
Georgia Central pays Russell for his
thousand bales of cotton, but has the
bills of exchange, SO, in place of so,
900 in gold being froightcd twice across
the ocean, the ten pieces Of paper cross
only once. These ten bills for 81 900
each, drawn on the Union bank Of Lon
don mt six months, in due timo are pre-
sontod at that bauk aud nro duly ac-
ceptod.
Instead Of commercial notes or bills
they arc now known rs accoptanCes and
aro just M good rs u bank note There
fore IL the owner, no matter who he Is,
wants tho money at once any bank will
discount all or either for the face value,
less tho interest In oyery commercial
contor Of the world these accepted bills
Rro hoing discounted by banks and
moneyod corporations for enormou,
sums, but by no bank in tho world IL
such huge amounts as by tho Bank Of
England Its daily discounts run into
tho millions,
What our plan was will be made clcm
later
The evening OF the day Of my arriva
In Paris found mo On tho express speed
ing to Calais Two hours past midnigh
/ was on the miserable littlo passcngo
steamer that plies across tho choppinl
channel and which / suppose has sect
more Of human misery than all III,
fleets that sail the Atlantic, for tn,
emanuel has strong couutercuTronts, nnt
wind, tide and currents seem ever to b,
in violent opposition, and hero
Fer across tho main doth float
A sad and solemn swell,
Tho Wild fantastic, fitfnl motto
OF Tnton's breathing shell.
IL Aud Triton Gold Noptune's othe
namo) makes all passcrs over this par
Of his realm pay ample tribute for "hi
! fantastic, ttful note "
: Tho Parts night express lands ono q
I early dawn IN London, nearly nlway
weak ON the legs, however. hroakfast
cd with Mac, and after that took tn
l bills to tho various banks ON which the,
| were drawn, and leaving them for &c
3 coptanco called again the noxt day am
0 received them back, bearing across th
face the magic words
0 LoSpoS, Aug. H. ls7a,
Accepted for the Union bank OF London.
y, BARCLAY, Manager
J, WAyLASD, Assistant Manager,
4 Then hurried 20 the Grosvenor, an
9 we all looked at them with curiosity
Q for It was upon tho imitation Of jus
a such Hcceptanccs that our whole pla
0 was based
= OF course the success or failure Of on
, whole plan turnod upon this point
9 It tho custom Of the Bank of Englsn
/ lin 1879 20 send occcptances offered fC
Q discount TO tho acooptors for yorlacatio
. Of mgnaturesg
e This is always dono in America. an
had this very requisite precaution Doe
used by tho Bank Of England our pla
d would have boon frritless,