, 1896-11-21

tral rale-
A delightful lecture was given before
President Graves class in political
economy at the university yesterday.
The lecturer was Mr.. f. Crumrine.
cashier of the Albany County bank.
and his subject VAS Commercial Paper.
Many practical talks, although instruc-
tive. are far from being enter tanning.
but those who listened to Mr.. Crumriae
went away with the memory of a most
interesting lecture.
The gentleman said in part:
Commercial paper is that which has
been adopted by the world OF com
silver. Bank bills, government issues,
demand notes, treasury notes. and all
legal tender notes. besides bills of ex-
change. proiLissory notes, checks. and
drafts are all called commercial pa
per-" but neither my time nor my incli-
nations will permit me to discuss them
all. | shall have to limit myself to one
important kind of commercial paper,
bills of exchange.
OF all kinds of commercial paper.
bills of exchange are of the most an
cient origin. They We're probably
known to The Greeks and Romans and
certainly to the Medieval Nenitians.
Commerce was conducted by barter
in the earliest days of the world. but
from the beginning of recorded history
money of some sort has been used.
Gold and silver were finally selected
for the purposes of money and the
choice seems to have been fortunate.
But as trade developed 1T often became
accessory to transfer large sums of
money, and frequently to a consider
able distance. This required much care
and labor and entailed a large outlay
Of money. besides being subject to loss
by robbery or accident. Commerce,
therefore, demanded some safer and
cheaper way. and this want for some
thing to represent honey hat could
be easily and safely transported was
supplied by the invention of bills of
exchange.
A bill of exchange is n written order
from nv person to another. directing
him to pay to a third person the
amount named in the bill. They are
Two kinds; inland and foreign. An in
land bill is drawn by one person on
another in the same state or country,
while a foreign bill is drawn upon a
person in another state or country.
4 foreign bills is construed by the
laws where it is payable. while an in
land bill is governed by the laws where
it is made. A foreign bill must be pro-
tested for dishonor. but an inland does
not need to be.
The theory o which bills of eX-
change rest is % that the drawer has
funds in the hands of the drawee: (2)
that the drawer assigns to the payee so
much of these funds as is named: go
that when the drawec accepts, it is an
appropriation of so much of those
luIl'S U lhC Iis w., VI thal tiiS
amount ceases to be money of the
drawer: and 90 that it becomes mon
oy of the payee. The drawer and in
dorser are only collaterally liable to the
holder on default of the acceptor. Bills
Of exchange. in familiar language. are
known as orders
Bills of exchange are drawn on de-
mand. or at sight, or at a stated num-
+ Der of days after sight, or a stated
number of days after date. A bill made
at sight in some states is also payable
on presentation, in others three days
of grace is allowed. The indorsemen
, may be restrictive or qualified. An in,
dOrsement in blank is By simply writ.
ing the name of the payee across ths
back. A restrictive Endorsement re,
lar person. and a qualified indorsemen
inserts some words like for account
Of"
The lecture throughout was illustrat
Ell ny StlllpltS vi Lie NdliouS MINUS "
bills. and each point was elucidated by
t concrete examples. After Mr.. Crum
: rine had finished the class availed it
: self of the opportunity of asking hin
further questions about the subject.
1t is believed by President Graves
that the Importance of such practica
talks can not be over-estimated and he
has asked several prominent profes'
sional and business men Of the city tc
speak on various topics. He would
like t have further volunteers. Thu
the graduates of our university will be
come more familiar with the ordinary
objects of business life and learn how
the education of their alma mater
hinges onto that of the world.
Reserved seats nay be had at Settle
les drug store for the mex entertain
ment in the Lyceum, the Grecian Art
Tableau company, which appears at the
university auditorium, Monday even
nH1