inary commercial draft, both in its wording and in its purpose. The bank is obliged to pay your cheque if it holds funds of yours sufficient to meet it, while the person upon who

rally located banks their correspondents. The larger banks have correspondents in New York, Chicago, Boston, and other large cities. As

in distant cities. These drafts, or cashiers' cheques, as they are sometimes called, pass as cash anywhere within a reasonable distance of the money centre upon which they are drawn.

the purchas

debt he sends his own personal cheque. Bank drafts are quite generally used by merchants in the West to pay bills in the East. A draft on New York bought in San Francisco is cash when it reaches New York, while a San Francisco cheque is not cash until it returns and is cashed by the bank upo

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le the bulk of these transferable titles and deal to a very small extent-that is, proportionally-in actual money. The notes, drafts, bills of exchange, and bank cheques are representative of the property passing by title in money from the producers to