The commission is issued under he seal of the court. When a witness is about to leave the State, without a probability of returning in time to appear personally at the trial, or is so sick or infirm as to be unable to attend, he may be examined conditionally (de bene esse). The application for such examination must be founded on affidavit. The application may be opposed on affidavit. If an order of examination is granted, the witness is examined, his examination taken down in writing, carefully read to the witness, signed by him, certified by the judge, and filed with the clerk of the court. CHAPTER XCI. COMMERCIAL PAPER. 1. COMMERCIAL paper is that which is used as a representative of value, or as a substitute for gold and silver in the transaction of business. The term commercial paper is applied to-1. Promissory Notes; 2. Bank-bills; 3. Bills of Exchange; 4. Checks. The following is the usual form of a Promissory Note: $500. NEW YORK, June 8, 1865. One month after date, I promise to pay John B. Astor, or order, five hundred dollars, value received. WILLIAM BLAKE. The following is the usual form of a bank-bill: commission issued? When a witness is about to leave the State, without a probability of returning in time to appear personally at the trial, or is sick or infirm, what may be done? Upon what is the application for such examination founded? How may it be opposed? If an order is granted, what is done? By whom certified? Where filed? 1. What is commercial paper? To what instruments is the term ap plied? What is the usual form of a promissory note? What is the STATE OF NEW YORK. The American Exchange, Bank will pay five hundred dollars to the bearer, on demand. No. 6,729. WILLIAM BLAKE, Cash. NEW YORK, June 8, 1865. JOHN B. ASTOR, Pres. The following is the usual form of a bill of exchange: $500. NEW YORK, June 8, 1865. On demand, pay to the order of John Foster five hundred dollars, value received, and charge the same to my account. TO WILLIAM BLAKE, Boston, Mass. JOHN B. ASTOR. The following is the usual form of a check : $500. NEW YORK, June 8, 1865. American Exchange Bank pay to John B. Astor, or order, five hundred dollars. WILLIAM BLAKE. 2. A promissory note is a written agreement made by one party to pay to another party a specified amount, in money or other property, at a given time. Bank-bills are promissory notes issued by incorporated banks. They are made payable to the bearer, on demand, in gold and silver, and treated as money in the ordinary transactions of business. Bank-bills are not strictly a legal tender; but the tender of current bank-bills will be a sufficient tender in payment of a debt, unless the creditor, at the time of such tender, demand payment in gold and silver. 3. Exchange is a negotiation by which one person transfers to another funds which he has in some other place. This transfer is made by means of an instrument which represents such funds, and is known as a bill of exchange. A bill of exchange is a written order, made by usual form of a bank-bill? What is the usual form of a bill of ex· change? What is the usual form of a check? 2. What is a promissory note? What are bank-bills? How made payable? In what? How treated in the ordinary transaction of business? Are bank-bills strictly a legal tender? When will the tender of current bank-bills be a sufficient tender in payment of a debt? 3. What is exchange? How is this transfer made? What is a bill of one person, addressed to another person, directing him, absolutely and unconditionally, to pay a certain sum of money to a third person, named therein, and to charge. the same to his account. A check is A check is a bill of exchange drawn upon a bank or individual banker, and is made payable on demand. If drawn payable at a future day, it is not strictly a check, but a bill of exchange. 4. The following are the parties to a promissory note: The party who makes the promissory note is called the maker. The person to whom it is made payable is called the payee. Every payee who writes his name upon the back of the note is called the indorser. Every other person who writes his name upon the back of the note is called an indorser. Bank-bills are signed by the president and cashier of the bank, and the bank becomes the maker, acting through these officers. The following are the parties to a bill of exchange: The person who makes the bill of exchange is called. the drawer. The person to whom the bill of exchange is to be paid is called the payee. The person to whom the bill of exchange is directed is called the drawee. When the drawee accepts, in writing, the bill of exchange, he is called the acceptor. When the payee writes his name upon the back of the bill of exchange, he is called the indorser. Every other person who writes his name upon the back of the bill of exchange is called an indorser. exchange? What is a check? How made payable? If drawn payable at a future day? 4. What is the party who makes the promissory note called? Who is the payee? Who are indorsers? By whom are bank-bills signed? How does the bank become the maker? Who is the drawer of a bill of exchange? Who is the payee? Who is the drawee? Who is the ac The following are the parties to a check: The person who makes the check is called the drawer. The person to whom the check is to be paid is called the payee. The bank upon which it is drawn is the drawee. When the payee writes his name upon the back of the check, he is called the indorser. 5. Commercial paper must be in writing. The writing may be in ink or in pencil. It may be written on paper or parchment. It may all be printed, except the signature. The signature is usually in the handwriting of the maker. If the maker be unable to write his name, it may be written by another person, at his request, and in his presence. This becomes the maker's signature. It may be made by his agent, duly authorized thereto in his absence. When the signature is made by a third person, at the request of the maker, and in his presence, a cross or mark is sometimes made by the maker, which cross or mark should be attested by the person who writes the maker's name. The signature made by mark is usually in the following form: $500. NEW YORK, June 8, 1865. One month after date, I promise to pay John B. Astor, or order, five hundred dollars, value received. Witness: JOHN FOSTER. His WILLIAM X BLAKE. mark. 6. If John Foster be the agent of William Blake, authorized to sign for him and in his name, the signature should be written as in the following form: ceptor? Who are indorsers? Who is the drawer of a check? Who is the payee? Who is the drawee? Who are indorsers? 5. How must commercial paper be made? In what? Upon what? What part of it may be printed? In whose handwriting is the signature usually? If the maker be unable to write his name? Whose signature does this become? In what other way may it be made in the maker's absence? When the signature is made by a third person, in the presence of the maker, what is sometimes done by the maker? By whom should such cross or mark be attested? What is the form of the promissory note executed by mark? 6. If John Foster be the agent of William Blake, authorized to sign $500. NEW YORK, June 8, 1865. One month after date, I promise to pay John B. Astor, or order, five hundred dollars, value received. WILLIAM BLAKE, By JOHN FOSTER. The signature, whether it be that of the maker, or indorser, or acceptor, may be made either by the person himself, or by another person in his presence, at his request, or by his agent, duly authorized. If commercial paper is made, or indorsed, or accepted by a firm, the signature is made by attaching the name of the firm, which each partner has authority to attach. A person or partnership may sign or indorse his name, or the name of the firm, in blank; and if the instrument is filled up by a person duly authorized, it will bind the person or firm in the same manner as if it had been filled up before it was signed. CHAPTER XCII. HISTORY OF COMMERCIAL PAPER. 1. Or the different classes of commercial paper, bills of exchange are of the most ancient origin. They were invented to supply the necessities of commerce. Their origin is involved in much obscurity. They were used in England in the thirteenth century. The advantage of bills of exchange may be illustrated as follows. If A. be about to make a voyage from New York to London, and he has in his possession ten thousand dollars in gold and silver which he wishes to use in London, he may deposit. the ten thousand dollars with some banker in New York for him, and in his name, in what form is the signature made? How may the signature of the maker, indorser, or acceptor be made? If commercial paper is made, or indorsed, or accepted by a firm? What is the effect if a person or partnership sign or indorse in blank? 1. Which of the classes of commercial paper is of the most ancient origin? For what purpose were they invented? In what is their origin |