A Short System of Practical Arithmetic

(exchange at four shillings and sixpence per dollar) for value received, and place it (with or without further advice,) to the acYour humble servant.

count of

Messrs. Neil & Thompson,

Merchants, Liverpool.

HENRY WEST.

RECEIPT FOR MONEY PAID ON NOTE,

Hallowell, Dec 6, 1827.-Received from William Grant (by the hands of Thomas Amory) sixty-one dollars and fifty cents, which is endorsed on his note of May 16th. 1825.

$61,50

SAMUEL PRINCE.

RECEIPT FOR MONEY RECEIVED ON ACCOUNT. June 7, 1827.-Received from D. E. (by the hands of GH.) forty dollars on account.

L. M.

$40,00

GENERAL RECEIPT.

June 7, 1827.-Received of N. O. ten dollars and twenty-nine cents, in full of all demands.

$10,29

N. B.

N. B.-A general receipt will discharge all debts, except such as are on specialty, that is, bonds, bills, and other instruments that may properly be called acts or deeds, viz, those that require to be executed in a solemn manner, where the sealing and delivery are the most essential parts of the act, and on that account can only be destroyed or cancelled by something of equal force, viz, some other specialty, such as a general release, &c. Neither will it discharge endorseable promissory notes, or Inland bills.

BANK DISCOUNT.

When a note is offered at a bank for discount,two endorsers are generally required, to the first of whom it is made payable: Thus A, having occasion to borrow money, procures B and C as endorsers to his note, and offers it for discount in the following form.

$500,00

Hallowell, June 6, 1827.

For value received, I promise to pay five hundred dollars to B or order, at the Gardiner Bank, in fifty-seven days, with customary grace.

The method used among bankers in discounting notes, &c is to

find the interest of the sum from the date of the note to the time when it becomes due, including the days of grace; the interest thus found is reckoned the discount, and is taken from the amount of the note at a time, before the person receives his money.

Grace denotes a term of three days, which custom has allowed to the borrower: that is, though the note becomes due in fifty. seven days, he may withhold payment until the sixtieth, for which reason the interest is reckoned for sixty days, notwithstanding the note should be paid the fifty-seventh day.