Mr. Merchant: Mr. Banker, taking that explanation as correct, what would you say that our currency consists of?
Mr. Banker: Our currency consists of the following things:
First: Gold coin, which is generally accepted, and has actual full value.
Second: Gold certificates, which are generally accepted, but have no actual value.
Third: All token, or subsidiary coin, including the silver dollar.
Fourth: Silver certificates.
Fifth: United States Notes.
Sixth: Bond-secured National Bank Notes.
Mr. Merchant: I read an article recently in which checks and drafts were spoken of as currency. Can it be possible that they can properly be called "currency"?
Mr. Banker: Certainly not. They come under an entirely different head, and I hope we shall spend an evening considering them very soon. Checks and drafts never pass from person to person and from hand to hand and are not of general acceptance. Herein lies the mark of distinction. Checks and drafts do not pass from person to person and from hand to hand and are always of special acceptance, that is, they are considered before they pass. They are taken according to the strength of the makers, acceptors and endorsers and usually pass only by endorsement. We must make no such mistake because it will lead to a confusion of ideas.