his description of relation between banker and customer.
CRADOCKE

describes advantage of saleability of debts

recommends institution of banks

ii., 546

i., 7

i., 142

i., 220

i., 221

i., 99

i., 216

ii., 517

ii., 517

ii., 518

ii., 518

ii., 518

ii., 518

i., 55

i., 58

and therefore may be called Negative Capital

in popular language means a merchant's power of purchasing.

in law, commerce, and economics, means the right of action

which a creditor has against a debtor

is a mass of exchangeable property

erroneous ideas of Peacock
Pothier on credit and debt

is purchasing power equally with money
but inverse or opposite to money

i., 147

i., 148

i., 152

i., 154

i., 155

i., 169

i., 169

i., 169

of debtor by Alexander Severus in 224

i., 175

made absolutely saleable at the will of creditor without consent

the release of a debt is equivalent to a gift of money

an excessive restriction of, causes and produces a run for

i., 309

gold

i., 467; ii., 363

CRISIS, COMMERCIAL, see PANIC

CURRENCY

whence name arose

synonymous with transferable debt

possible without money

oil bills in the Ionian Islands

American, during civil war

postage stamps, a form of

different substances used as, by different nations

metal the best substance for

metallic, advantages of

as a scientific term includes money and all forms of credit,

whether recorded on paper or not

legal fallacy of the doctrine of Lord Overstone, Mr. Norman,

the Bank of England, and every bank in the world is now

346

theory of basing paper, on the discount of mercantile bills
germ of this in Adam Smith

strictly speaking is the duty to pay a sum of money

prevalent error that a debt is money owed

ii., 483

ii.,

483

ii., 484

this error pointed out in Roman Law

double meaning of; means the creditors right of action as well

.

i., 135

i., 136

i., 136

schuld in German used in the same double meaning of the right
and the duty

distinguished in French as active, and passive .

distinction between a, and a bailment

paper documents arising from .

called Negative Quantities by Maclaurin and Peacock
fallacy of their mode of statement

explanation of term negative quantities as applied to
creation of an obligation or contract.

i., 137

i., 138

consists of two parts; the creditor's right to demand and the

debtor's duty to pay

i., 166

classed as moveable rights in Scotch law.
are the commodity in which bankers deal
DEFINITIONS

DEBT

if creditor's right is positive, the debtor's duty is negative
a duty is a negative right .

origin and nature of credit and debt

ii., 475

9966

of an obligation

credit or debt is a chose-in-action

is "goods and chattels "

of instruments of credit

securities for money, or valuable securities

of a bill of exchange

of a promissory note.

of a draft, or order for the payment of money

of an I O U

bill, note, or IO U is a chose-in-action

a draft a chose-in-possession

of parties to an instrument of credit

acceptor,""

"drawer and drawee,"
""maker" of a note, "payee,"
"principal debtor," "indorser," "indorsee "

ii., 478

ii., 478

of terms relating to the instrument-" draw," " make," "accept,"
"indorse," issue," present" for acceptance," or
"sight," or payment," collect," "retire," 'discount,"
"domicile," "alter," "days of grace,"
39 66 accommodation"
bill or note.

necessary for "drawing,' making," accepting," or