INVENTORY OF GOODS ON HAND, JANUARY 31, 1850.

Braid, Lining, Needles, Thread, Sg. Silk,.

BILLS OF EXCHANGE AND NOTES OF HAND.

Bills of exchange and notes of hand are instruments by which the maker either binds himself to pay a certain amount, at a certain time, to a person named therein, according to the law of exchange, or calls upon a third person to do so.

When the maker binds himself to pay the amount, it is called a note of hand, a promissory note or simply a note, but if he calls upon a third person to pay the amount, it is called a draft or bill of exchange.

In the regular bill of exchange, several persons may be interested. The drawer, is the person who makes the bill of exchange; the drawee is the person on whom it is drawn, or who is to pay it. The person in whose favor it is drawn, or who is to receive the money, is called the payee, if he remits the bill of exchange to another place, where the drawee is living, he becomes the remitter. If the person, in whose favor the bill of exchange is drawn, parts with it for a consideration, the person to whom the bill is sold, when he parts again with it becomes an indorser, that is, he writes his name on the back of it, or indorses it, and the person to whom it is sold, is the indorsee.

When a bill of exchange, drawn at date, is presented, and the drawee intends to pay it, he will write across the bill the word "accepted," and his name. When the bill of exchange is drawn at sight, he will write "accepted," and the date, with his signature. This proceeding binds the drawee to pay the bill of exchange, when it becomes due.

When a bill of exchange is drawn at a certain number of days after sight, or payable on a certain day, the receiver must present the bill for acceptance the day he receives it, or the day after. By any delay on his part he makes himself liable for any damage that may result from it. The drawee has 24 hours to consider, whether he will accept the bill of exchange. If after the expiration of this time, he refuses to return the bill, the law supposed it to be accepted.

The so-called days of grace, are days granted after the bill of exchange became due, during which the drawee is not obliged to pay. Bills of exchange not at sight, in this country enjoy three days grace. A bill of exchange drawn at sight is due when presented (the expression "at sight" or "after sight" signifies that the bill of exchange is to be paid as soon as presented).