convenience  and  availability  has  ever  been  enjoyed,  or  was  tben
accessible  J  The  creditors,  being  thus  associated,  could  bring
their  united  influence  to  bear  upon  the  government,  to  insure
the  regular  payment  of  interest,  and  to  obtain  such  extension
of  privileges  as  time  and  experience  showed  to  be  important
and  valuable.  The  reimbursement  of  the  loan  ceased  to  be
regarded  as  either  necessary  or  desirable.  Every  creditor  was
reimbursed  when  he  transferred  his  claim  on  the  books  of  the
bank.  From  being  convenient  and  valuable  as  an  investment
readily  obtained,  and  as  readily  disposed  of,  it  became,  by  a
natural  process,  a  medium  of  payment  in  transactions  of  com-
merce. That  fund,  which  was  desirable  to  all  seeking  invest-
ment, would  be  willingly,  in  many  instances,  accepted  in  pay-
ment of  debts  already  existing,  or  for  goods  just  purchased.
