In  this  connection  it  may  be  proper  to  note
the  prevailing  impression  that  out  of  a  given
amount  of  business  far  less  is  done  on  bills,
and  far  more  by  cash  payments  than  was  done,
say  thirty  years  ago.  As  to  the  fact,  there
seems  no  doubt  when  the  figures  as  to  inland
bill  stamps  are  considered.  From  these  it  is
evident  that  with  an  enlarged  business  fewer
bills  are  created,  i  Again  it  is  said  that  the
custom  of  obtaining  loans  from  banks  instead
of  accepting  bills  has  much  developed — that
a  man  who  owes  money,  instead  of  accepting
for  the  amount,  takes  a  loan  from  his  bankers
and  pays  cash.  In  this  case  there  is  credit,
only  in  another  and  less  visible  form.  A  bill
drawn  and  negotiated  may  pass  into  many
hands,  but  the  loan  cannot  be  transferred,  and
remains  a  private  afiair  between  the  banker  and
his  customer.
