credit, he may draw a bill upon his debtor, payable in six months, get his bill discounted at the bank and thus qualify himself to purchase such things as he may require in his business, without waiting for the six months to expire. But bills of exchange do more than this. They not only obviate, upon occasions, the necessity for ready money; they not only enable a man to command ready money before the debts due to him arrive at maturity; they often actually take place and perform the functions of money itself. V THE CIRCULATION OF MUTUAL MONEY Petition for a General Mutual Banking Law To the Honorable the Senate and House of Representatives of the Commonwealth of Massachusetts: This prayer of your petitioners humbly showeth thatthe property pledged by him. 6. The rate of interest at which said money shall be loaned by the bank, shall be determined by, and shall, if possible, just meet and cover the bare expenses of the institution. 7. No money shall be loaned by the bank to persons who do not become members of the company by pledging real estate to the bank. 8. Any member, by paying his debts to the Mutual Bank to which he belongs, may have his property released from pledge, and be himself released from all obligations to said Mutual Bank, and to holders of the Mutual-Bank money, as such. 9. No Mutual Bank shall receive other than Mutual-Bank paper money in payment of debts due to it, except at a discount