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Updated: May 11, 2025
It was made payable to a person named, "or to the Bringer of this Byll." Bills of exchange were first used only for the benefit of a specified payee, but it was not long before the element of negotiability was added to foreign bills, which, thus perfected, became at once the indispensable instruments of commerce which they now are.
It appears that the negotiability of promissory notes was a matter of doubt with the Court of Queen's Bench as late as 1702.
He was owing over one hundred and fifty thousand dollars on paper secured only by the stock and bonds of brand-new enterprises, which had no market negotiability. From the money which he had borrowed he had sent, from time to time, to Williams and Van Horne an aggregate of forty thousand dollars to protect some two thousand shares of railroad stocks.
The negotiability of inland bills and of promissory notes was not recognized till long afterwards. In England, inland bills were not used in any form till about the middle of the seventeenth century; and Lord Holt, in a case reported half a century later, said he remembered the time when actions upon inland bills first began.
The court seem to have felt very little confidence in their own opinion upon the question; for Chief Justice Holt, after urging his opinion against the negotiability of such instruments, took occasion to speak with two or three of the most famous merchants in London, as to the consequences it was alleged would follow from obstructing their negotiability; and on another day he says that they had told him it was very frequent with them to make such notes, and that they looked upon them as bills of exchange, and that they had been used a matter of thirty years, and were frequently transferred and indorsed as bills of exchange.
A strip of blue tissue paper, pasted over the split, preserved its negotiability. Enough of the African bandit for the present: I left him happy, lifted the rope and opened a creaky gate. The house, as I said, was a shell. A paint brush had not touched it in twenty years.
Before he had left New York he had turned everything into ready cash that could be so turned, so that even when he first reached Missouri his personal effects had not made travel a burden to him. During the past weeks all the balance of his belongings that possessed any negotiability whatsoever had been turned into meal. And his meal sack was empty!
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