in commerce is a method of making payments in distant places, without
the actual transmission of money, but by a Bill of Exchange called
_Draft_, which is a written request upon one person to pay a certain sum
to another or to his order. The person who orders the money to be paid,
is called the _Drawer_; the one who is directed to pay it, the _Drawee_,
and the one to whom it is directed to be paid, the _Payee_.
_Domestic_ or _Inland Exchange_ is exchange between places in the same
country: _Foreign Exchange_, between different countries.
If, for every little business transaction, money had to be sent from one
business center to another, much needless inconvenience and expense
would be incurred.
A man in Chicago owes a man in New York City a sum of money. He can send
it to him in one of five ways:--