nties the note
"good," or "collectable," the maker, and the indorsers also, if any,
must be sued, before the guarantor is liable. Strict notice to a
guarantor is not required to bind him, as in the case of an indorser.
But to hold him liable in case immediate notice is not given, or the
note is not immediately sued, it must be shown that he has not suffered
injury from want of notice, or that the note was not collectable of the
maker or indorsers when due. But the kind of liability incurred, whether
that of indorser, original promisor, or surety, by indorsing a note or
guarantying payment, is not the same in all the states. There are sundry
other points in the law relating to promissory notes, on which the
statutes and judicial decisions are not uniform in all the states.

Chapter LXI.

Bills of Exchange; Interest; Usury.

Sec.1. A bill _of exchange_ is a written order or request to a person in a
distant place, to pay a third person a certain sum of money. The
following is a common form:

$1,000. New-York, August 10, 1859.

Twenty days after date, (or at sight, or ten days after sight,) pay
to the order of John Stiles, one thousand dollars, value received,
and charge the same to account of

To George Scott, Thomas Jones.

New Orleans, La.

Sec.2. Bills drawn on persons in foreign countries, are called _foreign_
bills of exchange; those drawn on persons in distant places in our own
country, are called _inland_ bills of exchange. To persons in mercantile
business they are of great convenience, as will be seen from the
following example of their nature and operation.

Sec.3. A, in New-York, has $1,000 due him from B, in New Orleans. A draws
an order on B for that sum, and C, who is going to New Orleans, pays A
the money, takes the order, and receives his money again of B. Thus A is
accommodated by receiving his debt against B, and O has avoided the risk
of carrying the money from place to place. A, who draws the order, or
bill, is called the _drawer_. B, to whom it is addressed, is the
_drawee_; C, to whom it is made payable, is the _payee_. As the bill is
payable to C, or his order, he may, by indorsment, direct the bill to be
paid to D; in which case C becomes the _indorser_, and D, to whom the
bill is indorsed, is called the _indorsee_ or _holder_.

Sec.4. If, when a bill is presented to the drawee, he agrees to pay it, he
is said to _accept_ the bill, and writes his a