(1) What is a draft? REVIEW QUESTIONS. (8) How long do banks usually allow on sight drafts? on demand drafts ? (9) If not paid on presenting a demand draft, what is done? (Frequently the words "no protest" is printed on the drafts, in which case it is not protested. Often in collection drafts it is understood if not duly paid that it is not to be protested.) (10) What is a protest? (11) Name some of the business papers subject to protest. (12) Explain how drafts are often used by business men to save a transfer of money. ORDERS. An order is similar to a sight draft. Usually an order is addressed to a party residing in the immediate vicinity of the drawer, while a draft is addressed to one farther removed. An "order may be drawn payable in money or in chattels.” in merchandise from your store, and charge the same to my account. MONEY ORDERS. On the following page will be found an application for a postal money order duly filled. If you wish to pay money to one in some other place or at a distance, you can step to a post-office where they issue money orders, fill an application like the form on page 36, pay the amount specified to be sent, and the sum charged for issuing the order, when the postmaster or clerk will write you an order for the amount, payable at the postoffice where you wish to have it paid (if it is a money order office; if not, he will write it on such an office nearest to the party to whom you wish to send it). This you can send in a letter, a duplicate of which, with the name of the party who sends it, and that of the person or firm to whom the amount is to be paid, is mailed by the postmaster where you get it, to the post-office on which the order is drawn. The payee, on receipt of your order, can take it to the post-office on which it is drawn, and receive his money after signing his name, or he can order it paid to another party by endorsing it to this effect. This is a very safe way of making payments, as the government is responsible for all orders thus issued. REVIEW QUESTIONS. (1) To obtain a money order, what would you do first? (2) What names would you use in filling the application? (3) How would the postmaster know the amount of money you wish to send or pay? (4) Can any post-office issue such an order? (5) After filling the application, what would you do to get the order? (6) What would you have to pay for issuing an order for $5 or less? for one over $5 to $10? over $10 to $15? over $15 to $30? and so on up to $100? (7) What would the party receiving your order do to get the money for it? (8) Could he make it payable to another party? How? (9) What is said of the " names of firms, places, and streets, as well as the numbers and amounts," on the back of the application? (10) Can a money order be made payable to more than one person or firm? forty-five (To be filled up by the Remitter, or by some one for him, not employed in the Post Office.) For the sum of. DOLLARS NOTE. 3 cents. 5 cents. 8 cents. 10 cents. 12 cents. 15 cents. 18 cents. .20 cents. .25 cents. .30 cents. The maximum amount for which a single Money Order may be issued at an office designated as a "Money Order Office "is $100, and at an office designated as a When a larger sum is to be sent, additional Orders "Limited Money Order Office," $5. must be obtained. But Postmasters are instructed to refuse to issue in one day to the same Remitter, and in favor of the same Payee, on any one Post Office of the fourth class, Money Orders amounting in the aggregate to more than $300, as such office might not have funds sufficient for immediate payment of any large amount. Fractions of a cent are not to be introduced. Portland Town or City. Residence or M. W. Leroy Sent by. WAIVER OF IDENTIFICATION. The Remitter who desires to relieve the Payee or his indorsee or attorney from the If the Remitter signs this form the issuing Postmaster MUST write or stamp across NOTE. In the application the given names of the Remitter and Payee, or the initials A Money Order must not be made payable to more than one person or firm. |