wherever presented.

Such a check may be received with as much certainty of its value
as if it were a bank bill.

When a person places money in a bank with no intention of checking
it out for some time to come, he may have issued to him a
"Certificate of deposit."

While holding this certificate he cannot check against the money
in the bank.

The holder of a certificate of deposit may transfer it.

The money may be paid in part by the bank, if the certificate is
presented, and the amount is endorsed on the back.

To withdraw all the money the certificate must be surrendered.

USE OF CHECKS

There is no form of commercial paper in such general use as the
check.

The total of all the checks in use at some seasons is far more
than the total of all the money in all the banks.

Checks are balanced in the money centers through what are known as
clearing houses. In these a bank is charged with checks against it
and credited with those in its favor.