or cotton, is governed by supply and demand.

INTEREST ON NOTES

A note may be made payable "with interest," or not, as the parties
concerned may agree.

If nothing is said about interest in the note, no interest can be
collected.

Again a note may go into details and specify that "the interest
shall be ten per cent, payable semi-annually," provided always
that the rate shall not be higher than the legal interest of the
state.

Excessive interest is known as "usury." It invalidates all the
interest, and in some places the principal is forfeited.

When the holder of an interest note receives interest payment he
must record the date and sum on the back of the note.

PROTESTS

If a note comes due on Sunday or on a legal holiday, payment must
be made on the following day.

Holidays are appointed by the separate states.

The United States recognizes no day as a holiday, except Sunday,
and that is acknowledged through custom.