When you want to employ your money for a short period, do you not frequently take bills of long date, and advance upon them ?--But that is not a re-discount on our part.

Very often brokers in borrowing money send in bills of long date, and afterwards we call in that loan; but that is no more a re-discount than lending money upon consols and calling in that money again.

It is not an advance of ours; we do not seek it; they come to us and borrow our money, and give us a security; when we want our money we call for that money, and return their security.

Surely that is not a re-discount.
1175.

[Mr.Hankey.] Is there not this clear distinction between returning a bill on which you have made an advance and discounting a bill, that if you have discounted a bill your liability continues upon the bill until that bill has come to maturity ?--Yes.
1176.