POST-NOTES

A species of bank-notes payable at a distant period, and not on demand. They are a species of obligation resorted to by banks when the exchanges of the country, and especially of the banks, have become embarrassed by excessive speculations. Much concern is then felt for the country, and through the newspapers it is urged that post-notes be issued by the banks “for aiding domestic and foreign exchanges,” as a “mode of relief,” or a “remedy for the distress,” and “to take the place of the southern and foreign exchanges.’ And so presently this is done. Post-notes are therefore intended to enter into the circulation of the country as a part of ita medium of exchanges; the smaller ones for ordinary business, and the larger ones for heavier operations. They are intended to supply the place of demand notes, which the banks cannot afford to issue or reissue, to relieve the necessities of commerce or of the banks, or to avoid a compulsory suspension. They are under seal, or without seal, and at long or short dates, at more or less interest, or without interest, as the necessities of the bank may require. Appeal of Hogg, 22 Pa. 488.