From such origins the banking system gradually extended until, about a hundred years ago, or rather more, every rich family in this country had a considerable sum of money left at a bank, and paid into the banker’s coffers further sums of money which they received. Each had a book of accounts with the bank showing exactly how much had been put in and therefore how much they could “draw” upon. At first the clients, or depositors, would “draw” some portion of their money which they might immediately need by way of a letter. Thus, if their banker’s name was Mr. Smith, they would write this note: “To Mr. Smith. Please pay my servant who brings this letter £20 out of the £1,000 which I left with you the other day.” They would sign this letter and send the servant with it; the banker would give the £20 to the servant and the servant would give a receipt against it. That was the origin of what are nowadays called “cheques.” The letter giving authority for the messenger to draw the money grew more and more formal and was drawn up more and more in the same terms to save trouble. Then the bankers would have the forms printed, so that the client who wanted to draw would have the least possible trouble. If you look at a cheque to-day you will see that it is nothing but the old letter put into the simplest terms. At the head of the cheque is the name of the bank; then there is the word “Pay,” and after that the client adds the sum which he wants paid and signs his name to prove that it is really he who is entitled to have the sum and who is asking for it. The words “or bearer” are sometimes printed after the word “Pay,” so that anyone bringing the cheque for the client can get the money for him. But to prevent people using these pieces of paper to get money without having the right to it the word “order” was more often substituted for the word “bearer”; and this word “order” means that the owner, who is drawing his money out, says: “Do not pay it to me; pay it to this other person whom I desire to receive the money and whose name I have mentioned above, who will sign to show that _his_ order for payment has been met.” For instance: I have £1,000 deposited with my banker, Mr. Smith. I write a letter: “Pay £20 to John Jones _or order_.” This means: “Do not, dear Mr. Smith, send the money back to me, but give it to Mr. Jones who will bring this letter with him, or, if he cannot come himself, will send a signed letter _order_ that it should be paid to him.” At the beginning of the system, Mr. Jones, to whom I gave the cheque, would write a little letter saying: “Dear Mr. Smith, Mr. So-and-So, who banks with you, has given me the accompanying letter by which I can get £20 of his _by my order_. I therefore send you this letter to tell you that whoever brings this cheque bears my order to give the money to him.” He signs the letter “John Jones” and the banker hands over the money to whomever it may be that brings the letter for John Jones.