which, by the use of forged documents, men have obtained possession of moneys which they hoped presently to replace, and were nevertheless judged guilty of forgery, they will see that the plea is insufficient. We contend, then, that the manufacturers of accommodation-bills should be classed as forgers. That if the law so classed them, much good would result, we are {135} not prepared to say. Several questions present themselves:—Whether such a change would cause inconvenience, by negativing the many harmless transactions carried on under this fictitious form by solvent men? Whether making it penal to use the words “value received,” unless there _had_ been value received, would not simply originate an additional class of bills in which these words were omitted? Whether it would be an advantage if bills bore on their faces proofs that they did or did not represent actual sales? Whether a restraint on undue credit would result, when bankers and discounters saw that certain bills coming to them in the names of speculative or unsubstantial traders, were avowed accommodation-bills? But these are questions we need not go out of our way to discuss. We are here concerned only with the morality of the question. Duly to estimate the greatness of the evils indicated, however, we must bear in mind both that the fraudulent transactions thus entered into are numerous, and that each generally becomes the cause of others. The original lie is commonly the parent of further lies, which again give rise to an increasing progeny; and so on for successive generations, multiplying as they descend. When A and B find their £1000 bill about to fall due, and the expected proceeds of their speculation not forthcoming—when they find, as they often do, either that the investment has resulted in a loss instead of a gain; or that the time for realizing their hoped-for profits, has not yet come; or that the profits, if there are any, do not cover the extravagances of living which, in the meantime, they have sanguinely indulged in—when, in short, they find that the bill cannot be taken up; they resort to the expedient of manufacturing other bills with which to liquidate the first. And while they are about it, they usually think it will be as well to raise a somewhat larger sum than is required to meet their outstanding engagements. Unless it happens that great success enables {136} them to redeem themselves, this proceeding is repeated, and again repeated. So long as there is no monetary crisis, it continues easy thus to keep afloat; and, indeed, the appearance of prosperity which is given by an extended circulation of bills in their names, bearing respectable indorsements, creates a confidence in them which renders the obtainment of credit easier than at first. And where, as in some cases, this process is carried to the extent of employing men in different towns throughout the kingdom, and even in distant parts