There is one kind of these foreign credits that deserves separate mention, since it has come of late years into quite general use, namely, "Circular Notes," as they are called. These are sight bills of exchange, each drawn for a relatively small amount, say £10, and multiplied in number to the requirements of the buyer, and drawn by one domestic banking-house, say Kountze Brothers of New York, on one foreign banking-house, say Union Bank of London, the names of drawer and drawee only being upon the "notes," the payee or buyer being expected to indorse each note in the presence of the Correspondent making the payment. The notes, therefore, are not negotiable except by the signature of the payee himself from time to time as he needs the proceeds. This makes them safer than so much money to carry: if stolen, they could do the thief no possible good. At the same time the drawer of the notes furnishes the payee a circular letter addressed to his banking correspondents all over the world, just as in an ordinary Letter of Credit, containing the name and also the personal signature of the payee, but unlike the ordinary Letter making no reference to the amounts of credit furnished, and there are no indorsements of any kind by the correspondents on this circular letter, which the payee is cautioned in print on the back _to keep separate_ from the Circular Notes covered by it. One of these letters runs as follows, the name of the payee being entered in manuscript and also in autograph:-- "TO OUR CORRESPONDENTS, GENTLEMEN, THIS LETTER WILL BE PRESENTED TO YOU BY GRACE PERRY, WHO IS RECOMMENDED TO YOUR KIND ATTENTION, AND IS SUPPLIED WITH OUR CIRCULAR NOTES, THE VALUE OF WHICH PLEASE FURNISH AT THE CURRENT RATE FOR SIGHT BILLS ON LONDON, WITHOUT ANY EXPENSE TO US. AFTER YOU HAVE EXAMINED THIS LETTER, PLEASE RETURN IT TO THE BEARER, IN WHOSE HANDS IT WILL REMAIN UNTIL THE EXPIRATION OF THE CIRCULAR NOTES."