The real beneficiaries in these ten transactions are the ten purchasers of the goods which they have received; and if Mr. Manufacturer should sell me these ten bills of exchange or promissory notes as the case might be, with his indorsement, the ten men would all individually regard themselves as primarily liable; and they will, therefore, each of them, prepare to pay his note when it comes due, although Mr. Manufacturer is the guarantor. But if Mr. Manufacturer should go to these same ten men and ask each of them as a favor or _accommodation_ to him to accept the draft or indorse his note for the same amount of $5,000, each due in 90 days, no goods having been purchased by any one of them, all these drafts would be accommodation paper, and no one of these men would look upon his note as his debt, and therefore would expect that Mr. Manufacturer would take care of the paper when it came due. In the latter case, Mr. Manufacturer, having gotten the money and the ten men having no interest in the transaction, except as an accommodation to Mr. Manufacturer in the form of a favor, Mr. Manufacturer becomes the real maker of the ten notes, and the ten men who are indorsers are, as I have said, without any interest in the transaction, except that of accommodation acceptors. Mr. MacLeod has described this whole transaction so fully and forcibly I want to read it to you: "There is in fact only one real principal debtor and ten sureties. Now these ten accommodation acceptors are probably ignorant of each other's proceeding. They only give their names on the express understanding that they are not to be called upon to meet the bill: and accordingly they make no provision to do so. If anyone of them is called upon to meet his bill, he immediately has a legal remedy against the drawer (or the note maker). In the case of real bills, then, the bank would have ten persons who would each take care to be in a position to meet his own engagement; in the case of accommodation paper there is only one person to meet the ten engagements. Furthermore, if one of the ten real acceptors fails in his engagement, the bank can safely press the drawer: but if the drawer of the accommodation bill fails to meet one of the ten acceptances, and the bank suddenly discovers that it is an accommodation bill, and they are under large advances to the drawer, they dare not for their own safety press the acceptor, because he will, of course, have immediate recourse against his debtor, and the whole fabric will probably tumble down like a house of cards. Hence the chances of disaster are much greater when there is only one person to meet so many engagements, than when there are so many each bound to meet his own.