But the credit factor in the deposit system soon came to have a much wider scope than is here indicated. Instead of each depositor going to the bank and drawing his money as he needs it, he now gives an order or _check_ on the bank to any man to whom he may have occasion to make a payment. In many cases the receiver of such a check also has deposits at the same bank. In such a case he sends in the check to be deposited with his cash for the day. The amount is debited to the drawer of the check, and credited to the depositor of it, and thus by a simple _transfer_ of _credit_ much business is done without the intervention of any money. This expands into a great and complicated system of exchange between individuals doing business at different banks, by banks in different cities, and by traders in remote nations. Goods are sold in one locality and paid for in the goods of another locality by means of drafts, bills of exchange, etc., meeting and canceling one another, so that very little money is transferred from point to point. The function of _discount and loan_, as has been intimated, is in modern banking usually combined with that of _deposit_, as also that of _circulation or issue_. When the capital of a bank is paid in by the stockholders, and the officers elected, it is then ready for business under regulations imposed by its charter. There are two ways in which the public is accommodated. First, when a wholesale city merchant sells a bill of goods to a country retail merchant, it is frequently the case that the former makes out his bill, which the latter accepts, promising to pay in thirty, sixty or ninety days. This accepted bill the wholesale merchant carries to his bank, where it is received with his endorsement, and the cash, less the interest for the given time, is paid him or placed to his credit. This is _discounting_ a bill. A loan is sometimes made by a borrower’s giving his own note endorsed by some reliable person, and payable in some brief time as above. Sometimes the note is discounted; at other times the interest is paid when the note is taken up.