A note or bill payable to John Ray, “simply this and nothing more,” is not negotiable, but payable to a certain person, with no power to transfer the same, at least not to make it negotiable. To make it a negotiable instrument we should place after John Ray’s name the words (as found included in parenthesis in forms given), either “or bearer” or “or order.” This done, the note or bill would be of transferable quality, or negotiable, that is, would be payable to John Ray, or to him who should by chance gain its possession, if the words used be “or bearer:” if “or order” then payable to John Ray or to any holder, providing John Ray had so ordered it paid, by indorsement. Thus it is clearly evident that these evidences of debt, which is really the significance of commercial paper, answer the requirements, in a restricted sense, of money, and serve as the consideration for settlement in a great many of the transactions involving sale and exchange, incident to business enterprises. We must utter here a word of caution in regard to receiving negotiable paper; which is, not to accept of it after maturity, since notes and bills are presumably paid at the time when they become due, and one taking them after that time, must remember he takes them subject to this possibility, or possible existing equities between or among the original parties. Negotiability, the outgrowth of indorsement, makes it necessary to give some explanation regarding the character of an indorser, or what his position and liabilities are. An indorser is one who writes his name on the back of a note or bill, either for the purpose of transfer, or of assuming liability thereon, and frequently for both. We shall mention three kinds of indorsement. Special indorsement, indorsement in blank, and, as applicable to both, indorsement without assuming liability, or without recourse. And first, if John Ray, payee named in bill or note, delivers possession of the same to John Smith, at the same time writing on the back of it, “Pay to John Smith or order, John Ray,” he thereby transfers by special indorsement. After transfer made in this manner, John Smith, or any one to whom he may give the power by indorsement, may collect of the original promisor, _i. e._, the maker of note or acceptor of bill, the amount due by clear evidence of the paper itself. Not only does this indorsement secure transfer of ownership, but also creates liability, for John Ray by it, without the addition of a restricting or denying clause (which we shall refer to later), agrees to personally attend to the payment, if the parties primarily liable fail to do so.