26. We have now to consider the various methods by which Credit, or Debt, is extinguished. Credit being the Eight to something to be paid or done, of course the Payment or the Performance of the thing promised extinguishes the Credit, or Debt. Commercial Credit in this country is always expressed to be payable in money: and it is often supposed that Bills of Exchange are always paid in money. But there are several methods by which Credit is extinguished besides payment in money. And in this country the quantity of Bills of Exchange which are paid in money is infinitesimal compared to those paid in other ways. We have now to examine the various methods of extinguishing Obligations: these are -

1. By Release, or Acceptilation.

2. By Payment in Money.

3. By Renewal, Transfer, or Novation.

4. By Set off, or Compensation.