At modern law, bonds payable to bearer or to order,1 and coupons on bonds,2 are negotiable.

Warrants drawn by public officials are negotiable if payable absolutely and consisting of an order or a promise.3 If payable conditionally, as where drawn on some particular fund,4 or if given simply as a voucher of the amount due,5 though prima facie valid,6 they are not negotiable.7 They can not be reissued after they have been paid and retired.8

6 Pittsburgh, etc., Ry. v. Lynde, 55 O. S. 23, 49, 44 N. . 596.

See also, Williams v. Peninsular Grocery Co., - Fla. - , 75 So. 517.

7 Stevens v. Ball Club, 142 Pa. St. 52, 11 L. R. A. 860, 21 Atl. 797; Mackay v. Church, 15 R. I. 121, 2 Am. St. Rep. 881, 23 Atl. 108.

8 Coe v. Ry., 8 Fed. 534; Frevall v. Fitch, 5 Whart. (Pa.) 325, 34 Am. Dec. 558.

9 Aycock Supply Co. v. Windley, 176 N. Car. 18, 96 S. E. 664.

1 United States. Clark v. Iowa City, 87 U. S. (20 Wall.) 583, 22 L ed. 427; Waite v. Santa Cruz, 184 U. S. 302, 46 L. ed. 552; Fairfield v. School District, 116 Fed. 838 [reversing, 111 Fed. 453]; Central, etc., Co. v. Trust Co., 114 Fed. 263; Quinlan v. Green County, 157 Fed. 33, 84 C. C. A. 537, 19 L. R. A. (N.S.) 849.

Connecticut. Parsons v. Utica Cement Mfg. Co., 82 Conn. 333, 135 Am. St. Rep. 278, 73 Atl. 785.

Michigan. Adrian v. Whitney Central National Bank, 180 Mich. 171, Ann. Cas. 1916A, 600, 146 N. W. 654.

Mississippi. Beiser v. Supervisor's District, 114 Miss. 842, 75 So. 594.

New York. Hibbs v. Brown, 190 N. Y. 167, 82 N. E. 1108.

Pennsylvania. Cochran v. Fox Chase Bank, 209 Pa. St. 34, 103 Am. St. Rep. 976, 58 Atl. 117.

Massachusetts. See also, Pratt v. Higginson, 230 Mass. 256, 1 A. L. R. 714, 119 N. E. 661.

For the negotiability of debentures, see The Law Merchant and Transferable Debentures, by F. A. Bosanquet, 15 Law Quarterly Review, 130; The Negotiability of Debentures to Bearer and the Growth of the Law Merchant, by Francis Beaufort Palmer, 15 Law Quarterly Review, 245, and The Evolution of the Debenture, by G. A. Mac-Donald, 23 Law Quarterly Review, 195.

2Hartman v. Greenhow, 102 U. S. 672, 26 L. ed. 271; Trustees v. Lewis, 34 Fla. 424, 43 Am. St. Rep. 209, 26 L. R. A. 743, 16 So. 325.

3 Negotiable when drawn on any money in the treasury not otherwise appropriated. Blaisdell v. School District, 72 Vt. 63, 47 Atl. 173. Negotiable as far as concerns title. Fidelity Trust Co. v. Palmer, 22 Wash. 473, 79 Am. St. Rep. 953, 61 Pac. 158.

4 National Bank v. Herold, 74 Cal 603, 5 Am. St. Rep. 476, 16 Pac 507.

A postoffice money order is issued by the United States Government in its public capacity, and is subject in its use to many restrictions not commonly found in negotiable instruments.9 It is therefore not negotiable.10