Exact agreement does not exist among financial men and writers as to the definition of commercial credits. In the United States the term "commercial paper" is widely used in a very technical sense, and refers only to such paper as is marketed through note-brokers. Such paper is short term, but is in large part continually renewed at maturity and sold to present holders or others, and therefore represents long-term advances. Another restrictive definition makes commercial credit relate only to credit extensions which facilitate the marketing of products. This definition is too restrictive; industrial loans for the purpose of buying raw materials and paying wages to workers may be as self - liquidating, may be for as short terms, and as safe for temporary investment as mercantile loans. This definition would exclude also loans to speculators and brokers, a considerable part of which are characterized by the two essentials of commercial credit, namely, short term, and self-liquidation. Important differences of opinion as to banking policy often arise from the inability to agree on a strict definition of commercial credit.