It seems hardly necessary to define this term other than to say that the " banker," in general, is a custodian of the funds of others. Ricardo distinguishes between a " banker " and a " capitalist," however, by stating that the function of the former begins as soon as he uses the money of others, but he is only a " capitalist " as long as he uses his own money.

The term " banker " is used in altogether too broad a sense, and should not include those who make an exclusive business of note broking, stock broking, etc., or in cases where no custodianship of money is involved.

" The banker is a dealer in money more precisely than some writers have been willing to grant. He is a dealer in money, because money is, in the ultimate analysis, the commodity which he promises to deliver on demand." 2

Their powers extend to certain other institutions.

2 Charles A. Conant.

Some states prohibit the use of the terms "Bankers " and "Investment Bankers " as applied to firms which make a sole practice of offering security issues to the public.

Bankers' Bills (or Bills of Exchange). If the reader will first understand the meaning of " commercial bills," it will be seen that these are bills of exchange" drawn against a shipment of merchandise. They are distinguished from "bankers' bills" - which are so called because drawn by bankers rather than by a shipper of merchandise - on account of the latter's being drawn by a banker in one country against one in another with whom he has credit.