" reasury notes of Act of July 14, 1890 " are sometimes called " coin notes."
Pieces of money of a fixed weight, stamped by the authority of government, and employed as a circulating medium; or, as Jevons defines them, " ingots of which the weight and fineness are certified by the integrity of designs impressed upon the surfaces of the metal." Their value may be represented by the material of the coins, or may depend to a greater or less extent on the credit of the State.1
or (Coll.). Collateral.
The obligation or promise to pay of an individual, firm, or corporation, on demand or maturing in a year or less time, and which individual, firm, or corporation has deposited with the holder of the note, stocks, bonds, or other securities, which, in case of the note not being paid when due, may be sold by the holder of the note and so much of the proceeds of the same as may be necessary to satisfy the debt retained by the lender, and the balance, if any, returned to the borrower. (See " Collateral.")
(Read " Collateral Trust Bonds.") A " collateral mortgage bond," technically, should be secured by a deposit of bonds in turn secured by mortgage. But this title has been much abused, and bonds issued with such a title frequently are secured by stocks only, as was the case recently with a large Western railway company (Holding Company) which authorized an issue of $75,000,000 " collateral mortgage gold bonds "secured by a pledge of nothing but the stock of another railway company.
The charge made by a bank for the collection of a check, draft, or other item, upon points outside the city or town in which it is located. Each Federal Reserve Bank is now taking over this work for the benefit of the banks in its district.
This employee of a bank is responsible for such items as notes, time drafts, etc., that is, papers which are payable "on time." Items which are payable "on demand " do not as a rule come under his jurisdiction.
See " Collections"
See "Coupons - Collection of."
The "clearing-house" term indicating the checks, drafts, etc., which a bank presents at the "clearing-house," or which it has for collection. Also referred to as "collection items."