India Council Drafts

See "Council Drafts."

India, Money of. See " Rupee."

India Rupee Paper

See " Rupee Paper."

Indirect Exchange

Same process as explained under "Triangular Operation."

Individual Deposits

The "bank statement" is frequently tabulated in such form as to subdivide the deposits. " Individual deposits," therefore, would have reference to all deposits other than by banks and trust companies, United States Government, or from the banks' agents. It would include deposits of firms, individuals, corporations in general, private bankers, etc.

Indorsed Paper

See " Two-name Paper."


The party indorsing a paper, by such act, must assign or transfer certain rights therein to another called the " indorsee," i. e. the person to whom a check, note, etc., is indorsed, or made payable by assignment; the one who acquires the rights conveyed by the indorsing of any negotiable instrument. If a check is made payable to Henry Poor, and he writes across the back, " Pay to the order of Paul Jones," and then signs his own name below, Paul Jones acquires the right to collect the check and becomes the " indorsee."

Indorse for Deposit. Supposing the reader to have already familiarized himself with the matter under " Indorse," it is only necessary to add here the simple bank rules for indorsing checks, etc., for deposit. The simplest form is: " Pay to the Fisherman's National Bank or order " for example; and then the depositor signs his name immediately below. (The reader's attention is particularly called to the next to the last paragraph under " Indorse.")


The indorsee's act of writing, or the writing itself. (See " Indorser.")

Indorsement In Blank

An instrument with simply the name of the indorser written upon its back. This makes it good in the hands of any legitimate holder. The holder of such a paper may make it payable to himself or to whomsoever he chooses by writing the name directly above the indorsement.

Indorsement In Full

An instrument with not only the name of the indorser written upon its back, but following directly under the name of the party to whom it is indorsed for payment.


A person who indorses a check, note, etc.; that is, writes his name across the back and by this act becomes liable for its payment. (See "Without Recourse," and "Indorse.")

Indorser for Value. The opposite to an "accommodation indorser" (see "Accommodation Paper"); one who receives consideration for his indorsement.

Industrial Insurance

This differs in no essential particular from the ordinary life insurance. It consists of insurance for small amounts among those who cannot, or do not wish to, afford so large a policy as, say $1,000, and who prefer to pay the premium weekly in small sums. This method of insurance is expensive - the cost being nearly double that of the ordinary kind - and is open to the criticism, by many, of encouraging the placing of insurance upon the lives of children and infants, which, among the very poor, especially, is obviously objectionable. At the same time, it is not fair to condemn in its entirety this form of insurance, for there must be many cases where a burial fund is provided, which is of great help and comfort to the parents.