is done is as follows:
New York, January 1, 1884.
At sight [or sixty days after date] of this first bill of exchange (second and third unpaid), pay to the order of D [the importer of steel rails] £20,000, value received, and charge the same to the account of
[Signed] A [exporter of wheat].
To B [buyer of wheat],
Liverpool, Eng.
D has now paid $100,000, or £20,000, to A for a title to money across the Atlantic in Liverpool, and with this title he can pay his debt to C for the rails. D indorses the bill of exchange, as follows:
Pay to the order of C [the seller of steel rails], Liverpool, value in account. D [importer of steel rails].
To B [the buyer of wheat].
By this means D transfers his title to the £20,000 to C, sends the bill across by mail (“first” in one steamer, “second” in another, to insure certain transmission) to C, who then calls upon B to pay him