her, and recovers in one good payment
what he lost in two or three bad ones.

But in bills of exchange or promissory notes, it is quite another thing;
and he that values his reputation in trade should never let a bill come
twice for payment, or a note under his hand stay a day after it is due,
that is to say, after the three days _of grace,_ as it is called. Those
three days, indeed, are granted to all bills of exchange, not by law,
but by the custom of trade: it is hard to tell how this custom
prevailed, or when it began, but it is one of those many instances which
may be given, where custom of trade is equal to an established law; and
it is so much a law now in itself, that no bill is protested now, till
those three days are expired; nor is a bill of exchange esteemed due
till the third day; no man offers to demand it, nor will any goldsmith,
or even the bank itself, pay a foreign bill sooner. But that by the way.

Bills of exchange being thus sacred in trade, and inland bills being (by
the late law for protesting them, and giving interest and damage upon
them) made, as near as can be, equally sacred, nothing can be of more
moment to a tradesman than to pay them always punctually and honourably.

Let no critic cavil at the word _honourably_, as it relates to trade:
punctual payment is the honour of trade, and there is a word always used
among merchants which justifies my using it in this place; and that is,
when a merchant draws a bill from abroad upon his friend at London, his
correspondent in London answering his letter, and approving his drawing
upon him, adds, that he shall be sure to _honour_ his bill when it
appears; that is to say, to accept it.

Likewise, when the drawer gives advice of his having drawn such a bill
upon him, he gives an account of the sum drawn, the name of the person
it is payable to, the time it is drawn at, that is, the time given for
payment, and he adds thus--'I doubt not your giving my bill due
honour;' that is, of accepting it, and paying it when it is due.

This term is also used in another case in foreign trade only, namely--a
merchant abroad (say it be at Lisbon, or Bourdeaux) draws a bill of L300
sterling upon his correspondent at London: the correspondent happens to
be dead, or is broke, or by some other accident the bill is not
accepted; another merchant on the Exchange hearing of it, and knowing,
and perhaps corresponding with, the merchant abroad who drew the bill,
and loth