The Bank of England note, however, was seldom seen in the course of ordinary payments. It used, I believe, to change hands in considerable quantities on race-courses, but as a general rule monetary business in this country was done, when it was a matter of comparatively small sums, by payments in gold, or in the subsidiary currencies of silver or bronze; or when larger amounts were being settled, by means of cheques drawn upon banks. These cheques also, though not legal tender, were always convertible, if the holder wished, into gold. Anyone who held an uncrossed cheque on an English bank and wanted gold for it could either go to it and demand its payment, in which case he would probably be offered the option of receiving payment in gold or Bank of England notes, and so could take gold at once. But if the bank preferred to exercise its legal right of meeting the cheque with Bank of England notes, which we have seen to be legal tender, then our gold seeker could take the notes to the Bank of England and demand sovereigns in exchange for them. Or, he could go to his own bank—and this he would have to do if the cheque which he held had been "crossed," pay the cheque into his account and draw against it. His own bank
