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Negotiable Instruments

documents which may be converted into cash, representing money. They may be divided into two classes: those based on legislation, such as government script ; or on credit, personal or otherwise, such as a bank note, representing the credit of a banking institution, institution , or a personal check, or promissory note, representing the credit of an individual. Bonds, stocks, mortgages are further specimens of such documents. Those based on statute are usually converted into money at their face value, in theory, at least, though actually, if the credit of a government is low, they exchange for more money in gold than their face value.

Documents based on credit are "discounted," usually on the basis of the current rate of interest, where the credit of the individual or firm is good.

NEGRITOS (ne-grētōz), the name given to certain negro-like tribes inhabiting the interior of some of the Philippine Islands, and differing both in features and manners from the Malay inhabitants of the Eastern Archipelago. They seem to be more closely akin to the Andaman Islanders than to either Papuans or any other stock; and are also known as Aëtas or Itas (see PHILIPPINE ISLANDS). The name is also used in a wider sense for the Papuans and all the Melanesian peoples of POLYNESIA (q. v.).