Rediscounting
a financial practice little in use in this country, but quite common in European countries, where it is a large part of the general banking business. Instead of holding in their vaults notes or bills of exchange, where they are held as "dead" assets, the European banks employ them as currency and they are passed on, until finally they reach the central banking institution of the country. In other words, local institutions are able to put to active use the capital represented by such instruments.