Bill-brokers

Bill-brokers are persons who, being skilled in the money-market, the state of mercantile and personal credit, and the rates of exchange, engage, either on their own account, or that of their employers, in the purchase and sale of foreign and inland bills of exchange, and promissory-notes. They are to be distinguished from discount-brokers, or bill-discounters, whose business consists in discounting or advancing the amount of bills of exchange and notes which have some time to run before they come due, on the faith of the credit of the parties to the bill. Thus a bill-broker might purchase a doubtful bill and discount it by means of his own credit. The distinction between them is not, however, in practice a very broad one. See BILL OF EXCHANGE, BROKER, PROMISSORY-NOTE.