PURPOSE ANSWERED BY NEGO TIABLE INSTRUMENTS. "Negotiable contracts were introduced in modern times for the benefit of commercial intercourse. They are designed to cir culate readily from hand to hand, and thus multiply the facilities of traffic and credit." Professor Tiedeman states that the development and extension of commerce outgrowing the limited supply of money, as well as the danger from loss by robbery and destruction in the transportation of money, led to the invention and use of a representative of money commercial paper which possesses the characteristic of money in that it passes current and thus becomes a medium of exchange. It was the demands of commerce, he believes, that induced the courts to extend to commercial paper the char acter of money, and that this exchange quality is what distinguishes commercial paper from other instruments of indebtedness. This contention is strengthened, if not proven, by the fact that as commerce and trade developed new forms of com mercial or negotiable paper were invented, and this process of adding to the variety of instruments pos sessing the quality of negotiability has not ceased at the present time, though over nine-tenths of the volume of business is estimated to be conducted by this paper medium of exchange.