Question 889. - A firm makes a draft on a merchant in this city with instructions to allow a discount of 2 1/2 per cent, if paid before a certain date. Has the drawee the right to change the face of the draft and is the ledger-keeper justified in marking this draft for the amount minus the discount when paid before the time specified?

Answer. - We presume that the "instructions" are given to the collecting bank and the item to be in its hands; it surrenders it for payment less 2 1/2 per cent, if paid before the prescribed date - the rest is mere detail.