[rescue] random babble

[Tim H.]

On Sun, 01 Sep 2002 14:25:50 -0400
Chad Fernandez <fernande at internet1.net> wrote:

> But that is not good.  With a check you have some protection if it is 
> lost or stolen.  It's designed to be cashed by a particular person or 
> organization.  The English/Israeli system does not allow for that 
> protection.  For instance sending you rebate chack through the mail 
> would be like sending cash.... if's lost, it's lost, the money is
> gone!
> 
> Chad Fernandez
> Michigan, USA

When checks were invented they were as good as cash, and often traded as
such.  They were often not even paid by a bank, but basically said John
Doe says he has $X.xx for the bearer of this check, and it would
circulate around based on John Does reputation until somebody actually
cashed it with him.  Really, why is that worse than cash?  cash just
says this paper is worth $X based on the reputation of X government.  At
least the old checks could be traded for money with intrinsic value,
unlike the cash of today.

Tim