in commerce, a term among traders, merchants, and bankers. It is used by the two former on occasion of their buying commodities on the usual term of credit, with a condition that the seller shall allow the buyer a certain discount at the rate of so much per cent. per annum for the time for which the credit is generally given, upon condition that the buyer pays ready money for such commodities, instead of taking the ordinary credit. Traders and merchants also frequently take promissory notes for monies due payable to them or their order at a certain time, and, sometimes having occasion for money before the time is elapsed, get these notes discounted or cashed by bankers before the time of payment. Bills of exchange are also discounted by bankers; and in this consists one article of the profits of banking.