unless they be already satisfied and the Possessors must on the day of payment declare to the Acceptants that they are to have the payment by virtue of the Endorsements and in case of refusal to pay then before the delivery of the Bills then the Possessor must bring the Bill to one of the Book-keepers in the Bank there to be Registered whence the Acceptant must fetch them after he hath ordered the Parcel to be writ of to the Possessors account and not before c. VIII A Possessor of Bill payable in currant Moneys either to himself directly or to order is not obliged to part with his Bill before he be effectually satisfied and if he suspect the Acceptant he must not exchange his Bill for an Assignation whether on a Cashier or some else and may with good reason detain the Bill till the Assignation be satisfied in case he will write on the Bill that he hath received from the Acceptant an Assignation for such a Sum on such and such a Person IX In the demanding of Payment especially as well as in the whole Trade of Exchange Equity Credit and Honesty must be observed and encouraged But Cheats and Knaves should be severely punish't such as J. Snaw R. Shaw Joseph Fernley c. CHAP. XVI Of the Payment of Bills by the Acceptant Rule I. BIlls must be punctually paid according to their Tenure and Contents yet in respect of the time when and the Moneys wherewith in such manner as is usual and ordinary at the place where they are to be paid unless there be some certain express Condition in the Bills to the contrary II. The payment of a Bill must be made to the true and lawful Possessor of it wherefore Acceptants in the payment of their Bills must be careful and circumspect lest paying it to others they be forced to pay twice III. If payment be demanded by any the Acceptant knows not and scruples whether he be the true and lawful Owner of the Bill and the Possessor thereof cannot demonstrate that he is the Man to whom it is made payable either originally or by the Endorsements because he may be a Stranger and hath no Acquaintance then its most advisable for the Acceptant to delay and defer the Payment till the last day if peradventure some other in the mean time may not demand it IV. No Bill must be paid before it become due if it be paid before the Acceptant runs the hazard and danger that may ensue Yet this doth not hinder but that if a Bill be made payable to order it may be Negotiated and Endorsed but however the Acceptant must not pay before the same become due V. When a Bill is accepted that is made payable to a certain Nominated Person if the said Person desire the Acceptant to pay it to any other and he promise to do it he is obliged thereto whether the Possessor should in the interim fail or not from whence appears that the Possessor of a Bill is the true Owner So Marius also sayes The Remitter may countermand and forbid the payment to him that first had the Order VI. When a Bill is made payable to a certain nominated Person he for whose account the Bill was remitted i. e. the Remitter as the principal Owner and true Proprietor of the Bill may Revoke his Order and cause it to be paid to another if his order come before it be paid and the Acceptant is obliged in such a case to deposit the Moneys in other Hands till such time as it shall be made appear who of right ought to receive it or if he hath order from the Remitter he may suffer the Bill to be protested for Non-payment But when a Bill is made payable to Order then the Remitter makes him to whose Order it is payable sole-master of the Bill who hath Power and Authority to dispose of it as he will and the Acceptant must pay it to his Order VII Bills that are payable at such a Precise day as on the last of June c. are paid the same Day by those that are punctual but if their Day of becoming due be calculated according to Usance or after the date or sight then the Payment is not usually made till the day after but yet the Payment may be made the very same Day without any the least Prejudice to the Payer VIII Bills payable at sight or two or three dayes after may be paid presently so soon as presented without any Prejudice to the Payer whereas it may be a great Prejudice to the Possessor of the Bill to stay for the Moneys till the Respit dayes be expired IX All Bills must precisely and punctually be paid within the dayes of Respit after the day of their becoming due These dayes of Respit are in some places more in some fewer and are introduced by Custom or ordered by the Magistrates and any Possessor of a Bill may safely without any prejudice wait till the last of these days without protesting for Non-payment yea is obliged to wait so long X. At Amsterdam six Respit dayes are allowed after the day of the Bills becoming due inclusive of all Holy-dayes and Sundayes c. and if the payment be made on the sixth day by the Acceptant it s accounted good and punctual payment wherewith the Possessor must be satisfied and if the Bill be payable in Bank and the six dayes of Respit are not fully expired before the shutting of the Bank in order for the making of new Books then the Acceptant may defer the payment till the third day after the opening of the Bank again and so in case the Bill fall due when the Bank is shut and all this time the Possessor of the Bill can make no Protest nor wiâ—â— his not making Protest be any prejudice to him NB at Rotterdam Middlebrough and Antwerp are also including the Holy-dayes and Sundayes six Respit dayes allowed But Bills at sight must be paid within twenty four Hours But at Colne Breslaw Newrenbrough and Venice the Sundayes and Holy-dayes are not included in the six Respit dayes allowed after the day of the Bills becoming due In some places fewer Respit dayes are allowed as at London three dayes and no more At Frankford out of the Fair time four dayes At Leipzicke out of Fair time sive dayes and at Ausburge five and in these places all Bills payable at sight must be paid within twenty four Hours Other places have more Respit dayes allowed as Naples eight Dantzick and Konigsbrough ten Paris Roan Rochel Nants Bordeaux ten and all France But in these last the day of the Bills becoming due is reckoned for the first of the ten Sundayes and Holy-dayes are included Hambrough allows twelve dayes including the day of its becoming due and in regerd no Protests can be made there on Sundayes or Holy-dayes if the twelfth day fall on either the Protest may be deferred till the next Stockholme allows also twelve dayes
narrowly observe Rule I. THe Drawer is obliged to give to the Remitter Bills for the Sum Negotiated II. The Drawer ought to observe before he subscribe the Bill at least before he part with it and the Remitter before he receive it at least before he send it to the Post or if he redraw the Value before he endorse it or part with it out of his hands if it be well and truly made and all the necessary Requisits fully exprest in it III. A Bill of Exchange is an obligatory Writing containing 1. a Time When 2. the Place Where the same is dispatched 3. the Sum 4. agreed on and ordered 5. at a certain Day 6. To whom it must be paid 7. From whom 8. the Value is received 9. subscribed by the Drawer with a Superscription 10. to him that shall pay it and satisfie it and 11. the Place where it shall be satisfied These are the Requisits of a Bill of Exchange IV. 1st Both the Parties must observe that the Bill be rightly dated and clearly exprest V. 2dly That it name the Place where it was made and concluded on VI. 3dly That the Sum be exprest so clearly both in Words and Figures that no Exceptions can be taken against it VII 4thly That the Payment thereof be ordered and commanded VIII 5thly That the time of Payment be not dubiously exprest nor neither sooner nor later than the time agreed on IX 6thly The Remitter must especially observe that the Name of the Person to whom Payment must be made be well and truly Spelled or if it be made to his Order that those words be clearly writ X. 7thly 8thly He must also observe if his Name be therein and the Value of him be exprest XI 9thly He must observe that the Bill be under-writ by the Drawer XII 10thly The Drawer must principally look to the Direction and Superscription of the Bill that it be well and truly made and directed to the right man XIII 11thly They must both observe that the Place wherein the Payment must be made and the Coyn or Species wherein it must be paid be fully exprest in the Superscription or in the Body of the Bill And if a Drawer draw upon one that lives not at the place where the Payment must be made then must the Remitter observe that as well the Place where the Person that must pay liveth as the place where the Payment must be made be exprest XIV Here follows the Form of a Bill of Exchange York April 23. Anno 1680. pro 1000 Rixdollar Specie AT Usance Pay this my first Bill of Exchange my second of the same date being yet Unpaid to Mr. N.W. or his Order the Sum of One Thousand specie Rixdollars the Value received here of Mr. C.K. Make good Payment and place it to Account according to Advice from Sir Yours J.S. To Mr. N.C. Merchant 1. a. in Hamborough XV. Sometimes it falls out that but one Sola Bill of Exchange is made for one Parcel but ordinarily especially when the Places are of any considerable Distance two and sometimes three must be made and the first is called Prima the second Secunda c. XVI A Remitter deals imprudently when he requires or accepts of one Sola Bill of Exchange for one Parcel though it be to be paid upon sight if the Place of Payment be of any Distance considerable from the place where the Contract was made XVII The Drawer is obliged to give the Remitter as many several Bills of Exchange as the Remitter desires and to proportion the Sums according as the Remitter requires on the contrary the Remitter is obliged to receive as many Bills from the Drawer and to furnish him with so much Moneys as the Sum agreed on will amount to XVIII The Drawer deals imprudently when he makes more Bills of Exchange than one for one and the same Sum and of one and the same Import And in case the Remitter require of him thus much then let him make one Bill for the Sum the Remitter desires and let him for the other Sum make two Bills all amounting to the desired Sum i.e. If the Remitter would have two 500 Dollar Bills at one time let the Drawer make one 500 Dollar Bill and divide the other 500 Dollars into two Bills XIX The Drawer must especially observe that for one and the same Parcel of Moneys he make not two Prima's or two Secunda's but he must observe to distinguish them clearly as well in the Body of the Bill as on the Superscription XX. Its Prudence in a Drawer when the Remitter requires a Secunda Bill c. and the Drawer is not certain whether he hath given him a Secunda or not to make a Third or Tertia Bill instead of a Secunda and so instead of a Tertia a Quarta c. XXI The Drawer must also observe that all the Bills that are for one and the same Parcel must bear one and the same date and must be in every respect alike only with this difference that one is the Prima another the Secunda c. XXII A Drawer may direct his Bills to whom he pleaseth that hath Authority and is obliged to accept them and by the acceptance obligeth himself yea on his own Servant whom he maintains abroad XXIII A wise Drawer will make no Bills payable at sight nor at so many Dayes Weeks or Moneths after the sight XXIV Neither shall he if he can any way void it make any Bills payable to him on whom he draws unless he be abundantly satisfied of his Sufficiency and Faithfulness XXV The Drawer is obliged to accommodate the Remitter by altering the Bills when he requires it though already made according to his order either by dividing the Sums or making them payable to another in case no man else hath endorsed them if the Remitter will be at the Charges of Postidge of the Letters c. but if the Bills be accepted or endorsed the Drawer must be very cautious in altering any thing XXVI A cautious Drawer will be careful to change or alter in both or all the Bills what he changeth or altereth in one XXVII No Remitter is obliged to receive any Bills from the Drawer which are made payable by the Drawer himself except at the great Marts and Fairs XXVIII When in the concluding of a Parcel the Broger expresly promiseth to the Remitter that the Drawer shall deliver him Bills that are drawn endorsed or accepted by a known sufficient man then the Remitter is not obliged to receive the Drawers own Bills nor unaccepted Bills nor any other Bills that are only endorsed by the Drawer XXIX A Remitter must be cautious in accepting or receiving of accepted Bills of Exchange which are made payable to the Order of the Drawer and endorsed by him unless he knew the Drawer to be sufficient XXX He must also be cautious of receiving Bills that are made drawn or accepted by a known sufficient man whose Hand-writing he
8 per Cent. per Annum which any Creditor may charge his tedious Debtor with when he payes not punctually at the time X. Though the Notary Publick does declare and in the Protest express That he protests for all Damages c. that shall accrue yet no Acceptant is obliged to make any other Loss or Damage good but what are above specified as the Rechange Provisions Protests and Postidge in manner and form as before declared nor can the Possessor with any Equity or Law compel the Acceptant to make good any loss or damage that he pretends to have sustained for want of punctual payment as the frustrating of his Designs the loss of some convenient and profitable Opportunity or any such like thing XI No prudent man will supra protest accept and satisfie any Bill that is returned unsatisfied from the Drawer unless he hath express order to do it in his honour XII Though the Possessor of a Bill protested and returned from the Drawer unsatisfied hath thereby Right and Law against the Acceptant and may proceed against him by Execution Arrest and Attach c. yet he is not necessarily obliged thereto but if he will he may at the Acceptant's request spare him and seek his regress again upon the first Drawer unless he hath express order to the contrary CHAP. XXII Of Subscribing a Second or Third Bill Rule I. WHen the Drawer is not acquainted with the Remitter or that the Remitter questions his sufficiency it s then usual for the Drawer to make his Bill payable to some Friend of his who will endorse the Bill with whose sufficiency the Remitter is satisfied II. but in case the Friend will not willingly endorse or the Drawer for some Reasons will not desire it of his Friend then its usual and customary for that Friend to subscribe the secunda or tertia Bill III. He that doth subscribe a secunda or tertia Bill doth only subscribe his Name under the Drawer's without adding a Syllable more and thereby he doth as fully and amply oblige himself as the principal Drawer doth IV. No Mackeler or Broger must promise the Remitter that any other Friends shall subscribe the Drawer's secunda or tertia Bill unless he know for certain that it will be so V. If in the Contract the Drawer simply negotiate in his own Name and does not promise that any other should under-write for him or the Remitter does not expresly condition for it then the Drawer is not obliged at the request of the Remitter to procure any to subscribe his Bills VI. By Subscription of a secunda or tertia Bill the Subscriber doth only oblige himself to the Remitter and to him to whom he gives the secunda or tertia Bill by him subscribed thus if the Remitter or any other keep the tertia subscribed Bill and the Possessor of the prima and secunda unsubscribed would seek any redress upon him he cannot for want of the tertia subscribed Bill VII Because the subscribing of a secunda or tertia Bill is only for security of the Remitter and is to the dispect and discredit of the Drawer therefore not to lessen the Credit of the principal Drawer the same is usually concealed not divulged nor ought the subscribed Bill to be sent away to any other place VIII Because the Bills drawn on Venice must be done directly and made payable by some there therefore some that give and take remit and draw on one Exchange time in one day make use of this Method they order their Drawer to make his Bills according to their Direction the Value from him received and for their security they subscribe the secunda or tertia Bill but a prudent and understanding Drawer will judge himself unobliged to make any Bills but such as make the Value to be received of the Remitter to prevent the subscribing of the secunda or tertia Bill IX The Bills subscribed by another being satisfied should be again delivered to the principal Drawer who in the prima Bill acknowledgeth to have received the Value of him and the Remitter is very imprudent if he pay the Value to the Subscriber though he contracted with him and looks more upon the Subscriber than the principal Drawer X. He that subscribes a secunda or tertia Bill does wisely if he on the day of Payment enquire of the Possessor or Remitter whether the Bill be satisfied or no that he for his security may have the subscribed Bill cancelled or re-delivered CHAP. XXIII Of Exchanging for Account and in the Name of a Third Person Rule I. EXchange is made in the Name and for Account of a third Person when any one doth by the Order full Power and Authority of another which is called among Merchants Procuration and thus Bills may be drawn subscribed endorsed and accepted not in the Name or for the Account of him that doth draw subscribe endorse and accept but in the Name and for the Account of him that authorized him II. Great prudence is to be used in giving any man full Power and Authority by Procuration to draw or accept Bills of Exchange for he that is credited so much is credited with the Credit and Estate of him that appointed him his Well-fare is in his Procurators hands III. A prudent Merchant will be prudent and circumspect in granting any such full Power to any one and will advise all his Correspondents on whom his Procurator shall have occasion to draw c. with and under his own Hand that he hath granted to such and such a one such a full Power to draw in his Name Bills of Exchange and defire them to give credit to his Subscription till he revoke and evacuate his said full Power or till such a time as he shall limit IV. He that by Procuration in the Name of another Bonâ side does negotiate draw endorse subscribe and accept Bills of Exchange by under-writing his own Name and his Quality does thereby as effectually oblige his Principal himself being in the mean time not in the least obliged as if he himself had subscribed V. He that negotiates draws accepts endorseth c. Bills of Exchange in the Quality of a full Power and Procurator in the Name of another is obliged at all times to prove his Quality and if he cannot do that nor hath that full Power he pretends to is not only himself obliged to perform all that he hath negotiated with others in the Name of a third Person but if I may add my private Opinion is liable to be severely punished as a Knave and a Cheat for pretending to that which he had not VI. If any draw or accept by Procuration and have not that full Power they pretend to they do not thereby oblige the Person whose Name they make use of unless it can be proved that such a Person hath given them such a full Power VII A prudent Remitter will receive no Bills nor a prudent Possessor accept of no Acceptance
instantly either himself or by some other Endorser before him or for him and if he pay and satisfie it himself he is not then to demand Provision or Charges of the other Endorsers or Drawer in the same place more than he himself hath actually paid X. The Remitter or Possessor of a Bill protested for non-payment is not oblig'd necessarily to compel the Drawer or Endorser of a Bill to the Restitution if he had rather seek his Redress on the Acceptant and so on the contrary he is not necessarily obliged to look on the Acceptant when he had rather seek his Redress on the Drawer or Endorser nor is he obliged to give them any time for the Payment but may when the Payment is not punctual proceed against which of them he pleases by Arresting either their Persons or Goods or both XI No Drawer or Endorser is obliged to make Restitution at the sight of the Protest alone nor at the sight of the Protest and the unaccepted Bill when one of them hath been accepted but he is obliged to give sufficient caution and security to the Remitter at the sight of the Protest alone and to make Payment when both the accepted Bill and the Protest are presented XII No Drawer or Endorser is obliged at the presenting of the Protest for Non-payment made before the last Respit day when the Acceptant hath not absolutely denyed payment but only desir'd delay till the last respit day to give any caution or security much less to re-pay the Re-change and Charges c. if he can prove that the Acceptant or a third Person supra Protest would on the last respit day pay the same and that the Bill had effectually been paid if it had remained at the place of Payment so long XIII No Drawer or Endorser is obliged to pay the Re-change of an accepted Bill if the Protest were not made within the limitted dayes of Respit XIV If the Payment of a Bill be demanded on the day it becomes due and the Acceptant is commanded by Authority of the Magistrate not to pay it yet the Possessor may protest for Non-payment and the Drawer is obliged to pay the Rechange but if for any Accidental Occurences the Payment cannot be demanded as perhaps a City may be besieged and the Possessor is not allowed to go in to make his Demands c. then the Drawer is not obliged to make Restitution but the whole Sum runs upon the Risco and hazard of the Possessor or Remitter of the Bill XV. If the Endorser unadvisedly or ignorantly makes Restitution for a Bill protested for Non-payment after the Respit dayes and the Drawer refuseth to make him satisfaction then the Endorser hath no Redress but to demand Restitution again from the Person to whom he paid the Value XVI The Drawer or he that makes Restitution for a Bill protested for Non-payment within the dayes of Respit must remember to demand Cessionem Actionis from the Possessor against the Acceptant whom he may compel to give satisfaction XVII It many times happens that the Possessor of an accepted Bill protested for Non-payment is by the Drawer after Restitution made desired under pretence and protest of the Drawer's refusal to make Restitution to compel the Acceptant to give satisfaction but it is very unhandsome for a third Person unconcern'd to receive Cessionem Actionis and seek his Redress on the Acceptant XVIII When the Drawer hath paid the Bill that was returned with Protest for Non-payment the Drawer is thereby freely discharged against all Parties to whom the said Bill was made payable either immediately in the Bill or mediately by Assignments were they never so many nor can any one any way molest or trouble the Drawer nor can any one of them prosecuted the Accepter on that account any further but yet the Accepter is not totally discharged if the Bill were for the Drawers or any others account to whom the Acceptant should be responsible CHAP. XXI What an Acceptant of a Bill that he hath suffered to be protested for Non-payment and is returned with Protest is obliged to Rule I. IF the Acceptant at the day of payment refuse to discharge Bills he accepted if the Bills be returned to the Drawers with Protest to demand satisfaction and the Drawers refuse to do it returning the Bill again then the Possessors of the Bills have as much Right and Law against the Acceptant as against the Drawer himself viz. their Persons and Goods may be Arrested and Attached II. Though the Possessor of a Bill hath no redress upon the Drawer if he after the days of respit cause the Protest for Non-payment of an accepted Bill to be entred yet this notwithstanding if the Drawer be yet in credit the Acceptant cannot be compelled by Arrests or Attaches to make satisfaction till the Bill sent with Protest to the Drawer is again returned on the Acceptant III. A Bill made payable for the account of the Drawer himself not paid at the due time but protested for Non-payment need not be returned on the Drawer but he may instantly without delay compel the Drawer to make satisfaction by Arrests and Attaches where-ever he finds him IV. An Acceptant of an endorsed Bill protested for Non-payment cannot be proceeded against by Arrests and Attaches if any one or all the Endorsers refuse to make satisfaction unless the Drawer himself also refuse to do it and this be proved by good Evidence V. The Acceptant of a Bill returned with Protest for Non-payment and again returned on the Acceptant is only obliged to pay the Exchange and Rechange Provisions and Postige and no other Charges more VI. The Exchange is reckoned according to the course at sight at that time and in that place where the Protest is made to the place where the Payment must be made by the Drawer and if it be not paid there then the sum is again increased the Provision and Postige being again added and then the course is reckoned again upon the whole sum according as it shall be at that time and place upon sight to the place where the Bill is to be paid and the Acceptant is obliged to pay the Rechange and all the Charges although the Parcel was not effectually negotiated and redrawn i. e. Rechange Provision and Postidge must be twice paid c. As VII Provision twice for the Exchange and Rechange VIII The Charges are no other than Postidge and for the Protests unless the Acceptant forced by his delays and excuses the Possessor of the Bill upon some unnecessary Charges which the Acceptant is obliged to pay but no extraordinary Charges as for Travelling Bribing and Spending c. IX He is obliged to pay Interest if he do not presently without delay satisfie the returned Bill which is to be reckoned from the day that the Bill was due upon to the time of its discharge and the Possessor may charge his Account with Interest after the rate of
that is subscribed by the Wife of the Drawer or Accepter or by their Servants or any other as having full Power unless he or they produce the full Power and Instrument and Procuration or be every way as able and sufficient as the Drawer or Acceptant himself VIII A prudent Remitter or Possessor of a Bill will look narrowly to this that the Procurator be sufficiently impowered and that the full Power be not antiquated out of date or recalled and in this case it were very necessary and advantagious to all Dealers by Exchange that every Procurator should cause his Instrument of Procuration to be registred in some publick and known place that their sufficiency and continuance may the better be known IX He that doth negotiate Bills c. as a Procurator should before he conclude the Parcel expresly condition that the Bills shall be subscribed by him as having full Power and Authority from the principal Drawer and if this be not expresly agreed upon the Remitter is not obliged to take such Bills nor to search into the Validity of his full Power or the like but may refuse to give him Moneys or receive his Bills if he so please X. The Possessor of a Bill must accept of the Acceptance of a Procurator if the Instrument of Procuration expresly declare that all Bills by him accepted are for the account of the Principal or especially that such and such Bills as the Possessor hath are for his account but if the Procuration be not clear nor express in this then he is not obliged to accept of any Acceptance from any that he doth not look upon as sufficient XI He that hath a full Power to draw simple Bills of Exchange in the Name and for the Account of a third Person hath also Power to draw in and endorse all Bills of Exchange that are made payable to the order of his Principal XII Marius asserts That a Merchant's Word or Letter to his Wife Friend Servant or other to accept Bills of Exchange is not sufficient without an Instrument and formal full Power to that end there must be Hand and Seal and Witnesses to prove it if need be XIII But if there be no such Instrument if the Wife Friend or Servant in his absence have formerly usually accepted his Bills and he when he hath returned Home hath approved thereof and this can be proved it will come very close to the Matter and be near upon as good as a legal and formal Instrument CHAP. XXIV Of Bills of Exchange drawn on one Place but Payable in another Rule I. THe meaning of this Title is thus When he that is drawn upon or the Acceptant dwells not in the same place where the Bill is to be paid but yet the Acceptant is obliged to bring his Monyes to that place where the Bill is to be paid thus Bills are drawn on Bristol in London i. e. the Acceptor dwells in Bristol but the Payment must be made in London against which time the Acceptant must have his Moneys ready at London Thus also Exchanges are made on Vlissingen in Middlebrough on Enchuysen and other Cities of the Province of Holland in Amsterdam on Brussells in Antwerp Lubecke in Hambrough Lions Roan c. in Paris Valentia in Madrid c. II. The Remitter is not obliged to take Bills drawn upon one that dwells not in the place where the Bill is to be paid without an Address especially when the Bills are made payable at so many dayes sight or at Usance if Usance be reckoned after sight except this Condition be expresly by him agreed to III. The address of a Bill of Exchange is a direction made either by the Drawer or the Acceptant simply declaring by whom and where the Payment shall be ready at the time appointed and to whom the Possessor may address himself in his absence as if he were present IV. He to whom the Bill is addressed by the Drawer is not obliged to accept the Bill nor he to whom the Acceptant makes the Address to pay nor to declare whether he will pay it or no before the Bill become due or any way to oblige himself for the Payment thereof But V. He that hath the Bill may demand acceptance of the Person to whom it is addrest and in case he hath no Order no Procuration nor full Power from the Acceptant to accept his Bills in his Name and for his Account the Possessor may desire the Person to whom it is addrest if a true and trusty Friend and Person to send the Bill to the Acceptant to procure acceptance or to return it with Protest which the Person on whom it s addrest is obliged to or else the Possessor may before the said Person make his Protest for Non-acceptance VI. If the Possessor dare not trust the addressed with the Bill that he may demand acceptance or if the Drawer hath not addrest the Bill at all then it s the duty of the Possessor to send the Bill or cause it to be sent to some that lives at the place where the Acceptor dwells to demand acceptance or upon refusal to Protest VII It s also usual when the Remitter or Possessor have no Correspondent to send the Bill to that lives at the place where the Acceptor dwells to desire the Drawer to send the Prima Bill to the Acceptant to procure acceptance and to return it accepted to the Remitter or Possessor to which the Drawer is not obliged yet cannot well refuse if he be assured of the real Honesty of his Correspondent and that he will accept his Bill VIII In case the Drawer do not in a convenient time return the Bill accepted to the Remitter as above the Drawer is not obliged in such a case to give any further satisfaction to the Remitter but the Remitter must look to it himself and send the second a Bill to some other to procure acceptance and to enquire whether the Prima be accepted or no and if not then the Acceptant must accept the Secunda or a Protest must be entred against him IX But a prudent and circumspect Remitter will not leave Prima Bill in the Drawers hands to procure acceptance unless he be sufficiently assured of his Honesty and Ability X. When the Possessor of such a Bill hath no Correspondence at the place where the Acceptant lives nor any who will take upon them the trouble to send it nor dare the Remitter trust the Drawer with it or if the Bill be payable in a place where there is no Bank or if the Bill must be paid in currant Moneys per cussa and not in Bank then its usual for the Possessor to advise the Acceptant by Letter that he hath such and such a Bill on him and desire him to return Answer whether he accept the same to pay it at the time or no but if he get no Answer at all or for answer that he will not accept it nor pay it
absolutely obliged to the performance of the Condition it s not enough for him to mortifie the Bill and not demand Payment thereof but he is obliged to make good to the Acceptant the Loss and Interest that the Acceptant or any other concerned therein for Non-performance of the Condition is likely to suffer VI. When the Possessor of a Conditional Bill is not absolutely obliged then if any thing happen without the Possessors fault that may hinder him from performance of the Condition this does not alwayes free and discharge the Drawer or Acceptant but he is in such a case obliged to pay the Bill though the Possessor do not perform the Condition if he will but make good the loss to the Acceptant or Drawer As for Example A. lives here and contracts with B. dwelling at Venice That he shall provide him a Pack of Says which Pack the said A. shall buy for the account of B. at the lowest Price but shall send them to Venice on his own Risco and shall have for his Provision 2. and for the disburse of his Monyes and the Risco 15. per Cent. but B. shall be obliged to pay the Costs and Charges and the whole Product eight dayes after the arrival of the said Pack of Says at Venice This all agreed upon and done the Pack of Says is Shipped and the account thereof sent and A. at the same time values upon B. the whole Sum and makes the Bill as followeth Amsterdam Octobris 23. anno 1680. per Ducat EIght dayes after the arrival of the Pack of Says No 1. as in the Margent at Venice pay upon good delivery for the Value of the same to C. the Sum of Ducats adiea A. To B. in Venice Now when B. accepts the Bill then he is obliged upon the delivery of the Pack to pay to C. the Sum exprest in the Bill though the Says should fall considerably in Price before that time But if the Says are lost at Sea and never arrive then the Acceptance is null and void and the Bill is mortifyed and if they are damaged only and do arrive then B. must receive them and pay the Bill he accepted but he must deduct from the Value as much as impartial Merchants shall judge the damage may be esteemed at because A. is considered as the Insurer VII Amongst conditional Bills Bills of Bodomery may be reckoned that is Bills that are made upon the Keele of the Ship which are accidentially conditional in regard it s not in the power of the Possessor but only depends on Providence to give a Ship a prosperous Voyage VIII The Bodomery-Bills that are usually made at Smyrna and other places in the Levant wherein the Shipper acknowledges the Receipt of such and such Goods into his Ship from A. to deliver the same upon safe arrival to B. and that the said Goods are incumbred with a Debt of a 1000 Reals upon Bodomery at so much per cento the value received of C. payable ten dayes after the arrival of the Ship To D. for his own Account 300 Reals To E. for the Account of F. 300. To G. for the Account of H. 400 Reals This being underwrit by the Shipper is as much as a conditional Exchange which if B. accept then he is obliged to make good and pay the Sum and may receive the Goods paying the Shipper his Freight and Avaridge but if there be extraordinary Avaridge or if the Goods be damaged then the Sum of the damage and of the extraordinary Avaridge must be deducted from the Sums that D. E. and G. are to receive they being as Bodomerers or Assurers IX They to whom Goods are addressed that are incumbered with Bodomery are as little obliged to accept of the Bodomery-Bills as an Acceptant is obliged to accept Bills drawn upon him but if they have once accepted they are then according to the Law of Exchanges obliged to make punctual Payment at the day appointed X. If any to whom Goods burdened with Bodomery are addrest refuse to accept the Bodomery Bills then the Possessors of the Bills are obliged to make Protests for Non-acceptance and then may request the Magistrates to authorize him to receive the Goods and to sell them and dispose of them to him that will give most or that they may be put into the Hands of another to be disposed of that out of the product of the Goods the value of the bodomery-Bodomery-Bill may be satisfied but they must have a care of acting any thing in this matter without the Authority of the Magistrate nor must they without his Authority admit any other to honour the Bills and receive the Goods and dispose of them at his pleasure XI When all this is done by the authority of the Magistrate as above is declared and there is found to be more made of the Goods than was required to the discharge of the Bodomery-Bills then that may remain in the Hands of the Person that had the Goods in disposal or be paid into the Hands of the Magistrate for the use of the true Owner of the Goods But if there be short of what the Sum in the Bodomery-Bills requires then the Possessors of the Bills have no Redress upon him to whom the Goods were addressed nor upon the true and proper Owner thereof no not upon the Factor or Loader of the Goods or the Drawer or Receiver of the Moneys paid upon Bodomery unless he hath by a special Contract obliged himself thereunto XII Among conditional Exchanges may be reckoned those Bills that are given upon account of any Wager made or for the assurance of things that are yet in dubio XIII Bills made upon account of a Wager c. are either single or reciprocal and mutual XIV Single are they when one gives Moneys and the other receives it at the same time accepts a formal Bill of Exchange payable to him that gave the Moneys for the payment of a greater Sum than he received at the day of Marriage or at the surrender of such and such a Belsagured City c. or at any other uncertain and dubious event XV. If in the case of Wagers if Moneys be not given by the one and received by the other the Law allows no advantage against him that gives the Bill but if he have received Moneys then he is obliged to repay the same with Interest and no more XVI Conditional Exchanges for assurance are two-fold for some tend to the Security of the Drawer or Remitter some to the Security of the Possessor XVII Conditional Exchange that is for the Security of the Drawer or Remitter are such Bills as an Out-dweller makes or causeth to be made for the discharge of other Bills by him accepted which must be paid in another place or such as any man makes to discharge Bills drawn but protested for Non-acceptance or if accepted for Non-payment if the Drawer had timely notice of his Acceptants failure or that he would not pay XVIII
VI. In the cases of Exchange there should lie no appeal from one Court to another from an Inferior to a Superior unless the Creditor were put in possession of his demands first or at least that it was secured to him VII Nor can the Judges be guilty of any Praecipitancy in this case for a Bill of Exchange is a Bond and Judgment as good as an Hypotheca and being already res judicata the Execution cannot be suspended VIII For the recognizance of Bills drawn by another in another place it s not necessary to fetch Witnesses from other places that can Swear they saw him write them it s enough that by comparing of the Hand-writings it appear that the Bills are of the Drawers writing IX Bills of Exchange cannot must not by any Authority whatever be arrested or detained because they are introduced and confirmed by the Law of Nations i. e. Forreign Bills X. In cases of Exchange the custom of places and their municipal Laws concerning the circumstances thereof must be observed as concerning the time of payment of protesting c. more than the common Law XI If any subscribe a tertia Bill of Exchange as security for the Drawer he is as lyable to make satisfaction if the Drawer fail as if he were the Drawer himself nor need the Remitter first excuse the Drawer XII An execution of payment or resconter if a Liquidate Debt otherwise not may be opposed to hinder the present execution upon a Bill of Exchange as also an exception of Prescription deli mals or that the Bill is not of the Drawers writing nor subscribed by him but a counterfeit XIII If there be one or more Drawers if all have subscribed all the Bills or but one of them they are all lyable to answer in case of Protest XIV If any one concerned in a Bill of Exchange do not do their Duty and what the Courtifie and Custom of Merchants obligeth them to they themselves are lyable to make good all the Loss and Damage that may happen thereby XV. By parata Executie is meant Attachments upon their Goods or Arrests upon their Persons or both for here the Rule and Maxim of Law hath no place Qui non habit in aere luat in corpore i. e. That the doing of one should exclude the other c. XVI Not only common Reason and the general Customs of Exchanges allow this paratam Executionem in cases of Bills of Exchange but also the Municipal Laws of places of Exchange XVII This Law and Custom is of virtue and power against all that are named in a Bill of Exchange so far as they are negligent of their duty or any way faulty But though a third or fourth be concerned in the Bill if their Names be not in the Bills this Law cannot reach them XVIII If any by this ready Execution do suffer wrongfully they have their Regress against the actor in an ordinary way only and may recover Damages CHAP. XLV Of the Par of Exchanges TO conclude this Work it will not be superfluous to give a transient view of the Par of Exchanges and that I may be compendious in this I shall omit the unnecessary Discourses of the variety of Pars as also directions for the calculation thereof referring those that are desirous of information herein to the Map of Commerce in English and to the Book entituled Vnderricht der Wissel-handlung in Hollands and High-Dutch and I shall only here observe what is the reputed Par according to the Intrinsick value or as is generally received among Merchants But before this be done it will be necessary to premise in what denominations every Country and City do keep their accounts and make their Exchange which shall be done in this following method LONDON All Forreign Exchanges made for England Scotland and Ireland are made at London and accounts are kept there in Pounds Shillings and Pence 20 s. makes a Pound and 12 d. a Shilling as is very will known and so generally which I would have noted once NB. for all where any Country or City hereafter specified is said to keep their Accounts in Pounds Shillings and Pence or in Livers Souls and Deniers as they call them that they are always divided or multiplied by 12 20 so that 20 Shillings or Soulz make a Liver or Pound and 12 Pence or Deniers make their Soulz or Shilling London then Exchanges with Italy as with Venice Where accounts are kept in Ducats and Grosses 24 Grosses make a Ducat the Ducat is 6⅓ Livers or Pounds under which denominations some Merchants in Venice do also keep their accounts but the course of Exchange is always made upon the Ducat and Grosses The Ducat is twofold either de ovo or banco which is par with 52 d. Sterling or de curranto which is par with 40 d. Sterling in which broken Numbers London always Exchanges with Italy giving them the Pence for their Ducats or Crowns c. The course of Exchange for Venice from London is generally 50 d to 51 d. Sterling in circa for their Ducat in banco Bergoma The same with Venice whither England hath little Exchanges directly Florence Where accounts are kept in Pounds Shillings and Pence de ovo but they Exchange upon the Crown de ovo which is valued at 7. of their Pound and their Crown currant at l. 7. and their Pound or Liver may be par with 9 d. Sterling their Crown currant par with 63 d. their Crown banco or de ovo with 67½ d. Sterling There is seldom any direct course of Exchange from London thither but to Leghorne There is a course of Exchange at 53 d. Sterling in circa for their Crown de ovo being of the same value with that of Florence Luica The same with Florence and Leghorne Rome Placentia Bollonia Keeps accounts in Crowns Shillings and Pence de ovo one Crown makes 20 Shillings 12 Pence makes 1 Shilling The Crown de Estampi of Rome The Crown de Marchi of Placentia are of one value 7 s. 6 d. or 90 d. Sterling The Crown de Estampi is worth 12 Juliers The Crown currant worth 10 Juliers The Juliers is 10 Bayocchijs England hath no direct course of Exchange to any of these places or very seldom Naples Barry Lechie Keeps accounts in Ducats Tary and Grani and exchanges thereupon only they make a difference betwixt the Currant and Bank Ducat the one being called Moneta de ovo the other Moneta curranto One Ducat is 5 Tary the par with London is 60 d. or 5 s. Sterling for one Ducat One Tary is 20 Grani the Tary is 1 s. Sterling in value One Crown de ovo is 6½ Tary or 6 s. 6 d. or 78 d. Sterling One Crown currant is 5◠Tary or 5 s. 6 d. or 66 d. Sterling One Ducat Exchange-Monyes is 6 Tary or 6 s. or 72 d. Sterling One Ducat currant is as before 5 Tary c. England hath no direct course of