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
Petty Exchange the latter Real VI. The Exchanging of one sort or species for another is also two-fold either with or without Profit VII When it s done without Profit it cannot be called a Trade but is done meerly out of Friendship and as a Courtesie and then there is an equal and just Valuation of both the sorts of Coyn according to their Allay or their Price currant or Intrinsick and Extrinsick Value VIII But if Profit by the Exchange be designed by either Party then one Party allows the other a certain Profit upon the certain Species he desireth and that Profit is called by the Italians Aggio by the Dutch Opgelt which we may call Advance or Vse-Monyes IX But then this last kind of Exchange which is done for Advance or Aggio is no free and lawful Trade save to those only that are permitted by Authority to use it who are also obliged to observe certain Rules and Methods in the use thereof such are Brogers Bankers c. X. And to prevent all Confusion and the too great Advance of any particular speices of Monyes the Cities of Amsterdam Hamburge c. have erected a Bank for the Regulation thereof according to the true Intrinsick Value of every Species XI Exchange that is done by Bills of Exchange consists in a Contract and Agreement betwixt two Parties whereby the one Party gives his Bill for the Payment of a certain precise Sum of Monyes at a certain and limitted time in a certain and limitted place for the value of the same Sum already received or presently to be paid by the other Party this is called by Marius Real Exchange XII Exchange may again be subdivided viz. into the Merchants and the Vsurers Exchange XIII Merchants Exchange consists in a Trading in or with Monyes from one Place City or Nation to another upon an uncertain Profit and this sort of Trade is by way of Excellency termed Simple Exchange XIV Vsurers Exchange consists in a giving Monyes upon Interest with condition to receive the same Sum of Monyes with a certain Profit at a certain time and in the same place and this is called by Marius Dry Exchange XV. Merchants Exchange is either actual and that which is really performed and accomplished or only pro Formâ XVI The Real Merchants Exchange consists in a real and effectual Contract and Negotiation betwixt the Drawer the Remitter concerning the Course of Exchange and the Time and Place of Payment XVII But that Exchange that is only pro Formâ consists only in a Consent that the Name of a certain Person be used as the Remitter that the Bill may want nothing of its Formality without any real Contract or Negotiation XVIII Again this real Exchange is twofold either Certain or Conditional XIX Real Certain Exchange is when the Sum exprest in the Bill must really and certainly be paid XX. But Conditional Exchange is when the Payment of the Sum named in the Bill must first be made upon the arrival of some Ship or of some certain Goods or upon some other Conditions XXI To the Compleating of an Exchange-Negotiation four Persons are considered and required two at the place where the Course Place Time of Payment and the Sum are agreed on to wit the Drawer and the Remitter and at the Place of Payment are also two to wit the Person on whom the Bill is drawn who must Pay and the Person to whom the Bill is remitted who must Receive XXII Exchange is again subdivided into Negotiated and discounted Exchange or Rescontred Exchange XXIII Negotiated is when the Drawer and the Remitter are two distinct Persons betwixt whom there hath been an actual Contract and Agreement concerning the course c. XXIV Discounted Exchange is when the Drawer and the Remitter is one and the same Person that at the same time draws and remits XXV Negotiated Exchange is again two-fold either Pure or Mixt. XXVI A Pure Negotiated Exchange is when really Money is given for Moneys to be received according to the contract betwixt the Drawer and the Remitter whereby the Drawer obligeth himself to pay the value he hath received of the Remitter according to the course in another place at a certain precise time XXVII Mixt Exchange consists in a contract betwixt Debtor and Creditor whereby the Debtor obligeth himself to the true payment of the Monyes according to the custom of Exchange XXVIII Again all Exchanges are either for a Man 's own or for some Principal 's account or in the Name of another XXIX When it is for Proper account it concerns the Person that is either Drawer or Remitter XXX When it s for the Principals account the Factor treats and concludes in his own Name but the Sum c. is for the Principals account XXXI And it is in the Name of another when it s done only by the full Power and Letter of Attorney of another XXXII And lastly Exchange is either directly to a certain place or indirectly and is sent to some other place first to be negotiated CHAP. II. Of the Duty of Mackelers or Exchange-Brogers Rule I. EXCHANGE is concluded either by the Mackelers or Brogers alone betwixt themselves or by bringing the Parties face to face II. Brogers c. are Persons Sworn and Authorized by the Magistrate whose Work and Trade it is to enquire of Persons that have any Monyes to remit or to draw and to argree such Persons concerning the Conditions acting Impartially between them both III. It is their Duty to be Diligent Faithful and Private and not to Cheat or Over-reach either the Drawer or the Remitter in any wise IV. He must be content with that Reward for his Pains and Labour that the Magistrate hath allowed him which is called by the the Hollanders COURTAGIE He must not exact more of one than another nor serve any man for nothing V. Those Covetous Exchangers that will save the Courtagie by concluding their own Exchanges face to face without the help of the Brogers on that use to deduct from their allowance or that will use Ignoramus's because they will serve for less than the Allowance or may be for nothing at all do sometimes in the Course of Exchange pay the Courtagie double and tribble VI. A Broger must be very diligent and prudent and must first of all know of the Drawer and Remitter to what certain place they will Exchange and if it be to such a place where there is alwayes a certain Vsance observed in the Payment of Bills then he hath nothing to do but to treat of the Course or Price of Exchange But in case they would Exchange to Places where no certain Vsance is kept but the Bills must be made at shorter or longer date or sight c. then he must be express and certain as to the precise Time of Payment and other necessary Conditions VII When the Mackeler or Broger hath concluded with any then must he tell the Drawer to whom he will have his Bills
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