and to urge their Reasons and exhibit their Evidence and without any other Formality of a Process sentence is spoken from whence an Appeal lies to the highest Jurisdiction in that place only and surely this as also a Court for the determining of Differences about Sea-affairs is very necessary and usefull in all places of Commerce and very advantagious to the Trade of any place Nor can I see any Reason but both these may very well be under the authority of one Judicature if every City of Trade would take such measures as these questionless they would tend much 1. To maintain the Credit and Honour of honest Merchants 2. To the discovery of many Frauds 3. To prevent great loss by tedious and chargeable Processes 4. To the promoting of the Interest of the Trade And 5thly To the Credit Repute and Fame of the City it self NB Every Trader to these particular Fairs will know the Ordinances and Laws concerning Exchanges there made so that it will not be necessary to be large upon these therefore what the Author hath largely insisted on in the three following Chapters I shall abridge and only hint to some select Cases CHAP. XXXII Of Exchanges from Amsterdam to Frankford on the Main Vice Versa Rule I. AT Amsterdam a Remitter can dispose of his Monyes to any place Venice excepted upon time in Exchange making the Bills payable to his Order and draw the same in again without having any Correspondent there at the place where the Bill is payable or allowing any Provision at all and on the contrary a Drawer on Frankford at the Fair time can draw on Frankford and can supply Adjust Resconter or Prolonge without having any Correspondent or Factor there II. Because by an old Custom Bills need not be accepted that are drawn on Frankford's Fair till the beginning of the Fair wherein the Bill is payable therefore it s not usual to make Bills till against that time unless it be otherwise conditioned III. Wherefore it were necessary that the Drawer should give a Bill or Obligation in the interim for the furnishing of Bills on such terms as are agreed on IV. When the Drawer on the Fair does remit with his Remitter to the said Fair the Sum which he before drew then that parcel doth mortifie it self if he remit with another then he can assign his Remitter on his Drawer so also when a Remitter does redraw the sum he remitted then he obliges himself to his Remitter to furnish him with Bills which when he demands he assigns him on his Drawer V. He that must have Bills to send to the Frankford's Fair must take special notice that it be clearly exprest and named By Whom and On Whom To Whom and From Whom the Value is assigned VI. The Assignations on the Frankford's Fair are of the same Virtue and Power that Endorsments on a Bill are VII And the Possessor of a Frankford's Fair Bill that protest for Non-payment cannot only have his Regress by the first Drawer but on any of the Assigners as if they had been Endorsers and hath over and above this Priviledge that he may chuse which of the Assigners he pleases to demand Satisfaction of being not bound to his man VIII A prudent and circumspect Remitter on the Frankford's Fairs will not receive from his Drawer any Bills to extinguish the Sum that the Remitter hath furnished if they be made by a third and made simply payable to his Remitter or his Order the value from the first Remitters Drawer because for such Bills the first Drawer is not lyable to answer to his Remitter but on the contrary the Remitter is made answerable to the Drawer but the Bills must be made payable to the first Remitter or his Order the value of the same from the Drawer IX On Frankford's and at no other Fair men may treat and condition for the payment of the Bill at the return from the Fair that is instead of delivering Bills or negotiating them at Frankford in the Fair time or discharging them on the day of payment to pay the same at the return or sooner or later as the condition is at a certain fixed day at Amsterdam and then according to the time the course of Exchange is proportioned X. The usual times of payment at return are for the Easter Fair ultimo Junji for the Michaelmass Fair ultimo Novembris XI If at any time the Term be prolonged till the return then the Drawer ought to cause the conditions to be noted on the back of that Obligation he gave to his Remitter whereby he obligeth himself to deliver Bills or make payment at the Fair or else to mortifie or vacate the old and make a new Obligation XII A Merchant that hath credit at Amsterdam for the Frankford's Fair can at any time for so short and so long a time as he pleaseth draw upon the Fairs and make use of the Monyes as he sees occasion and can at any time before the beginning of the Fair remit the same thither in order to make payment or he can prolong it till the return or vacate the former Bills and make new ones on the next Fair which Negotiation will be of no more loss to him than sometimes usual Interest is seeing he hath no Provisions to pay and only Courtagie for the Mackelers and is far more honourable and profitable for the Drawer than any other kind of Negotiation where Factors must be used c. XIII If any fail in their punctual payments either at the Fairs or their returns or in delivering Bills according to agreement and it be sufficiently manifest then against such a one if there be such an obligation there is the same Law as if there were protested Bills of Exchange viz. ready execution with attachment upon his Goods and arrest upon his Person and in case of failing the Re-change is also due c. XIV At Frankford are two Fairs yearly the Easter and September Fair the one begins fourteen days before Easter the other on the Sunday that is before or after or on the day of the birth of the Virgin Mary if this day fall on a Monday Tuesday or Wednesday then the Sunday before if on a Thursday c. then after if on a Sunday then on that same day they each continue fourteen dayes the first Week is called The Acceptance Week the latter The Payment Week the times of Acceptance continues from Mondayes in the Morning till Tuesdayes at nine a Clock in the the Morning but may be accepted any time that Week and so long the Possessor is obliged to stay but if acceptance be not made that Week in the next Week he may and must protest though he may protest sooner if he please if the acceptance be absolutely denyed All Acceptances here must now be written verbal Acceptances are not valid XV. If an accepted Bill be not paid on Saturday in the Pay Week before the Exchange time or at Exchange time then
the Possessor ought to protest for Non-payment before the Sun set CHAP. XXXIII Of the Leipzig Fairs Rule I. LEipzig hath three Fairs yearly the New Years the Jubilate and the Michaelmass Fair on which dayes or the dayes after according to the Old Stile the said Fairs begin they continue but eight dayes wherein they trade and buy and sell the first or second dayes after the Fairs are begun acceptance is demanded but if the Acceptant will he may delay acceptance till the Pay Week after the Fair which continues five dayes after the expiration of the aforesaid eight dayes II. The Possessor may if he will protest sooner but he must not send the Bill away till the Fair be wholly concluded but must wait to see if any appear to honour the Bill supra Protest no Protests are admitted of after ten a Clock at Night on the last day of the Fair and if the Possessor protest not before that time he loseth his hold that he had of the Drawer if none appear to make payment of a protested Bill within three dayes after the Fair is fully expired then may the Possessor with the first Post return the Bill with the Protest III. For Exchanges made at Amsterdam on Leipzig Bills must instantly be given but the Acceptant need not accept or declare whether he will or no till the Fair time here also Bills that are endorsed are admitted of IV. At Naumbrough is also yearly one Fair kept it begins on Peter and Pauls day and is by some called a Fourth Leipziger Fair in regard all the Leipzig Traders trade thither it continues eight dayes on the first and second dayes Acceptances are demanded and at the utmost all the Bills must be paid on the third of July but if protested the Bills are not returned till after the fifth of July and after that day if no payment follow the Bills and Protests must be returned with the first occasion CHAP. XXXIV Of the Fair of Lyons in France Rule I. AT Lyons in France are year four Fairs the Royal Fair which begins the Monday after Epiphany or Three Kings day the Easter Fair which begins on St Nisiers day in April the August Fair which begins on St Dominicks day in August the St Huverts Fair which begins on that day in November II. Every Fair hath its Payments the Fair Royal hath its time of Payments from the first to the last of March the Easter Payments begin the first and end the last of July the August Payments begin the first and end the last of September and the St Huverts Payments begin the first and end the last of December III. At Amsterdam Bills are made payable at the ensuing or present Payment but it s not usual before one Payment hath begun to negotiate on a following but on a second or third Payment IV. Bills for Parcels negotiated on Lyons must instantly be given and that before the Remitter pay the Value but Bills made payable at the Fair are not payable till the payment of that Fair whereof they are made payable nor need they be accepted till the beginning of the times of Payment and may be deferred till the sixth day after the beginning of the respective payments but no longer within which time Protest must be made All Acceptances must be made in writing V. None can by a full Power negotiate or accept any Bills unless he first show his full Power to the Judges of the Fair and cause it to be registred which is to be observed in all Fairs as well as at Lyons and without this no full Power c. is of any effect against the Principal but the Creditors must look to him who pretended the full Power VI. Protests for Non-acceptance need not be sent away before the ending of the respective terms of Payments but advice must be given thereof before the time of payment begins the day after the aforesaid six dayes of acceptance are expired unless it be a Holy-day and then the day after and continues to the end of the Moneth none may pay a Bill before the sixth day but on his own hazard and after the last day of Payment the Possessor may refuse if he will to accept of payment and may return the Bills and Protests and demand Re-change and Charges of the Drawer or Endorser but Protests for Non-payment may be made any time within three dayes after the term of payment is ended if then not made the Drawer and Endorsers are not lyable to answer VII Possessors of protested Bills must seek their Redress on the Drawers and Endorsers within a certain and fixed time viz. all Bills drawn or made within the Kingdom of France within two Moneths time drawn on Italy Sweitzerland England Holland Germany and Flanders within three Moneths time Spanish Portugal Polonia Sweeden Denmark Bills within six Months time or else he loses his Redress on the Drawer and Endorsers VIII All Bills payable in any payment are accounted fully paid and satisfied in respect of the Inhabitants within one year and of Strangers within three years after the same should have been paid and the Possessor of the Bill hath no redress on the Acceptant after such a time unless he make it appear that he endeavoured to procure payment and could not CHAP. XXXV Of Debt-Exchanges Rule I. IN a pure and real Exchange the Drawer receives Monyes of the Remitter and gives Bills of Exchange wherein he promiseth himself or by his order to pay the value he received according to the conditions in ready Moneys but in mixed or Debt Exchanges the Drawer receives no Monyes but is Debtor and gives Bills to his Creditor who is reckoned and accounted of as the Remitter for payment of his Debt II. Such Bills are made either for the recovery of old Debts or else to assure the Creditor of precise payment for those Goods the Debtor hath bought at time III. Whether the Debtor make the Bills payable by himself or by any other or whether the Debtor and Creditor agree about the course of Exchange or not the Debt doth change its nature and the Debtor that gives a Bill of Exchange upon himself or another doth make himself lyable to the Law of Exchanges and may upon failure of payment be prosecuted with ready execution attachment upon Goods and arrest upon his Person IV. A wise Creditor will at the Receipt of such a Bill from his Debtor make an absolute agreement and contract concerning the Course and presently upon the Receipt thereof credit his account of Goods and debit his account currant for the Value V. It s not necessary in a Bill to express whether the Value was paid in Monyes or was Rescontered or in Goods c. if the Debtor do but effectually receive the Value or it tend to the discharging or lessening his Debt VI. He that gives a Bill for the payment of an old Debt or for Goods bought c. he must demand of his Creditor an
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
him for all the fault is the Drawers And if the Possessor refuse to protest such Bills the fault is his and he may make himself therby lyable to make satisfaction to the Remitter if any Damage should ensue Case 5. Whether the Place must necessarily be added in the Date of a Bill of Exchange Answ In the Affirmative de Consuetudine non de jure It s not enough to know that such a Bill was done in the World or in England Scotland France or Ireland but at least the Name of the City where such a Bill was made must be exprest and as he is unwise that will accept a Bill of Exchange any way deficient in these Circumstances of Time or Place so also is that Possessor unwise that because the Bill is deficient will not protest upon refusal of Acceptance To this let be added That if the Acceptant doth accept a Bill and doth not then observe it to be desicient in any of these Circumstances and afterwards will make such Exceptions to avoid the payment thereof he cannot thereby be excused but must pay Case 6. Suppose that this day the 3 13 of November Anno 1680. at Konigsbrough in Pressia I writ Letters to Hambrough to Robert my Correspondent there advising him that I have drawn on him of the same date such and such Bills c. Suppose also that instead of dating them the 3 13 of Novembris aforesaid they be dated the 3 13 Octobris past or the 3 13 Decembris to come These Letters and Bills they arrive at Hambrough by the Post the 11 21 Novembris on which day the Letter of Advice is delivered and the Bills for Acceptance presented The Acceptant he presently observes the Error and begins to scruple Acceptance if he doth accept he knows not how to place them to account in his Books because the Dates which should be orderly and one Day and Moneth follow upon another in his Books and it may be he suspects there is some piece of Policy or Knavery rather in the case and either the anti-dated Bills should not be paid at all suppose they were at sight till the 13 3 Decembris or the Post-dated Bills suppose the term of Payment be expired should not be accepted at all in these Perplexities of Thoughts has states and fears in the whole the Design is to trapan him especially if he hath engaged himself under a Penalty to accept all the Bills of such and such a Person for some limitted Time and Sums What shall and must Robert my Correspondent do in such a case Answ Robert not only may but must accept and pay those Bills though no Penalty were annixed For First This pretext of an Error in the date will not excuse me the Drawer from paying the Rechange and Charges if protested much less my Correspondent who must observe my order and represents my Person and that this pretence will not excuse me is self-evident because in respect of me Time and Place are not of the Essence of the Bill by an Error or the Omission whereof the Bill it self should be so vitiated as to be null and void Secondly Suppose an Error in or Omission of these Circumstances of Time and Place were of the Essence of the Bill of Exchange yet though the Bill be deficient and vitiated yet the Contract contained in the Bill is valid and firm And Thirdly In such a case where an Error is so evident and palpable respect should be had to the Letters of advice and if they were also wrong dated yet being its impossible that Letters dated at Konigsbrough the 13th Decembris should arrive at Hambrough an hundred Dutch Miles off and more three Weeks before the time of the date Thus palpable Error must give way to Truth especially seeing the Error is not in the solemnity of the Contract but in the formality of the Bill and these Circumstances are only added as Proofs of the Contract not as Parties and of the Essence thereof Case 7. Whether an Error about or an Omission of the Name of the Place be Fssentially necessary to be exprest in a Bill of Exchange Answ To avoid Repititions I refer my self to what hath been said concerning an Error in or Omission of the time of the date of a Bill Case 8. If the Sum exprest in Figures and the Sum writ at large in Letters disagree Answ Refer'd to what was before hinted Chapter 7. Rule 26. Glassema Secundum At Vsance VVHat Usance is and what other times of payment are usually exprest in Bills and all other Questions and Cases concerning them we refer to what hath already been said in the 14th Chapter fore-going Glassema tertium Here must be promised Pay 1. THat Pay is here modi imperitative temporis prosentis accordingly hath various Effects 1st That Bills of Exchange are positive and peremptory the Order is absolute and cannot be revoked 2dly That the Payment at the time appointed must necessarily be made and if accepted cannot be avoided Wherefore 3dly It s not according to the Merchant Stile to say in a Bill of Exchange Please to Pay the Stile of Exchanges will not allow of such Complements not from a Servant to a Master 4thly This word Pay commands Acceptance first in order to Payment as well as Payment it self Concerning Acceptance which preceeds Payment alwayes we have spoken something before Chap. 10 11 and 12. and probably shall have occasion to hint something else afterwards wherefore we proceed to speak to several Cases concerning the Payment of Bills Case 1. What is it to pay a Bill of Exchange Answer To satisfie the Bill and procure a discharge upon it that the Acceptant and the Drawer may be discharged from the Remitter and Possessor so that to Pay is rather to be referred to the substance of the Obligation than to the payment of Monyes and if the Bill be satisfied it s no matter at all whether with Monyes or Goods or by Resconter c. though ordinarily all Bills are paid in Monyes and this is certain that if the Bill be for Monyes it must be paid in Monyes if the Possessor will have it so and a Possessor may as well protest for Non-payment if Goods be offered instead of Monyes or any other Species of Monyes than that the Bill requires as to pay per Cash when the Bill is payable in Bank as if no Payment at all were offered Case 2. How many sorts of Payments are there And to whom is the Debtor said to have paid well and to whom not Answer There are two sorts of Payment Proper and Improper Proper is when the Bills are paid in the precise Species and according to the tenor of the Bill either in Gold or Silver in Bank or per Cash in currant lawful Monyes and such Species as the Bill requires and such Payment as this doth absolutely discharge the Debtor because the Obligation is fully satisfied and the Creditor need not be much inquisitive