s. it is a Composition And suppose your Master's Debtor for the Cloth did owe him l. 100 if your Master took any Sum under l. 100 and did discharge him it was a Composition Yo. What is a Composition generally made at Mr. From 5 s. to 15 s. is lookt upon to be a good Composition and in giving for every 20 s. 5 s c. per l. the Man is discharged and hath a Release in full and is in Law as well discharged as if he paid the entire Debt of l. 100. Yo. Pray what is meant by a General Release is not a Recept sufficient enough Mr. No in such cases General Releases are given on both sides because all matters are then ended betwixt Man and Man Yo. Pray let me know what is meant by a General Release and what it is Mr. A General Release is as follows which must be signed sealed and delivered before two Witnesses at least Yo. What mean you by Signing Sealing c Mr. Signing is when the Man writes his Name to it and Sealing is when he puts his Seal to it with Wax or Wafer and Delivering is when he takes that Writing up in his right hand and takes off the Seal and says these words This I deliver as my Act and Deed to the use of the Parties within mentioned Yo. What then must these two Men do that sit by for Witnesses Mr. They must see this done and then set their Hands as Witnesses unto it Yo. Pray let me see one of them done Mr. It is thus KNow all Men by these presents that I J. J. of London Merchant have remised released and for ever quit claim and by these presents do for me my Heirs Executors and Administrators remit release and for ever quite claim unto J. M. Citizen and Draper his Heirs Executors and Administrators all and all manner of Actions Suits Bills Bonds Writings Obligatory Debts Dues Duties Accompts Sum and Sums of Mony Judgments Executions Extents Quarrels Controversies Trespasses Dammages and Demands whatsoever both in Law and Equity or otherwise however which against the said J. M. I ever had now have or which I my Heirs Executors and Administrators shall or may have claim challenge or demand for or by reason of any Matter Cause or Thing from the beginning of the World unto the day of the date of these Presents In Witness whereof I have hereunto put my Hand and Seal this first day of June in the 29th Year of the Reign of our Sovereign Lord King Charles the Second of England Scotland France and Ireland Defender of the Faith c. and the Year of our Lord God 1677. J. J. ☉ Sealed and delivered in presence of J. D. E. F. ☞ Here note It is very convenient to write underneath where your Witnesses live for many Causes have been lost because the Surviver could never find out who were the Witnesses or where any of them lived Yo. For the second when he pays part in Mony and part in Security how is this done Mr. It is done in this manner The Debtor absents and offers to give you 10 s. in the pound in Mony and 10 s. upon Security Yo. I know what the Mony means but I do not know what you mean by Security pray let me know that Mr. Security is to be understood two ways either Personal or Real if Personal then another Man is bound with the Party that is the Debtor to pay the Mony at a certain day if the Debtor do not If it be Real then it is the making over some Land Lease House or Goods by a Deed for that purpose Yo. Well Suppose this Man for this l. 100 give me 10 s. per pound in ready Mony and 5 s. upon Personal Security Mr. J. A. is bound for it and 5 s. in the Mortgage of some Land or Houses c. What must I then do how must it be ended Pray Sir let me see an Example of it Mr. The Man owes l. 100. For the Mony you receive 10 s. in the pound is l. 50. For the Bond you make it thus KNow all Men by these Presents That we J. A. and A. B. Citizens and Salters do owe and are bound unto J. J. Citizen and Joyner the full sum of fifty pounds of lawful Mony of England to be paid to the said J. J. his certain Attorney Executors Administrators or Assigns To which payment well and truly to be made we bind our selves our Heirs Executors and Administrators firmly by these Presents Dated the 20 July in the 29th Year of the Reign of our Sovereign Lord King Charles the Second Anno 1677. THe Condition of this Obligation is such That if the above-bounden J. A. and A. B. their Heirs Executors Administrators or Assigns or either of them do well and truly pay or cause to be paid unto the within-named J. J. his Heirs Executors Administrators or Assigns the just and full sum of five and twenty pounds of lawful Mony of England at or upon the 20th of July next ensuing the Date hereof at the now dwelling House of the said J. J. situate in Cornhil London then this Obligation to be void or else to remain in full force and virtue Sealed and delivered in presence of J. A. + A. B. ☉ J. P. P. C. Thus much for the Mony and the Security But for the next the Mortgage c. the best way is to get an experienced Scrivener to make those things sufficient for every Man in his Trade You may be much wronged if you should build on your own Judgment for that matter And you have received The Mony l. 50 0 0 The Bond l. 25 0 0 The Mortgage l. 25 0 0  l. 100 0 0 You discharge the Debtor that is if he pays you the full of your Debt The same is done if you agree to take less than the Debt for the whole Debt in this manner Yo. But what must I do when I come to take Part at Time and that with Security and Part without Security Mr. Suppose the Debtor owes l. 100 and he pays l. 50 at 1 Year at Security Make a Bond for it as the last was and for the other l. 50 make a Bond for him only to Seal and Sign because it is without Security Yo. How must that Bond be made Mr. Just as the former was made only as that had two Men bound this has but one and is as follows KNow all Men by these Presents That I A. B. Citizen and Joyner do owe and am indebted unto J. J. Citizen and Salter the just and full sum of one hundred pounds to be paid to the said J. J. his certain Attorny Executors Administrators or Assigns To the which payment well and truly to be made I bind me my Heirs Executors and Administrators firmly by these Presents In witness whereof I have hereunto set my Hand and Seal Dated in London 20 July in the 29th Year of the Reign of our Soveraign Lord King Charles the
well and truly pay or cause to be paid unto the said _____ his Executors Administrators or Assigns the full and entire Sunime of lawful Mony of England which the said Goods shall amount unto at the Rate and Price agreed upon aforesaid at or in the now dwelling-House or Shop of Mr. _____ before I shall receive the said Goods or any part or parcel thereof into my custody or possession in manner and form following _____ And then to receive and take away the said Goods out of the House or Ware-house wherein now they are at my own proper Cost and Charges without any delay pretence or pretences to the contrary whatsoever And for the true performance of all and singular the Premises and due paiment in manner and form aforesaid I do bind my self my Heirs Executors Administrators and Assigns unto the said _____ his Executors and Assigns in the Sum of _____ of lawful Mony of England firmly by these Presents to be paid unto the said _____ his Executors or Assigns immediately after any default made contrary to the true intent and meaning of these Presents And furthermore upon any such default made I do by these Presents fully and absolutely for my self my Heirs Executors Administrators and Assigns remise release and for ever quit claim and discharge unto the said _____ his Executors and Assigns all and singular my Right Title Interest Benefit Claim and Demand whatsoever of in and unto the said Goods or any part or parcel thereof which I ever had and which I my Heirs Executors Administrators or Assigns shall or may have claim challenge or demand for or by reason occasion sorce or virtue or in respect of this present Sale or Agreement In witness whereof I have hereunto set my Hand and Seal Dated in London _____ Year of the Reign of Our Soveraign Lord Charles the 2d King of England c. and the Year of our Lord God Sealed Signed and Delivered in the presence of This being Sealed and Delivered doth remain in the hands of them that sell the Goods until such time as they fetch out the Goods they bought and then they have the Bond delivered them to cancel c. This way of selling Goods hath been used time out of mind and is an excellent way for the speedy dispatch of any Goods that lie on hand and if at the going out of the Candle as was before recited there happen any difference to arise the same is decided by five seven nine or more or less quantitie of Persons that are desired to attend the said Sale as Judges and the majority of their hands being lifted up decides the difference But if it shall so happen that they cannot decide the Difference because sometimes 20 30 or 40 People upon a good Lot will all speak together as it often happens then the same Lot is put up again and if possible better order is observed in the bidding but I have known a Lot many times set up five or six times one after the other before it could be sold so many have bid at once and then a Commodity advances much Yo. Then he that bids the last before the Candle goes out if he bids more or less hath he the Goods Mr. That he hath and if the Goods prove never so bad or a hard Bargain he is obliged to take them Yo. How doth that appear Mr. Because so soon as the Candle is out and the Parcel is sold the Party that bought it is presented with a Bond that he must sign Yo. Being now satisfied in this pray let me know next what that is that you call a Price-Current Mr. A Price-Current is a small piece of Paper that is printed in most Places where a Trade is used that specifies what all manner of Goods are worth and that is so printed once every week and sent by one Merchant to another and this is called a Price-Current Yo. What use may a Merchant make of these Price-Currents Mr. If the Price-Current be exact a Merchant may reap much advantage by it for he may look into it for any Commodity he hath a mind to bring from beyond the Seas and see what it is worth there the first peny then see what the Charges out of that Nation are and then he may see what the Fraight Custom and other Charges are here by a Book of Rates and if there is Mony to be gotten by it he may begin but if not he may let it alone and so he is at a certainty for it Yo. Pray let me know what you mean by that you call a Book of Rates Mr. A Book of Rates is a little Book which each Kingdom hath wherein is set down the Price that every Commodity shall pay at its Exportation or at its Importation And this is of great case and benefit to the Merchant for by this the Merchant examines if his Servants or Factors do cast up their Goods aright that they pay Custom for or as I said before they may see what any parcel of Goods comes unto for Custom in any Country before they send them away Yo. What mean you by the words Exportation and Importation Mr. The meaning of these words are That the Goods which are said to be Exported are Goods sent out from Home and the Goods Imported are those which are brought in and unloaded from any part beyond the Seas Yo. What is meant by those Bills I have heard much discourse of that are called the Custom-house Bills Mr. By a Custom-house Bill is meant a sheet of Paper that comes out every day except Holy days in which Paper there is set down all the Goods by themselves that are Imported and all them that are Exported by themselves and there is put the Place they are Imported from the Merchant's Name that Imports them and the quantity of Goods and so for the Exportation of Goods A thing exceeding prejudicial to Merchants and which makes the Trade and Mystery of a Merchant as free and open to a Cobler as to a Merchant that hath been bred forty years to the Trade for if I am a Merchant and have been at great charge and expence to find out a fitting Place for a Commodity to be sold at I must enter my Goods and the Place they are bound unto and then every Man knows what Commodities are fit for such and such Places by which means if any thing is to be gotten he that never knew any thing of Trade gets as good a price and as much for his Commodity as he that doth well understand it and hath spent many hundreds of pounds to find it out Yo. Pray Sir shew me by some Instance how this can be for I do not very well as yet understand what you mean Mr. The thing I mean is this Mr. W. S. is a Merchant and he Ships off it may be 1000 pieces of Serges for Spain and this stands in the Custom-house Bills thus Cadiz W. S. 1000 Serges Rouen D. B. 321
Second of England Scotland France and Ireland Defender of the Faith c. and the Year of our Lord God 1677. THe condition of this Obligation is such That if the above-bounden A. B. his Heirs Executors Administrators or Assigns do well and truly pay unto the within-named J. J. his Executors Administrators or Assigns the just sum of fifty pounds at the now dwelling house of the said J. J. then this Obligation to be void or else to remain in full force and virtue J. B. ☉ Sealed and delivered in presence of P. C. J. D. Thus much for the third Part at Time on Security and part at Time without Security Yo. Now Sir for the next sort that is all Time upon Security Mr. For this matter you must do it just as you did the former Both Parties must be bound by Bond or three or four more or less as they are or if not the Scrivener must make the Deeds Yo. Proceed then Sir to the fifth all upon the Debtors own Security at Time Mr. This is only to take the Debtors own Bond as the single Bond is made Yo. Suppose then part Monies part Goods and part Time Mr. Here you are only to receive the Mony and cast up the Goods at a price that is agreed upon and what remains take his single Bond for Yo. About taking my Debt all in Debts what must I do Mr. Here you must likewise have the help and assistance of a Scrivener for Merchants do not understand these Conveyances as they are to be made according to Law and so it is convenient to have good advice in this matter But if it be but a small Debt and your Debtor give you a Note for the same and you go and get promise of the paiment of that Note to you before Witness it is good and nothing else can secure you provided the Man be not a Bankrupt at the time of making this Promise for then it is void or any Act he doth Yo. But what is meant by Goods according to the Appraisement Mr. By that is meant that if Mr. J. J. your Debtor cannot pay you in Mony nor Security or you do not take his own Security but he promises to give you your Debt out in Goods as Mr. T. B. and W. S. shall appraise them your work is then to get these Men together and let them Appraise the said Goods and as they do measure and cast them up you must take them Errors excepted and release you Debtor Generally the Debtor chuseth one Appraiser and the Creditor another Yo. What is the meaning of taking Goods at the price they did first cost Mr. If you have made such an Agreement with your Debtor then you must examine the Goods against his Original Bill of Parcels that he had from them he bought the Goods of and against his Books if he kept any and take the sum according to that which he hath put down and discharge him Yo. The next way you speak of is To take the Goods amongst several Creditors and make an equal Divident how must I do this Mr. This is to be done with a great deal of care and circumspection and in the doing of it you must first see how much his Goods comes unto and then what the Debts are and so see what each Man must have therefore let me know what the Debtor owes and what he hath to pay it withal Yo. He brings us in a List of his Goods l. 423 11 4 d. and of his Debts l. 321 6 4 d. in all l. 744 17 8 d. and he saith he owes the following Sums to the following Persons To Mr. Web l. 100 0 0 d. To Mr. Long l. 100 9 6 To Mr. Shaw l. 300 0 0 To Mr. Joyce l. 140 6 6 To John Jones l. 641 4 0  l. 1282 0 0 Now the Question is What each Man must have for his Debt and how I must work it Mr. For the working of it first take this Sum you are to have of l. 744 17 8 d. and bring it down to pence it will make 178772 divide by l. 1282 and you will find what each pound must have Yo. Pray shew me how you mean Mr. Thus. Example When you know what the Loss is upon each Pound and what each Debt must receive clear then cast them up Viz. Mr. Web l. 58 12 6 d. Mr. Long l. 58 8 3 ½ Mr. Shaw l. 174 12 11 Mr. Joyce l. 81 10 5 Mr. Jones l. 372 13 6 ½ l. 744 17 8 The like is to be done unto the 11th Article if he have all in Debts or all in Goods it is to be exactly divided in this manner and every Creditor to have his just share Yo. What mean you by the 12th and last way which is giving a Letter of Licence unto him for a certain time Mr. By that is meant That whereas he finds himself not in a capacity to pay he desires a Letter of Licence and promiseth that in three four or five Years more or less as you can agree he will pay the Debt because he hath many Debts out and Goods beyond the Seas and must have time to get them in whereupon the Creditors grant a Letter of Licence Yo. Pray let me see what that is which you call a Letter of Licence and then I shall be the better able to judg of it Mr. It is as followeth or in some such form near unto it The Copy of a Letter of License TO all People to whom this present Writing shall come We the Creditors of J. J. of London Merchant send greeting Whereas the said John Johnson at this present time doth stand indebted and justly oweth unto us the said Creditors of him the said J. J. divers and sundry Sums of Mony c. Which by reason of many Debts and some of them very great that are likewise justly owing unto him and cannot be had or recovered without some respit of Time and some of them not without Suit he is very much disinabled at present to make payment unto us the said Creditors our whole and just Debt as he seemeth willing and desirous in consideration whereof he instantly desireth us That we the said Creditors and every of us would be pleased to give and grant unto the said J. J. his Executors Administors or Assigns such liberty and respit of Time for the payment and satisfaction of our several Debts as he thinketh reasonable for the obtaining getting and recovering of his said Debts viz. that we and every of us would be content to take and accept of our whole Debts in _____ to be divided in _____ parts to be paid at _____ several paiments in manner and form following Viz. The first paiment thereof to be _____ and the residue to be paid at _____ next _____ in full paiment and satisfaction of the said several Debts and for the more full performance of the said several paiments aforesaid in such manner and form as is above-limited
and declared according to the true meaning of these Presents he the said J. J. shall and will at or before the _____ become bound unto us the said Creditors respectively by one Obligation in due form of Law to be made including all and every the Payments in such sort as is above limited at some convenient Place or Places _____ by every of us the said Creditors to be nominated and appointed and the penalty of every Obligation to be double the whole Sum included in the Condition of the same to be delivered to us and every of us our Executors or Assigns at or before the _____ next ensuing the Date hereof Know ye therefore that we the said Creditors whose names are hereunder written and every of us for his own part and for his Executors Administrators and Assigns for the consideration above specified and expressed do by these Presents willingly Consent Covenant Promise and Agree to and with the said J. J. his Executors Administrators and Assigns by these Presents that we the said Creditors and every of us our Executors Administrators and Assigns shall and will accept of the said J. J. his Executors Administrators and Assigns all and every of the said Debts and Sums of Mony by the said J. J. unto us and every of us owing and paying upon such Obligations Assurance and Assurances as aforesaid to be paid in such manner and sort and at such days and times as is above limited and required And further that we the said Creditors and every of us our and every of our Executors Administrators and Assigns respectively upon the delivery of the said Obligation to us and to every of us and every of our Executors Administrators and Assigns shall and will at the charge of the said J. B. his Executors Administrators and Assigns Seal Subscribe and in due form of Law deliver to the said J. B. our sufficient General Release to be rendred by him the said J. B. his Executors Administrators or Assigns to bear Date and Limitation before the day of the Date of this new Obligation to be made for the same Debt In witness whereof we have hereunto set our Hands and Seals Dated the _____ of _____ in the _____ Year of the Reign of our Soveraign Lord King Charles the Second of England Scotland France and Ireland Defender of the Faith c. and of our Lord God Anno Yo. Is this all that belongs to one that is concern'd with a Man that breaks Mr. Yes as you are concerned with any private Bargain you make with him or any for him but if you do prosecute him by Law then the case is altered and you must advise with your Lawyer for I cannot tell you what to do in that Matter Yo. But cannot you tell what belongs to Suing a Man or Arresting of him or filing an Outlawry against him or taking out of a Commission of Bankrupt against him Mr. No I have no skill in them in the least nor do they belong to a Merchant as a Merchant to know being rather the Business of a Soliciter a Merchant ought not to be in Law upon any account if he can avoid it Yo. But if a Man will not pay me what must I do with him or if I have any difference about Goods that are sold Mr. As much as you can avoid going to Law rather refer it to knowing Merchants who can best decide it Your Lawyers will magnifie the goodness of your Cause whilst they can find Mony coming but when they find the Client is poor Truly say they I think you had e'ne best refer it to some indifferent Persons Most judicious Merchants do as much as they can to avoid Law-Suits for it doth not agree with their Business in the least Yo. But what would you have me do with a Rascal that will not pay me Mr. If I might advise you I would consider well of what I were going about whether the Man were worth my charge and pains before I began with him for if he be poor then you make him poorer and that 's not the way to pay your Debt If he be Knavish a Prison will encrease that If he is Rich and goes to Prison he pays nothing but spends your Estate in a Prison and laughs at you The prudence of our Fore-fathers was what-ever they did to keep the Body out of a Prison and our Nation has always been very tender of the Liberty of all Persons that until the Reign of King Henry the Third there was no Law in force for the Imprisonment of the Body of any Man for Debt It is terrible to consider how many thousands of poor Families sink under the burden become a charge to the Nation and are forced to be idle Droans which if they were at liberty might not only provide for themselves and Families but set many thousands at work who are now altogether useless Yo. What must I then do with any that owe me Mony and will not pay Mr. This is a very difficult matter to answer any Remedy is better than a Prison And this we see in our Neighbours the Dutch who cast none into Prison and if the Creditor will have his Debtor there he must be at the charge to keep him which makes very few Prisoners But our cunning monied Men in England that are politick use another way and that is Suppose the Debtor owes them l. 100 they will lend him 30 or 40 l. more unto it and endeavour to hedg it in by getting it some way or other made sure to them as by taking a Mortgage or getting a Judgment or by small paiments c. But of these things your own Experience must be the best Judg for nothing else can do it so well as your own Judgment Still having regard to these old and good Maxims That a Prison pays no Debts That the first Offer is generally the best That when the first is refused it seldom rises higher Besides of ten Men that are put into Prison nine of them either die there or besot themselves so much that when they come out they are fit for nothing but Gaming or Drinking And if this be the way to pay Debts let any reasonable Man judg whereas if they were out and had a little respit they might be able to pay every Man in some time And as a clear demonstration of this you see those Men that run quite away and get into other Countries do live and get Estates Now what is the reason of this Not that they are more ingenious there than they would be here or that they can attain to know more there it cannot be For what Man can know more in a strange Nation than in a Nation where he hath always been bred and hath gain'd and paid for Experience It is not that but this If a poor Man is in Debt every body worries him from one place to another some Arrest him others frighten him others revile him and in short so soon
from the Man that employs you Yo. What mean you by Power Is not his Letter enough and his Order to do it Mr. No that is not sufficient you must have a Procuration so called in all Forreign Parts and by us in England a Letter of Attorney that impowers you to sue his Debtor cast him in Prison and release him c. Yo. Pray let me see what one of these Letters of Attorney is and how you do make them Mr. A Letter of Attorney is made several ways Sometimes to sue one single Man and sometimes to sue many or to receive Mony of some freight Ships make Contracts c. But usually it is made general and then thus A Copy of a Letter of Attorney from A. B. to B. C. KNow all Men by these Presents that I A. B. of London Merchant have named and constituted and by these Presents do name ordain appoint and make my trusty Friend B. C. of Bristol Merchant my true and lawful Attorney for me and in my Name and to my use to demand sue for recover and receive of R. J. of Bristol Merchant the sum of _____ to me due and owing by and from the said R. J. giving and hereby granting unto my said Attorney my full Power and Authority to use and exercise all such Acts Things and Devices in the Law as shall be necessary for recovery of the said Debt and Acquittances or other Discharges in my Name to make and give and generally to do and execute in the Premises as fully as I my self might or could do being personally present ratifying confirming and allowing all and whatsoever my said Attorney shall lawfully do or cause to be done therein by these Presents In witness whereof I have hereunto set my Hand and Seal in Dover this 4th of June 1677. in the 29th Year of the Reign of our Soveraign Lord King Charles the Second of England Scotland France and Ireland Defender of the Faith c. Sealed and delivered in the presence of R. D. F. M. per A. B. ☉ Yo. What then is the nature of this Letter of Attorney Mr. It is to give the same Power to a Man in London to act and do as if the Man at Bristol came up himself Yo. I am very well satisfied with what you are pleased to say and I think I understand the meaning of it at present Pray let me know now what is meant by that Expression which I have often heard used and that is Manufacture Mr. Manufacture is when a Man inventeth the making a Commodity that was never made or used before in the place where he lives and when no body maketh it but himself it is called his Manufacture as suppose you would make Buckrams a Commodity that was never made in England before and that none is made but by you it is called your Manufacture or the Manufacture of Buckrams And so of any other each Nation having its peculiar sorts of Goods which it doth make as England for the Manufacture of Cloth Serges Bays Stuffs Says c. Scotland for Linen Cloth France for Lockrams Dowlas Silks c. Yo. What then is that they call Monopolies Mr. That is when a number of Men or one Man endeavours to get all that is to be gotten of one Commodity into his own hands and when he hath it to raise it to what price he pleaseth or when several Men will join to buy and sell at what price they please and so by this means the Trade they drive is brought to nothing for others For they grind the Poor on both sides they give what they please for a Commodity and because none can buy it but them they will give you less or else keep your Commodity to spoil And when the Poor come to buy they must give what they please or they shall have none And this having been found in thousands of Instances destructive to some Nations hath been by many wise and prudent Laws forbidden in ours Yo. What is meant by Allotting of Goods Mr. This is a thing very necessary to be understood and the meaning of it is this Five or six Men buy a whole Ships loading of Raisins of the Sun of a Merchant because one Man is not capable of buying so great a quantity and when they have bought them they divide the thousand Barrels suppose into six Lots or Parts and make so many Mens Names on six pieces of Paper and the first Comer-by puts the Note of each Man's Name upon each Lot or Division and by this means the Goods are equally divided without partiality one Man hath not a better Lot than another and there is no cause of discontent but all are very well satisfied Others instead of putting pieces of Paper on each Lot cannot write or read and one gives his Knife another his Tobacco-Box another a Shilling another any thing he knows again and this is put upon the top of each Lot and by this the Lot is known But this latter is for a lower sort of Mechanicks Merchants do not use it Yo. What is meant then Sir by another thing I have heard them call Lots and that is such as are sold by the East-India Company I have heard them say they would go buy a Lot of Goods Mr. Here by a Lot of Goods is meant another thing for so many Goods are divided into so many Parts or Lots and notice is given of what is in each Lot and when the price is set there is an advance put upon it Suppose one Lot is 50 Bags of Pepper and they are put at 10 d. per lb to advance ⅛ d. per lb each bidding One Man he bids 10 d. ¼ another 10 d. ½ another 11 d. more or less during which time of bidding a small piece of Wax Candle is burning and he that bids most when the Candle goes out he is to have the Pepper and this is called selling Goods by the Candle Yo. As soon as they have bought Goods so do they come and take them away Mr. No as soon as they have bought them then they do seal and deliver a Bond for them before the next Lot of Goods hath a Candle put up Yo. What is the Contents of that Bond Mr. The Contents of it are as followeth KNow all Men by these Presents That I _____ on the Date hereof do confess and acknowledg to have bought of _____ at a publick Sale at the Candle Lot No. _____ containing as by the printed Tickets appear _____ to be accepted and taken at the price aforesaid in the like quality and condition as now they are in and shall arise good or bad without exception and without any abatement for or in respect of any fault or defect whatsoever And I the said _____ for my self my Executors and Assigns do Covenant promise and agree to and with the said _____ his Executors or Assigns by these Presents that I the said _____ my Executors Administrators or Assigns shall and will
demandable for or during this present intended Voyage well and truly pay or cause to be paid unto the said Master his Executors Administrators or Assigns _____ the sum of _____ of lawful Mony of England in manner and form following That is to say _____ part thereof within _____ days after the said Ship shall be entered in the Custom-House of _____ Item _____ more thereof within _____ days then next following and the remaining part of the said whole Freight within _____ days next after the said Ship shall be delivered of her Lading here at _____ aforesaid And it is mutually agreed by and between the said Parties to these Presents for themselves their several Executors and Administrators That all Port-charges which shall grow due payable or demandable during this present intended Voyage shall be paid and satisfied in manner and form following That is say _____ thereof by the said Merchants their Executors Factors or Assigns and the other _____ thereof by the said Master his Executors or Assigns Further it is hereby agreed That it shall and may be lawful unto and for the said Merchants their Factors or Assigns to keep the said Ship in dennirrage at her unlading and relading Port above-mentioned and also at _____ aforesaid over and above the respective days afore-mentioned such other time and number of days as shall be requisite so as the same exceed not _____ days in the whole They the said Merchants their Factors or Assigns for each and every such day paying unto the said Master or his Assigns _____ day by day where the same shall grow due and payable Any thing aforesaid to the contrary notwithstanding And for the performance of all and singular the Premises which on the part and behalf of the said Master his Executors Administrators and Assigns and every of them are and ought to be well and truly holden observed and performed The said Master doth bind and oblige himself his Executors and Administrators together with the said Ship and her Freight Tackle and Apparel unto the said Merchants their Executors Administrators and Assigns and every of them in the sum or penalty of _____ pounds of lawful Mony of England well and truly to be paid by these Presents And likewise for the performance of all and singular the Premises which on the part and behalf of the said Merchants their Executors Administrators and Assigns or any of them are and ought to be kept paid and performed The said Merchants do bind and oblige themselves their Executors and Administrators jointly and severally together with their Goods to be laden on board the said Ship this present intended Voyage unto the said Master his Executors Administrators and Assigns and every of them in the like sum and penalty of _____ of like lawful Mony of England also well and truly to be paid by these Presents In witness whereof the Parties aforesaid to these present Charter-Parties indented have interchangeably put their Hands and Seals the Day and Year first above written Sealed and delivered in the presence of J. F. ☉ J. B. D. D. Yo. When the form is thus made who must set his hand to it the Merchant or the Master of a Ship and where must it remain Mr. As I said before it is in the same nature as the Lease of a House and each Party hath one it being an Indenture the Merchant signs one to the Master and the Master one to the Merchant Yo. What mean you by an Indenture I know what that means that is often named betwixt Masters and Servants but I know not how you can bring it in here Mr. The meaning of an Indenture is When two Writings are drawn upon any Accompt whatsoever word for word alike and that one Man Signs Seals and Delivers one and another Man Signs the other and the reason they are called Indentures is because a Skin of Parchment or a sheet of Paper is taken and cut through the middle in this manner So that after they are cut if you come to join them together again you will presently see if they do agree or no for if one of them be counterseited they will not exactly join together again and this is the meaning of an Indenture and each Person keeps one of them by him that so at any time he may have recourse unto it and see the Covenants he is to perform or what is by others to be performed to him Yo. Having thus far satisfied me pray let me next know what is meant by a thing I have often heard spoke of and that is Arbitration and making of an Award Mr. Arbitration is a thing much used amongst Merchants and Traders of all sorts and is used when there is any difference betwixt Man and Man rather than to suffer the Parties to go to Law and there to spend their Mony and Time which things are both equal to a Trader for a Trader's Thoughts ought to be possessed of the best Seasons for buying Goods the Nature and Qualities of the Goods he buys the Times and Places that are best for selling his Goods the Usages and Customs with the Monies and Exchanges of the Nations he trades unto and not to spend his time in frivolous Disputes and Quarrels if he doth he may be more fitly called a Sollicitor than a Merchant And therefore Men of repute and them that are good Husbands of their Time and Mony will be willing to refer any Difference that shall happen unto them unto Merchants or Tradesmen that understand their Disputes And therefore to make you the better understand what Arbitration is let me know from you what difference you would be satisfied about Yo. The other day Sir my Master sold 40 Butts of Currants to four Grocers in Company and I weighed them and delivered them and agreed in the Number of Draughts as you formerly did direct me in Page 16 and then made a Bill of Parcels as you directed in Page 19 and had them all sent in and now I go for the Mony they will not pay they say they must have considerable allowance for Dammage that they find in the said Goods and for false Tares and my Master may take his course at Law for his Mony if he will for they will not pay the Mony My Master he says he doth not care for going to Law he had rather put it to Arbitration Now here I am at a loss Sir I know not what this Arbitration is Mr. If he doth go to Arbitration then doth he chuse one Arbitrator and the Grocers chuse another and these Arbitrators are to reconcile all manner of difference betwixt your Master and them by such a day If these two Arbitrators cannot do it then they are to chuse an Umpire that shall do it in so many days after the time that was before limited Yo. I am ignorant as to all these things and names you give pray let me know how they proceed and what it is you mean when you name the word