THE "
Negotiator s Magazine :
O R,
The moft authentick Account yet published OF THE
Monies., Weights, and Measures
o F
The Principal Places of Trade in the World.
ALSO
An Account of the European Exchanges in general; the Cuftoms of Merchants relating thereto; and Rules and Examples to caft them up by ; with the Nature and Ufe of Simple and Compound Arbitra- tions; and an History of the Englijh Gold and Silver Coins^ for near 500 Years paft\
To which are added,
Curious Calculations of great Ufe in the Weft- India, Carolina^ and New-England Trades; and Ta«bles, fliewing the intrinfick Value of any Foreign Gold, or Silver Coin. All of great Ufe to Merchants and Traders ; and entirely neceiTary to thofe who would underftand Mer- chants Accompts.
The Seventh Edition, with many Alterations, and great Additions.
By RICHARD HATES, Teacher of Mer- chants Accompts wi%reof Princes-ftreet near'th^Bank of England, now pf-^ee^-Jlr^;pe^'i&eapfide. >j
i — (L — 11 — rrf — e
Printed for John N ' o^^^&^iHrmte Hart, near Mercers Chapel in Cheapfide. MDCCXL. '
13869 <0C'^~J*
T O
Sir JOSEPH HANKER
Knight and Alderman
OF THE
City of LONDON,
SIR,
HO' I never had the Happinefs of being fami- liarly acquainted with the venerable Knight, your Father j yet my Neighbourhood to him,
A % and i
d£ DitAtro N.
and the Honour of inftrucfino; you in Penmanfhip and Accompts, fometimes procured me a Conver- sion with Him : And even in that Intercourfe I difcovercd fome Part of that Great and Amiable Character bv which He was cliltin- guilhed. — A Character, which (tho' his Modefty would have felt as much Pain to have feen it delineated, as his Goodnefs did Pleafure to deferve it) give mc leave to fay, Juftice and Grati- tude muft not only take the Li- berty of thinking worthy of Praife, but alfo of publickly paying it to his Memory.
H e was fteady and fincere in his Friendmips, and felcct in the Choice of them. He was poilcfs'd
of
DEDICATION.
of the moft ufeful Knowledge, and willing to communicate it in can-
ZD
did Advice to all He knew, when any Emergency required it. He was a tender Hufband, a careful affectionate Father, an indulgent Mafter, and a Lover of Mankind in general.
This Spirit of univerfal Be- nevolence was feen in Charity to Diftrefs, Condefcenfion and Libe- rality to Merit in Obfcurity ; and in as great a Readinefs to forward the laft with His Intereft, as to fupply it with His Bounty.
The Love that He gained from all who knew Him could be only equalled by the Grief they felt for the Lofs of Him. They A 3 would
DEDICATION.
would have been inconfolable, had they not found His excellent Vir- tues revived in a S o n, who de- fervedly fucceeds Him in his Ho- nour and Eftate 5 I fay, fucceeds Hirriy whofe Memory will be ever revered by them in general, and in particular by
SIR,
Tour mojl obedient, and devoted Servant,
Richard Hayes.
PREFACE.
T the good Succefs which this Book met in the World whilft it treated only of Monies and Exchanges, and at the Kequeji of feveral of my Friends, I was induced to fpend fome more of my leifure Hours to write this fourth Edition over again, in order to introduce the Weights and Meafures ; and fo to make it fill become more ufeful to all Perfons any ways concerned in Trade.
In doing this, I have neither fpared any Pains or Time to make the Book as compleat as may be ; and I declare, a* mong the numerous Volumes that have pa (fed through my Hands upon this Sub- ject, I have not met with one that con- tains fo many ufeful Things (fome of which are of great Importance in Trade ) as are to be found in this Magazine, and no othcr< The whole being the Rejult of A 4 above
PREFACE.
above twenty Tears Practice in teaching thefe Things, north the ^JJijlance of fede- ral curious Merchants * and nozo 'tis of- fered to the Publick by
From my Houfe in <$ntmfattt% near Cheapfide; but late of Princes flreet, near the Bank of England.
R. Hayes.
The Reader is defired to take notice, in the following Pages,
1. That the Buyer, who firfl: purchafes the Bill of the Drawer, is lbmetimcs called the Deliverer, fometimcs the Taker, fometimes the Remitter, and at other times the Negotiator.
2. The Perfon the Bill is drawn upon to pay the lame, he it is that is called the Accept ant.
3. The Perlbn the Bill is lent to, to get accept- ed, is called the PoJJijjor.
THE
CONTENTS.
CHAP. 1.0/ Bills of Exchange.
Sect.
i . E WS what ought to be done by every Party concerned in a Bill of Exchange ; in cafe that any concerned therein fhouldfail Page i
2. Shews what the Drawer and Remitter jhould obferve before the cne delivers ; or the other takes ; the Bill 1 9
3. Of Brokers, and their Duty 29
4. Of the Remitters payiyg the Value to the Drawer — 33
5. Of Negotiating , Drawing in, and Endorfing Bills, that are made payable to Order 35
6. Of demanding Acceptance 39
7. Shewing what the Poffejfor of a Bill prot eft ed for Non- Acceptance , and is not accepted fupra Prot eft, toge- ther with what the Drazver and Endorfer are obliged to do — : 49
8. Of the Time of 'paying Bills 54
9. OfXJfurers Exchange, &c. — i 68
10. Of Conditional Exchanges on Bottomry 7 1
11. Of paying Debts with Bills of Exchange 78
12. Of Re-Exchange, and Continuance of Exchange and Re-Exchange 8r
13. Of Bills being drawn on one Place, and made payable in another - ■ — Sy
14. Of Bills drawn on one Place, over or through another and of Exchanges in Commiffion in general 92
15. Of 'Drawing Bills in Commiffton = ,98
16. Of being drawn upon in Commiffion 103
17. Of being remitted to in Commiffion 108
18. Of remitting in Commiffton^ and being Surety — 1 1 1
i5. Of
The CONTENTS.
i<y. Of Protefti?jg fir Non- Acceptance — riS
10. Of accepting Protefted Bills cf Exchange 122
11. Of demanding Payment 1 2 8
22.O/" the Acceptors paying of Bills 131
2 3- Of pro left in? Bills for Non-Payment 1 36
24. What the Drawer and Endorsers cf Bills returned for Non-payment are further obliged to — 139
25. When a Bill is returned ivith the Pro t eft for Non- payment^ what the Acceptor is obliged to 143
26. Of fubfcribing a Second or Third Bill 146
27. Of exchanging for Account and in the Name of a third Per fen, by Procuration 148
2 8.0/" Bills 'of Exchange loft 1 5 1
29. When any cf the Parties dies that is concerned in a Bill, what is neceffary to be done — 156
30. WbtA Acceptance is neceffary, when a Bill is drawn on two or more Perfons 157
y*.Of Countermands, and the Banger of difcounting Bills cf Exchange 15S
32. Of Blank Endorfements 161
33. If the Figures of the Sum and Words of the fame dif- agreey or if the Name fhould not be mentioned, or interlined, or if a Bill fJjould come to Hand without Directions 163
34. &41. Of Placing Bills of Exchange to ActGmpt, and the needful Memorandums to be taken of the fame 165 & 191
35. Of Letters of Advice 171
36. Of Letters of Credit 176
37. & 39. Of Inland Bills of Exchange — 1-79 £c 185
38. Of Promipy Notes - — 182
40. Shews what England lofts cr gains per Cent, ly
Holland, at is.rious Courfes of the Exchange 1S9
C H A P. 11. cyEngfaad.
1. Of the Englifh Monies, with curious Reworks upon the fomt • 195
2. The Englifh W 'eights for Gold and Silver compared with other Countries 199
J- Of
The CONTENTS.
3. Of the Weights of Great Britain in general, and of Refining, Jewels, £cc. 200
4. 0~ Av:: :::<:::: ITziglts : j
5. Of freighting Ships 204
6. Of Silk, Linen, and Woollen Meafures 205
~. Of Fuelling — Z€)q
S.Or'C; V''V 207
9. Or" 5.;.; Mea.ure 20$
10. Of Li Kg Me a fur e for Timber, Horfs, Land, 6cc. ib.
11. Of Ale and Beer Mafure 210
12. Of Wine, Brandy, Cyder, &c. Meafure ibid.
13. OfOyl, &c 211
CHAP. III. Of Scotland, or North Britain ibid.
IV. Of Ireland, or Dublin 212
V. Of America r^f Wei Indies 213
1. Shews the true aid current Value of the Weil India Corns 2 1 4
2. A curious Weft India Table 210
3. Another for -valuing Silver Coins and Bullion — 220
4. Another for valuing Gold Coins and Bullion — 225
CHAP. VI.
1. Of the European Exchanges in General 227
2. Shews when Brokerage and Proviyi:n are to be charged 22S
3. To cafl up a return d Bid — 230
4. To know the Profit or Lofs by a Negociation — ibid.
5. Rules for London to remit or draw by 232
6. The Par of the Monies of London with tkofe of other
'■at ions — -: 3 3
7. TJoe Crarfes of the London Exchanges 234
8. OfUfances of London -with other Place s — 235
9. Examples of the Englifh Exchanges ibid.
10. An Example of Simple Arbitrations 241
11. An Example o f Compound Arbitrations^ exhibited by an Order v.tor. the Englifh Eaft India Compair; 2x2
CHAP. VII. Of Brabant, Fhnders,*&c. 1. Shews the Difference between what the: call Aire ad. Common Money, Current or Cajh Money, and Ex- change Money — = — - — 244
2. Shews
The CONTENTS.
i. Shews the Monies of Brabant and Flanders — 245
3. Of their Weights and Me a fur cs 247
4. Of the Exchanges of Brabant, &c. 249
5. Examples of Fknder> Exchanges 251
C H A P. VIII. Of Antwerp. \. Of their Weights and Meafures 254
2. Of the Par of the Monies of Antwerp 256
3. Of the Conrfes 0/ Antwerp Exchanges 257
4. Examples of Antwerp Exchanges — 258
C H A P. IX. Of Amfterdam and all Holland.
1 . 'The current Monies of Holland 259
2. Of the Weights of Holland 261
3. Shewing the Conformity of the Dutch Weights with thofe of other Countries 262
4. Their Weights for Gold and Silver — — 264
5. Their Meafures for Linin and Woollen Goods, and the Conformity of the fame with thofe of other Coun- tries 265
6. Of their Wine Meafures -| > 266
7. Of their Meafures for Brandy ibid.
8. Of Salt . . 267
9. Of their Meafures for Grain ibid.
1 o. *Of Oy Is and Honey 271
1 1 . Of the Bank, of Amfterdam 272
12. Of Bills, and how paid in Amfterdam 274
13. Of the Ufances clferved in Holland 276
14. Of the Courfe of Amfterdam Exchange — 277
15. Of the Par of the Dutch Monies — 280
16. Examples of the Dutch Exchanges — — ibid.
1 7. 4n Example of a Sale of Gold 285
if; Shewing the Advantages to be made upon tlx fifing
and f tiling of the Courfe of Exchange 289
19. Of Simple Arbitrations ■ 29 5
2u Of Qompotfnd Arl-i. 'rations 294
C H A P. X. Of Germany and Switzerland.
1. The Monies, V/ eights and Meafures of Geneva. 295
2. Ditto of St. Gall 29*7
3. Ditto <f Ziyich . i<)H
4. Dtttn
The CONTENTS.
4. Ditto 0/Bazil, or Baile 299
5. Ditto of Strafburgh 300
CHAP. XI. Of Hamburgh.
1 . Of the Bank of Hamburgh 301
2. Of the Monies , &c. of Hamburgh 303
3. Of the Par of the Monies 305
4. The Courfes of their Exchanges 306
5. Examples of /^Hamburgh Exchanges 307
CHAP. XII. Of Frankfort.
1 . Of the Monies of Frankfort 311
2. Of their Weights and Meafures ~ 312
3. Their Monies of Exchange — — ibid.
4. Their Courfe of 'Exchange 313
5. Of 'the Par of their Monies 314
6. Of their Fairs for Exchange ibid.
CHAP. XIII. Of Noremburg.
1 . Of their Monies • 3 1 5
2. Of their Meafures and Weights ibid.
3 . Of the Courfe of their Exchange 316
4. Of the Par of their Monies ■ ibid.
CHAP. XIV. Of Vienna.
1. Of their Monies — 317
2. Of 'their Meafures and 'Weights 318
3. Of the Courfe of their Exchanges ibid.
CHAP. XV. O/Augfburgh 319
XVI. Of Leipfick, Hanover and Na-
umburg 321
XVII. Of Breflaw 325
■ XVIII. Of Cologn 326
XIX. O/Embden ibid.
XX. O/Bremen - ibid.
XXI. OfStttm 327
XXII. Of Bolzano ibid.
CHAP. XXIII. Of the E&hnd Countries.
1. Of Denmark and Norway 329
2. Of Poland ,330
3. O/Riga — 331
4. O/Pruflia < ^332
5. Of
The CONTENT S.
5. 0/*Dantzick 334
6. O/" Koningfburg 336
7. Of Sweden or Stockholm 337
8.0/Revel 339
9. 0/ Narva 1 ibid.
10. O/Mufcovy, ^ RulTia 340
CHAP. XXIV. Of Portugal in general 342 CHAP. XXV. Of Spain in general, with fome curious Remarks on the different Degrees of Sect their Dollars 345
1. Of their Weights and Meafures, &c. in different Parts of Spain, viz. — 349
In Caftile, Madrid, &x. ibid.
In Granada, Malaga, &c. 350
In Valencia, Alicant, &c. ibid.
In Bifcany, Bilboa, St. Sebaftian, &c. — 351 In Andalufia, Seville, St. Lucars, Cadiz, Gi- braltar, &c. ibid.
In Catalonia, Barcelona » ibid.
Examples cf the Spanifh Exchanges 352
CHAP. XXVI. Of France, or Pans, t. Of their Coins 356
2. The Weights 0/ Paris 359
3. Their Meafure for Corn ibid.
4. Of Orleans — 360
5. The Salt Meafure of France 361
6. Their Charcoal Meafure • 362
7. Their Sea Coal Meafure ibid.
8. Their Lime Meafure ibid.
9. Their Wine Meafure ibid.
10. Their Meafures for Linen, Silk — ibid.
1 1 . Of Tholoulc, Montpelicr 363
1? . Of Brandy ibid.
13. G/rBourdcaux — ibid.
13. Of Roc hel and Cognac ibid.
15. Of Lions 364
16. Of Roan 1 365
frfr . Of Tfaouloo tad Provtncc 360
& Of
The CONTENTS.
1 8. O/Marfeilles ■ • 367
19. Of Calais — ibid.
20. Of the French Weights in general — — 368
21. Of the Pars of the French Monies 369
22. Of the Courfe of the French Exchanges — 370
23. Examples of the French Exchanges — — 371
24. Of Simple Arbitrations 372
25. Of Compound Arbitrations — 374
26. Turin and Savoy 375
CHAP. XXVIL Of Italy. 375
Sect. i. O/Milan 376
2. Of Genoa — 377
3.0/"Novi — 380
4. Of Venice < ibid.
5. O/Bologne — 386
6. Of Parma 388
7. Of Sardinia ibid.
8. Of Florence ibid.
9. Of Lucca, or Lucque 390
10. Of Leghorn 391
11. Of Rome — — - — 392
12.O/ the Agio's of the Monies of Italy — 395
13. Of Ferrara 396
14. Of Ancona ibid.
15. Of Mantua 397
16. O/Modena ibid.
17. Of Bergam ibid.
18. Of Naples — 398
19. Of Sicily — 400
20. Of Placentia . 401
21. Examples of the Exchanges of Italy — 402
22. Of Malta 406
23. 0//^Morea, &c. ibid.
24. OfCandia ■ . ■ 407
2 5- Constantinople — 1 — — ibid.
CHAP. XXVIII. Of Afia.
Aleppo — — „„ , ■■ 409
CySmyrn* ~— ~— » ***** 410
SE.CT,
The C OXTE ft T S.
Sect.
i . Of the Eaft Indies 4H
2.0* Arabia 414
3. O' Periia 415
4. Of the Empire of the Great Mogul, or Indoftan 416
Of Peque ibid.
Summatre,Cormandel,Banrarn,tf>/i Siam 4 1 7O5 4 1 8
5. China 418
6. Japan j.19
CHAP. XXIX. Of Africa.
1. Or" Alexandria, Cairo, and all Egypt 419
2. 0 "Barca, Tripoly, Barbary, Tunis, &c. — 421
3. Of Algier — 1 — 422
4. C ■ 423
-. Of Una ibid.
6. Of Sillce 424
7. Or Fezz ^?zi Morocco — — — — ibid.
8. Or Gambia, Gainea, fee ibid.
CHAP. XXX. Smfk Arbitrations, or of Orders and Czmmiffions 4.26
C H A P. XXXI. Of Compound Arbitrations — 430
C H AR XXXII. An Htjlory cf the Engiiih Gold and Silver Coin; a.44
T II E
Negotiators Magazine.
c H A P. I.
Of Bills ^Exchange.
The Cuftoms or Laws of Bills of Exchange exhibited in the Way of Advice, ac- cording to the Opinion of the moft ex- perienced in the Cuftoms, and Learned in the . Laws of the European Ex- changes.
Sect. I. Stews what ought to be dene by every Party concerned in a Bill of Exchange, in Cafe that a?iy one concerned therein Jbould fail,
HEN a Remitter fails before he pays the Value, and the Bill is drawn in by him, or is indorfed, and fent away, and is accepted, the Accepter is obliged to pay the fame at the time when due, altho' the Drawer has not received the Value,* But in regard that a knavifh
B Remitter,
a Haxe&V Negotiator's Magazine
Remitter, and a cunning PofTelTor, underftanding one another's Defigns, may in this manner com- mit great Frauds, it is neccfiary that the PoiTeflbr mould be obliged to prove, that he or his Corres- pondents has effectually paid the Value, or that the fame was remitted to him for a true and juft Debt, which was due to him from the Remitter ; therefore, to prevent Frauds that may be attempted to be committed in this Way, it is not advifeable the Drawer to deliver out more than one (ingle Bill before he has received the Money.
2. If an Acceptor fails, or refuies to pay, or be- comes iniblvent, after he has accepted a Bill, altho' the Drawer has not received the Value, the Drawer is obliged to pay the Bill, with Re-exchange, Pro- viiion, and Charges to the PoiTeffor.
3. When a Drawer hath drawn for his own Account, and to prevent the Lofs by Re-change, he does remit the Value to his Correfpondcnt, to difcharge his Bill, or hath ordered his Acceptor to re- value upon him, whole Re-draughts he hath accepted, and the Acceptor for all this, initead or" his paying the Bills, runs away with his Monies, Or becomes iniblvent, and cannot pay, lb that the Bill is returned with Proteft ; yet, notwithstanding this, the Drawer is obliged to pay the Re-exchange and Charges, and tofupply twice the Value of that Bill, whereof lie may not have received any Value at all.
4. When a Remitter fails before he pays*the Value, and the Accepiant gets Notice before he accepts, and therefore refutes to accept, lb that the Bill returns with Proterr, yet the Drawer is obliged to pay the Re-exchange, if the Poffeflbr can prove
0/ Money \ fPiig hts\ Me a Jure &c. g
that he negotiated the faid Bill, and paid the Value for it ; but if the Bill be made directly payable /to any Perfon, and the Remitter fends him the Bill, in Payment of what he was indebted to the Perfon it was fent to, then it is a great Queflion whether the Drawer is obliged or not, if he hath received no Value, nor the PolTeffor any other ways hath made the lame good.
5. And though the Drawer, in fech a Cafe, muft pay more than the Remitter is indebted to him for the Value, [viz. the Re-exchange and Charges) yet the laid Remitter is Debtor for no more than the bare Value, nor can any more be de- manded of him.
6. When a Drawer for another's Account re- ceives not the V alue, then the Lofs comes charged on the Account of him for whofe Account it was drawn, unlefs the Drawer flood Surety, feeing his being Surety hath refpect to the Remittances, and the whole Negotiation, or unlefs the Drawer gave the Remitter fome Time for the Payment of the Value, and did not advife his Principal thereof, or unlefs the Drawer had neglected to demand the Money in due and ordinary Time, or elfe, if at the Time of drawing, the Remitter was known to be an infolvent and declining Man 5 in any of thefe Cafes, whether the Drawer had any Profit or riot, the Lofs will fall upon his own x^ccount, becaufe he credited the Remitter.
7. When a Drawer fails before the Value be re- ceived^ if the Remitter hath the Bills in his own Hands, he may reftore them to the Creditors or * Truftees of the Drawer's Effects ; and if either of them fliall refufe to take the fome, and think that
B 2 he
4 Hayes'j Nepociators Magazine
1 O O
he is obliged to perform his Contract, and to pay the Value, he mult demand Acceptance and Pay- ment of the Bills, the Remitter being obliged to endeavour the fame j but it is with this Provifo, that thofe Creditors or Truftees who urge him thereto, (ball give him fufficient Security for the Re-exchange and Charges, in cafe he negociate the fame, and it Ihould be returned with Profceft. And this they mutt do before they can oblige the Re- mitter to pay the Value of the Bill to any of them.
8. If the Remitter hath conditioned for ^ny Time for the Payment of the Value, or if he can- not pay the Value in due Time, (as in jlmfterdam^ the Bank being fhut up) but in the mean TihieJ at the Requeft of ihe Drawer, he accepts of an Affign* ment payable to a third Perfon, at the Expiration of the Time agreed upon, or after the Opening of Bank ; whether this Acceptance be verbal or writ- ten, the Remitter is thereby obliged to pay the Va- lue to the laid third Perfon, at the due Time, though the Drawer in the inteiim Ihould fail.
(). If the Remitter or Poifelfor has been negli- gent in demanding Acceptance, and the Drawer in the mean Time feUsj bar the Acceptant knows no- thing thereof, before Acceptance is demanded, and he accepts the fame, this Acceptance obligeth him to the Payment, though procured alter the Drawer is failed, as well as in refpect of his being the Ac- ceptant himfelf, or any other, for whole Account the Bill was drawn.
jo. If the Remitter or Pofleflbr had neglc&cd to demand the Acceptance before the Drawer failed, then the Acceptant cannot be compelled to accept
the
Of Money y Weights y Meafuresy &c. 5
•the Draught (though the Acceptant hath wrote to the Drawer that he would accept the lame) and he confefs he mould have done it, if the feme had been demanded before he had Knowledge of the Drawer's failing.
1 1 . When any Perfons have Bills fent to them to demand Acceptance, and to keep them by them, or to return them to the Remitter, or to any other that he the Remitter mall order, if, by Negligence, or Forgetfulneis, the faid Perfons de- lay to demand Acceptance, or if they fuffer the Acceptant to delay Acceptance, and the Drawer in the Interim mould fail, and the Acceptant from this mould abfolutely refufe Acceptance, fuch Per- fons deferve fmall Thanks from the Owner of a Bill, but they are not obliged to make good the Value : But, on the contrary, if a Bill is fent to a Per fon, and he is urged to procure Acceptance and Payment, if he defers and delays procuring the fame, and the Acceptor being ignorant of the Cir- cumitances of the Drawer, declared that he would have accepted it, if it had been timely demanded, the Party thus neglecting, is obliged to make good the Lofs that has been occafioned by his Negli- gence to his Correlpondent.
12. When a Bill is drawn, and indorfed by feveral Perfons, before the fame is accepted, and afterwards the Acceptance fhculd be refufed, on account of the Drawer's failing ; in fuch Cafe the Lofs falls upon the firft Endorfer, becaufe he mould have had the Acceptance in Time, and muft blame himfelf, for having no better Security than a broken* Drawer to rely on, for Recovery of his Monies.
B 3 13, When
6 HayesV Nefrociaterj Mavazini
13. When an Acceptant hears that the Drawer is failed before Acceptance is demanded, he need not accept any of the laid Drawer's Bills (al- though lie may through Ignorance of the Drawer's Circumilances have promifed to honour fuch .Bills) without having fufficieiJt Security to be dis- charged from all and every one that (hall make any Pretence or Demand thereof, whether ic be the Drawer, his Creditors, Truftces, or his Prin- cipal, for whole Account it is drawn, GV.
14. Nor may the Acceptant accept any Bills from the info-vent Drawer, though the Bill bear Date before his Failure, and the Letter of Advice the lame Date, whether it comes by the ordinary Pod: or not ; for there is a great Sufpicion that there is fome underhand fraudulent Dealings, and that the Bill and the Letter arc truly antedated.
15. If any be drawn upon, on the Account of a third Perfon, and he, before he accepts, has Ad- vice that the Drawer is failed, he ought not accept the fame, tho' he has promifed the Drawer he would, becaufc his Acceptance mav turn out to his Prejudice ; and if he has not Erfects in his Hands, the Piincipal, for whole Account 'tis drawn, will lcruple, ashe jufdy may, the making the Value good, and it will be at lead a Damage and Prejudice to the Principal, if lie hath not the EHefts in his Hands to anfwer thole Bills.
1 6. EfpecteUy he ought not to 'accept any Bills pi a Drawer's that 19 failed, if the Perfbfl for whole Account the fime is drawn advifes him of his Failure, or on Sufpicion hath forbidden him to ac- cept anv df the laid Drawer's Bills fof h: Account,
although
Of Money, JVelghts, Meafures, &c. 7
although he hath ordered the Acceptance thereof before.
17. When the Drawer fails, the Acceptor is not obliged to give better Security for the Pay- ment, but the Poffeffor muft wait till the Day the Payment falls due, before he can demand any Thing of the Acceptor, and then the Acceptor is obliged to pay, tho' he accepted for the Drawer's Account, and has no Effedts of the Drawer's in his Hands.
18. If the Acceptor denies Payment of a Bill, the Drawer being failed, the Poffeffor is not obliged to return the Bill and Proteft, to the Place from whence it is drawn, becaufe it is apparent, that the Re-exchanges and Charges cannot be re- covered from the Drawer, but he muft inftantly, without Delay, after the Proteft is made, proceed againft him by Attachments, &c. for it is one Thing when a Drawer is a good Man, and another when he is failed.
19. When an Acceptor fails or abfents him- felf, the Poffeffor is then obliged, asfoon as he gets Notice thereof, (if true) to get Proteft made by a publick Notary, in due Time, and to fend the fame, with the Bill, to the Remitter, to procure Satisfaction from the Drawer; and Advice ought'to be given directly to the fir ft Remitter, and not to the laft Indorfer only, that the Drawer may, if he pleafes, order another to honour his Bill, and pre- vent the Lofs by the Re-exchange, &c.
20. Though a Poffeffor through Negligence or Ignorance of the Cuftom, or of the Acceptant's fail- ing, or elfe becaufe the Bill may not come to Hand till after it is due, or for any other Caufe, he
B 4 d oes
8 Ha ye s\r Negociators Magazine
does not, or cannot make proteft by a Publick Notary, nor does not fend it away, neither before nor after it is due, till probably on the laft Refpite Day ; yet this Negligence or Ignorance doth not hinder the Pofleflor's redrerTing himfelf on the Drawer and Endorfor, though the Acceptor failed before the Bill became due.
21. When an Acceptor fails before the Day of Payment, if the Bill be made payable to Order, as foon as the PolTeftor can get proteft to be made, he muft fend the fame to the firft Remitter, and muft keep the Bill till it foils due, that in Cafe the Drav/er orders any other to honour his Bill in Time, the Foffeffor may be ready to receive the Value.
22. If any other offer to accept and honour a Bill whofe firft Acceptor is tailed, in favour of the Drawer or any other Endorfor j the Poffeftor is not obliged to accept of fuch an Offer, if he thinks the Offerer is not a fufficient Man ; but if he is fufficient, or will give fufficient Security, the Poffeffor cannot refufe fuch an Offer.
23. It is not iafe to accept a Bill, whofe firft Acceptor is foiled, without a Proteft for Non- payment, declaring the bad Circumffances of the Acceptor, and fuch an Acceptavit (in Honour) muft prefently fend the faid Proteft, together with the Notary's Atteftation of his accepting the lame in Honour, to the Drawer, or to him for whole Account he has accepted the fame.
24. Though it be certainly known, and the Drawer himfelf docs confefs, that the Acceptor of his Bill was (ailed, yet lie is not obliged to give any Caution, Security or Satisfaction to the Remitter
'til!
Of Money, freights, Meafures, &c. 9
7 till the Proteft be produced ; but if the Remittor or Poffeflbr have the Bills returned without Pro- teft, or the Proteft without the Bills, or both the Proteft and the Bills, and (hews them to the Drawer, then he is obliged inftantly to give Satis- faction or Security for Re-exchange and Charges.
25. Yet let no wife Drawer make Reftitution of the Value he received, or of the Re-exchange and Charges upon producing of the Proteft for the Acceptor's Infoivency ; but upon the producing thereof, being required thereto, let him give Secu- rity for the Payment thereof at the Place where it is payable, if there be Time enough, or for the Re-exchange, when the accepted Bill (by the in- folvent Acceptor) be produced; which Bill, if it be not produced, he need not reftore, nor repay any thing but upon furficient Security to deliver the Bill, and to difcharge him from all future De- mands ; and to make Reftitution thereof with In- tereif, in cafe the faid Bill be paid to any Perfon, (fupra proteft) but if there is not Time enough to order the Payment of the Bill at the Place where it was payable, then let the Drawer give Security to pay it to the Remitter in the Place where it was drawn, when the Time of the Bill fhall be expired.
26. A Drawer or Endorfer is obliged to the Pofleflbr of a Bill protefted for an Acceptor's In- foivency, as much as if the Bill was protefted for Non-acceptance.
27. When the Drawer at the Requeft of the Remitter hath made his Bill payable to Order, and that Bill is afterwards endorfed and drawn in from feveral Places, -and fhould (in cafe the Acceptor
fails)
i o Ha y esIt Negotiator j Magazine
fails) be returned the lame way they came, then the Drawer may tell the Remitter, to whom he may addrefs himfelf for the Payment at the Dav, and give him fufficient Security for the Payment ; Which if he does, he is no farther obliged to any, nor for more than Poftage and Proteil, and the Remitter muft accept hereof, and accordingly or- der his Correfpondent to make his Addrefs to fuch a Perfon, but the Drawer mull: order his Friend not to pay any Monies but upon Receipt of, or Security for the Delivery of the protefted Bill with the Proteft.
28. When a Perfon is drawn upon, and re- mitted to in Bills payable to himfelf, and hath ad- vifed that he has accepted the Draught, if the Acceptor and Poffeifor of the Bill fliould fail be- fore the Bill fills due, then the Lois falls upon the Drawer, or upon him for whofe Account the fame was drawn, and he is obliged to make good the Re-exchange and Charges, though it be not protefted in due Form and Courfe ; but if he fails on the Day of Payment, or after, then the Bill is looked upon as paid, and the Lois falls upon him for whofe Account it was drawn, though it ihould be protefted in due Form within the Days of Re- fpitc.
29. When a Bill is drawn on the Account of a third Party, and the Bill is accordingly ac- cepted for his Account ; if this third Party fails without making Provifion to discharge the laid accepted Draught, die Acceptor is obliged to pay the Bill, nor lias he any Redreis on the Drawer.
30. If
Of Money, JVaghts, Meaftires\ &c. 1 1
30. If a Bill is drawn by the Order, and for the Account of a third Perfon, and is accepted by the Acceptant, if the faid Acceptor fails the Drawer muft make good the Re-exchange and Charges , but the Drawer hath Redrefs on him for whom the faid Bill was drawn, and he may charge his Account therewith, though the faid Party hath already made Provifion good to the Acceptor, or hath accepted his Acceptor's Bills for the Value -y and rf both the i\cceptor and the Party, upon whofe Account the Bill was drawn, mould both fail, the Bill being accepted, the Drawer may come on them both for Satisfaction.
3 1 . When a Bill is drawn and accepted for the Account of a third Perfon, if the Acceptor fails before he receives fumcient Provifion for the Difcharge of the Bill, of the Party for whofe Ac- count it was drawn, and if the Drawer mould alio fail, the Party for whofe Account it was drawn need not fuffer himfelf to be perfwaded to pay the Bill, and to take it into his own Hands, becaufe it was drawn upon his Account, unlefs the PoffefTor of the Bill will give him fufricient Secu- rity to fave him harmlefs both from the Drawer and Acceptor, and their Creditors, &c.
32. If before Provifion be made to difcharge a Draught the Acceptor and Drawer both fails, in this Cafe the Party (for whofe Account it was drawn) need not difcharge the Bill, nor pay the Value to the Acceptor, or his Creditors, &c. unlefs it doth appear to him that the Poffeffor is fatisfy'd by the Acceptor, or by fome body elfe for his Ac- count ; and he doth relinquifh all Pretences to both the Acceptor's and Drawer's Effedts, or unlefs.
he
i2 Ha ye s V Negociators Mi %gak>int
he be fufficiently fecured from all Damages that may accrue upon Account of the (aid Draught and Remittance.
33. When the Drawer of a Bill, payable to his own Order, fails ; and to defraud his Creditors he endorfeth the Bill to another, who negociates the fame, and effectually receives the Value j and this Party doth endorfe it again to a third Perfon, &c. yet though the Creditors mould oppofe it, they difcovering the Fraud, the Acceptor mult pay it to the Party that comes to receive it, if the faid Party can prove he paid the real Value thereof. But if the PoffclTor had made it payable to any other directly, and can fwear or prove how and when he paid the Value, and that it was done be- fore he knew of the Drawer's railing, he may be probably allowed Provifion ; and can prove that the lame Bill, without Colour or Fraud, was deli- vered to him ; and if the Creditors oppofe him, he is obliged to do thus much before he can get the principal ; or, if he Iras received it, Ire mult be obliged to refund the lame for the Ufe of the Cre- ditors in common, and mull alfo be obliged to draw in, and endoi le the Bill that he received from the infolvent PolTedor with Intent to defraud them.
34. When a Bill is made payable, or endorfed rayable to any Poifeflor, who unknown to the Acceptor is become Inlolvcnt before the Day of Payment, if he mnkes Payment of the fime, not knowing of the Podeffor's tailing, fuch Payment i^ good and valid ; but it' he pay to any other upon the faid Pofleflbr's Order, and knows of the Poflef- (br's failing, lie does very unwitelv, and runs the b • i-.d of paying it twice,
?r, When
Of Mo;/eyy Weights. Meaforti, &c. 1 3
jtf. When a Poffeilbr of a Bill fails, and the Acceptant can demonflrate and prove that the Bill was remitted for the PolTeiTor's Account, or upon the Account of what the Remitter, or any for whole Account it was remitted, was indebted to the PoiTeiTor, and therefore he only is the true Owner and Principal of the Bill, then the Ac- tor may pay it to him, and he mull credit the Perfcn for whofe x\ccount it is for the Value ; but if the Bill be for the Account of a third, or for the Drawer's Account, and neither of them have received a valuable Confederation from the Poiieiibr of it, in fuch Cafe it ought not to be paid to him. in regard the failed Potfefibr is not the true Owner of the Bill, but is only the true Demander of Sa- tisfaction, and the Acceptor ihould be obliged at the Day to pay the fame to the next Order of the Remitter's, or to the true Owner of the Bill, for whofe Account it i:-.
36. If a fufpecled PolTeiior of a Bill mould fraudulently twice effe&uallv draw in the fame Bill, and give the prima Bill to one Man, with Directions to find the fecond Bill accepted, and the fecond Bill to another Man, with Directions where to find the firft accepted Bill ; in this Cafe, he only hath a Right and Title to the Monies that firft procures Acceptance, he not finding an ac- cepted Bill, as he was directed, whether it be the firft or fecond Bill that is no Matter, nor whether it was the firft or laft negociated by the Indorfer.
37. When the PolTeffor of a Bill that is failed, to defraud his Creditors or others, conceals a Bill, and they afterwards difcover that he hath luch a Remittance in his Hands, or fuch a Dranght is,
or
14 Ha y es V Negociator J Magazine
or was in his Hands; then the Acceptant is ob- liged to declare, whether he hath accepted fuch a Draught to which if he anfwer in the Arhrma- tive, the Creditors, or any other concerned, may forbid the Acceptors paying it, without their or his Knowledge or Confent ; and if any Perlbn ap- pears at the Day to demand the Money, the Party that appears is obliged to declare and prove that he is the true Pofleflbr of the Bill -y and if no body appears to demand Payment, then the Acceptor is obliged to pay the Sum to the Creditors, or Aiiig- nees of the Party that is failed, they giving Secu- rity that the Acceptor (hall be noways prejudiced thereby ; or if he refufe to do it upon their Secu- rity, he may lodge it in the Hands of a proper Magiftrate, for the account of the true Owners thereof; and if the Acceptor refules this, the Cre- ditors, or their Ailignees, may unanimdufly pro- teft againft him for Non-payment, and fend the fame to the Remitter, to procure Satisfaction from the Drawer; and if he makes no Satisfaction, they may compel the Acceptor thereunto.
38. When a Bill is made to the Order of a Perfon that fails before the Bill is come to Hand, if he reeeives it, and endories it, making it pay- able to any other Perfon that demands Acceptance thereof, the latter being ignorant of the ririt Pof- felTor's failing ; in fuch a Cafe, the Acceptor (if lie gets Knowledge of the firit PolTelfor's tailing, and that he indoried the fame after he failed) need not pay the Value thereof to his Order, becaufe the iniolvent Pollelfor, alter he is failed, lias no Power or Authority over a Bill, nor can he legally endorfe the lame ; and therefore the Acceptor dotli
wifely
Of Money, Weights, Me a fures, &c. 1 5
wifely to pay the fame to his Creditors, provided they will give him fuch Security as (hall indemni- fy him from the fame, which if they refufe to do, let him fuffer the faid Bills to be returned under Proteft.
39. It is not without Sufpicion of Fraud, when a Debtor to an Infolvent pretends to have a De- mand on him (or to fet off an Account with him) and becaufe the Infolvent requefts it of him, he accepts the Infolvent's Bill, or underwrites a third Bill payable to fome of the Infolvent's Cre- ditors; if he pays the faid Bill, or if the third which he fubfcribes mould be returned under Pro- teft, and he is forced to pay the Re-exchange and Charges, be it which Way it will, it gives a great deal of room to fufpect that there is fuch an Un- derftanding between the Debtor and his infolvent Creditor, "as may eafily turn out to the Prejudice of the Infolvent's Creditors ; for by this Means they may find an Opportunity of making many fuch Bills.
40. When the PofTeffor of a Bill has neglected to procure Acceptance in time, and the Accep- tant, after the Drawer's failing, refufes to accept ; in this Cafe, the PoffefTor has no Privilege or Pre- ference more than other Creditors to the Effects that the Acceptant may have of the Drawer's in his Hands, though the Drawer drew merely upon thofe Goods, and it would have been accepted, if demanded before the Dawer's failing had been known.
41. Though a Poffellbr of a Bill (whofe Ac- ceptor fails before the Day of Payment, or within the refpite Days) hath an open Account with the
Acceptant,
1 6 H a y e s V Nejroci nors Atajrazitot
o o
Acceptant, and is Debtor to him for a greater Sam than the Value erf the Bill • and though he may now, upon the Acceptor's failing, recontre, or let off* lb much, yet he would do more wifely, if he proteft for Non-payment, and lets the Bills be re-drawn.
42. If the Party for whofe account a Bill is drawn, fails before lie lias made good the pro- mifed Provilion to the Acceptant, then the Ac- ceptor, paying at the Time (or if not accepted, nor paid, but is returned with Proceff ) the Drawer hath Privilege and Preference before all other Cre- ditors upon any of the Effects of the Failed, that they have in their own Hands.
43. When an Acceptor of a Bill hath Remit- tances made to him for Provilion, on the Account of the Party for whole Account he hath accepted Bills ; and while thefe Remittances are in his Hands, and before he hath difcharged the (aid Draught, the laid Acceptor fails : In this Cale, the Principal muff anfwer the Re-c>:change and Charges, and muff be content to come in with the reff of the Acceptor's Creditors. But if, upon the Acceptor's failing, the Remittances are found in his Poffefiion, and have been received ; then the Principal that made thole Remittances has a Right to them, and nobody elle, they being to be paid to his Order j and though the Creditors have received the fame after the Acceptor is become in- folvent, yet they muff repay the fame again.
44. The Polfeflbr of a Bill proteffed for Non- acceptance or Non-payment, whofe Drawer and Acceptor are both failed, muff concur with the reff of the Creditors, not for the Value only mat
\va~
Of Money, Weights, Meafures, &c. i J
was paid but for the Re-exchange and Charges, and for the Sum that the Drawer and Acceptor were to have paid, if they had not become in- folvent.
45. If both the Drawer and the Acceptor fail, then the Pofleflor hath Right and Title to demand Payment of both their Effects, &c. and he may chufe with which he will iirft begin, and where he can fooneft procure Payment or Satisfaction ; and if one's Effects will not anfwer his Demands, he may then get as much as he can of the other's,, for they are both obliged.
46. And the fame Right that he hath to the Effects, or whatever elfe is belonging to the failed Drawer and Acceptor, till he be fatisfied, he hath alfo the like againft any or all the Indorfers, if the Bill is returned unaccepted : If any of thefe come to fail, and if the Bill be accepted, if the Acceptor, Drawer and Endorfers do all fail, he may come upon all their Goods and Effects for Satisfaction.
47. The Poffeffor may demand the full Sum with all the Charges out of the Goods and Effects of that failed Drawer, Acceptor and Endorfer, where he firft fets on as Creditor, and what he re- ceives lie muft place to Account, in part of his Demands; and if not fatisfied there, he cannot de- mand the whole again of another, but only the Re- mainder ; and fo from one to another, till he be fatisfied in full.
48. If the Poffeffor of a Bill, whofe Acceptor, Drawer and Endorfers are all failed, receives fome- thing in part of Satisfaction of his Demands; if the Failed's Truflees do thereupon demand an Acquit- tance, with the Ceffion of the Action to him or
C thema
18 Hayes V Negotiator s Mawazine
them, then the PofTeffor muft not acquit, nor transfer more of his Action to him or them, than for the Value that he hath received.
49. When the PofTeffor hath received of one of the Parties that failed, a Part of his Demand?, and tomes to another of the failed, to demand the re- maining Part, then lie cannot make a CeiTion of his Action againft him from whom he received the firft Part of his Demand, became he was there ad- mitted into the Concourfe of the whole Demand, and accordingly received his Proportion: So that though a Pofleflbr enter into a Concourfe with the other Creditors, and takes in as much as he can get of his Debt, of one of the Parties that fails, and he thereupon doth abfolutely difcharge him, yet he may for the Remainder come upon the other Endorsers or Drawer, until his Bill be fully fa til- lied, only he cannot transfer his Action againft him whom he hath difcharged.
50. When the Pofleflbr, whole Drawer, Ac- ceptor and Endorfers are all failed, does rinl re- ceive, in part of his Demands, of one of the fail- ed, for whole Account the Bill was drawn, but hath either drawn, or endorilrd, or accepted the Bill for another's Account, without having any Effects in his Hands, then the Pofleflbr and the Party from whom he received in Part, muft en- ter into a Concourfe between thcmielvcs, tad they muft demand of the others, or any of them that is filled, the fubla Sum, with the Charges.
jt. If flie Pofleflbr of a Bill (houkJ agree, and compound with the Acceptor, and the Drawer is the Acceptor V Debtor for the bum he accepted, though the Drawer is thereby difcharged from the
Remitter
Of Move }\ freight j, Mc\f/<resy &c. 19
Remitter and Pofleffor, and alio of the laid Ac- ceptor, yet the Acceptor cannot charge or debit the Drawer for 1:0 more of that Bill than he ef- fectually paid, according to the laid Compolition.
52. But if the Pofibfibr hath made this Compo- fition with the Acceptor, without the P emitter's Order cr Cement, the Remittance being for the Remitter's Account, the Pofleffor muft be obliged to pay the wh:!c Sam to him.
If the Drawer and Endorfer being failed, de- ny the Bill they haye drawn and indorfed, and the Acceptavit hath accepted, and it was for their own Effects that the Acceptor hath in his Hand, or dial they ha\*e fmce, cr before Acceptance, made Provuion for ciicharging thereof, they mull at their Creditors Requefi prove the lame.
Sect. II. Stezchiy n-bat a Driver be fere tie De- livery of a BM> and wbat tbe Remitter before tlx Receipt thereof mujl mtrvfdj cbfer'je,
1 . * I ^ H E Drawer is obliged to give to the Re- £ mitter Bills for the Sum negotiated .
z. The Drawer oueht to obferve. before he fubferibes die Bill, at lealt before he parts with it, and the Remitter before he receives it, at leart before he lends it to the Peat, or if to re-draw the Value, before he endorfes it, or pan with it out of his Hands, if it be well and truly made, and if all the Requisites neceffary be fatly exprelTed.
3. There be twelve Parts to be obferved by the Remitter and Drawer of a Bill of Exchange.
C 2 ~ 4. It
HayesV Negotiators Magazine
4. If it be fet down at the Top of the Bill, the Date and Place where and when a Bill was drawn, where the Difference between New and Old Stile muft not be forgotten.
5. In the fecond Place if the Value be fet down in the fame Line, i. <?. the Sum for which the Bill is drawn.
6. In the third Place, if the Time of Payment which ufually falls due be under fome of the fol- lowing Heads ; Firlt, at Sight, which are fuch as are to be paid when prefented; Secondly, Bills at fome Days or Months Sight, which may be one, two, three, four, or five Days, or Weeks, or Months after they are prefented, for Acceptance ; when fuch Bills come to Hand, the Day of the Month when accepted muft be mentioned with the Acceptance; Thirdly, Bills at one or more Ufances, which Space of Ufance differs in many Countries; Fourthly, Bills payable at a certain Day without relation to the Date of the Bill, or Time of accepting the Bill ; and laftly, Bills pay- able at certain Fairs being common in fome par- ticular Places, as at Lions in France $ Frj>:hfbrty Jjripfick) &c. in Gennanw
7. In the fourth Place, it muft be obfbrved in drawing a Bill of Exchange, to ipecify the Qua- lity of a Bill ; that is to lay, if it be the rirft, (ft- cond, or third. The Prudent having wifely eila- blinY-d that Precaution of taking two (and in fome Cafes more) Bills of Exchange for the fame Sum of Money ; that in Cafe the firft mould be left in the Way, or e) lev/here, the fecond may fupply its Place. And that tin Drawer may not be iubjc<r:t to any. Inconyeniency by the Multiplicity of Bills
for
Of Money, Weights, Meafures, &c. ^ i
for the fame Sum of Money, they are diftinguifh- ed by the Quality of firft, fecond, and third Bill, and either of thefe being paid the other remains void and of no Effed: ; fo that no Perfon will take a hrft Bill of Exchange without a fecond with it, except it be accepted, and then the fecond is need- lefs; or unlefs it mall be fpecify'd in the Bill, This my only Bill of Exchange for fuch a Sum, In this Form Merchants do fometimes draw Bills of Exchange when the Payer and Drawer live in the fame Place, or in neighbouring Places, or up- on other Occafions when they think they are in no Danger of lofing a Bill, and fo don't take the Trouble of making out two 5 which however is feldom practifed but among Inland Traders, or Merchants living in the fame Place for Payment of Goods, &c.
8. In the fifth Place, the Name and Sirname of the Party the Bill is made payable to muft be fet down diftinctly, unlefs it be to Co-Partners. In this Cafe it is common to fet down both their Sirnames, viz. Meffieurs A. and B. Merchants in L. and if the Parties be of what Employs or Trades foever, it is ufually exprelfed in the Bill. This is to be minded, that all Bills are to be made to his, her, or their Order, for Reafons you may find under the Head of Indorfement.
9. In the fixth Place, it muft be obferved that the Sum for which the Bill is drawn, muft be wrote in Words at Length diftindtly.
10. In the feventh Place, there ought to be great Care taken to exprefs the Sort or Specie of Mo- ney 3 that is to fay, whether in Bank or Current Money j for though La England there is no fuch
C 3 Difference
1 1 Ha y es V Nejroc/ators Marazinb
Difference in the Money as in Holland, for their Bank Money, which is ufually the Money the Dutch pay their Bills in, is 4 or 5 and fometimes more per Cent, better than their other Money, or of their ufual current Money of the Place.
11. In the eighth Place, we muft obferve that the Pvice of the Exchange be exprelVd in Words at length : As for Inftance, fuppofe is were be- tween London and Paris3 it muft be named how many Pence, &c. Sterling, per Ecu, or Crown of 60 Sols; or if between England and Holland, how many Schillings and Grotes Dutch Money muft be given for 20 Shillings Sterling.
12. In the ninth Place, in all Bills of Ex- change it muft be obferved, that the Name and Sirname of the Party who paid the Bill be infert- ed, and in what Manner it was paid. As to the Name of the Party who pays the Value, though it generally is the fame in whofe Favour the Bill is drawn, but it is not always fo; for frequently in buying Bills of Exchange they do either leave Room for Indorfements when it is thought they will be often negociated, and fometimes for other Reafons they deiire them to be drawn payable to their Correfpondents, to whom they delign to fend the Bill, or to their Order for Value received of them (naming the Bayers) who agree and pay for fuch Bills to remit to their Friend. But the Me- thod that is moft commonly praclifcd is in thefc general Terms, Value received o/W. R. or, Value receivd.
13. In the tenth Place, it is common to end a Bill of Exchange with thefc or the like Words, floie to Account as per sldvicc, or fome fuch Ci- vility J
Of Money \ Weights^ Meafurc r, &c z J
Viiity ; for you muft know that it is not cuftomary for Merchants to accept or pay Bills of Exchange without particular Letters of Advice from the Drawer, in which they take notice of their having drawn a certain Sum, exprelllng likewife. the Spe- cies or Sorts of Monev, and all other Circum- ftances very exactly and very particularly, to the Order of fuch a Perfon, payable at fuch a Time ; and it is of fuch Coniequence to be punctual in giving fuch Advices, that though the Perfon upon whom a Bill may be drawn has Provision in his Hands for the Payment of it, he may fuffer it to be protefted for want of Advice from the Drawer.
14. And in the eleventh Place, It is ufually written under the Bill, Tear bumble Servant, 6cc. and under that the Drawer's Name ; and herein you are to take notice, that no Man of Bufinefi writes his Name different Ways to anv Deed or Writing cf Coniequence, it being very frequent, in cafe of any Law Suit, iff. when WitnerTes are wanted to prove a Deed, to compare the Writing in Queftion with feme others of the fame Parties, whole Deed it is aliedged to be, and according to the Likenefs of the Hands Writing the Matter is determined.
15. In the twelfth Place, and laftly, It is com- mon to write the Directions to the Party who the Bill is drawn upon, under the Bill, towards the left Hand, over-againft the Subscription, leaving a finiU Space for Acceptance between the Directions and Subfcriptions, in which muft be let down the Name, Sirname, Character and Place of Abode of the Party drawn upon. See the following Ex- amples,
C 4 London.
^4 Ha y esV Rfegtoiatofs Magazine
London > -r* November, 17— for 196 L. Sterl. Exchange, 34. s. 5 d. per L.
At three Days Sight pay this my only Bill of Exchange to Mr. A. B. or Order, the Sum of One hundred ninety fix Pounds Sterl. in Bank Money, at thirty four Schilling and five Grotes per Pound Sterl. Value received of Mr. C. D. as per Advice from
To Mr. G. H. Your humble Servant,
Merchant in Amjlerdam. E. F.
London TV May , i~— Crcwns 900 Exchange, at 34 d. per Crown.
At Sight pay this my firft of Exchange to Mr. A. B. or Order, the Sum of Nine hundred Crowns, at Jixty Sols Tournois per Crown, Value leccived at thirty four Pence Sterl. per Crown, as per Ad- vice from
To Mr. E. F. Your humble Servant,
Banker in Paris. C. D.
Crowns 900 at 34 d. per Crown, London 77 Ma\\
At Sight pay this my fecond of Exchange (my firft not being paid) the Sum of Nine hundred Crowns, at fixty Sols Tournois per Crown, Value received at thirty four Pence Sterl per Crown, as per Advice from
To Mr. E. F. Your htixnbk Servant,
Banker in Paris. C. D.
The third Bill of Exchange agrees in every thing with the firft and fecond, onlv with this Addition,
Pay
Of Money, JFetghts, Meafares, &c. 25
Tm this my third Bill of Exchange, my Jirjl and fecond not being paid.
Exchange 200 L. Sferl. at 33 s. per L. Sterl. London, July.
At ten Days Sight pay this our firft of Exchange to the Order of Meflrs. A. B. the Sum of Two hundred Pounds Sterl. in Bank Money, Value in two Bills of Exchange received of them, at thirty three Schillings per L. Sterl. as per Advice from
To Mejjrs. E. F. Your humble Servants, Merchants in Anifterdam. C. and D.
16. In the laft Example foregoing may be ob- ferved, that Bills drawn at fo many Days Sight, Weeks or Months, are otherways underftood in the lame Terms. As the laid Bill is fuppofed to be drawn by C. and D. Partners, Merchants in Lon- don, to the Order of A. and B. two other Partners Merchants at the fame Place, upon E. and F. fup- pcicd to be Merchants Partners*in Amjlerdam ; in which Cafe of Partnership it is ufual to fign with their Sirnames only, except when a Partner is ab- fent ; in fuch Cafe the Partner prefent iigns both his Name and Sirname for himfelf and Company, elfe the Bill, Bond or Obligation can be nowavs binding, or of any Force againft the Party or Par- ses that have not iigned.
Exchange 500 Crowns, at 35 d. per Crown.
Louden, \~ April, At Ulance, pay this my firft to Mr. A. B. or Order the Sum of Five hundred Crowns, at fixty
Sols
%6 Ha yes's Negotiators Magazine
Sols Tournois per Crown, Value received in Goods of the laid A. B. at thirty five Pence Sterl. per Crown, as per Advice from
To C. D. Merchant Your*, (Sc.
in Roan.
Exchange 560 Crowns, London, ii November —
The nineteenth of December next pay this my firft Exchange to the Order of Mr. G. H. the Sam of Five hundred and fixty Crowns, at fixty Sols Tournois per Crown, Value in Account with L K. as per Advice from
To Mr. L. M. Merchant Yours, &&
in Bourdeaux.
Exchange 1000 Crowns, London *7ft""*2
At the ufual Fair of Eajier pay this my firft of Exchange to Mr. 0. P. or Order, the Sum of One thoufand Crowns, at lixty Sols Tournois per Crown, Value received of Sir /. L as per Advice from
To N. M. Merchant Yours, (Sc.
in Lions,
17. Sometimes it falls out, that but one fola Bill of Exchange is made for one Parcel; but ordi- narily, efpecially when the Places are of a confide- rable Diftance, two and fometimes three mult be made to the fame Place.
18. A Remitter deals imprudently when he re- quires or accepts of one folar Bill of Exchange for one Parcel, though it be to be paid upon Sight, if
the
Of Money j IFdghts, MeafureSj &£. 17
the Place of Payment be of any Biftance from the Place where the Contract is made.
19. The Drawer is obliged to give the Remitter as many Bills of Exchange as he mail require, and to proportion the Sums according as the Remitter re- quires ; and on the contrary, the Remitter is obliged to receive as many Bills from the Drawer, and to furnhh him with fo much Monies as the Sum agreed on will amount to.
20. The Drawer deals imprudently, when he makes more Bills of Exchange than one, for one and the fame Sum, and of the fame Import ; and in cafe the Remitter requires thus much of him, then let him make one Bill for the Sam the Re- mitter defires, and let him for the other Sum make two Bills, all amounting to the defired Sum ; that is to lay, if the Remitter would have two 400 L. Bills at one Time, let the Drawer make him one 400 L. Bill, and divide the other 400 L. into two Bills.
21. The Drawer muft efpecially obferve, that for one and the lame Parcel of Monies, he does not make two Prima's or two Secunda's, but he muft obferve to diftinguifh them clearly, as well in the Body of the Bill, as on the Superfcription.
22. It is Prudence in a Drawer, when a Re- mitter requires a fecond Bill, &c. and the Drawer is not certain whether he has given a fecond Bill, to make a third inftead of a fecond, or a fourth inftead of a third.
25, The Drawer muft alfo obferve, that ail the Bills that are for one and the fame Sum or Parcel muft bear one and the fi.me Date, and muft be in
every
2 8 Ha YE s V Negotiator s Magazine
every Rcfpecl: alike, only with this Difference, that one is the Prima, and the other is a Secunda.
24. The Drawer may direct his Biil to whom he pleafeth that hath Authority, and is obliged to accept them, nay, even on his own Servant whom he maintains abroad.
25. A wife Drawer will make no Bills payable at Sight, nor at fo many Days, Weeks, or Months, after Sight; neither will he, if he can help it, make any Bills payable to him on whom it is drawn, uniefs he be abundantly fatisfied of his Suf- ficiency and Faithfulnefs.
26. The Drawer is obliged to alter the Bills when the Remitter requires it (tho' alreadv made -according to his Order) cither by dividing the Sums, or by making them payable to another, in cafe no Man elfe hath endorfed them, if the Re- mitter will be at the Charge of Foliage of the Let- ters, &c. but if the Bill is accepted or endoried, the Drawer mutt be very cautious in altering any Thing.
27. A cautious Drawer will be careful to change or alter in both or all the Bills what lie changes or alters in one.
28. No Remitter is obliged to receive any Bills from the Drawer which are not made payable by the Drawer himfelf, except at the great Marts and Fairs.
29. When in the concluding of a Parcel, the Broker exprefly promifcth to the Remitter, that the Drawer fhall deliver him Bills that are drawn, endorfed or accepted by a known Sufficient Man ; then the Remitter is not obliged to receive the
Drawer's
Of Money, freights, Meafures, &c. % 9
Drawer's own Bill, nor unaccepted Bills, nor any other Bills that are only endorfed by the Drawer.
30. A Remitter muft be cautious in accepting or receiving of accepted Bills of Exchange, which are made payable to the Order of the Drawer, and endorfed by him, unlefs he knew the Drawer to be fufficient.
31. He muft alio be cautious of receiving Bills, that are not made, drawn, or accepted by a known fufficient Man, whofe Hand-writing he knows, if the Endorfer or the Drawer in of the Value be an unknown Man.
32. A Remitter, that muft have Bills payable at Sight, is not obliged to receive Bills, whofe Term of Payment are nearly expired, or will in all Probability be expired before the Bills can arrive at the Place of Payment ; and if he be blameable at any Time for this, 'tis then moft of all, when he knows the Poft is very uncertain, by reafon of the Badnefs of the Ways, or other Inconvenien- cies, unlefs the Drawer will fufficiently warrant and infure to him the Payment of it, if it mould not be demanded before the Term was wholly expired.
Sect. III. Of Brokers, &c.
1. T3ROKERS are Perfons fworn and autho- X3 rifed by the Magiftrates whofe Bufinefs it is, to enquire of Perfons who have Monies to re- mit or draw, and to agree with fdeh Perfons con- cerning the Conditions, and to deal impartially
between
$o Ka yes's Negociators Magazine
between them both \ it being their Duty to be di- ligent, faithful and private, they are not to cheat or over-reach the Drawer or Remitter -y but mull be Qpnfignt with the ulliai Allowance for Bro- kerage, and not exact more from one than an- other.
2. A Broker mud be very diligent and prudent, and mult frit of all know of the Drawer or Re- mitter to what certain Place they will exchange ; and if it be inch a Place where there is always a certain Ufance obferved in the Payment of Bills, he has nothing elfe to do, but to treat cf the Price. But in cafe they would exchange to Places where there is no fettled Ufance, then they mult agree about the Time of Payment, with what elfe is ne- ceffarv to conclude the Bargain.
3. When a Broker hath concluded with any, then he mult tell the Drawer to whom he will have the Bills made payable, and muit thereupon note in his Book what the Sam was for which he concluded ; what Time for Payment of the Bill ; to whom it muit be paid ; from whom the Value muit be received, and at what Price the Exchange was made ; which Memorandum he muit give to the Drawer, that he may accordingly make or en- dorfe his Bills of Exchange. It is the Broker's Duty to fetch the Bills when they are made from the Drawer, and to carry them to the Remitter.
4. And the Broker is obliged to keep a perfect and true Reeiller of every particular Bill, and Bwft Date in his Book at Home who the Parties were, as well the Drawer's as the Remitters Name ; to what Place die Bill was directed, and to whom j to whom it was payable, at what Time,
Of Money, Weights, Meafures, &c. 3 1
and what the Price was, and the preclfe Day when this was concluded on ; becaufe that in cafe of any Difference between the Drawer, and Remitter, the Regifter, and Word of the Broker that is of known Honefty, will be the beft and greateft Evidence.
5. It is a great Fault for Merchants to contract with a Broker upon Hazard before Exchange Time, and it is as imprudent for any one that has but litde Credit of his own, when he has Occaiion to draw, to give Orders to more than one Broker for it.
6. A Broker in concluding Exchanges mud not conclude any Thing, either as to the Time or the Price, without Order, the Drawer having great reafon to be angry with the Broker, if he concludes without his Knowledge at a difadvantageous Price, though the Broker fhould offer Satisfaction for the Lofs, becaufe the Drawer's Credit is concerned therein.
7. A Drawer hath no lefs reafon to be angry with the Broker, if he without his Knowledge or Order, promifes the Remitter any Time for the Payment of the Value.
8. A Drawer is not obliged to make his Bills at fhorter Sight or Time, nor is the Remitter obliged to accept Bills made at a longer Time of Pay- ment, or on any other Perfon than was agreed on by the Broker.
9. It is the Duty of the Broker to maintain the Credit and the Reputation of the Drawer as much as he can, if it be not contrary to his Knowledge- But it is not advifeable for him to oblige himfelf for his Sufficiency, which fonae Brokers for the
fake
5 Z Ha yes\t Negotiators Magazine
fake of their Brokerage have done, and have too late repented thereof.
10. Unknown Bills of young Beginners, or of thofe that feldom frequent the Exchange, who are known to be fufficient, a Broker may freely offer ; but it greatly tends to the Diminution of his Credit, if he ordinarily offers Bills of thofe that are known to be of little Repute or Credit, efpe- daily if he recommends them; yea, it is perfect Knavery in him to draw for any Man, whole Bills Jie knows will not be anfwered, or remit for any he knows cannot pay the Value.
1 1. A wife Merchant will not credit that Broker again that hath once cheated him, nor will he fuffer himfeif by the Inlinuation of a Broker to be feduced in Hopes of great Advantage to act any thing contrary toHoneily, or the Laws of Land.
12. He that by a Letter of Attorney, or dill Power, will draw in another's Name, is bound ex- prefly to fignify fo much to the Broker ; and the Broker mult conclude the Parcel in the Name of the Principal, and not in the Name of the Party that has the Order.
13. The Merchants, both Drawer and Remit- ter, will, before they finally and abfolute conclude, enquire of the Broker of the Sufficiency of each other, it being the Broker's Duty to inform them as well as he can. And when an Exchange is concluded by the Affiftancc of a Broker, it cannot be made void without the Confent of the Parties concerned, and the Brokerage mint be paid.
Sect.
Of Money , Weights, Meafures, &c. 3 3
Jcct, IV. Of the Payment of the Value by the Remitter to the Drawer.
IN Exchanging, Credit mutt be given ; but the Drawer had need to obferve to whom he gives Credit, that he gives not his Bills to him that can- not, nor will not pay the Value ; and the Remit- tor had need to obferve whom he credits, that he gives not his Monies to one that cannot, nor will not pay his Bills : fo that the one, as well as the other, mud be careful and enquire into one ano- ther's Security*
2. Bills are fometimes given by one; who will himfelf difcharge the fame • fometimes they are charged on a Debtor, who is to difcharge them. See more of this hereafter. But the Value of Bills are commonly paid in ready Monies ; and if the Drawer be fatisfied with any thing elfe, it is ree- kon'd for and as ready Monies,
3. All Bills of Exchange that are negociated or concluded in Holland or Hamburgh, or any other Places where Banks are erected (abroad) are pay- able in Bank, if they exceed a certain limited Sum, upon Penalty that fuch Bills exceeding that Sum, not paid in Bank, fhatl be adjudged as not fatis- fied, and of Forfeiture of a certain Sum to the Bank, befides by thofe that act contrarily; nor muft a Broker fuffer himfelf to be employed about any Bills exceeding that Sum, to be payable out of .Bank, or to ad any thing to defraud or evade the *aid Statute,- or Order, by dividing the Sums and
D kffening
34 -Hayes7/ Negotiator s Magazine
leflening them, that they may be payable out of the Bank, upon Penalty of incurring the Hazard of being fufpended, and deprived of his Office and Employment.
4. Notwithstanding that it is commonly {aid in Bills of Exchange that the Value is received ; yet the Remitter very frequently omits paying the Value to the Drawer, till two or three Days after the Delivery of the Bill -y and fometimes it is Time enough, if he pays at any Time between the Deli- very of the Bill and the next Poft. Nor can the Remitter delay the Drawer any longer, unlefs it were exprefly conditioned, that fome Time mould be given for the Payment of the Value ; if he does, the Drawer may then forbid the Payment of his Bill, and demand Satisfaction of the Remitter.
5. When a Remitter conditions for Time to pay the Value, till he hath Advice of the Bill's being; accepted ; in this Cafe, it is necedary for him to make thofe Conditions with the Drawer himfelf, and not for him to rely on the Mediation of the Broker. And if the Remitter has conditioned with the Drawer, not to pay the Value till hie hath Ad- vice of the Acceptance of the Bill, if the Bill it protefted for Non-acceptance, he is not obliged to pay the Value ; but if it be accepted, although it be by one whofc Sufficiency is iulpecled, he is Hill obliged to pay the Value.
6. The Payment of the Value of a Bill drawn by Ay as having a full Power from B} muft be made toy/, but A rtiuft be obliged to make his Power appear • and to in die Name of the Prin- cipal he mult be paid the Value, and difchargc the Remitter accordingly.
7. A prudent Remitter will not pay the Value bf a Bill, but upon an Affignment or Acquittance from the Drawer, exprefly flgnifying, that the Payment is for the Value of fuch a Bill ; and this he is to obferve, as well in the Payment of Bank, as in Current Monies.
8 . A prudent Remitter will not offer to pay iri Cam, or in Current Monies, what he is obliged to pay in Bank, without an Acquittance or Affign- ment, beeaufe fuch a Payment is not fatisfadtoryj, ^nd is contrary to Order.
9. If the Value of a Bill, either in Bank or Cur- rent Monies, be paid to the Drawer, by any other than the Remitter,- for the Remitter's Account! Or by his Order, in cafe it appears that fuch Mo- nies is not paid to the Drawer upon the Remitter's Account; and by his Order ; the Drawer would ac> very cautioufly and prudently,- if he demanded a Note under the Payer's Hand, fignifying by whofe Order, and for whofe Account he makes fuch Payment.
Sect. V. Of Negotiating, Drmving in, or En* doijing Bills of Exchange, made payable to Order.
i.TT is not advifeable for a Drawer (if he can j[ any ways avoid it) to make his Bill payable to Order.
2. And a Remitter, for his own Account, dees * not act prudently, that orders his Bills to be made payable to the Order of his Correfpondent, or that doth himfelf fo endorfe them, if his Correfpon-
D 2 dent
56 Ha v esV Negociafor%j Magazine
dent lives at the Place where the Bill is to be la- tisried.
3. A Remitter that remits for another Man's Account, doth very imprudently if he orders the Bills to be paid 10 his own Orders, and ib en- dorfeth them ; for then he himfelf ftands obliged for the Value v/ithout having any Advantage thereby.
4. Alfo he that remits for another Man's Account , mould not make the Bills payable to his own Or- der, and fo endorfe them -y for then he make^ them his own Bills, and is obliged to anfwer Re- exchange and Charges, &c. but if he order the Bills to be made payable to his Principal, or his Orders, then he is obliged for no more than the Sum he received, and may place the Re-exchange and Charges to his Principal's Account.
5. He that remits to a third Per J on, for the Ac- count of another, the third Pcrfon dwelling: at the Place where the Bill is to be difcharged, mull not order the Bills to be made payable to the Order of him to whom he remits, unlefs his Principal hath given exprefs Order ib to do.
6. If any remit for their own Account, with Defign to re-draw the fame himfelf, or orders it to be re-drawn by fome other, in fome other Place, or for fome other Account, Off. then they mult obferve to order rhe Bills to be made payable (or fo endorfe diem) to their own Order, or to the Oi\1er of him that (hall redraw them ; for none can rjcgociatd or re-draw a Bill of Exchange, except it be made payable to his Order who mult nego- tiate ii, becaufc a Bill made exprefly payable to one, muft payable to him and no other.
Of Money, Weights^ Meafures^ &c. 5 ^
7. In the re-drawing of a Bill the Re-drawer is looked upon as the ablblute and firft. Drawer, and the Remitter as the firft Remitter ; fo that the En- dorfer of a Bill is as ftrictly obliged as the firft Drawer and Maker of it, and the PofiefTor thereof hath as much Right and Law againft him as a* gainft the firft Drawer.
8 . The Re-drav/er or Negociator of a Bill does not make a new Bill, but endorfeth the old in fuch Words as thefe,
Pay this for me to A. A. (or his Order) the Va- lue hereof in my own Hands (or , from B. B. ory &c.)
a a
By this Endorfement, he to whom the Bill is lent is the true and right FofTeffor of it, and needs no other Alignment, Tranfport, or any other Ti- tle or Right, neither need he give the Drawer or Acceptor any further Account of it, viz. How he comes by the Bill. And thus when the Endorfe- ment is made payable to Order, he to whom it is endorfed as payable may again endorfe it ; and fo it may be as often endorfed as their is Room for Endorsements on the Bill.
9. The Acceptor himfelf, as well as any other, may freely negociate thofe Bills of Exchange that are accepted by him for his own Account, if they be made payable to Order by the firft Poffeftbr and En- dorfer ; and he may again endorfe and negociate them, and make them payable to his (the Ac- ceptor's) Order ; and for all this2 the firft Endorfers do ftill remain obliged.
10. If the Endorfement has no more than, Pay to N. N. and it is not expreftcd from whom
D 3 the
38 Ha yes'jt Negotiator's "Maga&ln \
the Value was received, or was recounted, then it is looked upon as no more than a fittgfe Order, and the Endorfer is coniidered 1121 as the principal Pof- feffor of the Bill.
11. In all Endorsements, the Place where, and the Time when it was done, ought alio to be ex- prefled ; and above » II, the Endorler rtnift oblerve to fubferibe hi Name. A". B. He that antedates, or poftpones the Date, is guilty of Fraud and De- ceit.
12. A Remitter that hath an endorfed Bill put into hL Hands, mull obferve if die Bill itfelf is well made, and is compleat in all its Reqnifites, as if he himfelf were the firft Remitters but efpe- cially, he mult obferve if in the Endorfement the Name of him, to whom it mull: be paid, be well and truly fpelt or writ.
13. A Re-drawer or Endorfer doth very impru- dently, if he delivers into the Hands of his Re- mitter, with whom he contracted, Bills that he has by him endorfed in blank.
14. But yet greater is the Hazard and Folly of the Endorfer, to fend ;uvay Bills with blank En- dor Cements ; and yet greater is the Error, when he that fends the Bills away and the Endorfer are two diftina Perfons.
15. He alfo is very care! eft and ignorant, that fends away a Bill of Exchange made payable to his Order, with a Defigfl to ..-draw the Monies, or to demand Pavmeiv , an:! doth not frri\ endorfe his Bills.
16. !f an Endorfer commit any Error in the endorfing, or hath neglected any Thing, lb that Damage is like to enfue thereby, the Endorfer is
obliged
Of Money ^ IFclghts^ Meafnres, &c. 3 9
obliged to make good the Lofs, and neither of the Endorfers before nor after him are anyways charge- able with it.
17. The Endorfer muft bind himfelf precifely to the Terms of the Bill, both as to the Sum, and Time of Payment.
18. If the Endorfer cannot meet with a Remit- ter, for the neat and precife Sum ; then if he meet with two Remitters, 'tis obferved, if he hath both firft and fecond Bills in his Hands, that he ought to endorfe them both 3 on one, fo much to Ay the Value of B and the reft on C, the Value of D ; and fo muft give to B and 2), each one Bill ; or in cafe he finds Monies for Part at one Time, and hath Time enough to keep the Bill to feek for more, then he endorfeth both Bills to pay fo much to 25, the Value of jF, and the reft to his Order, and gives one Bill to F, and keeps the other till farther Conveniency. But if there be but one Bill in the Endorser's Hands, and he negociates the Bill with two Perfons, then he muft endorfe the Bill he hath, and take a Copy of it, and en- dorfe it alio, fo much payable to one, the reft to another; and the original Bill muft be deli- vered to him that hath the greater Sum, and the Copy to the other who is to receive the lefs.
Sect. VI. Of demanding Acceptance*
j, A CCEPTANCE of a Bill may be de- - Xj^ manded by the PorTefTor, as foon as it (hall come to hand > except it be only payable at
D 4 fome
40 H a y e sV ISigocidtors Magazine
fome great Fair, then the Acceptance can't be de- manded till the Fair begins.
2. Any one to whom a Bill is entruited, as well as the Remitter, or actual FoflefTor thereof, may demand Acceptance ; and it is the Duty of every one to whom a Bill is lent to procure Acceptance, or inftantly to demand it.
3. Acceptance muft be demanded of him only to whom the Bill is dire&ed to, and it is in his Power to accept it or not, the Principal being not bound to accept his Factor's or Servant's Bill, un- lefs he pleafes ; nor is a Factor or Servant obliged to accept his Principal's Bill.
4. Though the defigned Acceptor hath by Let- ter of Advice promifed Acceptance on account of a third Perfon, yet the PclTeiibr of a Bill cannot compel him to accept the lame ; but how ever, he remains obliged to the Drawer to make good all the Lofs and Damage, either in the Exchange and Charges, or in Credit of the faid Drawer, feeing he drew relying on the Faithfulnefs and Promife of the faid Acceptant.
5. To accept a Bill of Exchange, is obliging ope • felf to the Payment and Discharge thereof; and if the Drawer fails before the Bill is diicluiged, the Acceptor is obliged to, pay the fame, nor can he have any Redrefs on the Endorfers.
6. Acceptance is cither Verbal, or by Writing. A Verbal Acceptance is obligatory to the Perfor- mance, and the Acceptor mui! perform his Pro- mife. Now a final) Matter amounts to an Accep- ta ,ce, If there be a right Undcrltanding between b/ ;; Parties; as, Leave year Bill with me: and I pill accept #/, or, Call for it tomorrow^ and it [hall
Of Money, Weights, Me a fur es, &c. 4 1
he accepted 5 that does oblige as effectually, by the Cuftom of Merchants, and according to Law, a§ if the Party had actually figned or fubfcribed it as ufual. But if a Merchant mould fay, Leave your Bill with me ; I will look over my Account and Books between the Drawer and me ; and call tomorrow y (ind the Bill Jhall be accepted ; this {hall amount to a compleat Acceptance : For this Mention of his Books and Accounts was really intended to fee if there were Effects in bis Hands to anfwer the Draught, without which perhaps he would not accept the fame. And fo it was ruled by the Lord Chief Juftice Hales at Guild-hall. And a- mong Merchants fuch verbal Acceptances are bind- ing, and is taken for Acceptance of a Bill, if the fame can be proved by Witneffes : And if after- wards the Perfon that has thus accepted, (hall re- fufe to fet his Name to the Bill, and to write un- der, Accepted, according to the Cuftom of Mer- chants ; in this Cafe, the Poffeffor may reft fatis- fied with fuch Acceptance until the Time of Pay- ment 5 and if Payment be not made in due Time, the Poffeffor of the Bill may take his Courfe in Law againft the Party fo accepting, and doubdefs will be compelled to make good the Payment, pro- vided the Bill is firft protefted in due Form for Non-payment. It is but reafonable fuch an Ac- ceptance mould be good and binding ; for it may fo happen, that very Bill of Exchange was only fent for Provifion to the Party to whom it is made pay- able, to the end he may have another Bill of Ex- change charged and drawn upon himfelf ; and he having a verbal Promife of the Bill payable to him- |elf, upon Confidence of this, he may chance to
accept
4 i HayesV Negotiators Magazine
1 o o
accept the other drawn upon him ; or it may be, the 13111 was fent to fjrnilh him with Money to buy ibme Commodities for the Perlon that remit- ted the lame, and upon ibme inch Acceptance, foppofing the Money will be paid him in ti:re, he may char.ee to have bought the Commodities for his Friend, and may have wiitten to his Friend, and given him Advice that he has promifed Ac- ceptance, or that he doubts not of Acceptance, or the like ; and upon inch Advice given, his Friend will take notice thereof, and make his Account accordingly. And truly, if a verbal Acceptance were not binding, there might happen great Incon- veniencies in Trade between Merchant and Mer- chant, among whom, in their Way of Commerce, their Word is, or ought to be, as binding as their Writings.
7. In moft Places abroad, accepting by Writing are done two Ways, either by Letter, or by the Acceptor's writing under the Bill 5 and if the Ac- ccptant by Letter does advife the Poifeffor of the Bill, that he will accept, and dees accept it, ic is as obligatory as if he had underwritten it wkh hi> own Hand.
8. When an Acceptant accepts a Bill, he under- writes his Name and the Time thus :
Accepted A. B.
But if the Bill is payable at fo many Days or Weeks Sight, he adds to the Acceptance the Day when he accepts it :
January 7. Accepted A. B.
But generally in fuch Bills as are to be paid after Sight, ibme ufe the Word (feen, or Jkrurn mc)
adding
Of Money, freights, 1\ fenfires, &c. 43
adding the Day when ; cr both (as, Seen and oc- ccftca, Sec.)
a It is cufiomary in fome Places for him that demands Acceptance, to leave the Bill in the Hands of the Acceptant (or Party the Bill is drawn upon) unleis he presently declares whether he will accept it or not, tall he compare it with his Letter of Ad- vice, and to give his Resolution, and note it in his Memorial ; but then before the Return of the Poll:, he demands it again, and a poikive Aiiiwer ; and if he refines accepting, it muft inftantly, without Dehv, be pro-elled for Non-payment.
ic. And in Am/t ler 'dam , if Bills are payable in Cam, or Current Monies, they ought prefently, without Delay, to be accepted ; fiich Bills ought not tc be trailed with the Acceptant, efpecially if (hey are payable to Order.
1 1. He that receives a Bill without declaring po- litivelv, whether he doth accept it cr not, and de- tains the fame till there are fome bad Reports (bread dxoad concerning the Drawer, is obliged to return the Bill inftantly, that it may appear whether he hath accepted it or not.
12. If a Bill, by Negligence, or on Derign, is left in the Hands of the Acceptant till the Day of Payment, or till bad Reports are fpread abroad con- cerning the Drawer, and that the Acceptant hath not promiled Acceptance ; in inch Cafe, the K : ceptant cannot be compelled to dilcharge A
Bill, on pretence that he ihould have returnee Bill, if he would not have accepted it; for i: is the Duty of the Poffeffor to take care of his B and to fee that the fame be either accepted or p - tefted ; and if the Acceptant hath not under wrh>
ten
44 HA YE s V Negotiators Magazine
ten it, nor promifed Acceptance, he is not obliged, nor cannot be compelled ; but yet it had been Prudence in him, prefently, without Delay, to have returned the Bill to the Poffeflbr, and declared that he would not accept it.
13. He that receives a Bill payable at Sight, or ibme Days after Sight, &c. and detains the fame by him fome Days, without declaring whether he will accept it or no, is obliged, if he afterwards refolves to accept it, to accept it from the Day it was prefented.
14. In cafe a Bill payable at a Month after Sight, be prefented for Acceptance on the laft Day of the Month, he may accept it that Day, and it will not be payable till the laft Day of the next Month.
15. Though the Acceptant hath accepted the Bills drawn on him, yet the Drawer is ftill obliged till it be paid 5 but the Acceptor of a Bill of Ex- change is obliged to the Performance, till the Bill is fatisfied ; no Length of Time, nor Negligence in demanding, can weaken or make void the Obli- gation, and, in that Refpect, an Acceptor is more obliged than the Drawer : For if the Bill be not fatisfied within the limited Time, and the PofleiTor neglects to proteft for Non-acceptance, he thereby lofes the Advantage of feeking his Redrefs on the Drawer, but not on the Acceptor.
16. A Remitter acts prudently, if, without De- lay, he demands Acceptance ; feeing Delay may breed Danger, and fufpicious Reports concerning the Drawer being fpread abroad, may prevent the Acceptant's accepting of his Bills, which he before would have done, if the Acceptance had been de-
manded :
Of Money, Freights, Meafures, &c. 4 5
manded : And if, by Fraud, one Bill fhould be twice drawn in, he that demands Acceptance firft, and gets it, fhall oblige the Acceptor to make good Payment to him ; whereas the other that has ne- glected, mull feek Redrefs on the Endorfer, and the Cafe may be as it will, having once got Ac- ceptance, the Remitter will have two obliged for the Payment, whereas otherwife he hath but one.
17. It does alfo very much tend to the Security of the Drawer, (whether it be for his own or an- other's Account, efpecially when the Bill is pay- able at Sight, or fome Days, or Weeks or Months after Sight, or at Ufance, when Ufance is reckon- ed after Sight) to get the Acceptance procured without Delay, for otherwife he can make no true Account when his Bills are due, and when pay- able and in all Cafes the Acceptance is an Obli- gation and Security to the Drawer, as well as to the Remitter.
18. Every Remitter that remits not directly, but defigns to draw in the remitted Sum again, either by himfelf, or others refiding in other Places, ought to fend the prima Bill directly to the Place where Acceptance muft be demanded and then in cafe he orders the accepted Bill to be left in the Hands of the Party v/ho demands Acceptance, he may endorfe a fecond Bill, but he muft not forget to advife in whofe Hands the accepted Bill remains, and of whom it muft be demanded.
19. When the Remitter fends his Bill away to demand Acceptance, he ought exprefly to order his Friend, whether he fhall keep it by him, or return it to him again when accepted, or fend it to any other Perfon j or if he muft keep it, whe-
46 Ha y ESs Kegociators mag4ztkt
ther he muft deliver it to the Party that fhall (hew him the endorfcd Bill.
20. A Drawer acts prudently if he doubts of his Bill being accepted, to recommend the fame to fome of his Correfpondents reliding at the Place where it (hould be accepted and paid, to prevent the Difrefpecl and Dishonour of his Bill • and if the Bill be made payable to Order, he ought to give the Remitter notice to whom the Pofleffor fhall addrefs himfelf, in cafe the Perfon on whom the Bill is drawn, denies to honour and accept it.
2*1; When a Bill is prefented for Acceptance,- the Acceptant fhould take fpecial Care that the Bill prefented be of the fame Tenor with the Let- ter of Advice, before he declares whether he will accept or not ; becaufe he that inadvertently ac- cepts muft pay the Bill, no Exception being able to excufe him afterwards.
22. What is once accepted, can no ways be dis- annulled and made void : an Acceptor is obliged to pay a Bill, though he had it not in his Hands, nor perufed it, if it can be made appear that ]>c in Words accepted it; therefore the Acceptant (hould be careful, and accept no Bills but fuch £ he will pay.
23. As the Acceptant is free to accept, or not to accept Bills, for whofe Account foevcr offered • lb lie is at Liberty to accept freely, or fupra pro- teft (imply, or with any Limitation or Condition.
24. But a prudent Pofleflbr will not take Ac- ceptance that is limitative or conditional, whereby either the Payment i;; prolonged or made difficult; br if the Tenor of a Bill be any way altered, 1111- lefs he has exnrels Orders from the Drawer and
Remitted
Of Money ) freights, Meafures, &c. 47
Remitter fo to do, but will proteft againft the Ac- ceptor, as if he had abfolurely refufed to accept it ; for whoever does otherwife, and fuffers himfelf to be fatisfied with a conditional Acceptance, muft run the Rifk and Hazard himfelf.
25. If a Bill be drawn on Daniel, John and Ijaac, they not being Partners, nor any ways ob- liged to one another, every one mull accept for his Proportion fo much as he will pay, fo none of them are obliged to accept for the whole j and the Poffeflbr muft be content with fuch an Ac- ceptance ; and in cafe they do not altogether ac- cept for the whole Sum, then he muft make pro- teft againft them all in particular, though one or two of them has accepted their full Propor- tion.
26. An Acceptant fhould be fo careful as not to accept a Bill without Advice from the Drawer, or at leaft not accept any fuch but fupra proteft in honour of the Drawer 5 though he hath Orders from a third Perfon, that if fuch a Sum or greater be drawn for his Account, to accept it.
27. Nor fhould he accept Bills that are of later Date than the Letters of Advice that he receives by the lame Poft ; nor in Cafe the Letters do not mention, nor confirm fuch a Draught, of fuch a Date, though the Letter of Advice be of the fame Date with the Draught, he fhould not accept thereof 5 for the Advice and the Bill fhould pun- ctually agree.
28. Nor fhould he accept of any Bills fubfcribed by a Perfon, who pretends to have Order and full* Power from another, unlefs he knows his Seal and Hand- writing, and the Principal hath given Advice,
that
48 Ha y e:s V Negotiator*} Magazine
that he hath given fuch Order and Power to focS and fuch a Perfon, for fuch and fuch Ends.
29. He muft alio be careful in accepting a Bill, if he fufpcdt? or believes that he hath accepted one; of the fame Tenor, and for the fame Sum, and muft not accept of the laft Bill,- but under Proteft. that fuch Acceptance mall be null and void, if it be found that he hath accepted another of the fame Tenor, and for the fame Suva.
70. A Servant muft be careful in accepting Bills that his Mafter draws upon him ,' for if he accept in his own Name, he obligeth himfelf perfonally, as if the Bill were for his own Account, though he does no other than his Matter's Bufinefs ; but the Effects he hath of his Matter's in his Hands are obliged for the fime, io far as they will reach : and if they are not fufficient, he mutt Debtor his Mafter for the reft : wherefore let a Servant, when he underwrites Bills for his Matter's Account, fay, Accepted for his Mafter s Account \ and then fet his Name underneath.
31. The ufual Formality that Servants ufe in accepting Bills of Exchange, r:iz. that he accepts the Bill, as having Order and full Power from his Matter to that End ; he who is the Drawer, will not excufe him if the Bill be made for his own Ac- count: but if the Bill be made for the Account of his Mafter, and the Servant accepts it on thofc Terms or fuch Terms, then that Acceptance would not oblige him, but his Mafter only.
32. If any Factor, or Correfpondent, defires his Friend, or Correfpondent, to draw a certain Sum on him, and promifes to accept the faid Bills; and when the Bills come, he refufes to do the lame,
fuch
Of 'Money Weight sy Meafures\ &c. 49
fuch a Faclor is not only a Knave, let his Excufes be what they will ; and he ought to be obliged to accept the faid Bills, if they be according to his Or- ders, and not only make Satisfaction for the Lofs and Charges, but alio to the Drawer for the Difcredit done to his Reputation, and to be punilhed feverely for his Knavery be rides.
33. If a Bill be drawn on two or more People, they ought all to accept it ; and if any one re- futes, the Bill muft be protefted. But if it be drawn on two or more, and it is expreffed, To A. B. and C. D. or either of them, its being accept- ed by either of them, is fufficient.
34. If a Name of a Bill be mended, or inter- lined, the Merchant on whom it is drawn doth not well if he accepts fuch a Bill ; but if he does, he will be obliged to pay it: For if a Name is mended, or interlined, it is no fufficient Caufe, nor legal Warrant, to refufe the Payment when it falls due, if the Name was fo interlined or mended before he accepted the fame.
Sect. VII. Shewing what the Poffeffbr of a Bill of Exchange, protefted for Non-acceptance, and is not accepted fupra Proteji, together with what the Drawer and Endorfer are obliged to do.
1. TIE that hath a protefted Bill for Non- X JL acceptance, whether he be the true and real Owner, or only a third Perlbn who it is fent to, to procure Acceptance, muft, if it be not ac- cepted fupra Proteft, advife the Perlbn thereof who
E fent
yfftf! H H a X£ sV Negotiator's Magazine
^ lent him it to get accepted, and muft give or fend to. fjie laid Perfort either the Proteft alone, or both We^BMfidYProteft together. ^c 2. fffPBill be made payable pofitively to fuch ^^fi^jfp1]^ ^^^^eptance is abfolutely denied, then bSth fhe ■PSfmid Proteft muft be returned from whence they came but if Acceptance be delayed, and not abfolutely denied, but Hopes are given by the Acceptant that he will accept the next Poft, he expecting more furhcient Orders and further Advice, and that then he may accept the protefted Bill ; in this Cafe, the Poffeflbr muft only return the Proteft, and keep the Bill.
3. The Pofleffor of a Bill protefted for Non- acceptance, which is- not payable to himfelf, nor endorfed to him, but is payable to the Order of the Remitter or Drawer, Sfo muft only return the Proteft, and muft keep the Bill in his Poiieilion till Payment be demanded of him by the Party it is payable to, and to whom it is endorfed.
4. If the Proteft is not made in the Prefence of the Acceptant, he being abfent, not to be found, or not at Home j then the Proteft ought only to be returned, and the Bill muft be kept till the Day of Payment, or till further Order, that if the Ac- ceptant be found, he may demand Acceptance or him ; and in Cafe of Refuial, the Prudent's Way will be to make another formal Proteft againft the laid Acceptant.
5. When a Bill made payable to Order, that is, not lent to the Prefentcr by the firft Remitter, but by fonae other, is protefted for Non-acceptance, then the Prclcntcr doth act prudently, if the Bill be endorfed and '/raw !! in from other Places, if he
not
OfMoijejy freights, Meafures, &c. 5 i
hot only fends the Proteft to the Party he received the Bill from, but alfo gives advice directly to the firft Remitter of the Non-acceptance.
6. The Remitter is obliged, as foon as he re- ceives advice of a Bill being protefted, to give advice thereof to the Drawer.
7. A Drawer or Endorfer of a Bill is obliged, as foon as a Proteft is (hewn to him, either with or without the Bill, to give fufficient Security for the Payment thereof at the Time and Place ap- pointed, or elfe for the firft Sum, Charges, and Re-exchange, in cafe it be not fatisried there.
8. When a Bill hath yet fo much Time (re- maining before the Day of Payment) that the Drawer or Endorfer can order the Payment at the appointed Place and Day, then the Remitter is obliged (having got Security) to return the Bill and Proteft to the Place where the Payment is to be made; to demand Payment of the Acceptant ; and if he procures Payment, then the Poftage and Charges muft be demanded of him ; and if he procures neither of them, Proteft muft then be made for Non-payment, and then the Drawer is obliged to fatisfy the Re-exchange and Charges.
9. When a Bill is protefted for Non-acceptance, that is drawn at a long Time, and the Drawer hath given the Remitter fufficient Security ; then the Drawer is not obliged to caufe his Bill to be ac- cepted by the Acceptant, nor by any other ; for the Security for Acceptance is looked upon as if it were accepted.
10. The Drawer or Endorfer give fufficient Se- curity, if they give other Bills to the Remitter (payable to his Order, for the fame Sum, and due
E 2 a£
52. Ha yes\t Negotiator s Mi igazine
at the fame Time) that are drawn or endorfed by any Merchant that frequents the Exchange, and is by all Men accounted fufficient.
1 1 . The Remitter is not obliged to take fuch Biils, unlefs the Drawer promifes to pay the Charges and Poftage of the Proteft, and if not all, yet at leaft half Provifion for this new Trouble of the Correfpondent, and demanding Acceptance ; but if the Drawer appoints any other, at the Time and Place of Payment, to fatisfy his Bill fupra Proteft, and in the interim gives fufficient Security, then he need not allow any Provifion at all, but only the Charges of Proteft and Poftaee.
12. The Drawer or Endorfer of a Bill protefted for Non-acceptance, muft be very cautious in giv- ing the Remitter or Prefenter of the Bill any o- ther Bills, without the re-delivery of the firft Bill and the Proteft 5 or that the Remitter give fuffi- cient Security for the Reftitution thereof, or of the Value, in cafe the laid Bill mould be fitisried.
13. The Remitter is not obliged, nor is it in- deed advifeable for him to enter into fuch an Obli- gation, becaufe the Drawer is obliged to procure Acceptance and Payment of his Bills by the Ac- ceptant, or by fome other; and the other Bills are but only the Remitter's Security, which may alio contain fuch a Claufe and Condition, that the Payment thereof flrall only be made for the Value of the Bills protefted fur Non-acceptance, and were not fupra Proteft accepted.
14. When a Bill with the Proteft is prefented to the Drawer, and theft two can agree for the Re-exchange ; then he may freely and fafely dif- tflmil the Contract with the Remitter, and fatisfy
him
Of Mo my j freights, Meafures^ &c. 5 $
him upon the Delivery of the firft Bills with Pro- ten:.
15. When a Bill is returned with Proteft for Non-acceptance, though there be yet a fufficient Time for ordering the Payment, according to the Tenor of the Bills, yet if the Remitter and Drawer agrees to make the Bills and Contracts void, then the Re-exchange mould be equally adjufted, and that mould be reckoned at the Price that the beft Bills on Exchange were negociated at, payable at the fame Time ; and over above this, the Remit- ter muft demand half Provifion at leaft, and Bro- kerage, together with the Charges of Proteft and Poftage.
N. B. It were neceflary, to prevent Difputes and Contentions, that a certain Rule and Method were ordered for the regulating the Price of Re- exchanges, when there is Occafion for it.
16. When the Drawer and Remitter cannot agree about the Courfe of the Re-exchange, and the Drawer or Endorfer will not give any Security for the fame, but pay in Monies inftantly ; then it is fufficient for the Drawer to return to the Re- mitter the Value of the Bills that he received, and not pay the Exchange, till the Day of Payment comes, and they get Advice at what Price at Sight, the Bills were made that Poft or the next, and accordingly the Drawer is obliged to pay the Remitter, how much higher or lower foever it be, and the Remitter is obliged to be fatisfied with it ; but then in cafe the Remitter will neither at firft, at the Payment of the Value to him, nor at laft, ' at the Payment of the Re-exchange, part with the Bills and Proteft, the Drawer may detain his
E 3 Monies
54 HayesV NegociatorJ Majrazit/e.
Monies till he give Security for the Reititution thereof.
17. If all the Bills be not to be had, the Drawer muft be very circumfpect in his making the Con- tract void, and mull: not pay any Monies but upon futricient Caution for the Re-delivery of the Bills and P-oteft, and for all the Damage and Lois that may accrue thereby.
1 3. When the Time of Payment is lb near, that the Drawer or Endorfer cannot give other Or- ders for the Payment of the Bills at the Time and Place appointed, theft the Pofleflbr or Remitter of the Bill is obliged, upon Aifficknt Caution and Security offered to him for Re-exchange and Charges, vhs. to wait till the Day of Payment, and till the Courfe be known from the Place where the firft P-.vment fhould have been made.
19, Though an Endorfer hat!) iatished his Re- miner for the Re-exchange and Charges of a non- accepted protefted Bill, yet the Drawer, or an ear- lier Endorfer, is not obliged to do the fame, but inay iniift upon giving Security in Maimer and Form as is above mentioned.
S E c t. VIIL Of the Tunc of P axing Bills.
1 . ' I * 1 1 E Time of paying of Bps is ufuaDy I agreed upon between the Drawer and Remitter, fometinles on a certain and fixed Day, \ D inej at fo many Sight, fometimes at lb many Days, Weeks or Months alter the Date,
fometimes
Of Money ) TFeights, Meafuresy &c. 5 5
lometimes at Ufance, half Ufance, Ufance and half, double and treble Ufance.
2. A Bill payable at a certain Day, is understood to be payable on that fame Day when it comes, according to the Stile and Place where the Pay- ment is to be made. So that a Bill made at Am- Jierdam, payable at London on the kft of November y muft be paid on the laft of November, Old Stile, or the Stile of London and on the contrary, a Bill drawn at London, payable at Amfterdam the laft of November, is payable at Amfterdam on the laft of November, New Stile, or their Stile.
3. If a Bill be made payable at fome Weeks after Sight, or Date, then the Weeks muft firft be reduced into Days, and feven Days muft be rec- kon'd for a Week • and in counting the Days, the Almanack muft be followed, taking the firft Day after the Sight, or Date, for the firft Day ; and fo forward, one Day after another, without excluding either Sundays or Holy Days, and the laft Day is the Day of Payment, whether in the beginning, in the end, or middle of the Week.
4. If a Bill be made payable one Month or two after Date, or after Sight, then the Day of Pay- ment falls on the fame Day of the following Month, &c. that the Bill was prefented or dated ; and if the Month the Bill is to be paid in, hath not fo many Days as the Month the Bill was dated or fhewn in, then the Day of Payment falls on the laft Day of the Month. As for Example : A Bill is dated the 7 th of January, and is payable a Month after Date, this Bill is payable on the 7 th of February , again, a Bill dated the 30th of Ja- nuary is payable one Month after Date, this Bill is
E 4 payable
k 6 Ha yes'j Negotiators Magazine
payable on the 2Sth or 29th of February , being the laft Day of the Month.
5. If a Bill dated the 28th of February \ payable at Ufance, or one Month after Date, and is prefented on the 28 th of February for Acceptance, then it falls due on the 2Sth of March \ but if be dated ultimo February then it is not due till the ultimo March ; and fo in June and Juh, the one having thirty Days, the other thirty one ; and this the Acceptor may alter if he pleafes, if for the 30th of June he writes ultimo, it will not be due till ultimo July.
6. The circumfpecl Remitter in negociating will have a Regard to the Time, and take his Meafures accordingly, and keep his Monies till fuch Time as he knows there will be great Occaiion for it at the Place where he is, or remit to fuch a Place to be remitted back again; fo alfo a Drawer muft ob- ferve to take fuch an Opportunity to draw in his Monies, when he knows there is Money enough ftirring -y for Scarcity of Bills will advance, as the contrary lowers, the Price of Bills of Exchange to any Place.
7. When any Difference arifes betwixt the Pol- feflbr and Acceptor of a Bill about calculating the Time of Payment, that is to fay, the precife Day that the Poffeifor will demand Payment according to his own Reckoning ; and if on the lait Day's Refpite he procure not the Payment, he fhould and may prbtcft, and fend the fame away j but he mull keep the Bill till the Day of Payment accord- ing to the Acceptor's Reckoning ; and then if he does not get his Money, he mull make a new Protcft.
8. Bills
Of Money , Freights, Meajiires> &c. 5 7
8. Bills made payable at two or three Days after Sight, or at Sight, fhould not have the Privilege of the Days of Grace, efpecially if they be five or fix or more Days, but fhould be paid within twenty- four Hours after they fall due, or be protefted; becaufe the Reafon that Bills are made payable at fuch fhort Sight is, becaufe the Remitter hath pre- fent Occafion for his Money 3 but this is not al- ways regarded ; the Days of Grace being often claimed here upon Inland Bills, although a Bill fliall be drawn at Sight, or at a certain Number of Days after Sight.
9. To reckon the precife Time of the Payment of any Bill, payable at any Time after Date, it is neceifary to obferve the Difference of the Old and New Stile, if the Places from whence it is drawn, and on which it is drawn, obferve a different Stile ; for better Information herein, the following Places obferve the New Stile :
Anijlerdam, Rotterdam , Antwerp , Haerlem, Mid- dleburg, Ghent \ Brujfels, Brabant, and moil of the Netherlands.
Paris, Lions, Bourdeaux, and all France 5
Lijbon, Oporto, and all Portugal ;
Madrid, Cadiz, Bilboa, and all Spain ;
Leghorn, Venice, Genoa, and all Italy. Alfo in Germany, all the Popifh Electorates and Principalities Augsburgh, Dantzick, and all Po-? land.
And the following obferve the Old Stile, being eleven Days after the other :
Great Britain, Ireland, and all the Proteftant Electorates and Principalities in Germany, all Den-
niark,
58 Ha YES / Negotiators Magazine
mark, Embden, the Proteftant Cantons of Switzer- land, Hamburgh, Raft Fri [eland, Geneva, all Sweden, Holftein, Lubeck, Stratzburgh, all Saxony, Riga and Leipfick, &c.
10. To call up the Time that a Bill falls due on ; as for In fiance, Anifterdam draws a Bill upon Lon- don, payable at Uiance, dated the 2d of March. Here it muft be confidered, that the Uiance or Month will expire on the 2d of April, O. S. and becaufe they reckon their Time by New Stile, or eleven Days before us in London, therefore take eleven Days from the 2d of April, and the Re- mainder is the 22d of March ; to which add three Days of Grace, according to the Cuftom in Lcndon, and the Sum is the 26th of March ; on which Day, before the Sun goes down, the Bill is due, and payable in London. However, for the finding out the Days that Bills of Exchange may foil due, I will in the following Pages prefent you with a Table for the more ready Calculating of Time be- tween Old and Nnv Stile.
4 TABLE
Of Money, Weights^ Meafuresy &c. 5 9
A TABLE whereby tofnd the jufi Date of Bills of Exchange from New Stile to Old Stile, and the contrary ^ for ever.
The fame explained.
In the firft Column, under the Title of New Stile, I do begin with the Month of JamiarA from the i " - Day to the 3 1 : Day, and fo continue the Table under New Stile, beginning each Co- lumn with the next fuccefiive Month, until the Calendar is finimed, which is the twelve Months in the Year; and in the other Column, under Old Stile, you mav find the Days according to our Reckoning in England, which correipond with thole of New Stile.
The Ufe of the fame.
Suppofe a Bill comes to hand from Amjlerdam^ dated the of January, New Stile-, look in the following Table for the 4th of January, in the Co- lumn under New Stile j then to know what Day that is in England, look for the correfpondent Date under Old Stile, and you will find the 24 h of De- cember, which is the Day in our Reckoning in England, that falls out to be the 4:h of January in their Reckoning at Amjlerdanu
A Table
6 o Ha yes V Negotiator j Magazine
A Table for any Year (except Leap Year) :
Whereby to find out the juff Bate of Bills of Exchange* from New Stile to Old Stile, for ever.
N.Sole. Jan.
on >
O. Sale. I N.Sole.
|
I |
2 I |
F^ |
I |
|
|
o |
0 z. |
|||
|
Q D |
1 2 |
2 |
||
|
A i |
OA |
|||
|
f 0 |
25 |
|||
|
6 |
26 |
6 |
||
|
7 |
27 |
7 |
||
|
8 |
28 |
8 |
||
|
Q y |
2Q |
0 y |
||
|
1 o 1 VJ |
3° |
T O |
||
|
T T 1 1 |
T /111 J |
O T 3 1 |
T T 1 1 |
|
|
1 Z |
T 1 |
T I 1 _ |
||
|
I 2 |
2 |
I 2 |
||
|
T /I A4 |
0 |
I < |
||
|
T r" *5 |
4 |
|||
|
1 U |
JO |
w CO |
16 |
|
|
T *7 V |
1 / |
|||
|
1 o I Q ly |
0 |
—1 / 8 |
2 |
T 8 l O I Q 7 |
|
y |
20 |
|||
|
£ I |
1 u |
2 T |
||
|
22 |
1 1 |
22 |
||
|
23 |
12 |
23 |
||
|
24 |
J3 |
24 |
||
|
2^ |
J4 |
25 |
||
|
26 |
*5 |
26 |
||
|
27 |
16 |
27 |
||
|
28 |
*7 |
28 |
||
|
29 |
[8 |
|||
|
30 |
*9 |
|||
|
O T J 1 |
20 |
FA
O.Saie. Jan. 2i
22
23 24
25 26
27 28
29 30 3i 1
2
3 4
5 6
7 8
9
10 1 1
1 2
*3 H 15 16
17
x
N. Sale. Mar. 1
2
3 4
r
D
6
7 8
9
10 1 1 12
i3 14
I 16
17 18
19 20 2 1
22
23
24
25 26
27 28
29 30 2 1
2
a bale. R*. iS
19
20
2 1
22
23 24
25 26
27 28
1
2
9 :>
4
6
7 8
9
10
1 2
"3 H
iS 16
■7 18
*9
20
A Table
Of Money, freights, Meafures, &c A Table for any Year (except Leap Year) :
6r
N. Stile.
April
O. Stile. IN. Stile.
M
CO
>■
i
2
3 4
5 6
7 8
9
io 1 1
12
13 14
*5 16
*7 18
J9
20 21 22
23 24
25 26
27
28
29
30
M?r. 2 1 22
23 24
25 26
May
CO
no
o
27 28
29
30
3i 1
2
3 4
5 6
7 8
9
10 1 1
12
13 14 15 16
*7 18
19
CO
u
I
2
3 4
5 6
7 8
9 10
1 1
12
J3 14
15 16
17 18
19
20
21
22
23 24
25 26
27 28 29
3° 31
O. Stile. April 20 21
22
23 24
25 26
27
28
4— >
CO
p— — I
o
29
3° 1
4
5 6
7 8
9 10
1 1
12
13 14
*5 16
18 l9
|
for |
|||
|
N. Stile. |
O. Stile. |
||
|
June 1 |
May |
2 I |
|
|
2 |
22 |
||
|
2 0 |
23 |
||
|
4 |
24: |
||
|
2 £ 1 |
|||
|
6 |
26 |
||
|
7 |
27 |
||
|
8 |
28 |
||
|
Q |
29 |
||
|
10 |
3°. |
||
|
1 j |
|||
|
12 |
7une |
1 |
|
|
I 2 |
2 |
||
|
T /I A4 |
jS |
3 |
|
|
4- |
|||
|
CO |
16 |
co |
|
|
I 7 |
«T"l |
6 |
|
|
18 |
O |
7 |
|
|
!9 |
8 |
||
|
20 |
9 |
||
|
21 |
1 L/ |
||
|
22 |
I I |
||
|
23 |
12 |
||
|
24 |
J3 |
||
|
25 |
*4 |
||
|
26 |
*5 |
||
|
27 |
16 |
||
|
28 |
*7 |
||
|
29 |
18 |
||
|
3C |
19 |
A Table,
6 2 Ha YES V Negociators Magazine
A Table for any Year (;xcept L.ap Year) :
Whereby to find out the jus! Bate of Bills of Exchange, from New Stile to Old StiUt for ever.
|
l\ |
Stile. |
O. Stile. |
N.SuJe. |
O. Sti . |
N.Sciic |
O. Stile. |
|||||
|
July i |
June 20 |
/% |
1 |
July |
21 |
I |
21 |
||||
|
2 |
2 1 |
2 |
22 |
2 |
22 |
||||||
|
2 D |
2 2 |
3 |
23 |
3 |
23 |
||||||
|
A *T |
2 ? |
4 |
24 |
4 |
24 |
||||||
|
r 5 |
z. -i. |
5 |
25 |
5 |
25 |
||||||
|
f> \j |
6 |
26 |
6 |
26 |
|||||||
|
7 |
26 |
7 |
27 |
7 |
27 |
||||||
|
8 |
27 |
8 |
28 |
8 |
28 |
||||||
|
Q |
28 |
9 |
29 |
9 |
29 |
||||||
|
I o |
2Q |
10 |
30 |
10 |
3° |
||||||
|
i j |
1 1 |
31 |
1 1 |
31 |
|||||||
|
I 2 |
J* |
/y 1 ✓ |
12 |
Aug. |
1 |
12 |
Sept. |
1 |
|||
|
I 3 J) |
2 |
*3 |
2 |
*3 |
2 |
||||||
|
T A x4 |
3 |
14 |
3 |
x4 |
3 |
||||||
|
15 |
4 |
u |
l5 |
4 |
J5 |
jJ |
4 |
||||
|
• ■— i *-> |
16 |
c7) |
16 \& |
16 |
—1 |
5 |
|||||
|
CO |
1 7 |
*7 |
6 |
-0 |
17 |
-a |
6 |
||||
|
1 8 |
> |
18 |
0 |
7 |
QJ |
18 |
O |
7 |
|||
|
I Q |
8 |
J9 |
8 |
2 |
*9 |
8 |
|||||
|
20 |
9 |
20 |
9 |
20 |
9 |
||||||
|
21 |
10 |
21 |
10 |
21 |
10 |
||||||
|
2 2 |
1 1 |
22 |
1 1 |
2 2 |
|||||||
|
2j |
23 |
1 1 |
23 |
1 2 |
|||||||
|
24 |
24 |
24 |
T t 1 J> |
||||||||
|
25 |
25 |
j - AD |
14 |
||||||||
|
26 |
26 |
1 5 |
20 |
1 g |
|||||||
|
27 |
1 1 |
27 |
16 |
27 |
16 |
||||||
|
28 |
28 |
28 |
17 |
||||||||
|
29 |
. t |
29 |
1 8 |
29 |
18 |
||||||
|
3° |
30 |
3° |
|||||||||
|
3 1 |
31 |
20 |
A l ABLB
Of Money ^ freights, Me a fares ^ &c. 6 3
A Table for any Year (except Leap Year) :
Whereby to find out the juft Bate of Bills of Exchange* from New Stile to Old Stile for ever.
|
N. Stile. |
O. Stile. |
N. Stile. |
O. Stile. |
N. Stile. |
O. Stile. |
|||||||||
|
Oft. |
I |
20 |
Nov. |
1 |
Oft. |
2 I |
Dec. |
1 |
ftfou. 20 |
|||||
|
2 |
2 1 |
2 |
22 |
2 |
2 I |
|||||||||
|
g |
22 |
23 |
a |
22 |
||||||||||
|
4 |
23 |
4 |
24 |
4 |
2 5 |
|||||||||
|
24 |
2^ |
c D |
24 |
|||||||||||
|
6 |
6 |
26 |
f> \j |
|||||||||||
|
7 |
26 |
7 |
27 |
7 |
26 |
|||||||||
|
8 |
27 |
8 |
28 |
8 |
27 |
|||||||||
|
9 |
28 |
9 |
29 |
Q |
28 |
|||||||||
|
10 |
29 |
10 |
3° |
10 |
z9 |
|||||||||
|
1 1 |
20 D |
1 1 |
D |
I 1 |
3° |
|||||||||
|
12 |
( |
I |
1 2 |
Nov. |
I |
I 2 |
Dec. |
1 |
||||||
|
J3 |
2 |
J3 |
2 |
2 |
||||||||||
|
14 |
3 |
14 |
3 |
14 |
3 |
|||||||||
|
u JO |
4 r |
1 ^ |
4 |
I £ |
4 |
|||||||||
|
16 |
jj |
-j |
• |
16 |
« |
l6 |
5 0 |
|||||||
|
co |
17 |
co |
6 |
co |
1 7 |
CO |
6 |
I 7 |
• — < CO |
|||||
|
iS |
*d |
7 |
18 |
7 |
> to |
l8 |
73 |
7 |
||||||
|
J9 |
O |
8 |
1 |
l9 |
0 |
8 |
f- — i |
IQ |
O |
c ■O |
||||
|
20 |
9 |
20 |
9 |
20 |
9 |
|||||||||
|
21 |
10 |
2 I |
10 |
2 I |
10 |
|||||||||
|
22 |
1 1 |
2 2 |
I I |
22 |
1 1 |
|||||||||
|
23 |
12 |
23 |
12 |
23 |
12 |
|||||||||
|
24 |
J3 |
24 |
13 |
24 |
13 |
|||||||||
|
25 |
I4 |
25 |
14 |
25 |
14 |
|||||||||
|
26 |
J5 |
26 |
26 |
15 |
||||||||||
|
27 |
16 |
27 |
l6 |
27 |
16 |
|||||||||
|
28 |
ll |
28 |
*7 |
28 |
*7 |
|||||||||
|
29 |
18 |
29 |
18 |
29 |
18 |
|||||||||
|
30 |
*9 |
30 |
J9 |
30 |
l9 |
|||||||||
|
31 |
20 |
31 |
20 |
A Table
64 HAYES j Negociatoi • / Magazine
A Table for Leap Years :
I thereby to find cut the jufi Date of Bills of Exchange ,
from New Stile to Old Stile, for ever.
|
N. Stile. |
O. Suile. |
N. Srile. |
O. Stile. |
N. |
Stile. |
O. Stile. |
|||||
|
Jan. |
1 |
2 I |
Feb. |
1 |
"7 an |
2 1 |
Afir. 1 |
Feb |
|||
|
2 |
2 2 |
2 |
22 |
2 |
20 |
||||||
|
2 3 |
0 |
22 |
2 1 |
||||||||
|
4 • |
24 |
A. T |
24 |
4 |
22 |
||||||
|
c D |
2 £ |
r |
2£ |
5 |
23 |
||||||
|
O |
2 0 |
O |
z u |
0 |
H |
||||||
|
7 |
0 n z7 |
7 |
2 7 |
7 |
|||||||
|
8 |
28 |
8 |
28 |
8 |
26 |
||||||
|
9 |
29 |
9 |
29 |
9 |
27 |
||||||
|
10 |
30 |
10 |
3° |
10 |
28 |
||||||
|
1 1 |
3i |
1 1 |
3i |
1 1 |
29 |
||||||
|
12 |
Jan. |
1 |
1 2 |
!%*. |
1 |
1 2 |
Mar. 1 |
||||
|
13 |
2 |
13 |
2 |
13 |
2 |
||||||
|
14 |
3 |
H |
3 |
14 |
9 |
||||||
|
J |
1 5 |
4 |
15 |
4 |
r5 |
4 |
|||||
|
16 |
_J |
10 |
5 |
ib |
jJ |
5 |
|||||
|
co |
1 7 |
•«— ' CO |
6 |
CO |
17 |
CO |
6 |
CO |
l7 |
co |
6 |
|
New |
18 19 20 2 1 22 23 24 25 2t 27 28 29 3° |
PS |
7 8 9 10 1 1 1 2 13 14 1 i 16 i7 18 J9 20 |
18 *9 20 2 1 ■> ~> 23 --t 25 26 27 28 29 |
Old |
7 8 9 10 1 1 1 2 13 14 1 5 16 l7 18 |
iS '9 20 2 I 2 2 23 24 2£ 26 27 28 29 30 31 |
Old |
*- 7 8 9 10 1 1 12 *3 ■4 *5 16 l7 18 H |
A Table
Of Money y Weights, Mcafures, &c. 6 5
A Table for Leap Years :
U r 'hereby to find out the juff Bate of Bills of Exchange 9 from New Sriie to Old Stile, for ever.
|
X. Stile. |
O. Stile. |
N. Stile. |
O. Stile. |
N. Stile. |
IO. Stile. |
|||||
|
April 1 |
Mar. 2 1 |
May |
I |
April 20 |
June 1 |
2 I |
||||
|
2 |
22 |
2 |
2 I |
2 |
22 |
|||||
|
2. D |
23 |
3 |
2 2 |
0 5 |
||||||
|
4 |
24 |
4 |
9 2 |
4 |
24 |
|||||
|
c D |
2 5 |
5 |
24 |
D |
25 |
|||||
|
6 |
26 |
6 |
25 |
6 |
26 |
|||||
|
7 8 |
27 |
7 |
26 |
7 |
27 |
|||||
|
28 |
8 |
27 |
8 |
28 |
||||||
|
Q y |
29 |
9 y |
28 |
Q y |
29 y |
|||||
|
10 |
3° |
10 |
z9 |
20 <j |
||||||
|
T T * X |
31 |
1 1 |
3U |
T T I 1 |
2 I |
|||||
|
I 2 |
4^/7 1 |
1 2 |
1 |
I 2 |
June |
I |
||||
|
I 2 |
2 |
*3 |
2 |
I 2 |
2 |
|||||
|
T /I A4 |
3 |
*4 |
3 |
T A |
2 0 |
|||||
|
Stile |
16 |
^ 4 % 5 |
jj |
c? 16 |
CO |
4 5 |
CO |
T — *5 I 0 |
jj *^-» CO |
A. r D |
|
*7 |
O 7 8 |
I 7 |
13 |
u |
T *7 l7 |
6 |
||||
|
18 l9 |
18 y |
7 8 |
18 *9 |
7 8 |
||||||
|
20 |
9 |
20 |
Q y |
20 |
9 |
|||||
|
21 |
10 |
21 |
IO |
21 |
10 |
|||||
|
22 |
1 1 |
22 |
1 1 |
22 |
1 1 |
|||||
|
23 |
12 |
23 |
12 |
23 |
12 |
|||||
|
24 |
13 |
24 |
13 |
24 |
13 |
|||||
|
25 |
H |
25 |
14 |
25 |
||||||
|
26 |
26' |
15 |
26 |
15 |
||||||
|
27 |
16 |
27 |
16 |
27 |
16 |
|||||
|
28 |
x7 |
28 |
*7 |
28 |
*7 |
|||||
|
29 |
18 |
29 |
18 |
29 |
18 |
|||||
|
30 |
19 |
30 ?\ |
*9 20 |
30 |
*9 |
F A Table
66 Hayes'/ Xegociators Magazine
A Table for Leap Years :
IVhereby to find oid the jutf Bate of Bills of Exchange, from Nezv Stile to Old Stile, for ever.
|
N. Stile. |
O. Sale. |
N. Stile. |
O. Stile. |
N.Stifc |
O. Stile. |
||||||
|
j **j |
I |
7^ 20 |
All? |
T 1 |
/«*> |
T T Z 1 |
kjc yt . |
J |
Z 1 |
||
|
2 |
2 1 |
2 |
2 2 |
2 |
2 2 |
||||||
|
0 D |
2 2 |
2 |
2 2 |
1 |
2 2 |
||||||
|
A T |
23 |
T |
2 J. -4 |
-r |
|||||||
|
r D |
24 |
5 |
r> |
2 " z -» |
|||||||
|
u |
25 |
0 |
2 0 |
2 O |
|||||||
|
1 |
2 D |
7 |
2/ |
7 |
27 |
||||||
|
8 |
27 |
8 |
28 |
8 |
28 |
||||||
|
Q ? |
2 0 |
Q y |
2Q zy |
2Q |
|||||||
|
I 0 |
29 |
1 0 |
20 |
I 0 |
20 |
||||||
|
7 T 1 I |
3° |
T T I 1 |
0 T |
:? I |
|||||||
|
1 z. |
1 |
T 1 1 Z |
/lug. |
j |
I 2 |
||||||
|
I 2 |
I 3 |
2 |
I 1 D |
2 |
|||||||
|
I A. |
3 |
I _< |
9 |
14- |
2 D |
||||||
|
M |
4 |
T " 1 D |
4 |
O |
I c |
I) |
|||||
|
I o |
'.0 |
5 |
*-> |
T £ I 0 |
+3 |
5 |
1 U |
Q |
r 5 |
||
|
T T 1 7 |
6 |
oq |
1 7 |
6 |
I 7 |
6 |
|||||
|
> u |
1 o |
7 |
> |
T R 1 0 |
7 |
u |
l8 |
- / |
|||
|
I Q |
0 0 |
I Q |
8 |
I Q |
8 |
||||||
|
20 |
Q 7 |
20 |
Q y |
20 |
Q y |
||||||
|
21 |
IO |
2 I |
IO |
2 I |
10 |
||||||
|
22 |
I 1 |
22 |
1 1 |
22 |
1 1 |
||||||
|
23 |
12 |
23 |
I 2 |
23 |
1 : |
||||||
|
24 |
13 |
^4 |
J3 |
24 |
13 |
||||||
|
14 |
25 |
14 |
25 |
14 |
|||||||
|
26 |
15 |
26 |
15 |
26 |
*5 |
||||||
|
27 |
l6 |
27 |
16 |
27 |
16 |
||||||
|
28 |
«7 |
28 |
K |
28 |
"7 |
||||||
|
29 |
18 |
29 |
18 |
29 |
18 |
||||||
|
3° |
19 |
3° |
■9 |
30 |
19 |
||||||
|
31 |
20 |
31 |
20 |
A Table
OfMovej Weights, MeajwreSy &c 6 7
A Table for Leap Years:
tVhereby to find out the jujl Bate of Bills of Exchange, from New Stile to Old Stile, for ever.
|
N. Stile.; O. Stile. |
M C IN . 0 |
.ue. |
O. Stile. |
N |
Stile. |
O. Stile, j |
||||
|
Ocl, 1 |
Sep. |
20 |
. 1 |
Oct. |
21 |
\ C V |
. 20 |
|||
|
2 |
2 1 |
2 |
22 |
2 |
2 1 |
|||||
|
3 |
2 2 |
3 |
23 |
3 |
2 2 |
|||||
|
4 |
23 |
4 |
24 |
4 |
23 |
|||||
|
5 |
24 |
5 |
25 |
5 |
24 |
|||||
|
6 |
25 |
6 |
26 |
6 |
25 |
|||||
|
7 8 |
/-- 26 27 |
7 8 |
27 28 |
7 8 |
26 27 |
|||||
|
9 |
2o |
9 |
29 |
9 |
2 0 |
|||||
|
1 0 |
29 |
1 0 |
3° |
10 |
29 |
|||||
|
1 1 |
30 |
1 1 |
31 |
1 1 |
30 |
|||||
|
i 2 |
Ucl. |
I |
1 2 |
Nov. |
1 |
12 |
Dec. |
1 |
||
|
J3 |
2 |
13 |
2 |
13 |
2 |
|||||
|
14 |
3 |
3 |
14 |
3 |
||||||
|
4 |
qJ> |
*5 |
4 |
gjj |
1 5 |
4 |
||||
|
•3 16 |
jj |
5 |
16 |
u |
5 |
16 |
5 |
|||
|
co * 'I |
CO |
6 |
co |
J7 |
CO |
6 |
CO |
17 |
CO |
6 |
|
O |
7 0 0 |
> > z |
18 19 |
7 0 0 |
New |
18 19 |
O |
7 8 |
||
|
20 |
9 |
20 |
9 |
20 |
9 |
|||||
|
2 1 |
10 |
2 1 |
10 |
2 1 |
10 |
|||||
|
22 |
1 1 |
22 |
1 1 |
22 |
1 1 |
|||||
|
23 |
12 |
23 |
12 |
23 |
12 |
|||||
|
24 |
13 |
24 |
13 |
24 |
13 |
|||||
|
25 |
14 |
25 |
14 |
25 |
14 |
|||||
|
26 |
*5 |
26 |
15 |
26 |
J5 |
|||||
|
27 |
16 |
27 |
16 |
2/ |
16 |
|||||
|
28 |
17 |
28 |
J7 |
28 |
17 |
|||||
|
29 |
18 |
29 |
18 |
29 |
18 |
|||||
|
30 |
*9 |
30 |
l9 |
30 |
19 |
|||||
|
L 31 |
20 |
31 |
20 |
|||||||
|
Sect, |
68 Ha ye ss Negotiator's Magazine
S e c t. IX. Of Ufurers Exchange, commonly called Dry Exchange.
I . ]\ /TErchants Exchanges do properly confift in J[ V A giving Monies in one Place, to receive the Value at a certain Price agreed on in another. And Ufurers Exchange does alio confift in giving at one Place, but their Repayment is to be made after a certain Time in the fame Place, and a cer- tain Sum over, which is ufually more than the common Intereft fo that the Dirtance of Place, where the Money is firft paid, from where it is to be repaid, is the fubftantial, or eflential Part of the firft Exchange ; but this being wanted in the laft Way, it is therefore by fome called Dry Ex- change.
2. In Dry Exchange, fometimes the Sum to be repaid for the Sum receiv'd is fix'd, determined, or certain, and ibmctimes uncertain and acci- dental.
3. When the Sum to be repaid is fixed and certain, the Lender or Deliverer hath a certain fix'd Profit or Advance, which is contrary to the Nature of real Exchange, and therefore this may more properly be called Ufurers Exchange, becauie by this means a Man may with more Security op- prefs his Debtor : and he that practices this Way, mull: certainly do it for fome of the following Reasons : That is to fay, Either for Securing a Re- payment of his Money in clue Time, or for to get a good Intereft for his Money, and to have Secu- rity
Of Money, fFaghts, Meajt/Ptit, &c. 6 9
nty for his Debt, or he mull do it to drive on an unlawful Trade for unlawful Ufury.
4. He that diipofeth of his Money in this Way can at his Pleafure be Matter of his Money again, if the Bill be made payable to himfelf, or Order ; for then he can at any Time negociate, and draw in the faid Bill with Reputation, and Credit, and can let it be drawn in from any other Place, which he cannot do with any other Obligation.
5. An Ufurer has alfo this Advantage by fuch Bill of Exchange, becaufe that only the Sum to be paid is mentioned in the Bill, but not the Sum bor- rowed, fo that it cannot be known what Intereft fuch a Perfon receives.
6. And the Manner of lending Money in this Way is thus : A. goes to a Banker to borrow One hundred Pounds at Intereft for a certain Time, the Banker feems unwilling to lend it him at Intereft, but offers him the Sum by Exchange to Amjler- dam, whereunto they agree ; but A. having no Correfpondent there, the Banker bids him make his Bills of Exchange for fo much Money, at dou- ble or treble Ufance, to any imaginary Perfon, at the Price of Exchange it then goes at, with which the Party accordingly agrees. Now the Time be- ing run out, there comes a Proteft from Awfter- dam for Non-payment, with the Exchange of the Money from Amjierdam to London ; all which with Cofts (befides a Deduction it may be at the mak- ing of the Bargain) A. muft repay to the Banker in London for the Money he ihall fo borrow.
7. And another Way they have of feigning an. Exchange, which is thus : A Perfon owes to a Banker fome Money, and it not fuiting his Con-
F 3 venience
Jo Ha YES9s Negotiators Magazine
venience to pay the fame prefently, does therefore delire Time. The Banker accordingly grants it him, provided he will be bound to pay his Money at the Time in Hamburgh by Exchange ; and it is further agreed between them, if it fhall be paid at the Time in London, the Party fhall be free, or other wife he fhall ftand bound as before. In the Interim the Banker writes to his Friend in Ham- burgh for the like Sum, feigning that he oweth him there. After the Time is expired comes a Bill of Exchange from Hamburgh, to pay here fo much as he owed there with the Re-exchange and Charges, all which the Banker puts to the Party's Account ; and by this Agreement the Banker can oblige the Party to pay, in Cafe he does not pay him in London at the Time agreed upon.
8. The Value agreed upon to be repaid is un- certain and accidental, when in their bargaining they agree concerning the Price to fuch or fuch a Place and Fair ; but the Drawer is obliged to pay his Monies in the Place where he received it, and at fuch a Price as fhall be at the Time of Payment between the place where the Money is taken up and to be repaid again, and the Place where the Bill is directed to. As for Example :
9. yl. oiAmficrdam lends 1000 Florins on Frank- fort Fair, with Condition that the laid Sum (hall not be paid at Frankfort, but at the Return of the Fair at Amjicrdam, at the Price the Exchange fhall go at, between the laid Fair and Amjicrdam, at the Time when the Repayment of the above Sum is to be made. And this Sort of Exchange is very frequent and common in Italy, though con- demned by the Papifts as unlawful, and a finful
Way
Of Money, Weights, Meafnres, &c. 7 1
Way of gaining Monies upon Monies, or giving Monies upon Intereft, or for having a certain Pro- fit for the Loan or Exchange of Monies: however all Mankind muft allow, that thefe Practices are lawful and juft, fo far as they are grounded upon a true commutative Juftice, fuch as cannot be charged with Extortion.
Sect. X. Of Conditional Exchanges, or Bills on Bottomry.
i.TN fuch Bills as thefe the Drawer doth not JL abfolutely oblige himfelf to Payment, but on a certain Condition agreed upon.
N. B. Various Sorts of Agreements are invalid, according to the Laws of England, unlefs they be made and drawn out upon ftampt Paper, Signed, Sealed, a?id Witnefed by two, or more Witnefjes.
2. And in thefe Bills the Conditions muft be clearly expreffed, on which Condition the Ac- ceptant muft accept and pay, or elfe he muft re- fufe, if the Conditions are not clearly fet forth, thefe kind of Bills being very liable to great Difputes and Contefts.
3. The Acceptance of a Conditional Bill obligeth the Acceptor, whether he be the Drawer himfelf, or any other, to an abfolute Payment, if the Condition it is agreed upon be abfolutely perform- ed, or if the PofTelTor himfelf will oblige himfelf to the Performance thereof.
4. The PofTefTor of fuch Bills is fometimes ob- liged to perform the Conditions, and fometimes he
F 4 i>
7 % Ha y B s It Negociator's Magazine
is not, for thofe Exchanges which are grounded upon unlawful, impoflible, or indecent Conditions, are of thcmfelves null and void.
5. When the Poffeffor is abfolutely obliged to perform the Conditions, it is not enough for him to mortify, or to endeavour to deftroy the Bill by not demanding Payment thereof; but he is obliged to make good to the Acceptor the Lofs and Intc- reft that the Acceptor or any Party concerned there- in is likely to fuffer for Non-acceptance of the Condition.
6. The Poffeflbr of a conditional Bill is not ab- folutely obliged, if any thing fhould happen that may hinder him from performing the Condition, without his being the Caufe whereof, the Drawer or Acceptor is obliged to pay the Bill, if the Pof- feflbr will but make good the Lofs to the Ac- ceptor or Drawer. As for Example :
A lives at Amjlerdam and contracts with By living in Venice, that A {hall provide him with a Pack of Says, which Pack the faid A {hall buv for the Account of J5, at the loweil Price, but he {hall fend them to Venice on his own (or s) Rifque, and {hall have for his Provilion 2 per Cent, for the Difburfe of his Monies, and for his Rifque 15 per Cent, but B (hall be obliged to pay the Coll and Charges on the whole, eight Days after the Arrival of the faid Pack of Says at Venice ; this is all agreed upon and done, the Pack is ihipp'd off, and the Account is lent ; and A at the fame Time values himfelf upon B for the whole, and makes his Bill as follows :
Amjlerdavij
Of Money, Weights, Meafures, &c. 7 3 Amjlerdam, October 19 — at per Ducat.
Eight Days after the Arrival of the Pack, N°. as in the Margin, at Venice, pay upon good Delivery for the Value of the fame unto C. D. the Sum of Ducats, Adieu.
E F
To Mr. B. in ra/a?.
Now when B. accepts the Bill, he is then obliged upon the Delivery of the Pack, to pay the Sum of the abovenamed Ducats to C. D. who is named in the Bill, though the Says fhould fall con- siderable in the Price before that Time. But if the Says be loft at Sea, and fo never arrive at Ve- nice, then the Acceptance will be null and void, and the Bill will be mortified or deftroyed. But if they be only damaged, and do arrive at Venice, B* is obliged to take them, and to pay the accepted Bill ; but then he muft deduct fo much from the Value, as an impartial Judge fhall think the Da- mage will amount to, becaufe that A. is to be herein confidered as the Infurer.
7. Among Conditional Bills, Bills of Bottomry may be reckoned ; that is to fay, Bills made upon the Keel of a Ship, which may properly be called Accidental Conditional Bills, they depending en- tirely upon the Power of Providence to give a Ship, a profperous Voyage.
8. The Bottomry Bills that are ufually made at Smyrna, and other Places in the Levant, the Ship- per acknowledges therein the Receipt of fuch Goods from A. to deliver the fame, upon fafe Arrival, to R0 and that the faid Goods are incumbred with a Debt of loop Rials, upon Bottomry at fo much per
f/4 H a y e s 9 j Negotiator* s Magazine
Cent, the Value received of C. payable ten Days after the Arrival of the Ship.
To D. for his own Account, 300 Rials, To E. for Account of F. 300 Rials. To G. for Account of 400 Rials.
This being underwrit by the Shipper, is as much as a Conditional Bill, which if B. accepts, he is obliged to make good and pay the fame, and may receive the Goods, paying the Captain or Shipper his Freight and Avaridge ; or if the Goods be damaged, then the Sum of the Damage, and of the extraordinary Avaridge, muft be deducted from the Sums that D. E. and G. are to receive, they being as Infurers.
9. The Party to whom Goods that are incum- bred with Bottomry are dire&ed to, is no more obliged to accept a Bottomry Bill, than an Accep- tant is obliged to accept another's Bill drawn upon him ; but when either of them are accepted, the Acceptor is obliged, according to the Law of Ex- change, to make punctual Payment at the Time appointed.
10. But if the Party to whom luch Goods bur- thened with Bottomry are addreiTed, ihould refuie to accept the Bottomry Bills, then the PoiTeiTor of the Bill is obliged to make Proteit for Non-accep- tance, and then he mult get authorifed to receive and fell the Goods, and to difpofe of them to the belt. Advantage ; or that they may be put into the Hands of another to difpofe of the fame, that out of the Produce of the Goods the Value of the Bottomry Bill may be latisfied ; but the Party mull: be careful in acting in thefe Matters^ that it may be
done
Of Money } Weights, Meafures, &c. J 5
done by proper Authority, noj muft they without fuch Authority admit any other to honour the Bill, or to receive the Goods to difpofe of at their Plea- fure.
1 1 . When this is done by the Authority of a proper Magiftrate, as abovefaid, if the Produce of the Goods amounts to more than is neceffary to difcharge the Bottomry Bill, the Overplus may re- main in the faid Party's Hands that difpofes of the Goods, or be put into the Hands of a proper Ma- giftrate, for the Ufe of the proper Owner of the Goods. But if the Produce of the Goods fhall fall ihort of the Value of the Bottomry Bill, the Pof- feffor of the faid Bill can have no Redrefs from the Party the Goods wasfent to, nor from the Owner thereof, nor from the Factor or Loader of the Goods, nor from the Drawer or Receiver of the Monies paid upon Bottomry, unlefs he has by a fpecial Contract obliged himfelf thereunto.
12. Among Conditional Exchanges may be rec- koned thofe Bills that are given upon account of any Wager made, or for AlTurance of Things that are yet but in Dubio, or Doubt.
13. Bills made upon account of a Wager, &c. are either fingle, or reciprocal, or mutual.
14. A fingle Bill is when one gives Monies, •and the other receives it at the fame Time, and the former accepts a formal Bill of Exchange for the Payment of a greater Sum than he pays, to be paid at the Day of Marriage, or at the Surren- der of fuch a befieged City, or at any other un- certain and dubious Event.
15. In cafe of Wagers, if Monies be not given by one> and received by the other, the Law allows
nq
7 6 Ha ye s V Negotiator's Magazine
no Advantage again ft him that gives the Bill \ but if he has received the Money, then he is obliged to repay the fame with Interclt, and no more.
1 6. But Conditional Exchanges for Aflurances are twofold, the one tending to the Security of the Drawer and Remitter, and fome are for the Secu- rity of the Poffeflbr.
17. Thofe which are for the Security of the Drawer and Remitter, are fuch Bills as an Out- dweller makes, or caufes to be made for the dis- charging of other Bills by him accepted, which muft be paid in another Place, or fuch Bills as any Man makes when he has timely Notice to pay thofe which he may have out, under Proteft for Non-acceptance or Non-payment.
18. Conditional Exchanges for the Security of the PoffeiTor, are either fuch as are for the Secu- rity of the Repayment of a Sum of Money, and are made after the following Manner :
London ^ J 'ai man 11th. —
Seven Days after the producing of an Acquit- tance from E. whereby he doth acknowledge to have received bf D. of Ainjicrdam 1000 Gilders, I promHe and oblige myfelf to pay to D. for the Value of the lame Sum A. R.
19. Or clfc for requitting fome Favour and Ser- vice done, then the Bill may be made as follows :
One Month after the Day of my Marriage, or have obtained fuch a Law-fuit, or after I have been made an Alderman of London, I promife and
oblige myfelf to pay to A, the Sum of Value
received January ij— T. B.
20. When
Of Money, JVeights, Meafures, &c. 77
20. When a Conditional Bill is not accepted, or if it be accepted, not paid ; then the Poffeffor may proteft, and feek his Redrefs and the Recovery of his Lois from the Drawer.
2 1 . In the Proteft of a Conditional Bill, whe- ther for Non-acceptance or Non-payment, the Poffeffor muft look to it and obferve, that he in- fer ts and proves that the Condition was performed, or elfe that he was ready and willing to perform the fame, or elfe the Proteft is of no Value.
22. In cafe the Poffeffor of a Conditional Bill, who is abfolutely obliged to the Performance of the Condition, would mortify the Sum, or deftroy the Bill by not demanding Payment, or by not performing the Condition ; in fuch Cafe, the Ac- ceptor may compel him thereto, by depofiting the Money, and protefting againft the Poffeffor for Non-performance of the Condition, and for all Damages, and prefently thereupon proceed againft him according to Law, and the Cuftom of Ex- changes ; and the Reafon is, becaufe he the Pof- feffor would have done fo againft the Acceptor, if he had proved tardy.
23. If a Condition, whereon an Exchange Con- tract is grounded, were once pofiible to be done, and the Poffeffor is bound to perform it, and he neglects it ; or after the Remitter received the Bill from the Drawer, if the Remitter mould oblige himfelf to the Performance, and he mould neglect fo doing, and it mould afterwards be morally im- poffible for him to do the fame : In this they are both obliged to make good the Damages and Loffes fuftained by the other Parties concerned, at leaft, fo far as they can prove they have fuffered by it,
becaufe
?8 Ha y ES V Xegoc/ators Magazine
becaufe the Condition was the Caufe of the Con- tract
Sec t. XI. Of paving Debts with Bills of Ex-
change,
\l TN a pure and real Exchange, a Drawer re- \^ ceives Money of the Remitter, and gives Bills of Exchange for the fame, wherein he pro- mifes himfelf, or by his Order, to pay the Value he received, according to the Conditions, in ready Money : But in this, which is called Mixed, or Debt Exchanges, the Drawer receives no Monies, but being a Debtor, he gives his Bills to his Credi- tor for the Payment of his Debt, and the Creditor does hereby become the Remitter or Negociator of the Bill.
2 . And there are other Bills made for the Reco- very of a Debt, or elfe to allure the Creditor of prccife Payment for the Goods that the Debtor hath bought for Time.
3. Whether the Debtor makes theie Bills pay- able by himfelf, or by any other Perfon \ or whe- ther the Debtor and Creditor agrees about the Price of the Exchange or not, the Debt doth change its Nature, and the Debtor that gives the Bill of Ex- change upon himfelf, or upon another, doth make himfelf liable to the Law of Exchange, and may, upon Failure of Payment, be profecuted accord- ingly.
4. It is very ncceflary in thefe Bills to exprefs whether the Value was paid in Monies, or in
Goodsy
Of Money, freights, Meafures, &c. 79
Goods, or if it is tending to the difcharging or leffening of his Debt; if the Drawer does but effectually receive the Value, the Bill Hands
5. He that gives a Bill for an old Debt, muff demand of his Creditor an Acquittance, wherein muft be acknowledged Satisfaction for fuch an old Debt, or for fuch Goods in fuch or fuch a Bill of Exchange received, or for fo much of the Debt as the Bill of Exchange reacheth to ; and in fuch a Cafe, the Creditor will demand a Note or Receit of the Value of fuch a Bill, either in an old Debt, or for Goods bought, either for the full Payment thereof, or for leffening the faid Debt.
6. When a Creditor hath received a Bill from his Debtor, or in part of his Debt (if his Debtor mould prove tardy) he muff by no means be per- fuaded by his Debtor to derogate the leaft from the ftrict Courfe and Law of Exchange, by pro- tefting, &c. nor grant him longer Time, unleft the Debtor doth give him under his own Hand that it mall be no Prejudice to him the faid Cre- ditor, and that him the faid Debtor muff alfo de- clare, that the faid Creditor mall have the Law in full Force againft him the faid Debtor, upon Fai- lure of the Payment of the fame, as if he had actually protefled in due Form and Courfe ; for without this the Debtor may difown fuch an Agree- ment or Requeft made to the Creditor, and in cafe he would not pay, he may fet his Creditor at de- fiance, as having neglected the Neceffaries to be done for Recovery of the Monies*
7. When a Creditor receives a Bill from his Debtor, by him drawn on another, in another
Place,
good
So Hayes's Negotiators AL waztne
Place, with Rcqucft to demand the lame, and in cafe of Payment to place it to his Account ; in this Cafe, the Creditor mull afk his Debtor, whe- ther he (hall draw or remit the Product, and he mull: alfo know of him by whom he ihall caufe Demand to be made, that in cafe of Lofs there may be no Difpute.
8. The Bills (that a Creditor makes himfelf upon his own Correfpondent, at the Requeft of a Debtor) when they cannot be paid at one Time, mull be reckoned Mixed, or Debt Exchanges.
* 9. When it falls inconvenient for the Debtor to pay his Debt at due Time, if he defires longer Time, promifing Satisfaction, and if it fuits with the Convenience of the Creditor to wait a longer Time, then it is ufual, if the Creditor is fatisfied with the Sufficiency of his Debtor, to requeft of him to draw on his own Correfpondent for his Debtor's Account, with Order to revalue the lame at the Day of Payment.
10. If a Creditor draws for the Account of his Debtor, he ought to make thole Bills fingle and apart for the jult Sum that the Debtor mull pay ; or at leail, he ought to order his Correfpondent to keep an Account of fiich a fpecified Sum apart, and to revalue the fame ; this is done in order for the Debtor to know what Sum he is to pay for the Re-exchange.
11. And to diftinguiih the Account apart, the Creditor or Drawer ufually orders the Acceptor to draw on the Debtor with his Obligation, or upon himfelf for Account of the Debtor.
12. It is alfo ufual, for one Friend to pleafure another, to draw on his Correfpondent per Cento
apart.
Of Money y heights, Meafures, &e. 8 1
apart for a feparate Account, and to be kept apart, that the Friend may have the Ufe of the Money until the Time of the Payment of the Re- exchange.
13. In all Cafes the Acceptor looks upon the Di*awer, who nluft anfwer for the Draughts and Re-draughts ; but the Lofs by the Exchanges and Charges muft come to the Debtor's Account, or to his for whofe Pleafure the Bill was made, or for whofe Account the Bill is drawn.
Sect. XII. Of Re '-exchange \ a?id Continuance of Exchange and Ik-exchange.
1. T) E-exchangej in its largell Acceptation, is J£v the Value of a drawn or remitted Sum, re-drawn, or re-remitted by the Payer of the Bill where it was directed to ; or otherwife it is re- Valuing from a Place where a Bill has been paid on the firft Drawer or Remitter of the fame. And a true and juft Re-exchange muft alfo exactly an- fwer the Value, or the juft Sum of that Bili where- of it is the Re-exchanee.
2. When any Perfon re- values Or re-draws in the aforefaid Manner to the juft Sum and Value that he paid, he muft add Provifion, Poftage, Gfa and all other Charges that are ufually reckoned ; and thefe Sums being added together is the juft Sum to be re-valued or re-drawn for.
3. In re- valuing, the Provifion muft be reckon- - cd for the Sum that is firft drawn, and Brokerage muft be on the Sum that is re-drawn or re-valued.
G 4, lit
8 2 HayesV Negoc/ators Magazine
4. In remitting the juft Sum, both the Provi- lion and Brokerage muft be reckoned according to the faid remitted Sum to be remitted.
5. When a Factor remits, and re-values the juft Sum of the laid Remittance, and draws a certain Sum and remits the Value to another Place, he muft only reckon his Provifion for the Sum that he remits, and not of the Sum that he draws, but he muft reckon Brokerage upon both Par- cels.
6. The re-drawing need not be delayed until after the Draught is difcharged, but may freely, without Fear of Reproof, be re-drawn the Poft- Day before thofe Draughts fall due; for a Factor is not obliged, nor is it always convenient, to difburie his Monies, though but for a few Days.
7. Nor is it neceffary, nor can it be required of a Factor, to remit until the Remittances be re- ceived ; and if it mould be done fooner to pleafure the firft Remitter, it muft always be done under Proteft, that he may fuffer no Damage.
8. When the Factor hath by him the Advance of the Remittances which he has Orders to remit, he muft ftridtly obferve his Principal's Order ; and if he cannot come within the Limitation of the fame, he may delay remitting, and let the ad- vance Value lay by him undilpoled of, until he can get further Orders from his Principal.
9. When a Factor hath Occalion to re-draw for the Principal's Account, for Draughts firft drawn on him, he 19 not fo precilely bound to the Order of his Principal ; but he can and may re-draw, not only according to Order, and within his Li- mitS, but he may exceed the Limits, if he neither
Of Money, Weights , Meafures, &c. 8 3
Will, nor can be in Difburfe for his Principal; and if he hath no Order, he may re-draw without Or- der, nay and even againft Order itfelf, if his Occa- lions mail require it.
10. Factors in re-drawing follow their Orders and obferve their Limits, when the Debtor for an accepted Bill, fupra Proteft, having ordered, or li- mited the Party, who is to dilcharge the Bill for his Account, how, and when to re-value if the Factor does accordingly, or to more and better Advantage than the Principal's Orders, or Limita- tions were.
1 1. But it is above Order, or Limitation, when the Factor re-draws on that Place and Perfon that his Principal orders, but at a more difadvantageous Price than he limited ; and the Principal in this Cafe, muft be patient and filent, though it be to his Lofs.
12. And it is without Order when the Principal and Debtor for the Bill did not, or could not make Provilion for the Difcharge of the Bill, and there-* fore gave no Order that the Factor mail be re- imburfed, whereupon the Factor draws on him, becaufe he cannot be in Difburfe* or will not, as thinking it unadvifable.
13. And it is againft Order when the Principal hath order'd, that the Factor {hall draw on ano- ther Place, or at a longer Time $ and being the Factor either could not, or would not draw ort fuch a Place or Perfon, nor at fo long a Time, he therefore draws on his Principal at Sights or at a fhorter Time than he order'd, or re-draws on fbme other Place or Perfoa where he can.
34, When"
84 HayesV Negotiators Magazine
14. When an Acceptant of a Bill will re-value without or againft Order, then it is moil: advifable and beft anfwerable that he re-draw upon the Debtor and Principal, rather than on any one elfe.
15. But in cafe the Principal, in any of the 9, 11, 12, 13 or 14 Cafes foregoing, will not accept of the Acceptant's re-drawn Bill upon him, be- caufe they are without, above, or againft his Or- ders : what fhall the Factor then do ; feeing with- out Acceptance there is no Obligation on any to pay a Bill of Exchange ; nor were the Factors fa wife as to iuffer the Bills to be protefted, which would have compelled the Drawer to have done as he had pleafed : So that the Factor has no other Remedv now left but the common one, and that is, to proceed againft his Principal's Action.
16. However, he that is Debtor for a Bill, is, and remains ftill Debtor for the Re-exchange, that his Factor draws on him, for the Difcount of his Draughts ; and this whether he draws directly on the Principal, or on any other third Perfon, on the Principal's Account : And all this is only in refpeft to the Factor, as he is Re-drawer.
17. When any is draw n upon for the Account of a third Perfon, and the Acceptant accepts fupra Protcft for the Account of the Drawer, and does advife him expreily thereof, at the Return of the Poll -y in this Cafe, if the Factor cannot get furri- cicnt Provilion from the Principal, nor fuificient Orders for his Re-imburfement, before the Draughts fall due, the laid Factor (Acceptor) may re-value on the Drawer, and is not obliged to feek for Redrefs fifft, on any third Perfon for whole Account the
Draught
Of Money, J flights, Meajures, &c. S 5
Draught was, But if the Acceptance was made fupra^Proteft, with the Obligation of the Drawer, then the Acceptor muft, if the Drawer requires it, firft feek his Redrefs on a third Perfon, for whole Account it was drawn ; and in this Cafe he is no further obliged than to re-value on the third Per- ion ; and if liis Bill be protefted, or not accepted, nor paid, then he hath Redrefs upon the Drawer, whole Obligation he referves to the very lafh
18. When Provifion (for a Bill drawn for Ac- count of a third, by the Acceptant accepted fupra Proteft with the Obligation of the Drawer) is not made by him for whole Account it is drawn a- gainft the Time it falls due, but Orders are only given to re-value the fame directly upon himfelf, or on feme other Place, then the Acceptor muft in this Place firft confult the Drawer, who hath obliged himfelf, before he can re-value the fame, and advife him, that notwithstanding he will yet remain by the Obligation, until the Sum to be re- valued be repaid.
19. When the Acceptor of a Bill drawn for the Account of a third Perfon, but accepted fupra Proteft for Account of the Drawer, with the Drawer's Obligation, &c* doth re-value on a third Perfon at the Requeft of the Drawer, and the laid Acceptor's Bills are either not accepted, or if accepted not paid in due Time, and lb are fent back with Proteft, then he that difcharged the firft Draughts muft alio difcharge the protefted Bills ; but he may re-value himfelf for the laid Sum, with the Charges, Provifions and Protefts on* the firft Drawer, by whofe Obligation he ftill re- mained,
G 3 2Q, When
86 Ha vtesV Negotiator s Magazine
20. When a Bill is accepted fupra Proteft, for the Account or with the Obligation of the Drawer, and the Acceptor is afterwards jealous, whether the Drawer will really accept his Re-draughts, in this Cafe it will be beft for the Acceptor to fuffer the Bills to be return'd proteft cd for Non-payment -y but firft to advife the Drawer thereof, that he may take new Orders for the Difcharge of his Bill.
21. If a Perfon is drawn upon for the Account of a third Perfon, and he freely accepts the Bill on the Account of the laid third Perfon, fuch Ac- ceptor on the Day of Payment can have no Re- drefs on the Drawer ; nor is the Drawer obliged, if the laid Party mould re-draw upon him, to accept his Bills, becaufe the faid Party's free Ac- ceptance hath difcharged the Drawer, and he is obliged to look for his Re-imburfements from the third Perfon for whole Account he accepted.
22. If Bills be protefted for Non-payment, Re- exchange is due but once, though the Remitter can recover nothing of the Drawer, nor Acceptor at that Inftant, and afterwards only Intcreft till a Compofition or Contract can be agreed upon -x otherwise if Re-exchange, and Intcreft upon In- tereft mould be due ad Infinitum t the Interest would arife to more than the Principal, and it would be impoflihle for a poor Debtor to recover , however it is not once due, if the Monies be pa'u! in due Time in the Place of Payment.
Sect.
Of Money, freights, Meafures, &c. 8/
Sect. XIII. Of Bills being drawn upon one Place, but made payable in another.
i. rpHE Remitter is not obliged to take Bills drawn upon one that does not dwell in the Place where the Bill is to be paid, without an Addrefs ; efpecially when the Bills are made pay- able at fo many Days Sight, or at Ufance (if Ufance be reckoned after Sight) excepting the Conditions are exprefly agreed upon.
2. The Addrefs of a Bill of Exchange is the Diredions, plainly declaring by wrhom, and where the Payment fhall be made when due, and to whom the PoffefTor may addrefs himfelf, if the Party be abfent who is to accept or pay.
3. He that hath the Bill "may demand Accep- tance of the Perfon the Bill is addreffed to ; and in cafe the faid Perfon hath no Order nor Power to accept the Bill, in his Friend's Name, and for his Account, the PoffefTor may defire the faid Perfon (if he be a Perfon to be confided in) to fend the Bill to the Acceptant to procure Acceptance, or to return it with Proteft, which the Perfon the Bill is addreffed to is obliged to do, or elfe the Poffef- for may before the laid Perfon make Proteft for Non-acceptance.
4. If the PoffefTor dare not truft the Addreffed with the Bill, to demand Acceptance y or if the Drawer has not addreffed the Bill at all ; then it is ► the Duty of the PoffefTor to fend the Bill, or caufe it to be fent, to fomebody that lives at the Place
G I where
88 Hayes' j Negotiators Magazh/e
where the Acceptant dwells, to demand Accep- tance, or, upon Refufal, to protefl.
5. It is ufual, when the Remitter or PoiTeflbr have no Correfpondent to fend the Bill to, that lives at die Place where the Acceptant dwells, to defire the Diawer to fend the prima Bill to the Acceptant to procure Acceptance, and to return i* accepted to the P.emitter or PollelTor ; to which the Diawer is not obliged, yet he cannot well re- fufe, if he be allured of the Honefty of his Cor- refpondent, and that he will accept his Bill. ' 6. In cafe the Drawer does not in convenient Time return the Bill accepted to the Remitter (as abovefaid) the Drawer, in fuch Cafe, is not obliged to give any further Satisfaction to the Remitter, but the Remitter muft look to it himfelf, and fend a fecond Bill to fome other, to procure x^ccep- tance, and to enquire whether the prima be ac- cepted, or not; if not, the Acceptant muft accept the fecond Bill, or a Protefl: muff: be entred agar ill him.
7. But a prudent and cautious Remitter will not leave a prima Bill in the Drawer's Hands to procure Acceptance, unlefs he is very well allured of his Honelty and Ability.
8. When the PoflefTor of fuch a Bill hath no Correfpondent at the Place where the Acceptant lives, or any who will take upon him the Trouble to fend, nor dare he to truit the Drawer with it -y or if the Bill is payable in a Place where there is no Bank, or if the Bill mud be paid in current Monies, and not in Bank ; then it is ufual for the PolTefTor to advife the Acceptant by Letter that he hath fuch a Bill on him, and defire him to return
Anfwer,
Of Money, Weights, Meafures, &c. 8 9
Anfwer, whether he accepts the fame, to pay it at the Time, or no ; if he returns Anfwer, that he will not accept it, nor pay it, or if he gives no An- fwer at aU, the PofTeffor is then obliged to carry or fend the Bill to that Place, and there formally, by a Notary Publick, to demand Acceptance ; and, in cafe of Refufal, to proteft.
9. If the Acceptant be an Out-dweller from the Place where the Bill is to be paid, it is ufual, when. Acceptance is demanded, to defire the i\cceptor to underwrite to whom he muft addrefs to (when due) for Payment ; not that the Acceptor is obliged to do this, but on the contrary, if the Bill is payable to Order, the PofTelTor is obliged to give the Ac- ceptor timely Notice to whom the Bill muft be paid.
10. When a Bill is made payable after Sight, or at Ufance (and Ufance is reckoned after Sight) by an Out-dweller, then the Acceptant may date the Acceptance on the Day that he accepts the fame, if it be demanded diredtly from the Place where the Bill was drawn : But if the Bill be firft fent to the Place where the Payment muft be made, then the Acceptance ought to be dated the Day of the Arrival of the Bill at that Place, and not on the Day of its being prefented to the Ac- ceptant in the Place where he lives, if the Polfelfor will ftand ftri&ly and precifely for a Day with the Acceptant, otherwife it is no Lofs or Prejudice to the Poffeflbr at what Time the Acceptance be dated, fo it be within the juft Time.
11. An Out-dweller muft take particular Care, that the Bill be difcharged at the Day in its due
Place^
9 o Have s'j Negocidtms Magazine
Place, and muft not wait till the Polfeftbr advife him thereof. .
12. When a Bill is payable by an Out-dweller to Order, and not to a certain Perfon, and the Ac- ceptor hath not ordered to whom the laft Party (it is aligned to) mall addrefs himfelf at the Day of Payment, then the Pofleflbr is obliged to give the Acceptor timely Notice to whom the Bill muft be paid, that the Acceptor may, within the Refpite Days, return an Anfwer, and make all due and neceifary Preparation to difcharge the fame.
13. If the Out-dweller, at the Time appointed, remits to the Pofleflbr of his accepted Bill, in other Bills due at the lame Time with his Bill, the Pof- feflbr is not obliged to demand Acceptance, and to get thole Bills paid, unlefs he has Provifion allowed him. But when the Acceptor directs him to any particular Perfon to demand Payment, the Poflef- for is obliged to go to this Party to receive his Mo- nies without any Provifion.
14. When an Out-dweller hath a Bill remitted to him payable by an Jo-dweller, and the Out- dweller deiires his Acceptor at the Day to fend his Money in Specie, or to remit him the Value in o- ther Bills, the In-dweller is not obliged to do thi> without Allowance of Provilion.
1 5. The FoifeHbr of a Bill payable by an Out- dweller at the laft Day of Refpite (if he docs not get his Money) muft order a publick Notary to proteft for Non-payment ; which Proteft, though not made in the Pretence of the Perfon, nor at the I Ioufe of the Acceptor, is valid, and effectual to all Intents and Pirpofes, becaufe the Polllllbr of
OfMo/iej, Weights^ Meafures, &c 9 1
the Bill is not obliged to proteit againft an Out- dweller at his Houle or Dwelling, nor to leek him out of the City or Town where die Payment is to be made.
16. If an Out-dweller refufes Acceptance when a Bill is feat to him, Protert may be made either at the Houfe of the Out-dweller by the PoiTeiTor, or elie at the Place of Payment. A Letter from the Perion that demands Acceptance being produced to a Notary, is iu trident to ground a Pro- ten: upon, and lb alio in cafe of Non-payment.
17. Although the Poilelibr is not obliged to leek for Payment of an Oat-dweller in any other Place but where the Bill is payable, and the Drawer or Acceptor hath addrefled it, yet he may, in cafe of Non-payment, Executive Proceed againft the Ac- ceptor, in any Place where he either rinds his Goods or his Penbn.
iS. The Debtor by Exchange is obliged to bring his Monies to the Place of Payment, though it be both dangerous and chargeable, at his own Rifquc and Expences. But if the Debtor requefts.the Cre- ditor to take his Payment in any other Place, and the Creditor contents thereto , the Riique and Charges muft be paid and allowed by the Debtor, as they can agree. But if the Creditor receives his Payment limply, he takes the Hazard and Charges upon himfelf.
19. So alio the Creditor by Exchange is obliged to come to receive his Monies at the Place appoint- ed, though it be both expeniive and hazardous to carry the Monies home, cr to any other Place > where he would have it ; but yet the Creditor can, and may leek his Debtor in any Place where be
will,
92 Have s j Negociators Magazine
will, and there receive his Payment j but then he cannot compel the Drawer to bear the Charge* thereof.
Sect. XIV. Of Bills drawn on one Place ever, or through another Place, and of Exchanges tn Commifjion in general.
I . X C H A N G E to a Place over, or through another Place, is when Bills are not made payable, or remitted to the Place directly where the Monies are, or w here the Remitter would have his Monies, but on fome other Place from whence the Value is to be re-drawn, or re-remitted, to the Place where the Money is to be paid, or where the Remitter would have his Monies. As for Ex- ample : A Drawer having Money at London, would gladly have it at Riga ; the Drawer at Riga cannot directly draw in his Money from London ; but rirft he draws on ylmjlerdam, or Hamburgh, and then he orders his Friend at Awjlerdam, or Hamburgh, to draw or re-value himfelf upon his Friend in London, for the fame. Now the Realbn of this Kind of Exchange is, cither becaufe there is no fettled Price, or Courfe, of Exchange between Lon- don and Riga ; or elfe, becaufe it may be more ad- vantageous and profitable to negotiate an Exchange in this Manner.
2. A Bill of this Nature muft be made firft pay- able in the Place they go through, to the Perfon that it is made payable to in that Place, whether he be a Factor, or Servant, or any one clfe.
3- -p'0
Of Money } freights y Meafures, &c. 9 3
3. Provifion is the Reward the Fador receives from his Principal, and he accordingly places it to his Employer or Principal's Account, for his Trou- ble in correfponding, and negociating his Principal's Affairs, and in hazarding his Credit in Bills of Ex- change.
4. Bills are negociated for another, when the Fadtor negociates Bills in his own Name for the Account of another; and by another, when the Bills are negociated in the Principal's Name, by another in CommirTion.
5. Circumfpedtion and Prudence is requifite in the Perfon employed, as well as in the Employer ; and a Merchant's principal Care in Exchange, is to fee that he hath a furficient and able Perfon to correfpond withal, whether he draws and charges his Bills upon him, or remits his Bills to him ; and he mull not only have refpect to his Ability, but alfo to his Fidelity : For an able, but knaviih Correfpondent, may fo ferve his own Ends with the Monies that his Principal hath provided for him to difcharge his Bills withal, as to fuffer liis Principal's Bills to be fo much dilhonoured, as to be returned under Proteft.
6. But a Fadlor that hath a cordial and able Principal, who doth not ufe to abridge him of his Provifion, is obliged to improve all his Abilities and Faculties, in a true and faithful Service to him, and mould feek his Principal's Intereft and Profit as his own ; but if a Principal will not allow the ufual Provifion and Charges', he puts his Faclor upon mean Ways to reimburfe himfelf.
7. Fadlors are obliged to a due Correfpondence, and by the rirft Port to give an Account of what
they
94 MAYES S Negotiator s Magazine
they have negociated in their Principal's Affair?, with all the Circumftances thereof 5 viz. the Sum, the Courfe, or Price, What Conditions, and with whom*
8. A prudent Principal will require of his Fa- ctor, though he hath credited him for the Bills negociated, all Circumftances thereof, and the Fa- ctor is obliged to advife thereof ; and in cafe he hath bought Goods, not only to declare who his Chap- man is, but alio in cafe he hath remitted Monies Jor his Principal's Account, wrhereof he hath not yet received the Bills, to give an Account who is his Drawer ; and fo, if lie hath drawn, who is his Remitter, &c.
9. The Principal is obliged, as foon as he re- ceives Advice of any Negotiation done for him by his Factor, to approve or difapprove of the fame.
10. The Principal is not obliged to approve of all that his Factor doth ; but if the Factor hath exceeded, or not followed his Orders punctually, though what he hath done were never fo prudent- ly managed, and with a good Intent and Deiign, for the moil Advantage and Intereft of his Prin- cipal, yet he may diiapprove of the fame ; and if he can make any Damage appear, he may make him allow it. But on the contrary, if the Factor hath followed Order, and hath not tranfgrclfed nor exceeded his Commiilion, then the Principal is obliged to bear With what has been done by the Factor, though it turns but never fo much to his Difadvantagc ; and to mult all Loffes by the Ex- change fall upon, or be born by the Principal, if the Factor doth itrictly follow his Orders.
1 1 . That
Of ^ Money, freights, Meajures, &Cc. 95
1 1 . That known Rule, Follow Orders though to the Principal's Lofs, is not always to be ob- served ; if the Factor forefees, by following Order, he mall infallibly hurt his Principal ; nor is it ho- neft for him at fuch Time fo to do, becaufe it fa- vours too much of Selfimnefs \ and it is not doing by his Principal as for himfelf 5 and he that at- tempts to do Things of this Nature, does too plainly mew, that if he gets but his Provifion, he cares not whether his Principal finks, or fwims, Therefore it is belt, in all fuch Cafes, for the Factor not to perform his Commifiion, but to wait, if pofiible, for fecond Orders.
12. The Principal hath not always Redrefs a- gainft his Factor, for the Lofs that doth enfue upon the Non-performance of the Commiffion ; although the Factor hath promifed to effect his Orders, and could have done it. But if he act any thing con- trary to Order, he is always obliged to make Sa- tisfaction for the Damage and Intereft, &c .
13. If a Factor exceed his Orders, it is not in the Power of the Principal to take fo much of the Negociation for his Account as his Orders were for, and regulate the Affairs accordingly, but he muft totally approve, or difapprove of what his Factor has done, and fo take all, or none, as it is done by the Factor.
14. A Factor renders himfelf fufpected, if he does not advife his Principal, of the true Price, or Courfe, of Ex-change ; but makes his Bills in a fo- reign Denomination of Monies. As for Inftance : At London it is cuflomary to exchange on the Pound Sterling ; now if the Bills made in London be made in Dutch Gilders, and not in Pounds Ster- ling,
96 Ha VesV Negotiators Magazsnt
ling, it looks very fufpicious, that the Factor had cliped the Courfe.
1 5. If one Factor has one and the fame Corn- million from divers Principals, whether in Ex- change, or other Affairs, without any Limitations, and he doth effectually perform the laid Commif- fions, but perhaps in different Courfes, or at va- rious Prices, fo that he cannot poilibly reduce them to an Equality ; then it is but reafonable for him to let his bell: Principal to have the moll: Ad- vantage 3 but he is obliged to do the beft he can,
' to give them all Satisfaction, as far as he can, that he may with Confidence anfwer them all.
16. If a Factor hath Orders to one and the fame Purpofe from divers Principals, but one limits him to a Courfe, or Price, and the other not ; if he can, and doth effect both their Corn- millions, at the limited Price, and Courfe, or it may be more for their Advantage ; then it is but juft that the Principal, whole Orders were with- out Limitation, ihould be preferred, if there be any Advantage ± becaufe if the Com mill ion could not have been effected at the limited Courfe, he mull: have been content to have fuffered the Lofs.
17. If a Factor hath a double CommilTion from one Principal, about drawing and remitting, he mult not effect the one, unlets he knowb how to effect the other ; or if to buy and draw, he mull: not tirlt draw and then buy, for if he does one without the other, it i> but an half effected Corn- million, a;;d will remain for the Factor's own Ac- count, and he mult bear the LoA
18, The
Of Money, Weights i Meaf rres, &c. 9 y
18. The Fa&or may, and muft place Broker- iage to his Principal's Account, though the Com- miffioh is effected without the Interpofition of a Broker. But the Fa&or, who for the Lucre of this Brokerage, that will run the Hazard in the Conditions of the Negociations of under, or over- felling, or buying, rather than to employ a Broker, does not honeftly nor does he ferve his Principal as lie ought.
19. If a Principal orders his Factor to pay his Bills of Exchange, and to place them to the Ac- count of a third Perfon, it fuppofeth the third Perfon is the Drawer's Debtor ; and if the Factor does accept of the Com million limply, it doth in- fer an Alignment upon a third, or at lead it is named to him, how and of whom the Factor muft feek his Re-imburfement.
20. If a Factor hath Orders to pay Bills of Ex- change, and to place them to the Drawer's Ac- count 5 or if he pay fupra Proteft for the Drawer's Account, if the Drawer will not re-imburfe him, he may by Attachments and Arrefts proceed againft the Drawer.
21. If one Partner order another to draw upon him, or upon any other, 'tis always fuppofed that he may do it either in his own Name alone, or in the Name of the Partnership.
22. The Act of a quafi Factor cannot prejudice the Principal, unlefs the Principal's Order can be produced.
23. The ufual Charges of Provifion, Broker- age, &c. in the Exchanges are as follow :
Brokerage
98 HAYES1/ Negotiator j Magazine
L. L. Shillings.
Brokerage is ufually 1 per 1000 or 2 per Cent. Pro vi Hon for Drawing is - - - \ per Cent. Ditto for remitting the fame, - i. per Cent.
And no more is due than \ per Cent, for Provifion both for Labour and Rifque.
The Italians allow but 4 per Cent, for both.
And for receiving and paying Annuities, Rents, or Intereft Monies, the Merchants of London do commonly charge their Employers .* per Cent.
Sect. XV. Of Drawing Bills in Commijjhn.
1. RAWING in Commimon, is either for
JL/ Account of him on whom it is drawn, who is the Acceptant, or for the Account of a third Perfon.
2. When a Bill is drawn for the Account of the Party it is drawn upon, you muft give him fpeedy and punctual Advice, for what Sum, in how many Bills, to whom, and when payable, from whom the Value, at what Price, and alio of how much lie will be credited for in his Account.
3. Bills mult not be drawn for the Account of a third Perfon, without fpecial Order from the faid third Perfon ; nor ought the Drawer to draw, un- til the Acceptant adviies him that he has fuch Order, and that he will accept, for the Account of the faid third Perfon.
4. When Bills are drawn upon Account of a third Perfon, the Drawer ought to give punctual
Advice
Of Money, Weights, Meaftires, &c. 9 9
Advice to the faid Perfon ; and alfo he muft do the lame to the Acceptant.
5. The Acceptor muft firft be advifed, for vvhofe Account, what Sum, in how many Bills, what Date, to whom, and when payable, and from whom the Value ; it is unneceffary to name the Price, unlefs the Exchange is made in a fo- reign, or imaginary Denomination of Monies ; wherein the Merchants at the Place, where the Bill is to be paid, do not keep their Accounts ; and when the Value of the Bill is to be paid, accord- ing to the Price contracted for.
6. The Principal, for whofe Account a Bill is drawn, muft be advifed of the Price, on whom drawn, what Sum, at what Time payable, and of the Value that he is credited for. But to advife him of how many Bills, or with whom it is nego- ciated, is unneceffary.
7. In making out Bills, drawn for the Account of a third Perfon, fome Drawers obferve this Me- thod, in concluding the Bill ; they fay, Make good Payment^ and put it to Account of A ; naming the Perfon's Name, or the two firft Letters, being the initial Letters of his Name and Sirname ; now this is done to prevent and obviate any Exceptions that may be made, in relation to whofe Account the Bill is accepted for.
8. Bills are, and fometimes may be drawn upon another, for a third Perfon's Account, and yet the Acceptor not know the Perfon at all but fuch Draughts are always made upon the Obligation and Faithfulnefs of the Drawer.
As for Example : Adam is ftreightened for Mo- ' ney, and Benjamin his Friend can fpare him none ;
H 2 but
^effociator's Mnvaz'we
ith David at Amjlerdam, and Yiend Adam with his Credit > id are utter Strangers one to an- [erefore Benjamin will value on his Friend David fuch a Sum of Money for Account of A- damy as he has occalion for ; whereof he advifes David y and affures him that he will be cautious for the punctual Re-imburfement. This Method of Exchange is alfo pradYifed in Cafe Abel is Debtor to Bartholomew, and Abel cannot conveniently pay the Monies; whereupon they both agree, that Bartholomew may value on his own Correfpondent David \ with Order to re- draw the fame on Abel the Debtor.
9. Sometimes Bills are drawn for the x^ccount of a third Perfon, by Order of a fourth. As for Example : Antwerp hath Orders from Madrid to draw for his Account on Hamburgh ; but Antwerp finding no Relcounter, orders Amfterdam to value the faid Monies on Hamburgh for the Account of Madrid, by the Order of Antwerp. Or die it may be taken thus : A draws on B, with Orders to re-imburfe himfelf, by drawing on C for the Account of D ; but fuch a Commiflion B fhould not accept of, unlefs A obligeth himfelfj and when he draws on C, he mull advife him, that he draws by the Order of A for Account of D and B muft alfo give Advice to A, and the Account alio. But it is not necellarv, though this Negociation be for the Account of D, that B ihould corre- fpond with D about it, becaufe A Hands ob- liged.
10. When a Drawer in Commiflion gives Bills to any that does not punctually pay the Value, he
is
Of Money, Weights > Met fares, &c. i o i
is obliged to procure the Value by Rigour, without giving the Party any Time to delay : But upon his own Rilque and Hazard not a Day longer than till the next Poll:.
11. If a Drawer, in Commiflion, gives the Re- mitter any Time for the Payment of the Value, and hath thereby any Advantage in the Price, and places the Advance to the Principal's Account; then the Principal, upon Advice thereof, is obliged by the next Return of the Poft to approve, or dis- approve thereof 5 and if he is not fatisfied with the Conditions, he muft let the Drawer have the Ad- vantage, and anfwer his Principal according to the Price current.
12. A Factor, that has Orders to draw upon a third Perfon at Sight, does not wifely if he draws at any Time : And he mould alfo obferve never to draw after Sight, but always after Date, or at a certain and fixed Day. And if he has an Order to draw on a third Place at the Price current, he muft follow his Order, though it be to the Difadvantage of his Principal.
13. A Principal muft be content with the Price his Faclor has concluded at, though it be to his great Difadvantage, whether it proceed from the Courfe of Exchange, or from the Factor's fmall Credit.
14. Sometimes it falls out, that a Drawer hav- ing drawn in a difadvantageous Price to his Prin- cipal, does for certain Reafons advife his Principal of a better Price than he got, whereby he loles fometimes more, and fometimes lefs, than all his Provifions \ and as this is lawful, fo it cannot be judged Knavery, if the Drawer hath got a very
io:, Ha yes V Nejrociatofs Majraztne
high Price, if he places to the Principal's Account the Price current, to make good his Lofs thereby. However, flich Factor renders him (elf very fufpi- cious, if he does not advife of the true, and right Courfe, that he negociates in ; efpecially when he makes a Bill in another Denomination of Monies than is uiiial and cuftomary ; for, by fo doing, he may at any Time afterwards make the Courfe, or Price, as he pleafes.
1 5. It is very advifable for Drawers in Commif- fion, that they procure the Acceptance of their Draught (efpecially when on a third Perfon, and not on the Principal directly) without Delay.
16. If a Principal orders a Factor to draw, and he, having dilburfed Monies for his Principal, doth draw ; the Principal may be compelled to accept, and pay the Bill.
17. He that hath Orders to draw on one Place, and remit to another, on Account of a third Perfon, or to remit to one Place, and to draw upon another, for the faid Value, for Account of a third Perfon, he mult not remit, before he knows that he can draw j nor draw, before he knows he can remit j left on the one hand he be in Difburfe, or on the other he be in Cafli, for his Principal, not knowing how to difpofe of it, which muft be an Uneafinefs to him ; but when he hath an Op- portunity to do both, lie muft, before he con- cludes, make hi^ Calculation, whether he can with the Courfe anfwer the Deligns, and Limits, of his Friend, if he is under a Limitation.
18. When a Factor lias Orders to draw a juft and limited Sum, then he muft add to the Sum
(if
Of Money, fFeights, Meafures, &c. 1 05
(if it be to conclude an Account) Provifion, Bro- kerage, Portage, and his other Charges.
19. When a Factor hath an Order to buy Goods, and to draw for the Coft, and Charges, or part thereof, on a third Perfon ; and he knows not, or cares not to confide in his Principal ; it is ufual, in this Cafe, for the Factor to correfpond with the Party he has Orders to draw upon, to know whe- ther he will accept fuch and fuch Bills for that Principal's Account, or not ; and if he does advife that he will accept, he is not obliged to do it, when the Bills come to his Hand. But in Cafe the Drawer (or the above Factor) upon this his Promife, mould buy, and fhip the Goods, it is but reaibnable but the faid Acceptant mould be ob- liged to accept and pay the faid Factor's Draughts, as he has been the Occaiion of the faid Factor's Lofs and Proceedings.
20. But if the Drawer had not fhipped the Goods, nor is in any Danger of lofing upon that Account ; then he can demand no more of the Acceptant but the Re-exchange, and Charges, and Reparation of his Credit, by fuffering his Bills to be protefted, as he was the Occafion of this Lofs.
Sect. XVI. Of being drawn upon in Commijjion.
1. TT is the Duty of him that is drawn upon in JL Commiffion, upon Advice of the Draught, punctually, and without Delay, to return Anfwer to- the Drawer^ and to advife him whether he accepts,
H 4 or
104 H A YES7/ Negotiator s Magazine
or no, on the Conditions, and for Account of him for whom it is drawn.
2. If the Draught be for the Account of a third Perfon, then the Acceptant muft give Advice to him alfo, for whofe Account it is, that fuch a Sum, by fuch a Perfon, is drawn on him, for his Account, and is payable fuch a Day ; as alfo, that he fhall accept for the Principal's Account, or not.
3. He that is drawn upon, for the Account of a third Perfon, from whom he hath no Order to accept, neither is in Cafli for his Account, neither hath Order to redraw the Value on the Principal from die Principal, does wifely to fuffer the Bills to be 1 eturn'd protected for Non-acceptance, unlef> he knows the Drawer very well to be a furficient and honeft Man, and will accept for his Account fupra Proteft.
4. If any be drawn on for Account of a third Perfon whom he will not credit, or from whom he hath no Orders to accept any fuch Draught foi his Account, he can and may, if the Drawer be furricient, accept the Bills fupra Proteft in Ho- n >::, of the Drawer; but in fuch a Cafe he is obliged to advife the Drawer of fuch his Accept- ance fupra Pioieft.
r. lie that is drawn on, either for the Account of a third Perfon, or for the Drawer's Account, and makes a Difficulty cither freely, or fupra Pro- tcft, to accept for the one, or die others Account, he may accept for the Honour of any one En- dork': , fupra Proteft, if he knows or dares to truft any one of them \ but then he is obliged to give the Drawer, and the Party for whole Account
it
Of Money )TFelghts,Meafures,&LQ. 105
it is drawn, and alio the Endorfer, for whofe Ac- count he accepts, Advice thereof, and to fend the Proteft, aqd the Acceptance fupra Proteft (in Ho- nour of any Endorfer) to the faid Endorfer, for his Ufe againft his Drawer.
6. When the Acceptant hath accepted a Bill fupra Proteft, in Honour of the Drawer or any Endorfer (for want of Advice, or Order, or Pro- vision from them for whofe Account the Bill is drawn) and he fhall afterwards receive Orders, and Provifion, he is then obliged to free the Drawer and Endorfer from their Obligations, and to ad- vife them, that he will pay the Draught for his Account for whom it was drawn, and he therefore difcharges them,
7. When an Acceptant accepts a Bill with the Drawer's Obligation, then he is obliged, at the Day of Payment, to advife the Drawer, whether the Party for whofe Account the Bill was drawn, did make Provifion for it, or otherwife hath given fuf- ficient Order for the Payment, and that he there- fore difchargeth him from his Obligation.
8. When a Perfon is drawn upon for the Ac- count of a third Perfon, by one with whom the Acceptant never had any Correfpondency, and therefore knows not his Hand-writing, then there muft be great Prudence ufed, though the Accep- tant hath Order from his Principal to accept the fame, he muft not accept of any fuch Bill without a Letter of Advice from the Drawer himfelf, that the Hand- writing in the Bill and Letter may be firft compared.
9. He that verbally, or by Letter, hath pro- mised to accept any Bills drawn on him for the
Account
i o 6 Hayes 's Kegociators Magazine
Account of a third Perfon, and he to whom this Promife was made, relying thereon, does accord- ingly give the third Perlbn Credit : In this Cafe, he that made the Promife is obliged to perform it, in refpect to the Party that he fo promifed ; but if he fhould afterwards