tho' this may fometimes fall out, it happens but feldom among Persons of great Bufinefs.

Such a Bill being once protefted for Non-payment, is to be with all convenient speed return'd, with the Proteft, to the laft Indorfer, (if any be, if not, to the Drawer) who muft immediately make good the Value, with the Exchange, Re-exchange, Charges of Proteft, and Poftage of Letters, &c. and the Drawer muft decide the Matter himself with the Perfon upon whom the Bill was drawn ; which latter, if he had Provifion in his Hands at the Time the Bill should have been paid, is liable to all the Damage and Charges occafion'd to all the Parties concern'd, by protesting of the Bill. And here it will be of Importance to take Notice, that if the Bearer of any fuch Bill neglects to cause it to be protested, with the Formalities prefcrib'd by the Laws of the Country, in which he refides, then he himself is answerable to the Drawer, or Indorfer, for the Value of the Bill, (if he has not already paid it) without having any other Recourse, but fuch as the Law allows him, against the Perfon upon whom it was drawn; who becoming a Bankrupt, the Lofs is for the Bearer of the Bill's Accompt.

The second Term for Payment of Bills of Exchange is, that of 1, 2, 3, 6, 8, 10, or more Days, Weeks, or Months Sight.

Bills at fome The Bearer of any Bill of Exchange, payable at Days Sight, a certain Number of Days, Weeks, or Months bow to proceed, Sight, is immediately, after he has receiv'd it, to in Cafe of Nonprefent, or cause it to be presented, to the Perfon payment. upon whom it is drawn; where note, that it is cuftomary, amongst good Merchants, and Dealers in Exchange, to leave a Bill prefented for Acceptance in the Hands of the Accepter, a convenient Time, (which does not exceed the time of 24 Hours) not only to give him time to enter it in a

proper

proper Book at his own leifure, but likewife to confult the Advices he receives from the Drawer; however, when fuch a Bill is to be return'd to the Drawer, or Indorfer, or fent to any other Place (by their Order) by the fame Day's Poft, in that cafe, the Prefenter muft neceffarily demand an Anfwer; fo that if the Bill fhould not be accepted, he may have time to cause it to be protested, and return Bill and Proteft by the Poft: In all which he is oblig'd exactly to obferve the Orders of his Correfpondent, or any other Perfon that remits him the Bill; which if he neglects, in any one Point, he must run all the Rifques himself.

Tho' the Bearers of Bills, payable at 1, 2, or 3 Day's Sight, cannot oblige the Accepters to pay them before the Expiration, not only of the 1, 2, or 3 Days, but likewife of the Days of Grace, (of which I fhall take Notice hereafter) it is notwithstanding customary amongst fubftantial Dealers in moft Countries, to pay fuch Bills at Presentation, or at least within 24 Hours after, to which, however, they cannot be by Law compell❜d.

The third Term for the Payment of Bills of Ex- Bills at one, or change, is, that of one, two, three, or more Ufan-more Ufances, how to proceed. ces, which Ufance being different in feveral Countries, to avoid all unneceffary Repetitions, I fhall refer the Reader to the particular Account which fhall be given of it hereafter, and in the mean time fhall only tell him, that the Ufance (which in England, France, and feveral other Places, is thirty. Days) commences from the Date, and not from the Acceptance of the Bill; fo that a Bill drawn at Edinburgh (where the Ufance is likewife thirty Days) upon London, dated the 15th of July, falls due the 14th of August, without including the Days of Grace; but if it is at two Ufances, it falls due the 13th of September, because July and August having 31 Days each, and the Ufance being but

C 2

thirty

Poft, or any

thirty in both thofe Places, the odd Days of the Months of July and August are to be deducted out of the Month of September.

The Bearers of Bills of Exchange drawn at one, or more Ufances, are to present them for Acceptance immediately after they receive them; and in Cafe of Refufal, are to cause them to be protested, and return'd, as other Bills, to the Drawers or Indorfers.

Bills payable The fourth Term for the Payment of Bills of at a certain Exchange, is, that of a certain Day specified in the Day Specified, Bill, without any Relation, either to the Date of and by Mifcar- the Bill, or to the Time of the Acceptance; and riage of the if at any Time it happens, that by any Miscarriage other Accident, of the Poft, or other Accident, the Day of Paythey come to ment fhould be past before it comes to hand (if Day is past, the Days of Grace be likewife expired) the Bill and prefent must be immediately presented, and (in Case of Payment re- Refufal, or Neglect of prefent Payment) forthwith fus'd, they must protefted, and return'd to the last Indorfer, or, if forthwith be protefted, and none be, to the Drawer, who is thereupon to take return'd back. his Recourse against the Party concern'd as he thinks

hand when the

Bills payable

at certain

fit: As for Example, fuppofe a Bill drawn at any Foreign Place upon London, payable the 23d of May, Old Stile, comes not to hand 'till the 24th of May, it must be immediately prefented for Acceptance; but the Bearer cannot exact the Payment 'till the 26th of May, which is the last of the three Days of Grace, which are allowed in England: But fuppofing the faid Bill did not arrive 'till the 29th, 30th, 31ft, or later, then the Bearer, without talking of the Acceptance of the Bill, is only to demand immediate Payment; failing of which, he is forthwith to cause it to be protefted, and returned, as above.

The fifth and laft Term for Payment of Bills of Exchange, being only ufual at fome particular Fairs, how to Places, fuch as Lyons in France, Frankfort, and proceed.

Leipfick,

Leipfick, &c. in Germany, where Bills are drawn payable at fuch and fuch Fairs; but are not prefented for Acceptance 'till the Fairs begin, verbal Acceptances are not valu'd at Frankfort; the Fair lafts two Weeks, the first of which is the Acceptance Week, and the laft, the Payment Week; and Bills not being accepted, or paid on the refpective Saturdays of each Week, must be protested.

I come now to the fourth Point neceffary to be Quality of a obferv'd, in drawing Bills of Exchange; that is, Bill explain'd. to specify the Quality of the Bill, as, whether it be a first, fecond, third, or only Bill of Exchange; the Prudence and Experience of Merchants have taught them to establish that useful Cuftom of taking two, or more Bills of Exchange for the fame Sum of Money; that if in Cafe, the first should by any Accident mifcarry, the fecond might have the fame Force and Effect, that the first should have had.

And that Drawers of fuch Bills may not fuffer by giving more than one, each Bill is diftinguish'd by the Quality, thus; pay this my first (SECOND NOT PAID) or, pay this my fecond (FIRST NOT PAID) which is, when the firft by fome Accident has miscarried; and either of these being paid, the other is void, and of no Effect.

It is fometimes a Custom with Merchants, or Dealers, to specify the Quality of a Bill, thus; pay this (my only Bill, &c.) but this is made use of in Inland, and not Foreign Bills, to prevent the. Trouble of drawing two, where there is no danger of lofing a Bill.

The fifth Point to be obferv'd, is, to fet down Name of a the Name and Surname of the Perfon, to whom Perfon, to the Bill is payable, except in the Cafe of Partner-whom a Bill is payable. ship, and then the Surname of every Partner is fet down, with this Title, Meffieurs A and B, or A, B and C, &c. expreffing at the fame time their

Profeffions,

Profeffions, as, Merchants, Drapers, Brewers, &c. for the Reasons I fhall give, when I come to treat of Indorfements.

The fixth thing to be taken notice of, is, to express distinctly in Words at length, the Sum for which the Bill is drawn, as the Number of Pounds, Shillings, and Pence, or Gilders, Stivers, and Penningens, &c.

In the seventh Place, Care must be taken to exprefs the Sort, or. Quality of the Money, for tho in England no fuch Difference arifes, yet in the Bank Money of Holland (in which generally all Bills are paid) the Agio rifes to 4, 5, 6 per Cent. and fometimes more, which makes it by fo much the better than current Money; and in feveral other Places the Difference is greater; tho' in buying and felling of Goods, the current Species is generally made ufe of.

The eighth Point, is to exprefs the Price of Exchange; for Example, if it is between England and Holland, how many Shillings and Groots, for One Pound English, &c. if between England and France, how many English Pence for one French Crown of 60 Solz Tournois.

The Price of Exchange fome Authors have divided into two Parts, viz. the certain, and the uncertain; by which, they don't mean the rifing and falling of Exchange, (for that is always uncer tain) but the Sorts, and Quantities of Money, made use of in negotiating Bills of Exchange, in several Countries: For Example, England gives the certain with regard to Holland, becaufe in London, they give a certain and pofitive Sum of Money, for an uncertain, and variable Sum in Amfterdam; the Way of Exchange between those two Places, being to give One Pound Sterl. for an uncertain Number of Shillings and Groots, according to the Courfe of Exchange: But England, on the other

hand,