tance, has Re He that accepts a Bill for the Honour of any Drawer, or Endorfer, has a legal Demand for Provifion, and all other neceffary Charges. A Perfon ac- When any Perfon accepts a Bill for Non-accepcepting a Bill tance, he must immediately acquaint the Perfon, for Non-accep- for whofe Honour he accepted it, and whether he courfe against approves of that Acceptance, or not, the Accepthe Drawer tor may have his Recourse against the Drawer and and Endorfers all the Endorfers, and ftands vefted with all the Privileges of the Bearer of the Bill. A Bill drawn When a Bill is drawn upon a Person who is not upon a Perfon to be found, the Bearer must cause it to be pronot to be found, tested at the House, where he laft refided in that must be pro- Town, if it does not appear there ever was any tested upon the open Exchange. fuch Perfon in the Town, or if the Place of his Abode there cannot be found, then the Bill may terwards re be protested upon the open Exchange; and Men"tion made in the Proteft of the Diligence us'd to discover the Perfon. A Perfon pro- If a Merchant promises to accept any Bills for mifing to accept the Accompt of any Perfon, not having at the Time a Bill, and af- of that Promise any Effects in his Hands to answer fufes, is liable thofe Bills, and he under that pretence afterwards to all Damages. fuffers the Bills to be protested, he is liable to all the Damage. terdam and A Perfon ac Bills must be It is to be obferv'd that in fome Cities, fuch as paid at Am- Amfterdam, and Hamburgh, the Payinent of all Bills Hamburgh in of Exchange, is to be made, by transferring the Bank. refpective Sums in Bank, under fevere Penalties. It is held as a Maxim amongst Merchants, that cepting a Bill, if a Perfon once accepts a Bill, and before he reis bound for the turns it to the Prefenter, fhould repent of having Payment, al- accepted the fame, and fo blot out his Name, he bis Name, be- is nevertheless bound by his prior Acceptance, fore be delivers tho' defac'd. tho be defaces: it back to the Prefenter. If any Merchant should offer to accept a Bill drawn at Sight, to pay it at 5 or 6 Days, or if he offers to accept a Bill drawn at Ufance, to pay .2 91.... it Bill. it at double Ufance, the Prefenter muft not, with- A Caution not Drawing below the current Courfe, or Rate of Remark. If a Bill of Exchange, being left with the Ac- 4 Bill loft by the Acceptor, ceptant, be then loft, he must give the Bearer his he must give Note for the Value, mentioning that the faid Note bis Note for the is for the Value of the Bill fo loft; and in that same Value, cafe, that Note has all the force of a Bill of Ex-which has the Force of a Bill change, to all Intents and Purposes. of Exchange. If Drawer and Acceptor If both the Drawer and Acceptor of a Bill fail before 'tis paid, the Poffeffor thereof may come in for a Share of both their Estates, towards ob- fail before the taining Satisfaction. Bill is paid. When a Merchant purchases a Bill to be remit- Concerning a ted to any Place, for the Accompt of a third Per- Merchant purfon, it is not convenient that it fhould be drawn to chafing a Bill his Order, because in cafe of any Misfortune befor Accompt of falling the Drawer, this Endorsement makes him liable for the Value. a third Perfen. Merchants fhould take care not to remit to one an- Be careful of other by the Poft, or other ordinary Conveniencies, remitting Bills Bills endors'd in Blank, becaufe, if by any Acci-endors'd in dent, they fhould fall into difhoneft Hands, the G Perfon Blank. with two Per fons. Perfon upon whom it is drawn might warrantably pay them. Concerning the When the Poffeffor of a Bill negotiates the fame) Poffeffor nego- with two different Perfons, if he has in his Hands tiating a Bill both the firft and fecond Bills, he must endorse them both, giving one to each Perfon with an Endorsement, containing the Sum to be paid to him: and if he has only one Bill in his Poffeffion, he must take a Copy of it, and endorfing both the Bill and the Copy for the refpective Sums, he must give the Original to the Perfon having the greatest Intereft, and the Copy to the other, at the fame time acquainting the Perfon, who is to pay the Bill, by a Letter of Advice, in what manner the fame is negotiated. What a Bill of Exchange pro forma, means. There is one Divifion and Diftinction made ufe of in Exchange, both abroad and at home, which I think is worth taking notice of; and that is, the Divifion of the Mystery of Exchange, into that which is real, and that which is, pro forma, or fuppofitious --Real Exchange is that which is actually practis'd amongst Merchants in lawful Traffick, and is effectually manag'd and carried on for the Conveniency of Commerce, by furnishing Bills for Money And this Sort of Exchange, is what has been hitherto moftly treated of. A Bill, pro forma, (fo call'd, because it is not made with a real Intent to negotiate by way of Exchange) is in Effect, nothing but a fham Contract between a neceffitous Man, and an Ufurer, by means of which, the latter covers the most unreasonable Extortion, without expofing himself to the Penalties, which otherways might be inflicted upon him; and that is perform'd in this manner. The Perfon in Neceffity borrowing a Sum of Money, gives the Lender a Bill of Exchange upon any fuppos'd, or real Merchant, in fome Foreign Town; not that the Borrower has any Credit, or Corref Correfpondent at the Place drawn upon, but only to please the Lender, who by that means has a Security for his Money, preferable to any Bond or Obligation whatfoever; and not only fo, but the Bill being duly protested for Non-Acceptance, the imaginary Exchange and Re-Exchange encrease the Charges, and upon the Return of the Bill upon the Drawer, he becomes liable to fuch Exactions as the Lender impofes upon him for respite, and fo this deftructive Trade goes on. 'Tis to be hop'd this Practice is not now fo much in Ufe, as formerly it has been: It was this that gave Occafion to a Regulation in France, by which it is order'd, that no Re-Exchange shall be due, except it can be made appear, that Money was really taken up at the Place where the Bill was protested. Of the Laws of Exchange in England, whether fettled by Acts of Parliament, or cuf tomary among ft Merchants, with feveral adjudg'd Cafes in the Courts at Westminfter relating thereto, and Reflections thereupon. N profecuting a Difcourfe of the Laws and Customs of Exchange in England, it will be neceffary to distinguish between the Foreign and Inland Exchange. Foreign Bills of Exchange have, ever fince the Time they were first known in England, been look'd upon as the most binding, and most effectual Paper-Security that can be amongst Merchants; and that, not fo much by Virtue of any Law, or Statute of the Realm, as in Compliance to an univerfal Law, call'd THE LAW OF EXCHANGE, which is derived from the general Practice and Confent of the Merchants of all the Nations where Exchange is known, who have univerfally agreed to make a Bill of Exchange, the moft obligatory, as well as the most convenient Paper-Security, that is conceivable in Commerce. However, the Regard that is had to this Sort of Security, is greater in fome Nations than in others; and I am concern'd to fay, not fo facred in England as it ought to be. The Reafon of that Diverfity proceeds from the Defect of the Laws in that cafe provided: For illmeaning Perfons perceiving, that notwithstanding the great Regard that ought to be had to Bills of Exchange, |