Advice on Bills of Exchange.
EEchange is nothing elſe, but to give, or take up Money in one town, to have again, or to reſtore the value thereof in another town.
Pair, or Money for Money.
PAir (as the French call it) is to equalize the Money of Exchange from one place to another, according2 whereunto is found out the profit and loſſe which is made in the parcels drawne or remitted: And it is likewiſe termed delivering Money Au pair, when there is received in one towne juſt as much money as was delivered by Exchange in another town, which is done by the loſſe of time.
How the Exchange is valued.
THe price of Exchange from London, for Antwerpe, Amſterdam, Middelbrough, Hamburrough, Lile and Rotterdam, is uſually accounted or valued on the pound Starling; the Exchange3 from London for Paris and Rouen is valued on the French Crown; the Exchange from London for Venice is valued on the Ducat, And the Exchange from London for Ligorne is valued on the Doller or piece of Eight.
Hamburrough stile.
NOte that in Hamburrough they doe write the ſame ſtile with us here in England, namely old ſtile: but in all other parts beyond the Seas, generally they do write new ſtile, which is ten days before us.
Venice and Hamburrough Uſances.
NOte alſo that Uſance from Venice to London, is uſually three moneths from the date of the Bill of Exchange, And the price currant from London to Hamburrough is uſually valued at double Uſance, or two moneths after date.
No three Dayes for acceptance.
WHen any Bill of Exchange is ſent unto you from beyond the Seas, to cauſe to be accepted, I would adviſe you to preſent5 the Bill as ſoon as you can to the party to whom it is directed, and requeſt him to accept the ſame; if he refuſe to do it, you may preſently cauſe a Proteſt to be made for non-acceptance: for there is no three days allowed (by cuſtome of Marchants in London) for acceptance, but only at time of payment.
24. Houres for acceptance.
BUt if the party to whom the Bill of Exchange is directed, be a Marchant well known unto you, and that he ſhall deſire time to conſider on it, and ſo ſhall deſire you to leave the Bill of Exchange6 with him, and to come to him the next day, (provided the Poſt do not go away in the interim) and that then he will give you an anſwer, herein he doth demand nothing of you but what is uſually allowed: for according to cuſtome of Merchants he may have foure and twenty houres to conſider whether he wil accept of your Bill or not; But that time being expired, you may demand of him your Bill of Exchange which you left with him to be accepted if ſo he pleaſed. If he then ſay that hee hath not yet accepted it, and that he would deſire you to call ſome other time (the foure and twenty7 houres being expired) it is at your choyce to ſtay any longer or not; And you may then requeſt a Notary to go and demand the Bill of Exchange of him, accepted or not accepted, and in default of delivery thereof, you may cauſe Proteſt to be made in due forme.
But though this may be lawfully don, yet notwithſtanding amongſt Merchants which do know one another, they do not uſually proceed ſo ſtrictly, but do leave their Bills with the parties to whom they are directed, (to be accepted) ſometimes two or three days, if it be not to their prejudice, as namely if the Poſt do not depart in the8 interim; but if the poſt is to depart within the two or three days, then it is a very reaſonable thing, (and which men that know the cuſtome will not omit) to demand their Bill, accepted or not accepted, that ſo they may give advice thereof by the firſt Poſt (after the receit of their Letters,) unto their friend beyond the Seas, who ſent the Bill, or delivered the value thereof: for it is to be noted by the way, that advice of the receit of Bills of Exchange, and of the acceptance and payment thereof, ought to be given by the firſt Poſt, that thereby the deliverer may know the better how to govern himſelf.
Bill drawn on two perſons.
IF any Bill of Exchange ſhall come directed unto two or more perſons, in theſe terms, to A. and B. Merchants in London, both A. and B. alſo ought to accept the ſame, or elſe if but one of them do accept it, and the other will not, that Bill may be proteſted for want of due acceptance.
But if the bill come directed thus, to A. and B. or to either of them; Or thus, to A. or in his abſence to B. In ſuch caſe the Bill being accepted by A. or by B. namely by but one of them, it is ſufficient, and may not10 be Proteſted for any want of acceptance, in regard it is accepted according to the tenour of the bill.
Verball acceptance.
IF a Bill of Exchange (being preſented to be accepted) to the party to whom it is directed, And he give you an anſwer thus, Leave your Bill with me and I will accept it, or thus, call for it to morrow and you ſhall have it accepted, or ſuch like words; Such an anſwer is bynding, and amongſt Merchants is taken for an acceptance of the Bill; And if afterwards, he to whom it is directed ſhall refuſe to11 ſet his Name to the Bill, and write under it accepted by mee R. as is uſuall; The party to whom it is payable may content himſelf with ſuch an acceptance if he have ſufficient witnes thereof,) untill the time of payment: And then if payment be not made by the party ſo accepting it, the party to whom it is payable hath his courſe in Law againſt the party ſo accepting, provided the Bill be firſt Proteſted for non-payment; And ſurely ſuch a Verball acceptance is good; for upon ſuch an anſwer given, The party to whom it is payable, or to whom it was ſent to be accepted, may peradventure12 have written to his Friend that ſent him the Bill, and adviſed him, that he is promiſed acceptance, who will accordingly take notice therof; And if it were not ſo, namely that ſuch a Verball acceptance were binding, there might happen great inconveniences in matter of Trade between Merchant and Merchant, where their word is, or ought to be as their Deed.
Accept for part.
IF the party to whom your Bill is directed ſay unto you when you preſent him the Bill to be accepted; That he will accept it for part, in13 regard he hath no more proviſion in his hands from the party for whoſe account the bill of Exchange is drawn, or other the like reaſons beſt known to himſelfe; Then you may take that his acceptance for part, & preſently go to a Notary, and Proteſt the Bill for want of acceptance for the whole ſumme therein mentioned, and ſend away that your Proteſt, to have ſecurity for the remaining ſumme; And ſo likewiſe at the time when the Bill ſhall fall due, you muſt go and receive the ſumme for which it was accepted, and you may make a receit for the ſame on the backſide of the ſaid Bill,14 uſing theſe words, Received in part of this Bill, &c. and then proteſt again for nonpayment of the remaining ſum, according as you formerly did for non-acceptance.
Note on your Bill the time when it will fall due.
WHen you have preſented your Bills of Exchange, and received them accepted, then preſently reckon when they will fall due, and note the ſame in ſhort on the backſide of your bill cloſe at one end thereof, with the juſt ſum which you are to receive at the time by the tenour of your bill, to15 the end that at any time when you would deſire to know what monies you have to receive, and when, you may preſently ſee and know the ſame on the backſide of the Bills, which you will find to be much eaſe, conveniency, and indeed Merchant like.
Keepe or returne Bills accepted.
YOur Bills thus accepted, if payable to your ſelf, you may lay up by you untill the time of payment be expired, but if payable to him that delivered the value, or that ſent it you to cauſe to be accepted, then you16 muſt therewith follow his Order either in keeping it by you untill the time it be due, or in returning it back to be Endorſed, and it may be to take up the value thereof himſelf, and ſo aſſign it to an other, or elſe deliver it to ſome other perſon here, who may have the ſecond Bill Endorſed payable unto him.
The Deliverer is Maſter.
FOr you are to know that the party which firſt delivered the money on the Bill of Exchange, (if the monies which he delivered were for his owne Account,) is rightly and properly17 Maſter thereof untill it ſhall fall due, and he can prohibit the party to whom it is directed, not to pay the ſame at the time, unto him to whom the Bill is firſt made payable, (ſuppoſing him to be a Factor for the deliverer) although the party on whom the Bill is drawn, have already accepted the Bil; which prohibition is called a Countermand, and ought to be don in due forme, and but upon ſpeciall ſure ground. As for Example, if the Maſter or Principall doe make over monies by Exchange payable to his Servant or Factor, and do hear by certain advice given him, that his ſaid Factor doth take18 ill courſes, whereby the monies and effects which he hath in his hands for account of his Principall may be in danger of being miſ-ſpent, or waſted; Then and in ſuch Caſe the Principall may ſend his Countermand, forbidding the party to whom the Bill is directed, not to pay the money to that Factor, but to ſome other, or to keep the ſame in his hands untill further Order; Which Countermand is good and lawfull according to cuſtome of Merchants, and ought to be obeyed accordingly, if the ſame be notified in due forme and time, by a Notary, to the party which hath accepted the Bill, before it19 be due; but if the time be expired, and the money orderly paid before the Countermand come to hand, in ſuch Caſe there is nothing to be don for prevention of danger, the Bird being already fled.
Uſances.
A Bill of Exchange made payable at Uſance, double Uſance, or treble Uſance, is to be underſtood by Uſance if from any part beyond the Seas (except Hamborrough and Venice) one moneth next after the date of the bill, and the like of double and treble Uſance, two or three moneths to be20 accounted ſtill from the date of the bill; I ſay Uſance is one moneth next after the date of the bill, let the moneth fall out how it will, whether it be a moneth that hath in it 31 Days, 30 Days, or 28 Days, each moneth is a full and perfect Uſance, and you muſt not count every 30 Days a Uſance, as ſome imagine, but a moneth by denomination; As for inſtance, A Bill of Exchange dated in Amſterdam the 20th. December new ſtile; which is the 10th of December old ſtile, will be due the 10th of January old ſtile; A bill dated the 15th June new ſtile, which is the 5th of June old ſtile, will be due the 5th of July old21 ſtile; And a bill dated the 10th. of February new ſtile, which is the laſt of January old ſtile, and made payable at Uſance in London, will be due the laſt of February old ſtile; and in like manner is to be accounted from any other date for Uſance, double Uſance, or treble Uſance.
Dayes ſight.
A Bill payable at ſo many Days ſight, is to be accounted ſo many Days next after the ſaid Bill ſhall be accepted, or elſe Proteſted for non-acceptance, and not from the date of the Bill, nor from the Day that the ſame came to hand. And therefore22 if a Bill ſo made payable be omitted to be preſently Proteſted for non-acceptance, all that time betweene the preſenting of the Bill, and the Proteſting thereof, is loſt time, and not to be accounted as part of the number of dayes mentioned in the Bill of Exchange.
An accepted Bill loſt.
IF an accepted Bill of Exchange be loſt by the party to whom it is payable, when the time comes for him to go for the Money, that is to ſay, when the Bill is due, the party which had accepted the Bill, is not freed from payment of the Money, becauſe23 the Bill is loſt. Only thus, the party to whom the Bill was payable, muſt give Bond or other Writing to the content of the party that did accept the Bill, to ſave him harmeleſſe from the accepted Bill which is loſt, and to diſcharge him from the ſumme therein mentioned; And then the party that did accept the Bill ought to pay the ſame, for otherwiſe the party to whom it was payable muſt ſend a Notary to make demande of the ſayd ſum upon the ſame offer of giving Bond to ſave harmeleſſe; And then if payment be refuſed, the Notary will make Proteſt, & the party that accepted the Bill is liable to make good the damage and coſt.
No revoking acceptance.
IT happened one day that a young Merchant though a middle-aged man, came to me, and told me, he had few howers agoe accepted a Bill of Exchange, and delivered it back to the party to whom it was payable, but that juſt now he had received letters of advice, that the party for whoſe account it was drawne, namely the drawer of the Bill, was failed of his credit, and therefore the Accepter would, (if he could) unaccept the Bill, or make voyde his acceptance thereof, and deſired me to adviſe him how he ought to doe it. To25 whom I made anſwer merrily, Sir, pray go to the party that hath your accepted Bill, and tell him as much as you have told me, (if he know it not already,) and if he will give you leave to cancell your acceptance of the Bill, (which he ought not to do) then you may be free from your engagement, but for my part I know no other way, for if you cannot recall your Word, in ſuch a Caſe, much leſſe can you make voyd your Deed, without mutuall conſent.
Acceptance for longer Time.
IF a Bill of Exchange be made payable at 30 Days26 ſight, and the party to whom the ſaid bill is directed will not accept it but at 60 Days ſight; Or if the bill be drawn at double Uſance, and the party upon whom the ſame is drawn will not accept it but at treble Uſance, or the like, that is to ſay, if the party upon whom the Bill of Exchange is charged will not accept it to pay according to the time therein limitted, in ſuch Caſe the party to whom the Bill is made payable, or his Aſſigns, muſt cauſe Proteſt to be made for want of acceptance of the ſaid Bill, according to the tenour thereof, and then he may take the acceptance offered; or if the Bill of27 Exchange be left with the party to whom it is directed, to be accepted, and he do accept it for a longer time, or for a leſſer ſum than is mentioned in the ſaid Bill, in either of thoſe Caſes the party unto whom the ſaid Bill is made payable, or his Aſſignes, muſt go with the ſaid Bill of Exchange to a Notary, and cauſe Proteſt to be made for want of acceptance of the ſaid Bill for the whole ſum therein mentioned, or according to the tenour thereof, as aforeſaid; And when the bill is due according to the time therein limitted, the party to whom the ſaid bill is payable, or his Aſſignes, muſt demand payment28 thereof accordingly, and in default thereof a ſecond Proteſt muſt be made for non-payment; And then he may (in ſending away the Proteſt, but keeping the bill by him) receive the Money for which it is accepted, or at the time it is accepted at, Unleſſe he have order to the contrary from the party which did remit the Money, which order he ought to follow.
Receive part.
ANd if the bill be accepted to pay part of the Money mentioned in the bill, but not all, or that it be accepted for the whole ſum,29 but when it is due the whole ſum be not payd, then he may receive ſo much as will be paid thereof, and may make a receit on the bill for ſo much as he hath received, in part of payment thereof, and he muſt Proteſt for non-payment of the remaining ſumme, according as is already here before declared.
Bill accepted by an other Man.
MOreover, if a Bill of Exchange be drawn on A. and he refuſe to accept it, or if A. be out of Town and have left no Order for acceptance thereof, but C.30 a Friend of the Drawers will accept the bill for honour of the Drawer; In either of theſe Caſes the party to whom the ſaid bill is payable, or his Aſsigne, ought firſt to cauſe Proteſt to be made for non-acceptance by A. and then he may take C. his acceptance, for otherwiſe the Drawer may allege that he did not draw the bill on C. but on A. and therefore according to cuſtom of Merchants, diligence ought to be uſed towards A. firſt, or elſe Order and Commiſsion is broken, and ſo the damage which may happen will be put upon him that breaks Commiſsion: for you ought to reſpect your Friends good as your own.
How to reckon the Time.
A Bill of Exchange dated the ſecond of March, new stile, which is the 20th. of February old ſtile, (except in leap-year) payable at double Uſance in London, will be due the 20th of April old stile, and not the 22th of April as ſome do erroniouſly imagine, who would deduct the 10 Days (to reduce the new ſtile to old ſtile) at the end of the double Uſance, and ſo they would go backwards 10 Days, when of right they ſhould go forwards from the date, and reckon the double Uſance from the very date of the32 bill, thus, A bill dated the 2 March new stile is the 20th of February old ſtile (February having but 28 days, for the 20th of February old ſtile, is the ſecond of March new stile even to the very day of the week) ſo from the 20th of February, to the 20th of March is one Uſance, and from the 20th of March, to the 20th of April there is an other Uſance; And ſo in like manner if a bill of Exchange be dated the 10th of March new ſtile, which is the laſt of February old ſtile, payable at treble Uſance, will be due the laſt of May in London, and not the 28th of May as ſome do imagine, becauſe February hath but 28 Days;33 for you muſt alwayes count your Uſances from the very date of the bill as I have already ſayd; And I have ſeen divers bills of Exchange which have bin ſent from beyond the Seas, wherein the Drawers have written the old ſtile and new stile both, in the date of their bills, one above an other, thus;
- Amsterdam adj. 3 / 13 Feb. 1650 / 51
- Middel. Adj. 15 / 25 March 1650 / 51
- Adj. 27 / 6. Mar. 1651. in Liver.
- Adj. 27 / 6. Apri. 1651. in Liver.
and the like, which is very plaine and commendable in34 thoſe that do ſo write, thereby to make things plaine to the capacity of the weakeſt, and to avoyd any further diſputes thereupon; And I conceive I have herein ſo clearly evidenced the truth and reaſon of my Opinion, that it cannot but convince thoſe that are of a contrary judgement, of their error and miſtake, except they will be wilfully blind, and then none ſo blind, or that they can give me any better reaſons for their contrary Opinion, and then I will ſubmit unto them: for all Bills (as I have ſayd before) that are made payable at Uſances muſt be reckoned directly from the date of the Bill,35 which if it be new ſtile and payable in London, the date muſt firſt be found out in the old ſtile, and then count forward, and you cannot miſtake.
Halfe Uſance.
HAlfe Uſance is alwaies reckoned fifteene dayes, neither more nor leſſe, becauſe there is not any Month in the yeare which hath in it above 31. dayes, 15. being the halfe of 30. and the odde day cannot be divided. So that if a Bill of Exchange dated the 3. February: new ſtile and payable in London at half Uſance; to know when this Bill is due, you muſt firſt (as before) looke to the date,36 and you ſhall find that the 3. of February new ſtile, is the 24. January old ſtile; to which add 15. dayes, and it will fall due at halfe Uſance on the 8. of February following: And if that Bill dated the 3. of February new ſtile be made payable at Uſance and halfe, count from the 24. January old stile, to the 24. February old ſtile, the Uſance, and from thence to the 11. March (except in leapyear) is 15. dayes or halfe Uſance, on which 11. March the Uſance and halfe will expire, and on that day your Bill will be due.
Three dayes after due.
YOu are to take notice that the day on which any Bill of Exchange doth fall due, is alwayes to be accounted as part of the time limitted in the Bill of Exchange as included therein; So that the day on which any Bill of Exchange doth fall due, doth belong to the party which is to make payment thereof; And three dayes next after that day are uſually allowed in London, for him to whom it is payable, to procure payment thereof, and for him on whom it is drawn, to pay it, unleſſe it be a Bill of Exchange38 drawn from France, and that the French Poſt ſhall happen to depart on the ſecond day after it be due, or that the third day be a Sunday, or no working day, in any of thoſe Caſes the Money muſt be paid the ſecond day after the Bill falls due, or elſe Proteſt muſt be then made for non-payment, that ſo lawfull diligence may be uſed within the three days, and that advice thereof may be ſent away by the very firſt Poſt after the Bill falls due; for although three dayes are uſually allowed after a Bill is due, yet it is with this proviſo, that the ſame be not to the prejudice of him to whom the Bill is39 payable, or of his correſpondent, or the Drawer; for if the Proteſt be not made within the three Days next after the Bill falls due, and that there ſhould happen in the interim any misfortune to the party on whom the Bill is drawn, that he ſhould be non-ſolvent, or the like, thoſe in France concerned therein will ſooner take advantage thereupon, than they will do who take up Monies by Exchange in Holland, or other parts; How ever this is a generall rule, namely, that according to cuſtome of Merchants in London the Proteſt ought to be ſent away by the firſt Poſt next after the Bill falls due,40 be it for what place ſoever.
Proteſt muſt bee made though the three Dayes are expired.
BUt if Proteſt for non-payment be not made within the three Days after a Bill of Exchange falls due, and that through negligence, or otherwiſe, it be forborn foure, five, ſix, or more Days after the time limitted in the Bill of Exchange, yet nevertheleſſe even then it muſt be Proteſted for non-payment, although the three Days are expired; for you cannot take any cours in Law againſt the party41 which hath accepted the Bill, untill you have made a legall demand of the Money by a publique Notary; Neither is the party that drew the Bill bound (according to cuſtome of Merchants) to repay the ſame unto him of whom he hath received the value, untill ſuch time as there doth appeare a Proteſt made for non-payment, to prove that the party who accepted the Bill, or on whom it was drawn, hath not payd the Money; But I would never counſell any body to omit Proteſting a Bill of Exchange the third Day after it is due; for if it be not Proteſted before the three Days are expired,42 and the party which hath accepted it ſhall then happen to be non-ſolvent, as I ſayd before, It may be alleged that the party to whom it was payable hath neglected his diligence therein, and the party that drew the Bill (eſpecially if it be a French Bill, that is to ſay, a Bill made in France) may happen to delay the repayment thereof upon that account; for although the Drawer is bound to the Deliverer untill the bill be ſatisfied, yet Proteſt ought to be made in due time, that ſo he may not ſuffer through neglect of the party to whom it is payable. It is good to deale ſecurely, there is no danger43 at all in Proteſting within the three Days after a bill of Exchange is due, but there may be danger in forbearing to Proteſt within that time. Wherefore my advice is (let the party upon whom the bill is drawn, be never ſo good a man) if he do not pay within the time accuſtomed, cauſe the bill preſently to be Proteſted for non-payment.
Bill payable at a prefixt Day.
A Bill of Exchange made beyond the Seas, where they uſually write new ſtile, which is ten Days before our Engliſh ſtile, being old44 ſtile; And ſuch a bill being payable on ſuch or ſuch a Day, of ſuch or ſuch a Moneth, that very Day of the Moneth according to our stile muſt be expired before the bill will be due, and it is not to be underſtood on ſuch or ſuch a Day new ſtile (except particularly expreſſed) but old ſtile, according to the ſtile of the place where it is made payable; As for inſtance, if a bill of Exchange be made thus,
Laus deo in Amsterdam the 20th of March, 1651. 200 l. Sterling.
ON the firſt of May next, pay by this my firſt45 Bill of Exchange unto A. B. or his Aſsignes, the ſum of two hundred pounds Sterling for the value received of C. D. and put it to account as Per advice.
THis Bill of Exchange is not due untill the firſt of May Engliſh ſtile, and it is not to be accounted due (as ſome would have it) on the 21 April our ſtile, which is the firſt of May new ſtile, for it relates to the stile of the place, where it is made apyable, and not to the46 computation of the place where it is drawn; for ſuppoſe now A. B. ſhould demand payment of this Bill on the 22, 23, or 24 of April old ſtile, and G. H. ſhould anſwer that he would pay it, after the firſt of May our ſtile when due according to the tenour of the Bill, and not before, I would faine know how any Notary can make a legall Proteſt for non-payment before the firſt of May old ſtile be expired; for if he dates his Proteſt for non-payment before the firſt of May old ſtile, according to the computation of the place where it is payable, he will make his Proteſt beare date before the bill is due, and ſo47 will be illegally made, as doth evidently appear.
Acceptance by Wife, or Servant.
A Mans Wife, or Friend, or Servant, cannot accept a Bill of Exchange for an other man, without ſufficient authority from him by Letter of Attorny for the doing thereof: for it is againſt reaſon that any man ſhould be bound to the payment of any ſum without his own conſent; And that to be made appear under his Hand and Seal.
A Bill drawne on one place, and payable at an other.
IF a Bill of Exchange be drawne upon a man living at one place, and payable to a man living at an other place, the Bill may be ſent to the place where the man liveth, to accept thereof, and ſo returned to the party to whom it is payable, who when it is due muſt enquire for payment at the houſe, or in the place where it is payable, and in default therof he muſt there cauſe Proteſt to be made in due forme. As for inſtance, if a Bill be directed to A. B. Merchant45 at Southampton, and payable to S. E. or Aſſignes in London, this Bill may be ſent down to Southhampton to ſome Friend, to preſent to A. B. to accept, and upon his refuſall may either Proteſt at Southampton for non-acceptance, or elſe may return his anſwer of refuſall by Letter to London, upon which Proteſt may be there drawn up; And when the Bill is due, you muſt then onely endeavour the payment at London, according to the tenour of the Bill, and if no order be there given for payment, you muſt cauſe Proteſt for non-payment to be made in London, as accuſtomed.
The Taker bound to the Deliverer, and the Acceptor bound to the party to whom payable.
YOu are to take notice, That in all Bills of Exchange, the party that draws or under-writes the Bill, is bound to the Deliverer, or to the party of whom the value was received; And the Acceptor, or party that doth accept the Bill, is bound to the party to whom the Bill is made payable: for although as well the Taker (or Drawer of the Bill) and alſo the Acceptor, are both bound in the Bill, yet they are not both bound to one47 man; So that if there be occaſion to commence a ſute in Law againſt the Drawer, it muſt be entred in the name of the Deliverer; And in like manner if a ſute be commenced againſt the Acceptor, it muſt be proſecuted in the name of the party to whom the Bill is made payable; for the party (happily) that drawes the Bill takes no great notice to whom it is made payable (he being thereunto directed uſually by the party that doth deliver him the value.) Neither doth the party which accepts the Bill take much cogniſance of the party that did deliver the value, but onely of the party that drew it, and of48 him to whom it is payable.
Better Security.
IF a Merchant which hath accepted a Bill of Exchange, ſhall happen to be non-ſolvent, or publikly reported to be failed of his credit, and to abſent himſelf from the Exchange, in the interim before the Bill of Exchange by him accepted be due; you muſt then preſently cauſe Proteſt to be made for want of better ſecurity, and to be ſent away by the next Poſt, that ſo ſecurity may be given by the party which drew the Bill; And when the Bill is due, you muſt Proteſt again for non-payment.
Proteſt in the Day-time.
IF you have occaſion to make Proteſt on any Bill of Exchange, either for non-payment, non-acceptance, or better ſecurity, be ſure ſtill to cauſe the ſame to be made in the Day-time, namely any time of the Day between Sun-riſing and Sun-ſetting, but tarry not to the laſt houre if you may doe otherwiſe.
Proteſt returned.
WHen any Proteſt is returned unto you for non acceptance, or for better ſecurity, you muſt preſently50 repaire with the Proteſt to the party to whom you delivered your Money, and he is thereupon to give you ſecurity to your content, and therein the cuſtom is, that the Drawer muſt procure an able man, a friend of his, to underwrite the Proteſt, in theſe, or the like words. I here under-written doe bind my ſelfe as principall, according to cuſtome of Merchants, for the ſum of Mony mentioned in the Bill of Exchange, whereupon this Proteſt is made.
Bill of Exchange loſt, left to be accepted.
IF a Bill of Exchange be left with a man to be accepted, and hee happen to have loſt the Bill, or that it be miſdelivered, that is to ſay, delivered by him, or any of his Servants, to a wrong party, or in any caſe that the party which left the Bill to be accepted cannot have his bill redelivered unto him, accepted, or not accepted, according to cuſtome; In this caſe the party that loſt the bill, namely he on whom it was drawn, ought (if he intended to accept the bill, or had accepted it) to give a52 note under his Hand and Seal for the payment of the Mony to the party to whom it is payable, or to his Aſsigns, at the time limitted in the bill, upon the ſecond bill, if it come to hand within the time, or elſe upon that note at the ſame time. And in caſe the party that loſt the bill do refuſe ſo to do, He that preſented him the bill to be accepted muſt cauſe Proteſt thereupon to be made in due forme; And in caſe there be ſuch a Note made, and that at the time limitted the ſecond bill ſhall not be come to hand, you muſt endeavour the receit of the Money upon that Note, according to the contents therof,53 and in default of payment you muſt Proteſt upon that Note for non-payment, as if you had the accepted bill, or the ſecond bill come to hand, and not paid at the the time.
Bill indorſed in blanke.
IF a bill of Exchange be made payable to one beyound the Seas, and he ſubſcribe only his Name on the backſide thereof, leaving an empty place above his Name, and do ſo ſend it over to a Merchant to receive the Money of the party on whom it is drawn, (as it is uſuall ſo to do) in this caſe when the party ſhall go for the money54 when the Bill is due, he may either receive the Money himſelf, or ſend his man for it; if he go himſelf, he may either make an aſsignment in the empty place above the Name on the backſide of the Bill, to himſelfe, and then a receit underneath in his own Name for ſo much Money received, or elſe a receit in the empty place above the Name; And if he ſend his man with the Bill to receive the Money, the man may upon receit of the Money either deliver up the Bill as it is without writing any thing upon it, or elſe fill up the empty place with an aſsignment payable to his Maſter, and then make a receit underneath55 for ſo much Money received in full of that Bill for his Maſters uſe, according as the party that ſhall pay the Bill ſhall direct, for either way is good and warrantable according to the cuſtome of Merchants uſed in London.
Accept for Account of Drawer.
IF a Bill of Exchange be drawn by A. on B. for account of C. and B. will not accept the bill for account of C. but would willingly do it for account of A. the Drawer; In this caſe B. may ſo accept the ſame, but he muſt firſt come, and declare ſo56 much before a Notary publique, who muſt make an Act thereof to be ſent away by B. unto A. that ſo hee may have ſpeedy advice therof, and then he may accept the bill, for account of A. and according to cuſtome of Merchants, A. is bound to make the ſame good again unto B. with Exchange and re-exchange and coſts; But B. muſt be ſure to make ſuch his Declaration before he do accept the bill, for otherwiſe if he ſhould firſt accept it, and then that it might be lawfull for him at any time afterwards to alter the property thereof, and charge it for account of the Drawer at the Acceptors pleaſure, the57 Drawer might be much prejudiced as in relation to C. by whoſe order (it may be,) and for whoſe account A. drew the ſame bill.
Bill paid upon Proteſt.
IF a bill of Exchange be drawn upon a Merchant here in London, and he refuſe to pay it, and thereupon Proteſt being made, an other Merchant do appear, and declare before a Notary that he will pay it for honour of the Drawer upon proteſt, and accordingly doth pay the ſame, and cauſe an Act to be thereupon made; My advice is that he take a receit for the Money upon the Proteſt, and58 not upon the Bill, that ſo he may ſtill keep the Bill free, as not being ſatisfied by thoſe whom it particularly did concerne; And let him returne the Proteſt and Act, with receit thereupon, but keep the accepted Bill here to be ready upon all occaſions.
Put Bill in Letter Caſe, or Almanack.
IN regard Bills of Exchange are writ upon ſmall peeces of Paper, which are ſubject to beloſt, eſpecially if you carry them about you, therefore I would adviſe you for prevention thereof to keep a letter Caſe, or (which is better) a pocket Almanack, or59 ſmall pocket Paper-booke with Claſps, and carry your Bills of Exchange in ſuch a book, that ſo they may be kept clean and whole, and leſſe ſubject to be loſt.
Inland Bills may be Proteſted as well as Outland Bils, they being both of one and the ſame kinde.
Bill muſt not be paid before due.
IF a Bill of Exchange be made payable at Uſance, double Uſance, or at any longer, or ſhorter time, and when the Bill ſhall be preſented to the party on whom it is drawn, to be accepted, he to whom it is Payable ſhall deſire60 to have the Money paid him (by way of anticipation) before it be due by the tenour of the Bill, and ſhall offer to rebate for the time, or that the party to whom the ſaid Bill is directed, ſhall offer him to whom it is made payable, to pay him the Money preſently before the time in the bill be expired (upon diſcount, or in allowing him ſomething for the time,) The party which ſhall ſo pay any Money upon any bill of Exchange before the time, doth run in ſome danger, in not obſerving order; for if the Money remitted be properly the Parties which delivered the ſame to the Subſcriber of the bill, and made payable61 to a Factor for the uſe of the Deliverer, and that he ſhould (before the bill is due,) ſend a Countermand, not to pay it to the party to whom it was payable by the tenour of the bill, but to ſome other; In this Caſe, he on whom the bill is drawn ought to be lyable to the payment thereof accordingly; for as it is not properly in his power to prolong the time of payment, neither can he warrantably ſhorten it, or agree with the party to whom it is payable, to pay the Money before it be due (Although this Caſe doth not ordinarily happen, yet I have known it come to paſſe, and the like may be again;) Wherefore, I would62 never adviſe any to pay Mony on bills of Exchange before it be due.
Second Bill with an Aſsignment.
IF a Second Bill of Exchange be ſent unto you from the party to whom it is payable, with an aſſignment on the backſide thereof to pay unto your ſelf; You muſt preſent the ſame to be accepted (unleſs you have the firſt bill already accepted.) If the party on whom it is drawn do refuſe to accept the ſecond bill, pretending that he hath formerly accepted the firſt bill, to an other man, unknown, and if you cannot63 be actually poſſeſſed of that firſt accepted bill, you ought to cauſe Proteſt to be made for non-acceptance of that ſecond Bill, that ſo upon ſending away the Proteſt, ſecurity may be given to your Friend beyond the Seas that the Mony ſhall be paid unto you at the time, for, the party to whom the bill is directed, is not bound by the bill to the payment of the Mony, untill he do accept of the bill of Exchange according to cuſtom of Merchants; for although as well the Subſcriber of the bill of Exchange, as the party which doth underwrite the aſsignment for the value received, and likewiſe the Acceptor of the bill64 are all of them bound in the bill of Exchange, yet they are not all immediatly bound either to the Deliverer, or to the party to whom it is payable, but each party is bound to the other with whom he doth more immediately correſpond, as I have more particularly here before declared.
Party dead which accepted.
IF the party to whom your bill of Exchange is directed, do accept the Bill, and in caſe he ſhall afterwards happen to deceaſe, and depart this life before your bill is due, you muſt at the appointed time of payment,65 demand the Mony of his Executors, or Adminiſtrators, at his mortuary Houſe, or laſt dwelling Houſe, and upon their refuſall, or delay of payment, you muſt Proteſt in the ſame manner as you would have done, if he had lived, and not payd at the time.
Party dead to whom payable.
IF the party to whom a bill of Exchange is payable be dead at the time when it falls due, and that his Executor or Adminiſtrator have not yet proved the Will, or taken out Letters of Adminiſtration, yet nevertheleſſe you muſt not omit to make demand66 of the Money at the juſt time limitted, and if you offer ſecurity to ſave harmeleſſe againſt the Executors, and Adminiſtrators, and that it be refuſed, you muſt Proteſt for non-payment.
Bill without an aſsignment.
IN like manner if you have a bill of Exchange ſent unto you to get to be accepted, payable to an other man, And (the bill being accepted and due) you have not an aſsignement on the Bill from the party to whom it is payable according to cuſtom of Merchants, you muſt make demand of the Mony, with offer to give ſecurity to ſave harmleſs againſt the party67 to whom the ſame is payable, and all others, and if your proffer be refuſed, you muſt Proteſt for non-payment.
No ſuch man to be found.
IF your Bill of Exchange be directed to N. Merchant in London, and that you ſhall have enquired on the Exchange, and other parts of the City for ſuch a Merchant, and ſhall not be able to find him out or, that indeed there be not any ſuch man of that Name in London, you muſt carry your Bill to a Notary publik, and he muſt Proteſt thereupon in due form.
No body at home.
IF when a Bill of Exchange is ſent you to get accepted,68 and there be no body at home at the Houſe of the party on whom it is drawn, you may cauſe Proteſt to be made at his dwelling houſe in his abſence, aſwell as preſence: for you cannot be bound to make the party on whom it is drawn to abide at home, but in reaſon he is bound to attend his own buſines.
No avoyding a Proteſt.
ANd the truth is, if no proteſt could be made legally, but in ſpeaking to the party himſelf, a Proteſt might be prevented at pleaſure; but it lies not in the power of the party on whom a bil is drawn, to hinder the proteſting of the bill, if not accepted, and payd according to the tenour therof.
How to bring French Crownes into Starling Money.
IF you have a Bill of Exchange ſent you from France to be received in London, and your Bill be remitted to pay ſo many Crownes, at ſuch or ſuch a price, as it is uſually ſo to do, To know how much you muſt receive here in Sterling Money, you muſt firſt bring your French Crowns into Pence Sterling, at the price or rate ſet down in your Bill, and then bring your pence into pounds, and you will have your deſire. As for example, If your Bill be drawn to pay 250 Crowns at 56 ¼d per Crown, firſt multiply the 250. Crowns by 56d. & it70 will make 14000 pence, wherunto adde for the ¼, 62 ½d (becauſe 62 ½ is the ¼ part of 250.) & it will make 14062 ½d Sterling, and divide the 14062 by 240d (becauſe 240d makes a pound Sterling) and it will make 58l. Ster. and there will remain 142d. which divide by 12d. & it wil make 11s & there will remain 10d, then adde the ½d remaining of your multiplication, and it will be together 58-11-10 ½, as for Example,
| 250 | ||||
| 56 | 1 | 1 | ||
| 1500 | 244 | 20 | ||
| 1250 | 14062 | (58. | 142 | (11.10 ½ |
| — 62 ½ | 2440 | l. s. d | 122 | |
| 14062 ½ | 2 | 58-11-10 ½ | 1 |
71BY the ſame ▪ Rule you may reduce Duccats, Dollers, or Peeces of Eight into Sterling Money, when you know how many pence Sterling the Duccat, Doller, or Peece of Eight is valued at for the Exchange thereof.
Short Inſtructions how to keepe Merchants Books of Accompt after the Italian Manner.
1. Money paid.
VVHen you pay any Mony to any body, make the perſon Debitor, and the account of Caſh Creditor.
2. Money received.
For Mony received, make the account of Caſh Debitor, and the perſon of whom it is received Creditor.
3. Goods bought for ready Money.
When goods are bought for ready Money, make the account of Goods Debitor, and caſh Creditor.
734. Goods ſold for ready Money.
When goods are ſold for ready Money, make the account of Caſh Debitor, and the Goods Creditor.
5. Goods bought at time.
When goods are bought at time, then make the account of the goods Debitor, and the Perſon of whom they are bought Creditor.
6. Goods ſold at time.
When Goods are ſold at time, then make the account of the Perſon Debitor, and the Goods Creditor.
7. Goods bought one part at Time, and the reſt for ready Money.
Goods bought one part for ready Money, and the reſt at74 Time, muſt be divided in two parts, namely, firſt the Goods muſt be made Debitor for the whole ſum, and the perſon of whō they are bought creditor: ſecondly, as much as is paid in ready Mony you muſt make the Perſon Debitor, and Caſh Creditor.
8. Goods ſold one part for ready Mony, and the reſt at Time.
Goods ſold one part for ready Mony, the reſt at Time, firſt you muſt make the Perſon Debitor for the whole ſum, And afterwards the goods Creditor; Then you muſt make the caſh Debitor for ſo much as you receive in ready Money, and the Perſon Creditor for the reſt.
9. Mony paid for goods before it is due.
When you have bought any75 goods at Time, and afterwards you agree with the perſon which ſold you the goods to pay your Money before it is due, with rebating, or diſcount, then you muſt make the Perſon Debitor as followeth, viz. to Caſh for ſo much as you pay him; And to Profit and Loſſe for the rebatement of allowance for the diſcount.
10. Goods ſold in barter for others.
When you ſell goods in barter for others, then you muſt make the Goods which you receive Debitor to the Goods which you delivered.
Receive before you write, and write before you pay,
And ſo a juſt Account, be ſure to keepe you may.
| Jan. | Feb. | Mar. | Ap. | ||||
| Stilo Romano, Stilo novo, or New ſtile. | Stilo Angliae, Stilo veteri Old ſtile | ||||||
| 1 | 22 | 1 | 22 | 1 | 19 | 1 | 22 |
| 2 | 23 | 2 | 23 | 2 | 20 | 2 | 23 |
| 3 | 24 | 3 | 24 | 3 | 21 | 3 | 24 |
| 4 | 25 | 4 | 25 | 4 | 22 | 4 | 25 |
| 5 | 26 | 5 | 26 | 5 | 23 | 5 | 26 |
| 6 | 27 | 6 | 27 | 6 | 24 | 6 | 27 |
| 7 | 28 | 7 | 28 | 7 | 15 | 7 | 28 |
| 8 | 29 | 8 | 29 | 8 | 26 | 8 | 29 |
| 9 | 30 | 9 | 30 | 9 | 27 | 9 | 30 |
| 10 | 31 | 10 | 31 | 10 | 28 | 10 | 31 |
| 11 | Jan. 1 | 11 | Feb. 1 | 11 | M. 1 | 11 | Ap. 1 |
| 12 | 2 | 12 | 2 | 12 | 2 | 12 | 2 |
| 13 | 3 | 13 | 3 | 13 | 3 | 13 | 3 |
| 14 | 4 | 14 | 4 | 14 | 4 | 14 | 4 |
| 15 | 5 | 15 | 5 | 15 | 5 | 15 | 5 |
| 16 | 6 | 16 | 6 | 16 | 6 | 16 | 6 |
| 17 | 7 | 17 | 7 | 17 | 7 | 17 | 7 |
| 18 | 8 | 18 | 8 | 18 | 8 | 18 | 8 |
| 19 | 9 | 19 | 9 | 19 | 9 | 19 | 9 |
| 20 | 10 | 20 | 10 | 20 | 10 | 20 | 10 |
| 21 | 11 | 21 | 11 | 21 | 11 | 21 | 11 |
| 22 | 12 | 22 | 12 | 22 | 12 | 22 | 12 |
| 23 | 13 | 23 | 13 | 23 | 13 | 23 | 13 |
| 24 | 14 | 24 | 14 | 24 | 14 | 24 | 14 |
| 25 | 15 | 25 | 15 | 15 | 15 | 25 | 15 |
| 26 | 16 | 26 | 16 | 26 | 16 | 26 | 16 |
| 27 | 17 | 27 | 17 | 27 | 17 | 27 | 17 |
| 28 | 18 | 28 | 18 | 28 | 18 | 28 | 18 |
| 29 | 19 | 29 | 19 | 29 | 19 | ||
| 30 | 20 | 30 | 20 | 30 | 20 | ||
| May | June | July | Aug. | ||||
| 1 | 21 | 1 | 22 | 1 | 21 | 1 | 22 |
| 2 | 22 | 2 | 22 | 2 | 22 | 2 | 23 |
| 3 | 23 | 3 | 24 | 3 | 23 | 3 | 24 |
| 4 | 24 | 4 | 25 | 4 | 24 | 4 | 25 |
| 5 | 25 | 5 | 26 | 5 | 25 | 5 | 26 |
| 6 | 26 | 6 | 27 | 6 | 26 | 6 | 27 |
| 7 | 27 | 7 | 28 | 7 | 27 | 7 | 28 |
| 8 | 28 | 8 | 29 | 8 | 28 | 8 | 29 |
| 9 | 29 | 9 | 30 | 9 | 29 | 9 | 30 |
| 10 | 30 | 10 | 31 | 10 | 30 | 10 | 31 |
| 11 | M. 1. | 11 | Ju. 1. | 11 | Jul. 1. | 11 | Aug. 1. |
| 12 | 2 | 12 | 2 | 12 | 2 | 12 | 2 |
| 13 | 3 | 13 | 3 | 13 | 3 | 13 | 3 |
| 14 | 4 | 14 | 4 | 14 | 4 | 14 | 4 |
| 15 | 5 | 15 | 5 | 15 | 5 | 15 | 5 |
| 16 | 6 | 16 | 6 | 16 | 6 | 16 | 6 |
| 17 | 7 | 17 | 7 | 17 | 7 | 17 | 7 |
| 18 | 8 | 18 | 8 | 18 | 8 | 18 | 8 |
| 19 | 9 | 19 | 9 | 19 | 9 | 19 | 9 |
| 20 | 10 | 20 | 10 | 20 | 10 | 20 | 10 |
| 21 | 11 | 21 | 11 | 21 | 11 | 21 | 11 |
| 22 | 12 | 22 | 12 | 22 | 12 | 22 | 12 |
| 23 | 13 | 23 | 13 | 23 | 13 | 23 | 13 |
| 24 | 14 | 24 | 14 | 24 | 14 | 24 | 14 |
| 25 | 15 | 25 | 15 | 25 | 15 | 25 | 15 |
| 26 | 16 | 26 | 16 | 26 | 16 | 26 | 16 |
| 27 | 17 | 27 | 17 | 27 | 17 | 27 | 17 |
| 28 | 18 | 28 | 18 | 28 | 18 | 28 | 18 |
| 29 | 19 | 29 | 19 | 29 | 19 | 29 | 19 |
| 30 | 20 | 30 | 20 | 30 | 20 | 30 | 20 |
| 31 | 21 | 31 | 21 | 31 | 21 | ||
| Sep. | Oct. | Nov. | Dec. | ||||
| 1 | 22 | 1 | 21 | 1 | 22 | 1 | 21 |
| 2 | 23 | 2 | 22 | 2 | 33 | 2 | 22 |
| 3 | 24 | 3 | 23 | 3 | 24 | 3 | 23 |
| 4 | 25 | 4 | 24 | 4 | 25 | 4 | 24 |
| 5 | 26 | 5 | 25 | 5 | 26 | 5 | 25 |
| 6 | 27 | 6 | 26 | 6 | 27 | 6 | 26 |
| 7 | 28 | 7 | 27 | 7 | 28 | 7 | 27 |
| 8 | 29 | 8 | 28 | 8 | 29 | 8 | 28 |
| 9 | 30 | 9 | 29 | 9 | 30 | 9 | 29 |
| 10 | 31 | 10 | 30 | 10 | 31 | 10 | 30 |
| 11 | Sep. 1. | 11 | Oct. 1. | 11 | No. 1 | 11 | Dec 1 |
| 12 | 2 | 12 | 2 | 12 | 2 | 12 | 2 |
| 13 | 3 | 13 | 3 | 13 | 3 | 13 | 3 |
| 14 | 4 | 14 | 4 | 14 | 4 | 14 | 4 |
| 15 | 5 | 15 | 5 | 15 | 5 | 15 | 5 |
| 16 | 6 | 16 | 6 | 16 | 6 | 16 | 6 |
| 17 | 7 | 17 | 7 | 17 | 7 | 17 | 7 |
| 18 | 8 | 18 | 8 | 18 | 8 | 18 | 8 |
| 19 | 9 | 19 | 9 | 19 | 9 | 19 | 9 |
| 20 | 10 | 20 | 10 | 20 | 10 | 20 | 10 |
| 21 | 11 | 21 | 11 | 21 | 11 | 21 | 11 |
| 22 | 12 | 22 | 12 | 22 | 12 | 22 | 12 |
| 23 | 13 | 23 | 13 | 23 | 13 | 23 | 13 |
| 24 | 14 | 24 | 14 | 24 | 14 | 24 | 14 |
| 25 | 15 | 25 | 15 | 25 | 15 | 25 | 15 |
| 26 | 16 | 26 | 16 | 26 | 16 | 26 | 16 |
| 27 | 17 | 27 | 17 | 27 | 17 | 27 | 17 |
| 28 | 18 | 28 | 18 | 28 | 18 | 28 | 18 |
| 29 | 19 | 29 | 19 | 29 | 19 | 29 | 19 |
| 30 | 20 | 30 | 20 | 30 | 20 | 30 | 20 |
| 31 | 21 | 31 | 21 | ||||
79IN the firſt Column of of this Table I have put the New ſtile, (or the Roman Account which is all one) in regard it is 10 Dayes before ours, and the Engliſh Account, or Old ſtile in the ſecond Column, and ſo againe the New stile in the third Column, and our Engliſh stile in the fourth, and ſo forwards; every other Column which hath the Moneth named at the topp thereof is New stile, and thoſe Columns which have not the Moneths writ on the topp, are Old ſtile; And by this Table it appeares that the 1. January New ſtile, is the 22 December Old stile,80 The 1. March New stile (except in leap year) is the 19. of February Old ſtile, and ſo of the reſt, which in regard it is (as I conceive) ſo plainly ſet downe, I ſhall forbeare any farther explanation.