Pair, or Money for Money.

PAir (as the French call it) is to equalize the Mo­ney of Exchange from one place to another, according [Page 2]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 Exchange [Page 3]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 present [Page 5]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 Exchange [Page 6]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 twenty [Page 7]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 the [Page 8]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 not [Page 10]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 to [Page 11]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 peradventure [Page 12]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, in [Page 13]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, [Page 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, to [Page 15]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 you [Page 16]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 properly [Page 17]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 take [Page 18]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 it [Page 19]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 be [Page 20]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 20^th. December new stile; which is the 10^th of December old stile, will be due the 10^th of January old stile; A bill dated the 15^th June new stile, which is the 5^th of June old stile, will be due the 5^th of July old [Page 21]stile; And a bill dated the 10^th. 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 there­fore [Page 22]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, because [Page 23]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. To [Page 25]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 Days [Page 26]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 of [Page 27]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 pay­ment [Page 28]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, [Page 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. [Page 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 20^th. of February old stile, (except in leap-year) payable at double Usance in London, will be due the 20^th of April old stile, and not the 22^th 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 the [Page 32]bill, thus, A bill dated the 2 March new stile is the 20^th of February old stile (Fe­bruary having but 28 days, for the 20^th of February old stile, is the second of March new stile even to the very day of the week) so from the 20^th of February, to the 20^th of March is one Usance, and from the 20^th of March, to the 20^th of April there is an other Usance; And so in like manner if a bill of Exchange be dated the 10^th 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 28^th of May as some do imagine, because February hath but 28 Days; [Page 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 in [Page 34]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, [Page 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, [Page 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 Ex­change [Page 38]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 is [Page 39]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, [Page 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 party [Page 41]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, [Page 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 danger [Page 43]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 old [Page 44]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,

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 the [Page 46]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 so [Page 47]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. Mer­chant [Page 45]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 one [Page 47]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 of [Page 48]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 pre­sently [Page 50]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 a [Page 52]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, [Page 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 money [Page 54]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 under­neath [Page 55]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 so [Page 56]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, the [Page 57]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, and [Page 58]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, or [Page 59]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 de­sire [Page 60]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 payable [Page 61]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 would [Page 62]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 cannot [Page 63]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 bill [Page 64]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, [Page 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 de­mand [Page 66]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 par­ty [Page 67]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, [Page 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 ¼^d per Crown, first multiply the 250. Crowns by 56^d. & it [Page 70]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 240^d (because 240^d makes a pound Sterling) and it will make 58^l. Ster. and there will remain 142^d. which divide by 12^d. & it wil make 11^s & there will remain 10^d, then adde the ½d remaining of your multi­plication, and it will be to­gether 58-11-10 ½, as for Example,

[Page 71]BY 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.

[Page 73] 4. 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 at [Page 74]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 any [Page 75]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.

[Page 79]IN 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, [Page 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.