ADVICE CONCERNING BILLS OF EXCHANGE. BY JOHN MARIUS, Public Notary. LONDON, Printed by I. G. and are to be sold by Nich. Bourne, at the South-entrance into the Royal Exchange, 1651. TO THE READER. IN above twenty years' practice as a Notary Public, for Outland and Inland affairs, which I do yet Exercise at the Royal Exchange in London, I have had divers Cases propounded unto me by divers and sundry Merchants, and others whom I have from time to time Resolved concerning Bills of Exchange, And now that I might he helpful in some measure unto others, who do not so well know the Custom, and that the same may be more generally known for their Direction, chief I have taken this task in hand; And have here briefly given my Opinion and Advice in the several Cases hereafter mentioned, Directing the most usual and safest course to be followed in matters of Bills of Exchange, some Customs of Merchants concerning the same, How to know when any Bills of Exchange will fall due, What the Exchange of Money will amount unto in Sterling Money, and some short Directions to keep true Accounts, A public benefit by the knowledge hereof being desired by John Marius. The CONTENTS of this Book. EXchange what it is, Page 1 Pair, or Money for Money, ibid. How the Exchange is valued, p. 2 Hamburrough stile, p. 3 Venice and Hamburrough Usances, p. 4 No three Days for Acceptance. ibid. 24. Hours for acceptance, p. 5 Bill drawn on two persons, p. 9 Verbal acceptance, p. 10 Accept for part, p. 12 Note on your Bill the time when it will fall due, p. 14 Keep or return Bills accepted, p. 15 The Deliverer is Master, p. 16 Usances, p. 19 Days sight, p. 21 Accepted Bill lost, p. 22 No revoking acceptance, p. 24 Acceptance for longer Time, p. 25 Receive part, p. 28 Bill accepted by an other Man, p. 29 How to reckon the Time, p. 31 Half Usance, p. 35 Three Days after due, p. 37 Protest must be made though the three Days are expired, p. 40 Bill payable at a prefixed Day, p. 43 Acceptance by Wife, or Serwant, p. 47 A Bill drawn on one place, and payable at an other, p. 48 The Taker bound to the Deliverer, and the Acceptor bound to the party to whom payable, p. 46 Better Security, p. 48 Protest in the Daytime, p. 49 Protest returned, ibid. Bill of Exchange lost, left to be accepted, p. 51 Bill endorsed in blank, p. 53 Accept for Account of Drawer, p. 55 Bill paid upon Protest, p. 57 Put Bill in Letter Case, or Almanac. p. 58 Bill must not be paid before due, p. 59 Second Bill with an Assignment, p. 62 Party dead which accepted, p. 64 Party dead to whom payable, p. 65 Bill without an assignment, p. 66 No such Man to be found, p. 67 Nobody at home, ibid. No avoiding a Protest, p. 68 How to bring French Crowns into Sterling Money, p. 69 Short Instructions how to keep Merchants Books of Account after the Italian manner, p. 72 An Almanac, or Table to know the just date of Bills of Exchange from New Style, to Old Style for ever, p. 76 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 equalise the Money of Exchange from one place to another, according whereunto is found out the profit and loss which is made in the parcels drawn or remitted: And it is likewise termed delivering Money Au pair, when there is received in one town just as much money as was delivered by Exchange in another town, which is done by the loss of time. How the Exchange is valued. THe price of Exchange from London, for Antwerp, Amsterdam, Middelbrough, Hamburrough, Lile and Rotterdam, is usually accounted or valued on the pound Starling; the Exchange from London for Paris and Roven is valued on the French Crown; the Exchange from London for Venice is valued on the Ducat, And the Exchange from London for Leghorn is valued on the Doller or piece of Eight. Hamburrough stile. NOte that in Hamburrough they do 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 months from the date of the Bill of Exchange, And the price currant from London to Hamburrough is usually valued at double Usance, or two months after date. No three Days 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 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 custom of Merchants in London) for acceptance, but only at time of payment. 24. Hours for acceptance. BUt if the party to whom the Bill of Exchange is directed, be a Merchant 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 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 custom of Merchants he may have four and twenty hours to consider whether he will 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 he hath not yet accepted it, and that he would desire you to call some other time (the four and twenty hours being expired) it is at your choice 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 form. But though this may be lawfully done, 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 departed in the interim; but if the post is to departed within the two or three days, than it is a very reasonable thing, (and which men that know the custom will not omit) to demand their Bill, accepted or not accepted, that so they may give advice thereof by the first Post (after the receipt 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 receipt of Bills of Exchange, and of the acceptance and payment thereof, aught 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 aught 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 be Protested for any want of acceptance, in regard it is accepted according to the tenor of the bill. Verbal 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 binding, and amongst Merchants is taken for an acceptance of the Bill; And if afterwards, he to whom it is directed shall refuse to set his Name to the Bill, and write under it accepted by me R. as is usual; The party to whom it is payable may content himself with such an acceptance if he have sufficient witness thereof,) until 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 nonpayment; And surely such a Verbal 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 have written to his Friend that sent him the Bill, and advised him, that he is promised acceptance, who will accordingly take notice thereof; And if it were not so, namely that such a Verbal acceptance were binding, there might happen great inconveniences in matter of Trade between Merchant and Merchant, where their word is, or aught 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 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 himself; 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 sum therein mentioned, and send away that your Protest, to have security for the remaining sum; And so likewise at the time when the Bill shall fall due, you must go and receive the sum for which it was accepted, and you may make a receipt for the same on the backside of the said Bill, using these words, Received in part of this Bill, etc. 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 tenor of your bill, to the end that at any time when you would desire to know what moneys 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. Keep or return Bills accepted. YOur Bills thus accepted, if payable to yourself, you may lay up by you until 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, than you must therewith follow his Order either in keeping it by you until 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 moneys which he delivered were for his own Account,) is rightly and properly Master thereof until 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 Bill; which prohibition is called a Countermand, and aught to be done in due form, and but upon special sure ground. As for Example, if the Master or Principal do make over moneys by Exchange payable to his Servant or Factor, and do hear by certain advice given him, that his said Factor doth take ill courses, whereby the moneys and effects which he hath in his hands for account of his Principal may be in danger of being misspent, or wasted; Then and in such Case the Principal 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 until further Order; Which Countermand is good and lawful according to custom of Merchants, and aught to be obeyed accordingly, if the same be notified in due form and time, by a Notary, to the party which hath accepted the Bill, before it 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 done for prevention of danger, the Bird being already fled. Usances. A Bill of Exchange made payable at Usance, double Usance, or triple Usance, is to be understood by Usance if from any part beyond the Seas (except Hamborrough and Venice) one month next after the date of the bill, and the like of double and triple Usance, two or three months to be accounted still from the date of the bill; I say Usance is one month next after the date of the bill, let the month fall out how it will, whether it be a month that hath in it 31 Days, 30 Days, or 28 Days, each month is a full and perfect Usance, and you must not count every 30 Days a Usance, as some imagine, but a month 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 old 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 triple Usance. Day's 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 if a Bill so made payable be omitted to be presently Protested for non-acceptance, all that time between the presenting of the Bill, and the Protesting thereof, is lost time, and not to be accounted as part of the number of days 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 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 harmless from the accepted Bill which is lost, and to discharge him from the sum 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 demand of the said sum upon the same offer of giving Bond to save harmless; And than 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 hours ago 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 drawn, namely the drawer of the Bill, was failed of his credit, and therefore the Accepter would, (if he could) unaccept the Bill, or make void his acceptance thereof, and desired me to advise him how he ought to do it. To 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 cancel your acceptance of the Bill, (which he ought not to do) than 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 less can you make void your Deed, without mutual consent. Acceptance for longer Time. IF a Bill of Exchange be made payable at 30 Days 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 triple 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 limited, 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 tenor thereof, and then he may take the acceptance offered; or if the Bill of 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 Assigns, 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 tenor thereof, as aforesaid; And when the bill is due according to the time therein limited, the party to whom the said bill is payable, or his Assigns, must demand payment thereof accordingly, and in default thereof a second Protest must be made for nonpayment; 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, Unless 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, but when it is due the whole sum be not paid, than he may receive so much as will be paid thereof, and may make a receipt on the bill for so much as he hath received, in part of payment thereof, and he must Protest for nonpayment of the remaining sum, 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. 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 Assign, 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 leapyear) payable at double Usance in London, will be due the 20th of April old stile, and not the 22th of April as some do erroneously 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 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 triple 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; for you must always count your Usances from the very date of the bill as I have already said; And I have seen divers bills of Exchange which have been 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 plain and commendable in those that do so write, thereby to make things plain to the capacity of the weakest, and to avoid 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 said before) that are made payable at Usances must be reckoned directly from the date of the Bill, 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. Half Usance. Half Usance is always reckoned fifteen days, neither more nor less, because there is not any Month in the year which hath in it above 31. days, 15. being the half of 30. and the odd 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) look to the date, and you shall find that the 3. of February new stile, is the 24. January old stile; to which add 15. days, and it will fall due at half Usance on the 8. of February following: And if that Bill dated the 3. of February new stile be made payable at Usance and half, 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. days or half Usance, on which 11. March the Usance and half will expire, and on that day your Bill will be due. Three days after due. YOu are to take notice that the day on which any Bill of Exchange doth fall due, is always to be accounted as part of the time limited 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 days 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, unless it be a Bill of Exchange drawn from France, and that the French Post shall happen to departed 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 nonpayment, that so lawful 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 days 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 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 moneys by Exchange in Holland, or other parts; How ever this is a general rule, namely, that according to custom of Merchants in London the Protest aught to be sent away by the first Post next after the Bill falls due, be it for what place soever. Protest must be made though the three Days are expired. BUt if Protest for nonpayment be not made within the three Days after a Bill of Exchange falls due, and that through negligence, or otherwise, it be forborn four, five, six, or more Days after the time limited in the Bill of Exchange, yet nevertheless even than it must be Protested for nonpayment, although the three Days are expired; for you cannot take any course in Law against the party which hath accepted the Bill, until you have made a legal demand of the Money by a public Notary; Neither is the party that drew the Bill bond (according to custom of Merchants) to repay the same unto him of whom he hath received the value, until such time as there doth appear a Protest made for nonpayment, to prove that the party who accepted the Bill, or on whom it was drawn, hath not paid the Money; But I would never counsel 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, and the party which hath accepted it shall then happen to be non-solvent, as I said 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 until the bill be satisfied, yet Protest aught 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 deal securely, there is no danger 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 nonpayment. Bill payable at a prefixed Day. A Bill of Exchange made beyond the Seas, where they usually writ new stile, which is ten Days before our English stile, being old stile; And such a bill being payable on such or such a Day, of such or such a Month, that very Day of the Month 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 first Bill of Exchange unto A. B. or his Assigns, the sum of two hundred pounds Sterling for the value received of C. D. and put it to account as Per advice. To M. G. H. Merchant in London. Yours, C.F. THis Bill of Exchange is not due until the first of May English style, 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 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 tenor of the Bill, and not before, I would feign know how any Notary can make a legal Protest for nonpayment before the first of May old stile be expired; for if he dates his Protest for nonpayment before the first of May old stile, according to the computation of the place where it is payable, he will make his Protest bear date before the bill is due, and so will be illegally made, as doth evidently appear. Acceptance by Wife, or Servant. A Man's Wife, or Friend, or Servant, cannot accept a Bill of Exchange for an other man, without sufficient authority from him by Letter of Attorney 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 drawn on one place, and payable at an other. IF a Bill of Exchange be drawn 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 inquire for payment at the house, or in the place where it is payable, and in default thereof he must there cause Protest to be made in due form. As for instance, if a Bill be directed to A. B. Merchant at Southampton, and payable to S. E. or Assigns in London, this Bill may be sent down to South-hampton to some Friend, to present to A. B. to accept, and upon his refusal may either Protest at Southampton for non-acceptance, or else may return his answer of refusal by Letter to London, upon which Protest may be there drawn up; And when the Bill is due, you must then only endeavour the payment at London, according to the tenor of the Bill, and if no order be there given for payment, you must cause Protest for nonpayment 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 man; So that if there be occasion to commence a suit in Law against the Drawer, it must be entered in the name of the Deliverer; And in like manner if a suit 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 draws 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 only of the party that drew it, and of 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 publicly 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 nonpayment. Protest in the Daytime. IF you have occasion to make Protest on any Bill of Exchange, either for nonpayment, non-acceptance, or better security, be sure still to cause the same to be made in the Daytime, namely any time of the Day between Sunrising and Sunsetting, but tarry not to the last hour if you may do otherwise. Protest returned. WHen any Protest is returned unto you for non acceptance, or for better security, you must presently repair 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 do bind myself as principal, according to custom of Merchants, for the sum of Money mentioned in the Bill of Exchange, whereupon this Protest is made. London, this Per me, A. B. Bill of Exchange lost, left to be accepted. IF a Bill of Exchange be left with a man to be accepted, and he 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 custom; In this case the party that lost the bill, namely he on whom it was drawn, aught (if he intended to accept the bill, or had accepted it) to give a note under his Hand and Seal for the payment of the Money to the party to whom it is payable, or to his Assigns, at the time limited 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 form; And in case there be such a Note made, and that at the time limited the second bill shall not be come to hand, you must endeavour the receipt of the Money upon that Note, according to the contents thereof, and in default of payment you must Protest upon that Note for nonpayment, as if you had the accepted bill, or the second bill come to hand, and not paid at the the time. Bill endorsed in blank. IF a bill of Exchange be made payable to one beyond 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 usual so to do) in this case when the party shall go for the money 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 himself, and then a receipt underneath in his own Name for so much Money received, or else a receipt in the empty place above the Name; And if he send his man with the Bill to receive the Money, the man may upon receipt 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 receipt underneath for so much Money received in full of that Bill for his Master's use, according as the party that shall pay the Bill shall direct, for either way is good and warrantable according to the custom 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 much before a Notary public, who must make an Act thereof to be sent away by B. unto A. that so he may have speedy advice thereof, and then he may accept the bill, for account of A. and according to custom 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 lawful for him at any time afterwards to alter the property thereof, and charge it for account of the Drawer at the Acceptors' pleasure, the 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 receipt for the Money upon the Protest, and not upon the Bill, that so he may still keep the Bill free, as not being satisfied by those whom it particularly did concern; And let him return the Protest and Act, with receipt thereupon, but keep the accepted Bill here to be ready upon all occasions. Put Bill in Letter Case, or Almanac. IN regard Bills of Exchange are writ upon small pieces 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 Almanac, or 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 less subject to be lost. Inland Bills may be Protested as well as Outland Bills, they being both of one and the same kind. 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 to have the Money paid him (by way of anticipation) before it be due by the tenor 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 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 tenor of the bill, but to some other; In this Case, he on whom the bill is drawn aught to be liable 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 pass, and the like may be again;) Wherefore, I would never advise any to pay Money 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 yourself; 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 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 Money 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 Money, until 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 are all of them bound in the bill of Exchange, yet they are not all immediately 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 departed this life before your bill is due, you must at the appointed time of payment, demand the Money of his Executors, or Administrators, at his mortuary House, or last dwelling House, and upon their refusal, or delay of payment, you must Protest in the same manner as you would have done, if he had lived, and not paid 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 nevertheless you must not omit to make demand of the Money at the just time limited, and if you offer security to save harmless against the Executors, and Administrators, and that it be refused, you must Protest for nonpayment. 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 assignment on the Bill from the party to whom it is payable according to custom of Merchants, you must make demand of the Money, with offer to give security to save harmless against the party to whom the same is payable, and all others, and if your proffer be refused, you must Protest for nonpayment. 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 public, and he must Protest thereupon in due form. No body at home. IF when a Bill of Exchange is sent you to get accepted, 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 business. No avoiding 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 bill is drawn, to hinder the protesting of the bill, if not accepted, and paid according to the tenor thereof. How to bring French Crowns 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 Crowns, 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 56d. & it will make 14000 pence, whereunto add 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. Stir. and there will remain 142d. which divide by 12d. & it will make 11 & there will remain 10d, then add 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 BY the same▪ Rule you may reduce Ducats, Dollars, or Pieces of Eight into Sterling Money, when you know how many pence Sterling the Ducat, Doller, or Piece of Eight is valued at for the Exchange thereof. Short Instructions how to keep Merchants Books of Account after the Italian Manner. 1. Money paid. When you pay any Money to any body, make the person Debtor, and the account of Cash Creditor. 2. Money received. For Money received, make the account of Cash Debtor, 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 Debtor, and cash Creditor. 4. Goods sold for ready Money. When goods are sold for ready Money, make the account of Cash Debtor, and the Goods Creditor. 5. Goods bought at time. When goods are bought at time, then make the account of the goods Debtor, 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 Debtor, 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 Time, must be divided in two parts, namely, first the Goods must be made Debtor for the whole sum, and the person of whom they are bought creditor: secondly, as much as is paid in ready Money you must make the Person Debtor, and Cash Creditor. 8. Goods sold one part for ready Money, and the rest at Time. Goods sold one part for ready Money, the rest at Time, first you must make the Person Debtor for the whole sum, And afterwards the goods Creditor; Then you must make the cash Debtor for so much as you receive in ready Money, and the Person Creditor for the rest. 9 Money paid for goods before it is due. When you have bought any 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, than you must make the Person Debtor as followeth, viz. to Cash for so much as you pay him; And to Profit and Loss for the rebatement of allowance for the discount. 10. Goods sold in barter for others. When you sell goods in barter for others, than you must make the Goods which you receive Debtor to the Goods which you delivered. Receive before you writ, and write before you pay, And so a just Account, be sure to keep you may. An Almanac, or Table to know the just date of Bills of Exchange from New stile, to Old stile for ever. 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. Nou. 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 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 Days before ours, and the English Account, or Old stile in the second Column, and so again the New stile in the third Column, and our English stile in the fourth, and so forwards; every other Column which hath the Month named at the top thereof is New stile, and those Columns which have not the Months writ on the top, are Old stile; And by this Table it appears that the 1. January New stile, is the 22 December Old stile, 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 down, I shall forbear any farther explanation. FINIS.