The present state of England. Part III. and Part IV. containing I. an account of the riches, strength, magnificence, natural production, manufactures of this island, with an exact catalogue of the nobility, and their seats, &c., II. the trade and commerce within it self, and with all countries traded to by the English, as at this day established, and all other matters relating to inland and marine affairs : supplying what is omitted in the two former parts ...

CHAP. XCVIII. A Discourse of the Forms of Bills of Exchange, how they ought to be drawn, presented, payed or protested in default; with a caution against delays, and the danger thereof, according to the Law and Custom of Merchants.

A Bill of Exchange in it self is held so excellent a speciallity, and carries with it not only as it were a command∣ing Power to pay; but is for the most part ob∣served and satisfyed with all due regard, tho drawn by a Servant upon his Master, such a high esteem being ever had for the quality thereof, that nothing in the way of Trade can be more, for upon it depends the reputation of the Drawer & Accepter: So that those who fail in the payment of accepted Bills, wound their credit by suffering Pro∣test to be made, which soon gets Wind

and spreads wide upon the Exchange, and not only so but obliges the Acceptor to pay the char•••••• of the Protestant return, and cal••s into question the credit of the draw∣er.

Of bills of exchange there are two sorts, as 〈◊〉〈◊〉 and Inland, viz. the former drawn upon ••. Merchant Banker, &c. Liv∣ing beyond the Seas, the second upon a Merchant Banker or other Person living in the same Country, tho distant from the place where the Bill is drawn; as to make a Bill payable at London, for money taken up at Bristol; each having equal force ought to have due observance alike.

As to an Exchange, four, three or two Persons may make it thus, 2 at the place where the money is taken up, and 2 at the place were it is payable, first the deliverer, secondly the taket, thirdly the Person that is to take the money, and fourthly the party upon whom the Bill is drawn. 3 Persons thus, first the taker, secondly the deliverer, and thirdly the Person on whom the Bill is drawn.

2 Persons, first the Drawer, and second∣ly the Party on whom it is drawn, the for∣mer making his Bill payable to himself or order, which may of Exchange is very advantageous as well to Merchants as other Traders.

There is another sort of Exchange cal∣led a dry exchange, which is practised thus, if a Person have occasion for 100 pound, he goes to a Banker who takes a Bill of Exchange of him to be payed at Lyons, or Paris at double or treble Usance; tho the Drawer has no Correspondence in either of the Cities, then the Bill growing due, the Banker receives a Protest for non-pay∣ment, upon which the Drawer in London must pay the money with costs, which is a Trick to evade the Statute against Extor∣tion.

There is likewise a feigned Exchange which is thus, the Banker agrees to lend me money upon Bill of exchange payable at Amsterdam, yet between our selves it is payable here, which if I pay at the time appointed, I receive my discharge accord∣ing to agreement, but if I make default, then the Banker Writes to his Friend at Amsterdam, who sends him a Bill of Ex∣change for the like Summ owing him here, so that I who borrowed the money, am obliged to pay the cost of the exchanges and other charges.

Another Exchange there is called the petty Exchanges as thus, to exchange 20 Shilling in Silver, for 21 Shillings in Brass or Copper, which is the most inconside∣rable.

And thus much for the several sorts of Exchangs.