duties, &c., per legem mercator, which is a part of the common law."

Montesqueiu, Spirit of Laws, b. 20. c. xii., commends very highly the early displayed humanity of the English_to the merchant strangers. "Other nations," says the eloquent Frenchman, "have made the interests of commerce yield to those of politics; the English, on the contrary, have always made their political interests give way to those of commerce."

By the old laws of the Wisigoths*, foreign merchants strangers were to be well treated, and tried even by their own laws; Fuero Jusgo, lib. ii. p. 436. ; and to this day our own courts will endeavour to give effect to foreign Bills of Exchange according to the laws of the country in which they are drawn.

So early as 1221, the plundering of shipwrecked goods by a Sicilian law was made capital. Pragmaticæ Regni Siciliæ Panormi, 1637.

An ancient Bavarian law ordained, according to Lindenbroque's collection, p. 412., "Si autem aliquis tam præsumptuosus fuerit, ut peregrinis nocere voluerit xiv. Sol. mulctetur, Deus nam dixit Peregrinum et pauperum non contristabis de rebus suis."

The Welsh lawyers of the olden time, on the contrary, had none of these discriminating feelings in their composition. "Tres sunt homines quibus, multa pro injuriâ eis illata non debetur: scilicet furiosus, alienigena, et leprosus. Leg. Hoel Dda, p. 330.

The Japanese to this day, I believe, imprison shipwrecked mariners; and an old law of Cyprus ordained that all Jews landing on their coast should be put to death. Dio Cassius, 1. xviii. Bar. on the Stat. p. 25. During the dark ages of England's history, although the law did not go quite the length of that of Cyprus, with regard to the poor Jews, yet still they were completely out of the pale of the law; to rob a Jew was legal, and even praiseworthy, and if he was refractory, to torture him into submission was by no means deemed an irregular proceeding.

DESCRIPTION OF BILLS, NOTES, &c.

A Bill of Exchange may be defined, An open letter, in which the writer desires a second person to pay a third, or any other person whom the third may order, or the bearer, a sum of money. There are several parties to a Bill of Exchange.

1. The drawer, or maker.

2. The drawee or person upon whom it is drawn, who by accepting it becomes

3. The acceptor, who is usually the payer, to the order of either the drawer or other person, who is therefore

4. The payee.

5. The indorser, from in-dorso, is the person who, by subscribing his name on the back of the bill, orders its payment to another person, who is the indorsee.

*The ancient Goths were divided into three great divisions- - Ostrogoths, Wisigoths, and Gepida or Loiterers. Jornandes, c. 17. 1 Gibbon's Rom. Emp. p. 10.

Promissory Notes have, in the contemplation of the courts, a similar number of parties. 1. The person who signs his name to

the "I promise to pay," &c., is the drawee and acceptor.

2. The person to whose order it is made payable is regarded as the drawer, and first indorser, to subsequent parties, who are 3 Indorsees.

Bankers' Checks are payable to bearer at sight, are not usually indorsed, and should be drawn upon regular bankers.

They may be declared upon as Promissory Notes; are not due until presented.

But this must be done in reasonable time, which is a question for the consideration of the jury; the usual period allowed to the holder is one clear day.

IO U's are not regarded as Promissory Notes, they are merely evidences of a debt, and even then cannot be used as a set-off, without they are on stamps. Brooks v. Elkins (1836), 2 Meeson & Wels, 74. Fisher v. Leslie (1796), Espinasse, 426. Guy v. Harris, Bayley on Bills, 8. Israel v. Israel (1808), 1 Campbell, 499. Green v. Davies (1825), B. & C. 235. Morris v. Dixon, K. B. Easter T., 1836.

They are not receipts, and may therefore be received in evidence in an action of assumpsit for money lent, without being stamped. Childers v. Boulnois (1830), 1 D. & R., N. P. C. 8.

A Write Off is a Bill of Exchange, and, as such, needs a stamp. Emlyn v. Collins (1817), 6 M. & S. 144.

A Bill is not void by being drawn or dated on a Sunday Begbie v. Levy (1830), 1 C. & P. 180. 1 Tyrwhit. 130. Rex v. Whitmash (1827), 7 B. & C. 596. 1 M. & Ry. 452. Drawing a Bill not being a following of a man's ordinary calling, according to the 29 C. 11. c. 7.

The usual form of an Inland Bill of Exchange is as follows:

£20. 10s.

London, March 1. 1837. Two months after date (or sight), pay to my order twenty pounds ten shillings, value received.

To

Cheapside, London.

I. S.

The acceptance, which is usually written across the face of the Bill, is generally in these words: Accepted, payable at Messrs. Bankers, London. T. P." This is a general acceptance; but if the acceptor wishes to make a qualified and special acceptance he adds, "and not otherwise or elsewhere."

A Promissory Note is usually in this form:

London, March 1, 1337.

Two months after date, I promise to pay at

five Pounds ten shillings.

twentyI. S.

£25. 10s.

A Banker's Check is usually thus written :

Messrs. Smith, & Co.

Pay Mr.

£22. 10s.

or bearer, twenty-two pounds ten shillings.

A Foreign Bill of Exchange is usually in this form: — London, March 1, 1837.

I. S.

Two months (or usances after sight, or at sight), pay this my first Bill of Exchange (the second and third of the same tenor and date being unpaid), to Messrs. Smith & Co. or order, five hundred Pounds, value received from them, and place the same to account, as per advice from

To M. Von Ham, at Amsterdam.

Payable at

I. S.

These, however, necessarily vary in form and expression

I O U's are a very simple mode of acknowledging a debt; they are usually in this form :

Mr. Smith,

IOU ten Pounds.

March 1, 1837.

J. H.

USANCE.

Foreign Bills are usually made payable at usances after date or sight; the word usance merely means usage. This usance varies according to the custom of different places. The usance from London to Amsterdam, Rotterdam, Antwerp, Lisle, Rouen, Paris, is one month after the date of the Bill. The usance from London to Spain and Portugal, 2 calendar

months.

The usance from London to Florence, Leghorn, Venice, Aleppo, &c. is usually treble usance, or three months from the date of the Bill.

The usance from Amsterdam to Genoa, Venice, Naples, Palermo, Lisbon, is generally double usance, or two months. Molloy

277.

Half a usage is 15 days.

The usance does not include the day from whence the Bill is dated. A calendar month is an usance.

The day on which the Bill is dated is not included in the time it has to run; thus a Bill dated on the first day of the month, payable ten days after date, falls due on the eleventh, or rather with the three days of grace, on the 14th.

Here again the common law makes an exception in favour of the law of merchants, for in a lease to commence from the making the day of the date is included, although it is otherwise if the lease is to commence from the day of the date. Cramlington v. Evans, (1690), 2 Ventris, 307–310. Bellasis v. Hester (1697), Lord Raymond, 280.

Where a Bill is drawn from a place where old style prevails, and is remitted to a place using new style, the time is to be computed from the place at which it is drawn.

The old style is used in Russia, Denmark, Utrecht, Guelders, East Friesland, Geneva, and in the Protestant principalities and cantons of Germany and Switzerland.

New style, throughout Great Britain, the Low Countries (except the above mentioned), France, Portugal, Spain, Hungary, Italy, Poland, and the Catholic principalities and cantons of Germany and Switzerland.

The days of grace are the days allowed to the payee, by the custom of merchants, for the payment of the Bill; the number of these days of grace varies according to the custom of the place, where the Bill is payable.

In Great Britain, Ireland, and Vienna, it is three days.
Frankfort (out of fair time), four days.

Leipsick and Augsburg, five days.

Venice, Amsterdam, Rotterdam, Middleburgh, Antwerp, Co. logne, Breslau, Nuremberg, and Portugal, six days

Naples, eight days.

Dantzic, Koningsberg, and France, ten days.

Genoa, thirty days.

Sundays and holidays are generally included in the days of grace; but they are not so at Breslau, Nuremburg, Cologne, and Venice.

The day on which the Bill falls due, does not, except at Hamburgh, make one of the days of grace.

If the last day of grace falls on a Sunday, the Bill is payable on the previous day.

Bills payable at sight have no days of grace; but it is otherwise with those payable after sight.

A Bill payable after sight bears date from the day of the acceptance, and not from that of the presentation for acceptance.

It was not finally determined that three days' grace is to be allowed on Promissory notes, until the case of Brown v. Harraden, Hilary Term, 1791, 4 T. R. 148. Judge Buller: "The acceptor undertakes to pay the Bill on demand, on any part of the third day of grace, provided that demand be made within reasonable hours. A demand at two or three o'clock in the morning would be at

10

HISTORY OF BILLS OF EXCHANGE.

an unreasonable hour; but, on the other hand, to say that the demand should be postponed till midnight, would be to establish a rule attended with mischievous consequences. If this case were to be governed by any analogy to the demand of rent, payment of a Bill of Exchange could not be demanded till sunset."

CERTAIN LEGAL PROPERTIES OF A BILL OF EXCHANGE.

A Bill of Exchange, or even a bank note, cannot be taken in execution for a debt, or in a distress for rent. Fieldhouse v. Croft (1804), 4 East, 510. Knight v. Criddle (1807), 9 East, 48. "The attempt," said Lord Ellenborough, "is an innovation on the law, which ought not to be admitted." - See also French v. Nash, Rep. temp. Hardw. 53.

The taking a Bill in exchange for a bond or other specialty debt, does not defeat any remedy on the latter. Drake v. Mitchell (1803), 3 East, 251. And if a landlord takes a note of hand, and even gives a receipt for it for his rent, he may still distrain. Harris v. Shipway (1774), Buller's Nisi Prius, 182. Curtis v. Rush (1814), 2 Ves. & B. 416. Palfrey v. Baker (1817), 3 Price, 572. But if a Bill is taken in full satisfaction, or discharge of another, the first does not revive if the second is not paid. Sard v. Rhodes (1836), 3 C. M. & Ros. 153.

A Bill of Exchange is not exempt from the provisions of the statute of limitations; it must be demanded legally, within six years from its becoming due. Renew v. Axton, Carthew, 3.

A Bill of Exchange given as a donatio causà mortis, must be endorsed; the bare delivery will not convey a property in them. Miller v. Miller (1735), 3 P. W. 356; at least, without they are endorsed over by the donee for a valuable consideration. The same remarks apply to checks, which should be paid in the lifetime of the donor, or before the banker has notice of his death. Tate v. Hibbert, 2 Ves. Jun. 111. But bank notes or bonds pass under the same circumstances by mere delivery. Miller v. Race (1735), 3 P. W. 356. Bills of Exchange do not pass by a bequest of all the testator's "property," though bank notes will. Stewart v. Bute (1804), 11 Ves. 657.