Exchange for £2,000.

HARTFORD, Feb. 8th., 1839. Sixty days from date of this my third of exchange, (first and second unpaid,) pay to the order of Brown & Parsons, Two Thousand Pounds, sterling, and place the same to the debit of

D. W. CLARK.

TO JAMES HARRIS,

From 2 to 5 copies of the same bill are usually drawn, one of which the purchaser takes with himself, while the others are sent by other conveyances, so, that, in case one or more copies are lost, some may still reach the place of destination.

Such bills are usually purchased by individuals, who are traveling into distant parts, and who wish to make use of the money after reaching their place of destination; or by those who wish to pay debts in the place on which the bills are drawn. This arrangement, in most cases, affords great security and saves expense. The major part of the debts which grow out of trade between individuals in this and foreign countries, are canceled by bills of exchange.

The laws which regulate these bills will be found on

It is impossible to fix upon the time when bills of exchange came into use, but it is evident that they have been extensively circulated, during many centuries. Without them foreign trade would be much crippled, as they are the common medium through which the balance of trade is remitted from one country to another. The transportation of the precious coins is attended with so much expense and hazard and the frequent depreciation in value from one country to another abundantly show the necessity of bills of exchange.

For example, Brown of London owes Andrus of Hartford, $20,000; Comstock, who is going to London, and is in want of $20,000, on his arrival there, purchases a bill of exchange of Andrus on Brown for $20,000. This bill is presented by Comstock to Brown who pays it, which operation enables Brown to cancel that debt with the least possible trouble, and puts Comstock in funds on his arrival, without the expense or danger of transportation.

When one individual is about to draw upon another, the former advises the latter by letter, respecting the sum, time of payment, &c., that he may be prepared to meet it. If no such advice is sent, it is well to express in the bill, "without further advice." Acceptance is obtained and payment received frequently through an agent or correspondent.

Those who sell bills of exchange on England, value the pound, sterling, at $4,44,4. The Sovereign was, when first coined, valued at one pound, sterling; and when we speak of that as £1, we say the value is $4,85, because Congress made it legal tender for that value by the Acts of, 1834. The legal value of the Sovereign prior to 1834, was $4,57. So American Eagles, coined before 1834, July, were legal tender at $10,00; the same coins were by the Acts of 1834, made legal tender for $10,66,6. Thus it will be seen that domestic and foreign gold coins, have increased in value, nominally, since 1834. The Eagle coined since 1834, May, is valued at $10,00.-8, 10, and 12 per cent., premium is charged for bills sold on England, the price of course varying with the demand for them.

THE STATUTE LAWS

Of the several States regulating the Damages on Protested Bills of Exchange.

WHEN Bills of Exchange or Drafts are protested for non-acceptance or non-payment, the State in which the Bill was drawn or negotiated, determines the damages which shall be paid on such Bill. The damages in several of the States are as follows:

The damages on Bills drawn or negotiated in Massachusetts, payable in any place beyond Cape of Good-Hope, and protested for non-acceptance or non-payment, are 20 per cent., with interest, and so much money as will buy a good Bill on the place where the first was payable; if such Bills are payable in any other place out of the United States, the maker or indorser shall pay the amount of the Bill, on demand, at the then current rate of exchange, with 5 per cent. damages and interest on the contents, from the time of protest, which shall be in full, for all damages, charges, and protest.

The damages on such Bills, payable in any of the New-England States, or New-York State, are 3 per cent.; if payable in Virginia, New-Jersey, Pennsylvania, Delaware, Maryland, or the District of Columbia, damages are 5 per cent.; if payable in North-Carolina, South-Carolina, or Georgia, damages are 6 per cent.; if payable in any other place in the United States, the damages are 9 per cent.; if $100, or more, and payable in the same State, and more than 75 miles from where it was drawn, damages are 1 per cent. The holder is, in all cases where the Bill is payable in the United States, entitled to so much money as will buy a good Bill, interest, charges, and the fore-mentioned damages.

The damages on Bills drawn in Connecticut, and payable in other States or places, which shall be returned, under protest, shall be as follows:-If payable to any person in New-York city, 2 per cent. on the specified sum; if to any person in Vermont, New-Hampshire, Maine, Massachusetts, Rhode-Island, New-York, (except the city,) New-Jersey, Delaware, Pennsylvania, Maryland, Virginia, or the District of Columbia, the damages are 3 per cent. upon the principal sum; if payable to any person in North-Carolina, South-Carolina, Ohio, or Georgia, 5 per cent. on such principal sum; if to any person in any other State or Territory, or District in the United States, 8 per cent. on such principal sum. These named damages shall be in lieu of interest and charges till the time notice is given the maker or indorsers of protest. In all cases the holder is entitled to a new Bill, or so much money as will buy one at the then current rate of exchanges. The damages on Bills drawn, or negotiated in New-York, payable in any of the New-England States, New-Jersey, Pennsylvania, Ohio, Delaware, Maryland, Virginia, or the District of Columbia, and returned under protest, are 3 per cent.; if payable in North-Carolina, South-Carolina, Georgia, Kentucky, or Tennessee, and returned under protest, the damages are 5 per cent.; if payable in Europe, or any State or Territory in the United States, north of the Equator or WestIndies, or any other place in the Western or Atlantic Ocean, and returned protested, the damages are 10 per cent. Such damages shall be in lieu of interest, charges, &c., till the time when demand shall be made, after which demand, interest shall be allowed on the principal sum, and charges. The holder is entitled in addition to such damages, to a new Bill, or money to buy such Bill at the current rate of exchange between the two places.

The damages on Bills drawn or negotiated in Pennsylvania, payable out of the State, but in the United States, (Louisiana excepted,) and returned under protest, are 5 per cent.; when payable in Louisiana or any other place (out of the United States,) in North America or its Islands, except the North-West Coast of America, Mexico, or in any of the West-Indian Islands, or Bahama Islands and returned under protest, the damages are 10 per cent.; when payable in Madeira, the Canaries, Azores, Cape-de-Verd Islands, Spanish Maine, or Mexico, and returned protested, the damages are 15 per cent.; when payable in Europe, or its Islands, and returned under protest, the damages are 20 per cent., and in any other part of the world 25 per cent. Interest is given on the amount of the Bill; damages and charges are allowed from the time of notice of protest; and the amount of the Bill, and damages are to be determined by the rate of exchange at the time of notice.

The damages on Bills drawn or negotiated in Louisiana, payable out of the jurisdiction of the United States, and returned under protest are 10 per cent.; if payable in any other State in the

16

DAMAGES ON PROTESTED BILLS OF EXCHANGE.

United States, and protested, the damages are 5 per cent. upon the sum specified in the Bill. Such damages are in lieu of interest, charges, and protest, till notice is given of protest. Also, so much money as will buy another good Bill on the same place.

The damages on Foreign Bills, drawn in Illinois and protested for non-payment or nonacceptance, are 10 per cent., and on Inland Bils the damages on protest are 5 per cent.; with incidental charges, interest from the time they should have been paid, and the principal sum of the Bill to be settled at the current rate of exchange.

The damages on Bills drawn in Rhode-Island, payable out of the United States, returned protested, are 10 per cent., together with the ordinary charges and interest from the date of protest. The damage on foreign Bills, drawn or indorsed in Maine, are the amount of the Bill at par, and also the charges of protest with American interest on those sums from the time when the Bill should have been paid, and the further sum of one-tenth of the money for which the Bill was drawn, with interest upon it from the time payment of the dishonored Bill was demanded. Foreign Bills drawn in Kentucky, and protested for non-payment or non-acceptance, draw 10 per cent. interest from the time of date till paid, provided that not more than eighteen months elapse from date till the Bill is presented protested to the maker or indorser. No damages are allowed on inland Bills.

In Georgia, the damages on foreign Bills protested for non-payment are 10 per cent., with commission and interest, and the principal to be settled at the current rate of exchange.

The damages on foreign Bills drawn in Mississippi and protested for non-payment are 10 per

cent.

Tennessee. A Bill drawn and protested in this State for non-payment draws 10 per cent. interest from date to time of payment.

Such Bills cannot draw interest over eighteen months, except it be presented to the maker or indorser after protest.

The damages on Bills drawn in Ohio on persons living within the United States, and out of that State, returned, protested for non-acceptance or non-payment, are 10 per cent.; if drawn on persons out of the United States, 15 per cent.

THE FOLLOWING ARE THE LEGAL RATES OF INTEREST IN THE

The foregoing are the legal rates of interest, although in some of the Southern States it is not considered usury if a much higher rate is received, such being the agreement between the parties concerned. The rate interest in Louisiana is 5 per cent., yet double that is usually received.

PERCENTAGE.

To find what per cent. is gained.

RULE.

SUBTRACT the buying from the selling price, and after adding two ciphers to the difference, divide it by the buying price, the quotient is the per cent. gained.

EXAMPLE.

If I buy goods at $2,40 and sell them at $2,69 per yard, what per cent. do I gain?

Buy goods for $33, and sell them for 41 cents per yard; what per cent. do I gain?

To find what per cent. is lost.

RULE.

Ans. 24.

Subtract the selling from the buying price, and, after adding two ciphers, divide the difference by the buying price.

EXAMPLE

If I buy cloth at $4,44 per yard, and sell it at 3,34 cents; what per cent will I lose?

Buy calico at 23 and sell it at 17 cents per yard; what per cent do I lose?

Ans. 26+ nearly 27 per cent. lost.

When goods are to be sold to gain a given per cent. on cost price.

RULE.

Add the per cent. you would gain to $1,00 and multiply the sum into the buying price.

EXAMPLE.

If I buy goods at $4,44 cents, and sell them so as to gain 16 per cent. per yard; what will be the price?

4,44 cost price.

1,16 the gain per cent added to $1,00.

2664

444

444

$5,15,04 selling price.

Buy sugar at 9 per pound; for what must I sell it per pound that I may gain 22 per cent.?

Ans. ,11,5.

3

When goods are to be sold, so as to lose a given per cent. on cost price.

RULE.

Subtract the per cent. you would lose from $1,00, and multiply the remainder into the buying price.

I have corn for which I paid $1,07 per bushel; for what must I sell it per bushel, so as to lose 19 per cent.

1,07 buying price.

,81 $1,00-19 cents.

107 856

$86,6,7 selling price.

Buy linen at 83 cents per yard, on which I am willing to lose 91 per cent.; for what shall I sell it? Ans. 75 cents.

CUBIC AND SQUARE MEASURE.

To find the contents of boxes; multiply the length into the width, and that product

by the height.

How many solid feet in a box, 3 feet 6 inches long, 3 feet wide, and 6 feet high?

3,5 3

10,5

6

Ans. 63,0 feet.

When inches are given, it is preferable to multiply by the decimals of a foot, which are as follows, viz.:

To find square feet; multiply the length into the breadth, and divide the product by 9=1 square yard.

How many square yards in a piece of oil cloth, 16 feet long, and 11 feet 9 inches wide?

To find the contents of a globe; multiply its cube by ,5236.

How many gallons in a globe whose diameter is 24 inches?

24 × 24576 × 24: = 13824 X,5236 = 7238231 = 31 gallons.