INCIDENTAL OBSERVATIONS RELATIVE TO BILLS OF EXCHANGE, &c.

Exceptions from the Duties on Bills of Exchange.

All bills of exchange, or bank post bills, issued by the governor and company of the Bank of England.

All bills, orders, remittance bills, and remittance certificates, drawn by commissioned officers, masters, and surgeons, in the navy, or by any commissioner of the navy, under the act 35 Geo. III. c. 94. for the more expeditious payment of the wages and pay of certain officers belonging to the navy.

All bills drawn pursuant to any former acts of parliament by the commissioners of the navy, or victualling or transport service, or for taking care of sick and wounded seamen, upon, and payable by, the treasurer of the navy.

All drafts or orders for the payment of any sum of money to the bearer, on demand, and drawn upon any banker, or person acting as a banker, who shall reside and transact the business of a banker, within ten miles of the place where such drafts or orders shall be issued, provided such place shall be specified in such drafts or orders, and provided the same shall bear date on or before the day on which the same shall be issued, and that the same do not direct payment to be made by bills or promissory notes.*

All bills for the pay and allowances of his Majesty's land forces, &c. except such bills as shall be drawn in favour of contractors, or others, who furnish bread or forage to the troops, and who, by their contracts or agreements, shall be liable to pay the stamp-duties on the bills given in payment, for the articles supplied by them.

Regulations in the Act.

If any bill, &c. shall be written on paper not stamped, or stamped with a stamp of lower value than directed; then there shall be due and paid the full duty thereby chargeable, which will be payable by, and charged upon, all persons who shall draw and make, and utter and negotiate, such bills, &c. And all persons who shall write or sign, or cause to be written and signed, or who shall accept or pay, or cause to be accepted or paid, any bill, &c., without being first stamped with a proper stamp, shall forfeit £50.

No bill, &c. shall be available in law or equity, unless stamped with the lawful stamp; and it shall not be lawful for the commissioners to stamp any paper, &c. after any bill, &c. shall be written thereon under any pretence whatsoever.†

Promissory Notes.

The following instruments are deemed and taken to be Promissory Notes, within the intent and meaning of the act, viz.

All notes, promising the payment of any sum or sums of money out of any particular fund, which may, or may not be available, or upon any condition or contingency, which may or may not be performed,

Fifteen miles by 9 Geo. IV. c. 42 § 15. post.

The regulations under which bills of exchange, when improperly stamped, may be rectified, are contained in 37 Geo. HI. c. 136. § 5, 6.

or happen; if the same shall be made payable to the bearer, or to order, and if the same shall be definite and certain, and not amount in the whole to twenty pounds.

And all receipts for money deposited in any bank, or in the hands of any banker or bankers, which shall contain any agreement or memorandum, importing that interest shall be paid for the money so deposited.

Exemptions from the Duties on Promissory Notes.

All notes promising the payment of any sum or sums of money out of any particular fund, which may or may not be available: or upon any condition or contingency, which may or may not be performed or happen; where the same shall not be made payable to the bearer or to order; and also where the same shall be made payable to the bearer or to order, if the same shall amount to twenty pounds, or be indefinite.

And all such instruments, bearing in any degree the form or style of promissory notes, but which in law shall be deemed special agreements, except those expressly directed to be deemed promissory notes. But such notes shall nevertheless be liable to the duty which may attach thereon, as agreements or otherwise.

Promissory notes issued by the governor and company of the Bank of England are also exempted from these duties.

A few Words of Advice, the rESULT OF WHAT HAS BEEN ADVANCED IN THE FEW IMMEDIATELY PRECEDING PAGES.

To the Drawer of Bills.

He should be well satisfied that they will be accepted and duly honoured before he draws: to this end, it is requisite that he be assured of having effects in the hands of the person drawn upon; and also that he be a man of integrity and punctuality, who will not dishonour his paper, but pay it regularly as it becomes due; for the dishonour of a bill may be ruin to the credit of the drawer, with all those, at least, through whose hands it may pass.

To the Acceptor.

He should be careful to accept no bill that he has not effects in his hands to answer.

To insist upon his correspondent advising of each bill so soon as drawn, specifying the number, date, sum, time, and to whom payable; for, if he should accept or pay a forged draft, the loss will fall on himself.

To adjust and balance all accounts of this nature at least once in three months, and oftener if the drafts are large and continual.

To the Bill-Holder.

He should exchange no drafts for a stranger, when he is not convinced of the validity thereof from the writing of the drawer or acceptor; if he be not satisfied on this head, he may offer to send the bill to one of the parties, and, when in cash, that he will account with him for the value.

He should see that the bill be drawn upon a proper stamp; and make the person paying the bill to him, endorse his name on the back; and take a regular copy of the particulars of the bill in a book.

If the bill be not already accepted, he should present it for acceptance. If the person it is drawn upon will not accept, and also adds he will not pay it when due, return it to the endorser or drawer, immediately, taking an equivalent for the same.

But if the drawee say "he may pay it when due," wait till that day, present it for payment, and, if then refused, have it protested; and for the amount call upon the endorser. But as you have at present the endorser and drawer as your security, be cautious how you give up the bill to either for their single security, if doubtful.

When you remit a bill, endorse, on the back thereof, " Pay the contents to A. B. or C. or order." This will prevent the bill's being negotiated, should it miscarry, or fall into improper hands.

If the bill be payable to bearer, write upon the face thereof, "Sent by post, December, to A. B. of C. D. E." in red ink. Endorse no bill until you pay it away; for when endorsed, it becomes immediately negotiable in whatever hands it may be.

7 and 8 Geo. IV. c. 15.

An Act for declaring the Law in relation to Bills of Exchange and Promissory Notes becoming payable on Good Friday or Christmas day.

Bills or notes becoming due the day before Good Friday or Christmas day, notice of dishonour may be given the day after, &c.-In all cases where bills of exchange, or promissory notes, shall be payable either under 39 and 40 Geo. III. c. 42. (see page 927, ante.) or otherwise, on the day preceding any Good Friday, or Christmas day, it shall not be necessary for the holder of such bills or notes to give notice of the dishonour thereof until the day next after such Good Friday or Christmas day; and whenever Christmas day shall fall on a Monday, it shall not be necessary for the holder of such bills or notes as shall be payable on the preceding Saturday to give notice of the dishonour thereof until the Tuesday next after such Christmas day; and every such notice given as aforesaid shall be valid and effectual to all intents and purposes. § 1.

Bilis or notes becoming due on fast or thanksgiving days, &c.—In all cases where bills of exchange or promissory notes shall become due and payable on any day appointed by his Majesty's proclamation for a day of solemn fast or a day of thanksgiving, the same shall be payable on the day next preceding such day of fast or day of thanksgiving, and in case of non-payment may be noted and protested on such preceding day; and as well in such cases as in the cases of bills and notes becoming due and payable on the day preceding any such day of fast or day of thanksgiving, it shall not be necessary for the holder of such bills and notes to give notice of the dishonour thereof until the day next after such day of fast or day of thanksgiving; and whensoever such day of fast or day of thanksgiving shall be appointed on a Monday, it shall not be necessary for the holder of such bills or notes as shall be payable on the preceding Saturday, to give notice of the dishonour thereof until the Tuesday next after such day of fast or day of thanksgiving respectively; and every such notice, so given as aforesaid, shall be valid and effectual to all intents and purposes. § 2.

Good Friday, &c. to be as Sunday.-Good Friday and Christmas. day, and every such day of fast or thanksgiving, is and shall, for all other purposes whatever, as regards bills of exchange and promissory notes, be treated and considered as the Lord's day, commonly called Sunday. § 3.

This act not to extend to Scotland. §4.

9 Geo. IV. c. 23.

An Act to enable Bankers in England to issue certain unstamped Promissory Notes and Bills of Exchange, upon payment of a composition in lieu of the Stamp Duties thereon.

From and after July 1, 1828, it shall be lawful for any person or persons carrying on the business of a banker or bankers in England (except within the city of London, or within three miles thereof,) having first duly obtained a licence for that purpose, and given security by bond in manner in this act after mentioned, to issue, on unstamped paper, promissory notes for any sum of money amounting to five pounds or upwards, expressed to be payable to the bearer on demand, or to order at any period not exceeding seven days after sight; and also to draw and issue, on unstamped paper, bills of exchange expressed to be i payable to order on demand, or at any period not exceeding seven days after sight, or twenty-one days after the date thereof; provided such bills of exchange be drawn upon a person or persons carrying on the business of a banker or bankers in London, Westminster, or the borough of Southwark, or provided such bills of exchange be drawn by any banker or bankers at a town or place where he or they shall be duly licensed to issue unstamped notes and bills under the authority of this act, upon himself or themselves, or his or their copartner or copartners, payable at any other town or place where such banker or bankers shall also be duly licensed to issue such notes and bills as aforesaid. § 1.

If any banker or bankers, who shall take out a licence under the authority of this act, shall issue, under the authority either of this or any other act, any unstamped promissory notes for payment of money to the bearer on demand, such banker or bankers shall, so long as he or they shall continue licensed as aforesaid, make and issue on unstamped paper all his or their promissory notes for payment of money to the bearer on demand, of whatever amount such notes may be; and it shall not be lawful for such banker or bankers, during the period aforesaid, to issue for the first time any such promissory note as aforesaid on stamped paper. § 6.

Negotiation of promissory notes, bills, &c. under a limited sum in England.-By 7 Geo. IV. c. 6. intituled "An Act to limit, and after a certain period to prohibit, the issuing of Promissory Notes under a limited sum in England," certain promissory notes, described in the second section, of bankers and of the Bank of England, payable to the bearer on demand for a sum under five pounds, may be issued and reissued by such bankers and the Bank of England until April 5, 1829. § 2.

No body politic or corporate, or person shall, after the passing of this act, (March 22, 1826,) and before April 5, 1829, make, sign, issue, or reissue in England any promissory note payable on demand to the bearer, for any sum less than five pounds, (except such promissory notes as are

mentioned in the 2d section,) and no body politic or corporate, or person shall, after April 5, 1829, make, sign, issue, or re-issue in England any promissory note in writing, payable on demand to the bearer, for any sum less than five pounds; under the penalty, in either case, of twenty pounds for every note. § 3.

No body politic or corporate, or person, in England, shall, after the passing of this act, publish, utter, or negotiate any promissory or other note, (not being a note payable to bearer on demand, as before mentioned,) or any bill of exchange, draft, or undertaking in writing, being negotiable or transferable, for the payment of twenty shillings, or above that sum and less than five pounds, or on which twenty shillings, or above that sum and less than five pounds, shall remain undischarged, made, drawn, or indorsed in any other manner than as is directed by 17 Geo. III. c. 30. under penalty of twenty pounds. § 4.

This act not to extend to any draft or order drawn by any person on his banker, for the payment of money held by such banker to the use of the person by whom such draft or order shall be drawn. § 9.

Every promissory note payable to bearer on demand for any sum under twenty pounds, which shall be made and issued after April 5, 1829, shall be made payable at the bank or place where the same shall be so made and issued as aforesaid: provided, that nothing in this act shall extend to prevent any such promissory note from being made payable at several places, if one of such places shall be the bank or place where the same shall be so issued as aforesaid. § 10.

Negotiation, in England, of promissory notes, &c. under a limited sum, issued in Scotland or Ireland, or elsewhere out of England.-By 9 Geo. IV. c. 65. intituled "An Act to restrain the negotiation, in England, of Promissory Notes and Bills under a limited sum, issued in Scotland or Ireland," no body politic or corporate, or person shall, after April 5, 1829, publish, utter, negotiate, or transfer, in any part of England, any promissory or other note, draft, engagement, or undertaking in writing, made payable on demand to the bearer, and being negotiable or transferable, for the payment of any sum less than five pounds, or on which less than five pounds shall remain undischarged, which shall have been made or issued, or shall purport to have been made or issued, in Scotland or Ireland, or elsewhere out of England, wheresoever the same shall or may be payable, under the penalty for every such offence of any sum not exceeding twenty pounds nor less than five pounds, at the discretion of the justice of the peace who shall hear and determine such offence. § 1.

Nothing in this act shall extend to any draft or order drawn by any person on his banker, for the payment of money held by such banker to the use of the person by whom such draft or order shall be drawn. § 4.

Drafts on bankers, exemption from stamp-duty.-By 9 Geo. IV. c. 49. § 15. From and after the passing of this act, (July 15, 1828,) all drafts or orders for the payment of any sum of money to the bearer on demand, and drawn in any part of Great Britain upon any banker or bankers, or any person or persons acting as a banker, who shall reside or transact the business of a banker within fifteen miles (see page 933) of the place where such drafts or orders shall be issued, shall be exempted from any stamp duty imposed by any act in force immediately