EXC
From this Diverfity in the Price of Exchange, arifes that common Proverb, T"he Exchange and the Wind are often changing. — But the more natural Way of deriving the Word Exchange, is from this, that a Man here exchanges his Money for a Bill j or that he changes prefcnt Money for abfent Money 5 or changes his Debtor.
Exchange is not to be lcok'd on as a Loan 5 from which it differs, in that in the one, the Rifque, or Dan- ger, lies on the Perfon who borrows ; and in the other, on him who lends. It likewife differs from Interefi, in that Exchange is not paid in proportion to the Time, which In- terc& is. See Interest and Loan.
Exchange, is alfo ufed in divers Places for the Due, or Profit, allow'd for the changing of one Sort, or Species, of Money for another. — This is particularly call'd Small Exchange, Natural Exchange, Ture Exchange, &c.
Exchange, is fometimes alfo ufed for the Agio, or Profit, allowed for the Monies advanced in any one's Be- half. See Agio.
Exchange, is alfo a public Place, in moft confiderable Cities, wherein the Merchants, Negotiants, Agents, Bankers, Brokers, Interpreters, and other Perfons concern'd in Com- merce, meet, on certain Days, and at certain Times thereof; to confer, and treat together of Matters relating to Ex- changes, Remittances, Payments, Adventures, Affurances, Freightments, and other Mercantile Negotiations both by Land and Sea.
In Flanders, Holland, and feveral Cities of France, thefe Places are call'd Bourfes ; at Taris and Lyons, 'Places de Change; and in the Hanfe Towns, Colleges of Merchants. See Burse.
Thefe Affemblies are held with fo much Exaftnefs, and Merchants and Negotiants are fo indifpenfably required to attend at them ; that a Perfon's Abfence alone, makes him be fufpected of a Failure or Bankrupcy. Sec Bankrupt.
The moft confiderable Exchanges in Europe, are that of Amflerdam ; and that of London, call'd the Royal Exchange. See RoxAt. Exchange.
That of Antwerp was little inferior to either of them ; till the Port of that City was render'd impracticable by the Hollanders, to bring the Commerce thereof to thcmfelves.
Even in the Time of the antient Romans, there were Places tor the Merchants to meet, in moft of the confider- able Cities o£ -1- K— r :... -tw i~.;u „ R mle< irt t ] le Tear ot the City 259, 459 Years before our Saviour, under the Confiilate of Appms Claudius, zniJBuUnrt ServHius, was call'd Collegium 'Merumrurum';" whereof we have {fill fome Remains, call'd by the modern Romans Loggia, the Lodge ; and now, ul'ually, the Place of St. George. See College.
Exchange, in Law, is the Compenfation which the Warrantor mull make the Warrantee, Value for Value, if the Land warranted be recovered from the Warrantee, Braclon. L. II. See Warranty.
I'he King's Exchange, is the Place appointed by the King for Exchange of Plate, or Bullion for the King's Coin. Thefe Places have formerly been divers ; but now there is only one, viz. that of the Tower of London, joyn'd with the Mint. See Mint.
Sill of Exchange, is a Writing given by a Mer- chant, or other Negotiant, to procure a Sum of Money to be paid the Bearer thereof, in fome diftant Place 5 in Confideration of a like Sum paid the Writer, by the Per- fon in whofe Behalf the Bill is drawn. See Bill of Exchange.
What we call Rechange, is the Due, or Premium of a fecond Exchange, when a Bill is protefted. See Re- change.
ExcHANGE-J9roiers, are Perfons who make it their Eufinefs to know the Alteration of the Courfe of Exchange, to infurm Merchants how it goes, and to notify to thofe who have Money to receive or pay beyond Sea, who are proper Perfons for the Exchanging and doing thereof. See Broker.
When the Matter is accompliflied, that is, the Money paid, they have for Brokage 2 Shillings per 100 Pound Sterling.
But of late, the Humour of gaining, and dealing in Stocks, hath fo prodigioufly increased the Number of Per- fons who aft as Brokers, that their Bufinefs, and their Pay, is very uncertain.
Exchangers, are thofe who return Money beyond Sea, by Bills of Exchange, &c. call'd antiently alfo Excam- hiators, and fince Remitters. See ExcAmbiATOr.
EXCHEQUER, or fimply, Chequer, a Chefs-Board; or a Frame divided into S4 Squares, of two Colours, where- on to play at Draughts, Chefs, SSc.
The Word' is form'd from the French Efcheqnier, which flgnifies the fame Thing. See Ch ess.
Hence, Trees are laid to be planted Ex-cheatter-v/'&, in gumcmicem, when difpofed fo as to form divers Squares reprefenting a Checquer.
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EXC
Exchequer, is alfo a Chamber, or Apartment mWeL mmfter-Hall, confifting of two Parts ; theCW* of Exche- quer, and the lo-wer Exchequer. ■
The Conn of Exchequer," i s a Court, wherein are tried all Caufes relating to the King's Treafury or Reve- nue 5 as, touching Accounts, Disbursements, Cuftoms Fines, sSs. See Treasury.
It confifls of Seven Judges, viz. the Lord Trcafurcr, the Chancellor of the Exchequer, the Lord Chief Baron and three other Barons of the Exchequer, with one Cur- fitor Baron. See Chancellor, &c.
The Lord Chief Baron is the principal Judge of the Court. Sec Barons of the Exchequer.
The Court of Exchequer is divided into two: The °ne of Za-w, the other of Equity.
All Judicial Proceedings according to Law, are ftyled, coram Baronibus only : But the Court of Equity held in the Exchequer Chamber* is coram Thefaurano, Cancel- lario, %5 Baronibus-, before the Treafurer, Chancellour, and Barons.
For a long Time after the Conquer*, there fate in the Exchequer, both Spiritual and Temporal Barons of the Realm ; But of later Times, there have fat in their Pla- ces other Judges, who, tho* no Peers of the Realm, yet retain the original Denomination.
The common Opinion of our Hiftorians is, that this Court was ereclcd by William the Conqv.erour, foon after his having obtain'd the Kingdom; and that it took its Form from the Echequier, or Scaccarium, eltabli/hM in Normandy long before that Time. In Effect, the two Exchequers have this in common, that the Norman was the Supreme Court of that Dutchy, or a general Affize whereat all the great Lords attended, to judge finally of all Concerns of the grec'teft Importance 5 and was ambu- latory : And that the EngUjb Exchequer was a Court of the fctigheft Jurifdicfion; that the Acts thereof were not to be examined by any of the ordinary Courts ; that it was the Repofitory of the Records of all the other Courts; and that it was to be held in the King's Cuurt, anil be- fore him ; and that it was concerned in the Prerogative, as well as the Revenue of the Crown.
The immediate Profits of the Crown, as of Franchifes, Lands, Tenements, Hereditaments, Debts, Duties, Account^ Goods. Chattels, all Disburfcments, Seizures, and Fines, impofed on she Subject, i5c. are wif-hin the JurifdiJtion of the Exchequer. And the King's Attorney may exhibit Bills, for any matter concerning the King in Inheritance or Profits 5 fo alio may any Perfon, who finds himielf aggrieved in any Caufe profecuted againft him on Behalf of the King, or any Patent by Grant of the King, ex- hibit his Bill againii the King's Attorney, Wc» to be relieved by Equity. See Court, King, £?c.
To this Court belong two Offices, the King's Remem- brancer's Office, and the Lord Treasurer's Remembrancer* See Remembrancer.
Authors are divided about the Origin of the Denomi- nation of this Court, Exchequer. c Du Cavge is of Opi- nion, it came from a Chequer-wrought Carpet, covering the great Table in that Court; or from the Pavement of the Court, which was Chequer-vvik: Others, from the Accomptants in this Office ufing Chequers, or Chefs- Boards, in their Computations : Nicod, from the Court's being compoied of different Qualities, as the Pieces or Partitions in a Chefs-Board : Others, by reafon People pleaded here, ranged, as it were, in Battle array, as they do at Chefs. Menage, after c Pithou, ckc, derives the Word from the German, Schichen, to fend; by reafon this Court fucceeded the Commiffioners call'd in ancient Titles, MiJJl jDominici. Spelman, &c. derives it from Schatz, which fignifies, Treafure : Whence Tolydore Virgil alfo writes it, Scattarium, inftead of Scaccharmm. Laftly, Somner derives it from Schaen, toravifh; which, according to him, is the Character of the Treafury.
The Lower Exchequer, call'd alfo the Receipt of the Exchequer, is the Place wherein the King's Revenue is rcceiv'd and disburfed. See Revenue and Treasury.
The principal Officers whereof arc, the Lord treafurer, a Secretary of the Treafury* a Chancclmr of the Exche- quer, two Chamberlains of the Exchequer, an Auditor of the Receipts of the Exchequer, four 'Teller*, a Clerk of the "Pells, an U flier of the Receipt, a Tally Cutter* See. See Lord Treasurer, Chancellor of the Ex- chequer, Secretary, Chamberlain, Teller, Pells, Tally, Be. , .
Slack Book of the Exchequer, is a Book under the keeping of the two Chamberlains of the Exchequer 5 laid to have been compofed in 117 >> ty Ge ™fH ot f l1 " bury, Nephew of King Henry 11. ™ d divided into ieve- ral Chapters. _ , _ "
Herein is cottain'd a tfelcription of the Court of En- '■ as it then Hood, its Officers, their Ranks, Privi- leges,
