Selected quad for the lemma: friend_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
friend_n	bank_n	money_n	payable_a	51	3	16.0678	5	false

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A06786	Consuetudo, vel lex mercatoria, or The ancient law-merchant Diuided into three parts: according to the essentiall parts of trafficke. Necessarie for all statesmen, iudges, magistrates, temporall and ciuile lawyers, mint-men, merchants, marriners, and all others negotiating in all places of the world. By Gerard Malynes merchant.	Malynes, Gerard, fl. 1586-1641.	1622 (1622)	STC 17222; ESTC S114044	480,269	516

pounds worth at London in commodities which are accounted in price as if hee had bought them for readie mony and doth giue vnto the Seller of the said commodities one or more Billes of Exchanges for Antuerp Amsterdam or any other place to be payed according to the price of exchange which is made or ought to be made according to the value of the monyes of one Countrie and the value of the monyes of other Countries by weight and finenesse as shall be heereafter declared and that according to the distance and discrepance of the time and place where and when the said monyes shall be payed by the Buyers friend Factor or Seruant and so the said Bill or Billes of Exchanges are payed accordingly for the commodities so bought By mony payable in Banks 4 Another Merchant hauing mony in Bankes or in the Bankers hands at Amsterdam or any other place where Bankes are kept buyeth some commodities in the said places and casting vp what the same doth amount vnto hee goeth to the Banke and assigneth the Seller of the said commodities to receiue so much mony there and the Banke accepting thereof giueth him satisfaction in the payment he maketh vnto others according to the manner of Bankes hereafter declared By a Letter of Credit 5 Another buyeth some commodities there or in any other place beyond the Seas and for that purpose he hath a Letter of Atturny called a Procuration or a Letter of Credit either from his Master or any other here at London or elsewhere who vpon his Credit hath promised thereby to pay the value of the said goods in some place beyond the Seas according to a price of Exchange agreed vpon betweene the parties here and the like is done beyond the Seas to be payed here which is still according to the value of monyes in both parts answerable to weight and finenesse by way of Exchange And the like is done betweene London and Exeter Plimmouth Yarmouth and many other places vpon the very same and vniforme Coyne by Letters Missiue betweene Merchants here and there For Billes Obligatorie 6 The most vsuall buying and selling of commodities beyond the Seas in the course of Trafficke is for Bills of Debt or Obligations called Billes Obligatorie which one Merchant giueth vnto another for commodities bought or sold which is altogether vsed by the Merchants Aduenturors at Amsterdam Middleborough Hamborough and other places For when they haue sold their Clothes vnto other Merchants or others payable at 4 6 8 or more months they presently transferre and set ouer these Billes so receiued for the payment of their Clothes vnto other Merchants and take for them other commodities at such prices as they can agree with the Seller of them be it Veluets Silkes Satins Fustians or any other wares or commodities to make returne of the prouenue of theirs and so selling those forraine commodities here in England they presently buy more Clothes and continue a Reuolution of buying and selling in the course of Trafficke and Commerce being so in effect as may be illustrated by example Suppose A.B. the Clothier selleth to C.D. the Merchant one pack of Clothes Example of of the Reuolution in Trafficke for the summe of one hundreth pounds paiable at six moneths and doth condition with him to make him a Bill in the name of such a man as hee shall nominate vnto him A.B. the Clothier buyeth of D.E. the Gentleman so much Wooll as amounteth to one hundreth pounds and doth intend to deliuer him the Bill of C. D. the Merchant in full payment of his Woolls and to cause the same to be made in his this Gentlemans name But D.E. the said Gentleman caused him to make the Bill payable to E.G. the Mercer and the Mercer is contented with the like condition to accept thereof but he caused the same to be made payable to C. D. the Merchant of whom hee buyeth his Veluets and Silkes and so in payment of them hee deliuered him by an Intermissiue time his owne Bill which hee first should haue made to the Clothier And herein you are to note that in the buying by Bills it may bee made payable to the Clothier or to the Bearer thereof and so all the parties are bearers thereof vnto whom the same is set ouer by Tradition of it onely which by a Retrograde examination will appeare and this is called a Rescounter in payment Rescounter by Bills of Debt vsed amongst Merchants beyond the Seas and seemeth strange vnto all men that are ignorant of this Custome and yet doe they perceiue a reason for it and cannot deny the commodiousnesse thereof The Common Law of England is directly against this course for they say there can bee no alienation from one man to another of debts because they are held Choses en Action and such whereof no propertie can passe by assignement or alienation and many good Lawyers doe wish as well as Merchants that there were an Act of Parliament made for the establishing of the like course in England By reason whereof let vs in the next Chapters handle this matter more distinctly and declare the benefits which the Realme will receiue thereby and all Merchants and others negotiating for great summes There are other manner of buying and selling of commodities by Contracts and vpon Conditions and Casualties which are to bee declared in their proper places whereunto relation may bee had hereafter CHAP. XII Of the Transferring or setting ouer of Billes Obligatorie betweene Merchants and others WE haue in some measure in the precedent Chapter declared the Vse and Custome of Merchants beyond the Seas in the Transferring and setting ouer of Bills Obligatorie or Billes of Debt which they giue each to others for the payment of Commodities bought and sold by way of traffick and trade it resteth now to speake thereof more amply For the sinceritie of plaine dealing hath hitherto beene inuiolable The manner of Billes beyond the Seas in the making of the said Billes which euerie man of credit and reputation giueth of his owne hand writing or made by his seruant and by him subscribed without any seale or witnesse thereunto and is made payable to such a Merchant or person or to the Bearer of the Bill at such time or times of payment as is agreed and concluded betweene the parties either for money or commodities lent or bought and so declared in the said Bill according to the forme hereafter expressed This Custome is much practised by the Merchants Aduenturers beyond the Seas at Middleborough Amsterdam Antuerp Hamborough and other places where they do trade in manner following as we haue noted A Merchant hauing many of these Billes which he hath receiued for his Clothes sold vnto Drapers or other Merchants dwelling in seuerall townes and places will resort vnto a Shop-keeper or another Merchant commonly accompanied with a Mediator or Broker to buy a good round quantitie of Silke wares The setting ouer of

In Hungarie the said Ryckes Doller is seuen shillings seuen pence now inhanced to eight shillings Colloigne At Colloigne and Cleues a guelder is 24 whitpennie of twelue Morkens and euerie whitpennie is two shillings or stiuers and foure marke for the guelder Hamborough At Hamborough the Doller coyned at thirtie and one shillings Lups and for many yeares currant for thirtie and three is inhanced now to fiftie and foure shillings of three whitpennie and euerie shilling is twelue pence of two Hellers euerie pennie Pomerania In Pomerania the said Doller is thirtie and two shillings of two Snudens one marke Snudens is eight shillings Lups and the two markes Snuds are one marke Lups Dansicke At Dansicke the Doller thirtie and fiue Grosse of three shillings and in other places as you may find vpon the moneys denominated hereafter in the Chapter of the Imaginarie Moneys of Exchanges for Merchants further directions CHAP. XX. Of Merchants Accounts kept by Debitor and Creditor THE manner of keeping accounts by Debitor and Creditor was first deuised in Italy vpon verie good considerations There is great affinitie betweene Faith Trust and Confidence in Diuinitie Trust and Confidence are two handmaides vnto Faith euen as Faith is the hand whereby wee apprehend Gods mercies to repose our trust in him and to bee confident thereof But in Humane actions the word Trust is more proper which implieth a credit or beliefe which wee giue or repose vpon others or others do attribute and giue vnto vs. Hence proceedeth the Italian speech Star dal Credere grounded vpon that maxime of the Ciuile Law Omnis homo bonus donec contrarium probetur wherevpon a man negotiating in this world must trust and bee trusted he that is trusted with any goods moneys or other mooueable things is therefore called a Debitor or Debtor vnto the partie that doth trust him therewith and he calleth that partie his Creditor because hee gaue him credit for the same whereby Debitor and Creditor concurreth betweene partie and partie Suppose now that a young man being of age to manage his owne is desirous to deale in the world in trafficke and trade by buying and selling of commodities or to let out his money at vse or by exchange for other countreys vnto which three actions wee still obserue our method as being the Essentiall parts of Trafficke as often hath beene declared and thereupon he endeuoureth to keepe a true account of all his proceedings and negotiation by way of this manner of account by Debitor and Creditor that is to say to haue still a Creditor vnto a Debitor and a Debitor vnto a Creditor which must reciprocally answere each other Now considering of his meanes for the effecting hereof he findeth that he hath one hundreth Clothes two hundreth Kersies or any other commodities left him by his father or friends and moreouer some thousand pounds in readie money and fiue hundreth pounds in debts owing by seuerall persons payable at some time to come besides some hundreth pounds yearely in Lands or Leases out of all these he maketh a Stocke or Capitall which he doth enter into a Book● called a Iournall A Iournall Booke because it containeth his daily actions from time to time and from this Booke they are transferred or set ouer into another bigger Booke called a Liedger A Leidger Booke because the same remaineth as lying accordingly in a place for that purpose The Spaniard doth call this Booke El Libro grande and the Iournall he calleth Manuall being of a farre lesser volume commonly but one third part of the other being manuable and vnto this they keepe a Borrador or Memorial wherein all things are first entred A Memoriall Booke and may vpon occasion be blotted altered or by error be miscast or not well entred But in the Iournall and Leidger Booke there may not be any alteration of cyphers blotting nor places left in blanke in the Iournall but one parcell without intermission must follow another otherwise the bookes are of no credit in law or before any Magistrat whereas otherwise much credit is giuen to bookes well and orderly kept for the deciding and determination of many controue●sies which happen between Merchants and Merchants and their Factors which is the cause that I could not omit to write thereof as a branch of the Law-Merchant to the end that such Iudges and others that are vnacquainted with the manner of it may be enlightned in their proceedings which in matters of this nature may come before them to be determined The manner how he doth enter them in the Iournall is as followeth WHerein obserue that euerie Debitor must haue a Creditor and so on the contrarie euerie Creditor his Debitor and alwaies the left side of your Leidger Booke being open is the Debitors side and the right side of the said booke towards your right hand is the Creditors side How parcells are found in the ●eidger and Iournall wherein you enter euerie Account by it selfe from the parcells of your Iournall which parcells in the said Leidger Booke are found in the Iournall by the date of it when it was made But in the Iournall the Leaues or Folio of the Leidger are noted ouer a line in the Margine for the Debitor and vnder the said line for the Creditor and so in the Leidger booke euerie parcell hath in the latter end a direction to the Folio or Carta as the Italians call it whereby the Debitor sheweth his Creditor and the Creditor maketh relation to his Debitor which words are not vsed but vnderstood by Such a one oweth and Such a one is due to haue not only of persons but of things themselues As the great Merchants which buy and sell many commodities for themselues or for others they will arme an Account which is the Spanish phrase Armar vna Cuenta but in plaine English they will keepe or frame an Account for themselues Magazi● and make their Ware-houses or Magazin Debitor because the Ware-house is trusted with the wares or commodities others will make the commodities Debitor and their owne Capitall or Stocke Creditor Capitall or Stocke In like manner because their moneys are layed vp or locked in a chest which they call Cash they will therefore imagine this Cash to be a person whom they haue trusted Ca●● or Chest. and make the said Cash a Debitor for the money they put into it and when they pay out that money or any part thereof they will make Cash Creditor and that partie to whom it was payed shall be made the Debitor and if he do pay the same by your order to another partie he shall be made the Debitor and so the other is discharged and becommeth a Creditor and so from one to another vntill you come to receiue the money againe and then Cash is Debitor againe for you must stil haue a care to find a Debitor to haue his Creditor A ●●rrie iest of Will. Sommers and

Principall and if he do not pay then the Suretie is to pay it without any course of law vnlesse he be ordered by the Court of Merchants to performe the same because that thereby he may also the sooner recouer the same of the Principall for whom he did giue his promise It is also a custome amongst Merchants that if a Merchant be indebted vnto another and thereupon intreateth another merchant to desire the creditor to respit him some time for the paiment of it if then the said merchant the debtor do not pay accordingly at the time he shall be taken pro confesso and sentence shall be giuen by the Merchants Court for the paiment thereof onely vpon proofe made that he did will another to craue the said respite of time for the paiment The like is done by the Common law of England by triall of Iuries of 12 men vpon proofe made by euidence produced before them that the debtor did craue day of paiment so that they will thereupon deliuer their verdict and iudgement and execution may be of course had for the same But if the promise be not conditionall then is he an absolute Suretie and is to pay the same accordingly as merchants of credit alwaies haue done To become a suretie vnawares A merchant may also be come in the nature of a Suretie vnawares or vnknown vnto him as befell vnto a friend of mine not may yeres since at Frankford in Germanie who during the Mart or Faire went into a merchants Ware-house to conferre of some businesse with him where hee found another merchant of his acquaintance to cheapen some parcel of silke wares with the said other merchant to whom this man as it seemed was vnknowne whereupon the seller of the said silk wares tooke occasion to aske my friend whether he were a good man and of credit and he answered he was so the bargaine was made and goods were deliuered vnto the said merchant the buyer to the value of 460 ll for the which he made a bill obligatorie payable the next Faire following at which Faire the partie not appearing demand was made of my friend to make payment of the said 460 ll because the partie was absent and withall some doubt was made of his sufficiencie my friend had not so much as remembred that any such question was demanded of him but the partie did put him in mind of it by circumstances and would be paied of him he in defence did alleage it to be nudum pactum ex quo non oritur actio and so not bound to pay the same as hauing had no consideration for it The opinion of merchants was demaunded wherein there was great diuersitie so that the Ciuile Law was to determine the same and by the said Law according to the title de mandato consilij he was adiudge to pay the said 460 ll and to haue the debtors bill obligatorie made ouer vnto him A caueat for merchants c. whereof he could neuer recouer one pennie although he did pay the whole debt and dammages for the partie became insoluent This may be a good caueat for merchants and all men for if he had said He is taken or reputed to be a good man of credit or I take him to be so he had beene cleered by the law and the custome of merchants Considerable promises Some promises are considerable according to reason as if a man vpon a penaltie do promise another not to molest or trouble him if the other giue him cause of offence to breake the same he incurreth not the penaltie and a promise made to do a thing is alwaies vnderstood to be for the first time So to make a promise that a pawne shall not be alienated yet it is held by diuers that the same may be hipothecated vnto another so the pawne be preserued Againe on the contrarie if a ship-wright do promise to build a ship for a merchant and hee causeth the same to be done by another here the promise is broken by the Law albeit this question is not materiall for it is not like that the building of Ships can be done without contracts in writing and onely by bare promises And the like may bee said to the greatest part of all the questions wherewith the Bookes of Ciuilians are fraighted so that for Merchants vnderstanding the ancient ordinarie Customes obserued in the course of the said Essentiall Parts of Trafficke is plainely to bee declared and distinguished from litigious questions CHAP. XI Of the Reuolution of Buying and Selling of Commodities by the course of Trafficke EVen as the whole Commerce and Trafficke consisteth of our Land Commodities and some fishing on the Seas and of the Commodities of forraine Nations So from hence followeth An efficient Cause of a kind of Reuolution in buying and selling of Commodities because the commodities of one countrie growing rancke and aboundant are transported into other countries in whose steed needfull commodities of those kingdomes and countries and returned thither which is a neighbourly lending betweene kingdomes and countries For as is noted God caused Nature to distribute her benefits or his blessings to seuerall Climates of diuers things found in some places that are not in other places to make an interchangeable course of the said commodities by way of merchandizing This Reuolution of Trade Sundry means for buying and selling may be illustrated by the consideration of the seuerall meanes whereby the said buying and selling are effected 1 The first is buying with readie money For readie money which is commonly the best and with most aduantage for commodities are sold better cheape wherein the knowledge of the goodnesse and necessarie vse is requisite 2 There is also a buying and selling of Commodities For readie mony and paiable at times paiable at some limitted time or times of paiment or partly readie mony and partly at times and the difference of price heerein is commonly aboue tenne vpon the hundreth more or lesse as the rate of monyes at interest are in the places of Commerce where the said Commodities are sold or bought and according to the plentie of mony extant vnlesse the superaboundance of Commodities doe alter the same especially if the Commodities be perishable by Corruption Time and Accidents so that the condition qualitie or goodnesse of the commoditie is much to be respected which was the cause that when commodities did abound at the first and the wealth of man was described by cattle and the like perishable things all kind of metall as being durable was most esteemed and the purest mettall taken to be fittest to make monyes of as hereafter shall bee amply declared in our second Part. By Billes of Exchange 3 There is another buying and selling of commodities to bee payed by Billes of Exchanges that is to say The Buyer giueth a Bill of Exchange or many Billes to bee payed by exchange in another place as for example one buyeth fiue hundreth