HKB
[27] See Ruddiman's Preface to Anderson's Diplomata, &c. Scotiæ.
[28] The method described in the text was by no means either the must common or the most expensive one in which those adventurers sometimes raised money by circulation. It frequently happened, that A in Edinburgh would enable B in London to pay the first bill of exchange, by drawing, a few days before it became due, a second bill at three months date upon the same B in London. This bill, being payable to his own order, A sold in Edinburgh at par; and with its contents purchased bills upon London, payable at sight to the order of B, to whom he sent them by the post. Towards the end of the late war, the exchange between Edinburgh and London was frequently three per cent. against Edinburgh, and those bills at sight must frequently have cost A that premium. This transaction, therefore, being repeated at least four times in the year, and being loaded with a commission of at least one half per cent, upon each repetition, must at that period have cost A, at least, fourteen per cent. in the year. At other times A would enable B to discharge the first bill of exchange, by drawing, a few days before it became due, a second bill at two months date, not upon B, but upon some third person, C, for example, in London. This other bill was made payable to the order of B, who, upon its being accepted by C, discounted it with some banker in London; and A enabled C to discharge it, by drawing, a few days before it became due, a third bill likewise at two months date, sometimes upon his first correspondent B and sometimes upon some fourth or fifth person, D or E, for example. This third bill was made payable to the order of C, who, as soon as it was accepted, discounted it in the same manner with some banker in London. Such operations being repeated at least six times in the year, and being loaded with a commission of at least one half per cent. upon each repetition, together with legal interest of five per cent. this method of raising money, in the same manner as described in the text, must have cost A something more than eight per cent. By saving, however, the exchange between Edinburgh and London, it was less expensive than that mentioned in the foregoing part of this note; but then it required an established credit with more houses than one in London, an advantage which many of these adventurers could not always find it easy to procure.
[29] James Postlethwaite's History of the Public Revenue, p. 301
[30] Some French authors of great learning and ingenuity have used those words in a different sense. In the last chapter of the fourth book, I shall endeavour to shew that their sense is an improper one.
[31] See Brady's Historical Treatise of Cities and Boroughs, p. 3. &c.
[32] See Madox, Firma Burgi, p. 18; also History of the Exchequer, chap. 10, sect. v, p. 223, first edition.
[33] See Madox, Firma Burgi. See also Pfeffel in the Remarkable events under Frederick II. and his Successors of the House of Suabia.
[34] See Madox
[35] See Pfeffel
[36] See Sandi Istoria civile de Vinezia, part 2, vol. i, page 247 and 256.
[37] The following are the prices at which the bank of Amsterdam at present (September 1775) receives bullion and coin of different kinds:
SILVER.
Mexico dollars } Guilders. French crowns } B--22 per mark. English silver coin } Mexico dollars, new coin 21 10 Ducatoons 3 0 Rix-dollars 2 8
Bar silver, containing 11-12ths fine silver, 21 per mark, and in this proportion down to 1-4th fine, on which 5 guilders are given.
Fine bars, 28 per mark.
GOLD.
Portugal coin } Guineas } B--310 per mark. Louis d'ors, new } Ditto old 300 New ducats 4 19 8 per ducat.