E X C

34(5

EXC

money is move or less plentiful, or bills of exchange more or less-scarce, in the places. This kind is sometimes called mercantile ormixed exchange.

Exchange, Small, is used to denote the profit allowed forexchanging one species of money for another. This is also callednatural or pure exchange, kc.

Exchange with America, France, Germany, Holland ,&c. See Arithmetic.

Exchequer, in the British jurisprudence, an ancient court ofrecord, in which all causes concerning the revenues and rights ofthe crown are heard and determined. It took this name from thecloth that covered the table of the court, which was party-coloured,or chequered. It is said to hive been erected by William theConqueror, its model being taken from a like court establishedin Normandy long before that time. Anciently its authority wasso great, that it was held in the king’s palace, and its acts were notto be examined or controlled in any other of the king’s courts; but,at present, it is the last of the four courts at Westminster. In theexchequer, some reckon seven courts, viz. those of pleas, accounts,receipts, exchequer chamber (which is an assembly of all thejudges on difficult matters in law,) errors in the exchequer, errorsin tne king’s bench, and, lastly, the court of equity in the ex-chequer. But the exchequer, for the dispatch of business, is gene-rally divided into two parts. Officers of the receipt may take onepenny in the pound, as their fee for sums issued out; and they areobliged, without delay, to receive the money brought thither; andthe money received is to be put into chests under three differentlocks and keys, kept by three several officers. All sheriffs, bailiffs,&c. are to account in the exchequer; and in the lower part, termedthe receipt, the debtors of the king, and persons in debt to them,the king’s tenants, and the officers and ministers of the court, areprivileged to sue one another, or any stranger, and to be sued intrie like actions as are brought in the courts of king’s bench andcommon pleas. The judicial part of the exchequer is a courtboth of law and equity. The court of law is held in the office ofpleas, according to the course of common law, before the barons:in this court, the plaintiff ought to be a debtor or accountant to theking; and the leading process is either a writ of subpoena, or quominus, which last goes into Wales , w here no process out of courtsof law ought to run, except a capias ullagatum. The court ofequity is held in the exchequer chamber before the treasurer, chan-cellor, and barons; but, generally, before the barons only: thelord chief baron being the chief judge to hear and determine allcauses. The proceedings in this part of the exchequer are by theEnglish bill and answer, according to the practice of the court ofchancery; with this difference, that the plaintiff here must setforth, that he is a debtor to the king, whether lie is so or not. It isin this court of equity that the clergy exhibit bills for the recoveryof their tythes, &c. Here too (he attorney-general exhibits billsfor any matters concerning the crown ; and a bill may be exhibitedagainst the king’s attorney by any person aggrieved in any causeprosecuted against him on behalf of the king, to be relieved therein :in which case, the plaintiff'is to attend on the attorney general,with a copy of the bill, and procure bim to give an answer there-to ; in the making of which he may call in any person interestedin the cause, or any officer, or others, to instruct him, that theking be not prejudiced thereby, and his answer is to be put inwithout oath. Besides the business relating to debtors, farmers,receivers, accountants, kc. ail penal punishments, intrusions, andforfeitures upon popular actions, are matters likewise cognizable bythis court; where there also sits a puisne baron, who administersthe oaths to high sheriffs, bailiffs, auditors, receivers, collectors, sur-veyors, and searchers of all the customs, &c. The court of ex-chequer in Scotland has the same privileges and jurisdiction as thatof England ; and all matters competent to the one are competentto the other.

Exchequer Bills. Bills or tickets issued liy the Exchequer,payable out of the produce of a particular tax, are generally outof the supplies granted for the year, and receivable in all paymentsto the exchequer. The first bills of this kind were issued in 1697,as a more convenient kind of security than the tallies and ordersfor repayment then in use, and were partly intended to supply thewant of money during the recoinage then undertaken. With thisview, of late years the total amount of outstanding Exchequer bills(exclusive of those charged on specific branches of the revenue)

has usually been about twelve millions. The interest payable oilthem has been at various rates according to the current rate of in-terest at the time they were issued. The daily transactions be-tween the bank and the exchequer are chiefly carried on by billsof 10001. each, which are deposited by the bank in the exchequerto the amount of the sums received hy them on government ac-count; the bank-notes and cash thus received by the bank beingretained by them, as the detail part of the money-concerns ofgovernment is all transacted at the bank. The instalments on loansare paid into the receipt of the exchequer by these exchequer-billsof 10001. each, which are received again by the bank as cash,either for the amount of dividends due, or in re-payments of ad-vances ; and as, while deposited in the exchequer, they are con-sidered merely as a pledge or security, they of course continue tohear interest, till the advance on which the bank first receivedthem is paid off. Exchequer-bills, though the same in their na-ture and solidity, differ in their origin from navy-bills in this, thatthey are issued in anticipation of revenue, and circulated by thehank of England to raise money. During the recess of parliament,there is a sum left to the credit of the chancellor of the exchequer,to serve in cases of exigency. The bank makes advances to theamount voted, for which the exchequer issues bills. There is astanding contract between government and the hank for the troubleand expence attending the issue and circulation of these hills.Notice is given by public advertisement, and tile payment is madeat the exchequer-bill office Westminster.

Exchequer, Black Book of the, an ancient statistical workunder the keeping of the two chamberlains of the exchequer; saidto have been composed, in 1175, by Gervais ofTilbury, nephewof king Henry II. and divided into several chapters. Herein iscontained a description of the court of England, as it then stood,its officers, their rank, privileges, wages, perquisites, power, andjurisdiction ; and the revenues of the crown, in money, grain, andcattle. Here we find, that for one shilling, as much bread might bebought as would serve 100 men a whole day ; that the price of afat bullock was only 12s. and of a sheep 4s. &c.

Exchequer, Chancellor of the. See Chancellor.

EXCISE, [from the Belgic accusse, tribute - ,] an inland duty orimposition, paid sometimes upon the consumption of the com-modity, or frequently upon the wholesale, which is the last stagebefore the consumption. This is doubtless the most (economicalway of taxing the subject; the charges of levying, collecting, andmanaging, the excise duties, being considerably less in proportionthan in other branches of the revenue. It also renders the com-modity cheaper to the consumer, than charging it with customsto the same amount would do, because generally paid in a muchlater stage of it. But, at the same time, the rigour and arbitraryproceedings of excise laws seem hardly compatible with the temperof a free nation. For the frauds that might be committed in thisbranch of the revenue, unless a strict watch be kept, make it neces-sary, wherever it is established, to give the officers a power of en-tering and searching the houses as deal in exciseable commodities,at any hour of the day, and even, in many cases, of the night.And the proceedings, in case of transgressions, are so summary andsudden, that a man may be convicted in two days time in thepenalty of many thousand pounds, by two commissioners of justicesof the peace: to the total exclusion of the trial by jury, and dis-regard of the common law. . For which reason, though lord Cla-rendon tells us, that to his know ledge the earl of Bedford (w ho wasmade lord treasurer by king Charles I. , to oblige his parliament)intended to have set up the excise in England, yet it never madea part of that unfortunate prince’s revenue; being first introduced,on the model of the Dutch prototype, by the parliament itself afterits rupture with the crown. Yet such was the opinion of its generalunpopularity, that when in 1642 “ aspersions were cast by maligrnant persons upon the house of commons, that they intended tointroduce excises, the house for its vindication therein did declare,that these rumours were false and scandalous, and that their aul horsshould be apprehended and brought to condign punishment.” Itsoriginal establishment was in 1643, and its progress was gradual«being at first laid upon those persons and commodities where itwas supposed the hardship would be least perceivable, viz. themakers and venders of beer, ale, cyder, and perry ; and the royal-ists at Oxford soon followed the example of their brethren at West'*minster, by imposing a similar duty : both sides protesting, that itf ' should