EXCHEQUER BILLS

It is thus that fluctuations in the real exchange have a nece ary tendency to correct themselves. They can never, for any considerable period, exceed the cxptnsu of transmitting bullion from the debtor to the creditoi country. But the exchange cannot continue either permanently favourable or unfavourable to this extent. When favourable, it corrects itself by restricting exportation and facilitating importation; and when unfavourable, it produces the same effect by giving an unusual stimulus to exportation, and by throwing obstacles in the way of importation. The true par forms the centre of these oscillations; and though the you sand circumstances which are daily and hourly affecting the state of debt and credit prevent the ordinary course of exchange from being almost ever precisely at par, its fluctuations, whether on the one side or the other, are confined within certain limits, and have a constant tendency to disappear. This natural tendency, which the exchange has to correct itself, is powerfully a isted by the operations of the bill merchants. England, for example, might owe a large exce of debt to Amsterdam; yet, as the aggregate amount of the debts due by a commercial country is generally balanced by the amount of those which it has to receive, the deficiency of bills on Amsterdam in London would most probably be compensated by a proportional redundancy of those on some other place. Now it is the busine of the merchants who deal in bills, in the seme way as of those who deal in bullion or any other commodity, to buy them where they are cheapest, and sell them where they are dearest. They would, therefore, buy up the bills drawn by other countries on Amsterdam, and dispose of them in London; and by so doing would prevent any great fall in the price of bills on Amsterdam in those countries in which the supply exceeded the demand, and any great rise in Great Britain and those countries in which the supply happened to be deficient. In the trade between Italy and this country, the bills drawn on Great Britain amount, almost invariably, to a greater sum than those drawn on Italy. The bill merchants, however, by buying up the exce of the Italian bills on London, and selling them in Holland and other countries indebted to England, prevent the real exchange from ever becoming much depre ed. (For further information as to the principles involved in this curious and interesting department of commercial and international economy, see the able and excellent tract, entitled Observations on the Course qf Exchange, by Williarn Blake, Esq., and the art. " Exchange " in the new edition of the Encyc. Britannica; and for the practical details connected with the subject, see Commercial Dictionary.) We subjoin from the latter a table of the par of exchange between London and some of the principal foreign places for the negotiation of bills of exchange. Amsterdam, banco Do. current - Hamburgh Madrid Lisbon Leghorn Genoa Naples Venice Gold. Silver. Explanations. Mint Regulations. A ays. Old Coinage. New Coinage. Mint Regular tions. A ays. Mint Regulations. A ays. Moneys of Exchange. 36 8 11 4-5 34 3-5 5!5 20 37-3 67-4 49-1 45-5 41-22 46-3 36 6-8 11 3-8 35 1-5 25 26 37-2 67-5 49-0 45-5 46-0 ' 37 3 11 8-5 34 1 24 73 i^:li 46-46 46-46 41-42 47-5 37 10-5 11 11-8 55 1-3 24 91 3.9-0 58-33 46-6 48-9 49-9' 35 0 10 14-6 32 11 23 23 41-7 64-30 49-60 49.4 43-9 44-6 35 6-5 10 17-6 32 11-5 23 40 41-5 62-69 49-5 52-0 46-1 ' ( Schillings and pence Flemish per pound sterling. Agio I 2 per cent. Florins and stivers per pound sterling. Schillings and pence Flemish banco per pound sterling. Francs and centimes per pound sterhng. Pence sterling for the piastre or dollar of exchange. Pence sterling per milree. Pence sterling per pezza of exchange. Pence sterling per pezza fuori banco- * Pence sterling per ducat (new coinage of 1818). Lire piccole per pound sterling. * The currency of Genoa has consisted, since 1826, of Lire It a liane of exactly the same weight and finene as francs; so that the par of exchange with Genoa is now the same as with Paris. EXCHEQUER CHAMBER, COURT OF, in Law, is constituted by 1 W. 4. c. 70. the proper tribunal for the trial of writs of error from the three superior courts, which before was only partially the case. In this court the writ is tried before the judges, or judges and barons, of the two courts which had not given the former judgment. Error from this court lies in the House of Lords, which is the last and highest appellate tribunal of the country. EXCHEQUER, COURT OF, in Law, was originally established for the recovery of the king's debts and ordinary revenues of the crown. In its modern shape, it is in fact a combination of eight distinct ancient courts. It acquired concurrent jurisdiction with the other two superior courts in all personal actions (see Courts, Superior) by the fiction of the complaining party being debtor to the king; a fiction which is now removed. It has exclusive jurisdiction in cases in which the king's revenue is concerned, whether personal actions, or in427 formations filed under the various revenue acts. It has also an equitable jurisdiction; exclusive with respect to matters connected with the revenue, concurrent with the court of chancery in civil suits. It has also the original and proper equitable jurisdiction in cases of tithes., (See Chancery.) The chief and four puisnd or younger judges of the Exchequer are termed Barons. Exchequer, Court of (in Scotland), established on its present footing by 6 Anne, c. 26., should consist of a chief baron and four junior barons (but three only have been commonly appointed). It has a privative jurisdiction as to duties of customs, excise, and other revenues of the crown. EXCHEQUER BILLS, are bills of credit i ued by au. thority of parliament. They are for various sums, and bear interest (generally from l|d. to 2^d. per diem per 100/.) according to the usual rate at the time. The advances ol the Bank to Government are made upon exchequer bills; and the daily transactions between the Bank and GoveiUr  [s. 440]