In the year 1404, the magistrates of Bruges, in Flanders, requested the magistrates of Barcelona to inform them what was the common practice, in regard to bills of exchange, when the person who presented a bill raised money on it in an unusual manner, in the case of its not being paid, and by these means increased the expenses so much that the drawer would not consent to sustain the loss. The bill which gave occasion to this question is inserted in the memorial. It is written in the short form still used, which certainly seems to imply great antiquity. It speaks of usance; and it appears that first and second bills were at that time drawn, and that when bills were not accepted, it was customary to protest them. [It may not, perhaps, be uninteresting to the reader to give a short account of the present mode of conducting transactions of bills of exchange; this we condense from Waterston’s Encyclopædia of Commerce, which contains the most recent and practical account. The individual who issues the bill is called the drawer, the person to whom it is addressed the drawee, until he consent to honour the draft or obey the order or bill, by writing his name on the face of it, after which he is called the acceptor. The bill may be passed from hand to hand by delivery or _indorsation_, and in the latter case the person who makes over is called the indorser, and the person who receives the indorsee. The indorser commonly puts his name on the back, with or without a direction to pay to a particular person. He who is in legal possession of the bill and the obligation contained in it, is called the holder or the payee. There is no particular form for a bill of exchange required by law, further than that the mandate to pay in money be distinct, and the person who is to pay, the person who is to receive, and the time of payment shall be ascertainable beyond a doubt. By special statute in England, all bills under 20_s._ are void; and those between that sum and £5 must be made payable within twenty-one days after date, contain the name and description of the payee, and bear date at the time of making. Bills of exchange must be on a proper stamp. Bills, though they are of the nature of a “chose in action,” which is not strictly assignable, may be transferred from hand to hand or negociated. To allow of this, there must be negotiable words, as “or order” or “bearer.” The various parties upon a bill, besides the acceptors, indorsers, drawers and others, become liable for its payment on failure of the acceptor. Bills of exchange cease in England to be documents of debt on the expiration of six years from the time named for payment.