exchange 
the actual transference of the money docu- 
ments, usually called bill* uf i:n-/xiii(/i', repre- 
senting values, being given ami received, (c) 
The rate at which the documentary transfer of 
funds can be made; the course or rate of ex- 
change: as, if the debts reciprocally due by 
two places In- ei|ii:il, t lie i:rc/iiini/i will lie til par; 
but when greater iu one than in the other, the 
excli(iii(/i' will be against that place which has 
the larger remittances to make, and in favor 
of the other. Abbreviated exch. 9. A place 
whore the merchants, brokers, and bankers of 
a city in general, or those of a particular class, 
meet at certain hours daily to transact business 
with one another by purchase and sale, in some 
exchanges, as the great Merchants' Exchange of London, 
the dealings include all kinds of commodities, stocks, 
bonds, and hills ; in others, as the Bourse of Paris and lin- 
stock Exchange of New York, they are confined chiefly or 
entirely to public anil corporate stocks and bonds; and 
still others are devoted to transactions in single classes of 
commodities or investments, as cotton, corn, or produce 
in general, mining-stocks, etc. 
I was at the Pallace, where there is an exchange: that 
is, a place where the Mar. hauls doe meete at those times 
of the day, as our Merchants doe in London. 
Coryat, Crudities, I. 30. 
He that uses the same words sometimes in one, and 
sometimes in another signification, ought to pass, in the 
schools, for as fair a man as he does in the market and 
exchange who sells several things under the same name. 
Locke. 
10. The central station where the lines from 
all the subscribers in any telephone system 
meet, and where connections can be made be- 
tween the lines. 1 1. In arith., a rule for find- 
ing how much of the money of one country is 
equivalent to a given sum of the money of an- 
other. All the calculations in exchange may be per- 
formed by the rule of proportion, and the work may often 
be abbreviated by the method of aliquot parts. Arbitra- 
tion of exchange. See arbitrage, -2. Bill of exchange. 
See diVf-t. Bills of Exchange Act. (a) A British statute 
of 1871 (34 and 35 Viet., c774) which abolished days of 
grace on bills and notes payable at sight or on presenta- 
tion, (b) A statute of 1878 (41 Viet., c. 13) which declared 
signature a sufficient acceptance, (c) A statute of 1882 (45 
and 46 Viet., c. 61) which codifies the whole body of Eng- 
lish law relating to bills, notes, and checks. Course or 
rate Of exchange, the varying rate or price, estimated 
iu the currency of one country, given for a fixed sum in 
the currency of another. Documentary exchange. 
Same as document bill (which see, under document). Dry 
exchange, an old expression for a device for concealing 
usury, by the borrower drawing a bill on an imaginary 
drawee in some foreign place which the payee accepts for 
the sake of a higher commission, and costs of protest and 
damages on return of the dishonored bill. 
Dry exchange seemeth to bee a cleanly terme inuented 
for the disguising of foule vsury. in i lie which something 
is pretended to passe of both sides, whereas in truth, no- 
thing passeth, but on the one side ; In which respect, it may 
well be called Diie.. itintheu. 
Exchange cap. see capi, 3. Feigned exchange, an 
old expression for the lending of money upon agreement 
that if not repaid by a certain day, in order to enable the 
lender to meet n hill feigned to be drawn upon him from a 
foreign country, the borrower may be charged with the ex- 
penses and commissions : a device for charging the price of 
foreign exchange and incidental expenses upon a domestic 
loan. -First, second, or third of exchange, the flrst, 
second, or third of a set of bills of exchange drawn in 
duplicate or triplicate, all being of " the same tenor and 
date," any one of which being accepted, the others are 
void. Nominal exchange, exchange in its relation to 
the comparative market values of the currencies of the 
different countries, without reference tx> the trade trans- 
actions between them. Owelty of exchange. See otc- 
elty. Real exchange, exchange in its relation to the 
interchange of commodities, and not in the relation of 
tile moneys of the different countries. Theory Of 6X- 
changes, a theory introiluce.l by Prevost for explaining 
the equilibrium of temperature of any body. It is found- 
ed on the supposition that the quantity of heat which a 
body diffuses by radiation is equal to the quantity which 
it receives by radiation from surrounding bodies, and 
which it ahsi.il,- .itlnr wholly or ill part. To note a 
bill of exchange, see /i.i'i j .=Byn. 1-3. Exchange, in- 
{.rrti<tn : i<-. neSaagt may bring only one actor into prom- 
inence, or two may bo equally prominent; if more than 
two take part iu anc-rr/m/i.'/e. the mind rests upon the act 
as performed by pairs. An interchange is not the act of 
one, nor generally of two, but of more than two, :i/i> , 
( '/n|.;.' in llii. bearing to .'.r<-/""i>/.' the relation that among 
bears to bttuvrn. Knhange is primarily a single act ; iu- 
ti'rfliini'i:' may be a single act, but is often a system or 
succession of changes. 
I give away myself for you, and dote upon the rxi ! 
Shak., Much Ado, II. 1. 
Interchange* of cold frosts and piercing windi. 
/;//. Hull. Heaven upon Karth, J 8. 
exchangeability ('ks-chaii-ja-bil'i-ti), . [< rx- 
ekmgtemf: see -hility.] The property or state 
of being exchangeable. 
The law ought nut to he contra* eiie.l hy an express ar- 
ticle admitting the exchangeability of such persons. 
H'tixlti ii'/tnn. 
exchangeableieks-chan'ja-bl),<j. [= F.<V/M- 
ijrahlr : a-s ij-cliditi/t' + -iihlc. } 1. Capableof be- 
inir exchanged: fit or proper to be exchanged. 
2055 
I'.ank bills exchangeable, for gold and silver. /.'< 
The officers captured with Hnrjioyn. /,.iM. 
within the powers of Ceil, ral lloe. Marshall. 
2. Ratable by exchange; to be estimated by 
what may be procured in exchange: as, the 
exchangeable value of goods. 
But as soon as a limitation becomes practically opera- 
tive, as soon as there is not so much of the thing to Iw 
had as would lie appropriated and used if it could he oh- 
t ainc.l for a-kinu', the ownership or use of the natural 
agent acquires an exchangeable, value. J. S. Mill. 
exchanger (eks-chan'jr), n. One who ex- 
changes ; one who practises exchange. 
Thou onghtest therefore to have put my money to the 
,:r:-li:ingeri. Mat. xxv. 27. 
excheatt, excheatort. See escheat, escheator. 
exchequer (eks-chek'er), n. [Early mod. E. ex- 
cheker ; < ME. escheker, also abbr. cheker (> mod. 
E. checker), a court of revenue, treasury, also lit. 
a chess-board. < OF. escheker, eschekier, later 
eschequier, eschiquier (mod. P. tchiqitier) (ML. 
scaccarium), a chess-board, checker-board ; 
hence, the checkered cloth on which accounts 
were calculated by means of counters; then 
applied to a court of revenue, and the public 
treasury ; < OF. eschecs, chess, eschec, check at 
chess: see check 1 , and cf. checker 1 , the more 
vernacular form of exchequer.] 1. [_cap.] In 
England, an ancient court or tribunal, more 
fully designated the Court of Exchequer, in which 
all causes affecting the revenues of the crown 
were tried and decided. In course of time it acquired 
the jurisdiction of ordinary superior common-law courts, 
by allowing any suitor who desired to bring his complaint 
before it to allege that by the defendant's injustice he was 
prevented from discharging his debts to the king's rev- 
enues, which allegation the court did not allow to be de- 
nied. 'I In- court also had, up to 1841, an equity side. The 
judges were called barons. In 1875 the court was made 
the Exchequer Division of the new High Court of Justice. 
The Exchequer of the Norman kings was the court in 
which the whole financial business of the country was 
transacted : and as the whole administration of justice, 
and even the military organisation, was dependent upon 
the fiscal officers, the whole framework of society may be 
said to have passed annually under its review. It derived 
its name from the chequered cloth which covered the 
table at which the accounts were taken, a name which 
suggested to the spectator the idea of a game at chess 
between the receiver and the payer, the treasurer and 
the sheriff. As this name never occurs before the rtign 
of Henry I. , and as the tradition of the court preserved the 
remembrance of a time when the business which took 
place in it was transacted 'ad taleas,' 'at the tallies,' It 
seemscertain that the dateof completeorganisation should 
Iw referred to this period. Stubbs, Const. Hist., 126. 
2. [.cap.] In Scotland, a court of similar nature 
and history, abolished in 1857. 3. [cap.] In the 
United Kingdom of Great Britain and Ireland, 
that department of the government which has 
charge of all matters relating to the public rev- 
enue of the kingdom, the head of which is called 
the Chancellor of the Exchequer. See chancel- 
lor, 3 (c). 4. A state treasury: as, the war 
drained the exchequer. 
Registering against each separate viceroyalty, from Al- 
giers to Lahore beyond the Indus, what was the amount 
of Its annual tribute to the gorgeous exchequer of Susa? 
De Quincey, Herodotus. 
5. Pecuniary resources; finances: as, my ex- 
chequer was getting low. [Colloq.] Auditors of 
the Exchequer. See commusiojlers of audit, under mi- 
dit. Barons of the Exchequer. See baron,*. Court 
of Exchequer Chamber, in England, formerly, a court 
composed of the judges of any two of the three superior 
common-law courts (King's Bench, Common Pleas, and 
Exchequer) sitting to hear appeals from any of the three. 
Appeal from its decision lay to the House of Lords. It 
was supplanted by the Court of Appeal in 1875. Exche- 
quer bill, a negotiable interest-bearing bill of credit, is- 
sued under the authority of acts of Parliament, by the Ex- 
chequer Department of the British government, for the 
purpose of raising money for temporary put poses, or to 
meet some sudden emergency. Exchequer bills run for 
five years ; the interest is payable per attached coupons 
half-yearly, and Is fixed every year, but can never exceed 
5} per cent, per annum. They are issued for sums of 100 
each, or some multiple of 100. They were flrst issued in 
1696, and form a large part of the unfunded public debt 
of Great Britain. Exchequer bonds, bomU issued in 
Great Britain hy the * 'otiimissioners of the Treasury, un- 
der authority of the same act as exchequer bills, and for 
the same purpose, which run for a definite period of time. 
not exceeding six years, the interest payable on the same, 
which can never exceed 5J per cent, per annum, being fixed 
at the time of issue. 
He [Disraeli] therefore now repealed the Act for the war 
sinking fund, and re-borr>ucd the amount in i-fheiiutr 
'/"'-. S. Doicrll, Taxes in England, II. 331. 
Exchequer of the Jews, a branch of the Court of Ex- 
chequer in England, prior to 1290, which had charge of 
the lv\ ell lies r\ acted frnin the .Ie\\ -. 
exchequert (eks-chek'erl, r. t. [< exchequer, n.] 
To sue in the Court of Exchequer. 
Among other strange words, the following has arisen 
iu vulgar language, viz. to exchequer a man. 
' v, Anecdotes of the Eiig. Lang. 
excise 
excide (ek-sid'), r. I. ; pret. and pp. added, ppr. 
i.rrlilillll. (< 1.. tfOUtftJ, CUt <>Ut, < ex. OUt, + 
a nliri, .-MI. i 'l'. .<'.-< 1.] Same as<jr/vi 1. \nrlh 
lifitixl, i;; [Rare.] 
excipient iek-si|>'i-oiit), rt.andw. [=F. txcipi- 
ent, < L. ejccipic>i(t-)x, ppr. of excifere, take put, 
except: see except.] T. a. Taking exception; 
objecting. [Rare or obsolete.] 
It is a good exception, if such person Ije a capital ene- 
my, or a conspirator against the party exci)iient. 
Ai/li/e, Parergon. 
II. . l.Onewhoexcepts. [Rareorobsolete.] 
2. In meii.,&n inert or slightly active sub- 
stance, as conserve of roses, sugar, jelly, etc., 
employed as the medium or vehicle for the ad- 
ministration of an active medicine. 
exciple (ek'si-pl), . [Also excipule; < NL. ex- 
i'i/ii//um, < L. excipulum, a vessel for receiving 
liquids, < excipere, take out, receive : see except, j 
In lichenotogy, the margin of the apothecium. 
See cut under apothecium. Proper exciple, an ex- 
ciple that is not formed by the thallus, but consists of a 
special development of the apothecium it-elf. Thalllne 
exciple, an exciple composed of a portion of the tliallus, 
which forms a rim about the apothecium. 
excipular (ek-sip'u-lar), a. [< NL. excipulum, 
exciple, + -ar.] fn lichenology, pertaining to 
the exciple. 
excipule (ek'si-pul), n. [< NL. excipulum : see 
exciple.] Same as exciple. 
excipuliform (ek-sip'u-li-form), a. [< NL. ex- 
cipulum, exciple (see exciple), + L. forma, 
shape.] Like an exciple ; having a rim. 
excipulum (ek-sip'u-lum), n. [NL.] Same as 
exciple. 
The further growth of the rudiment of the apothecium 
is now occasioned by the increase in size of the excipulum 
by the formation of new fibres. 
Sachs, llotany (trans.), p. 268. 
excircle (ek-ser'kl), . [< L. ex, out, + circu- 
lus, circle.] An escribed circle; also, the radius 
of the same. 
excisable (ek-si'za-bl), a. [< excise* + -able.] 
Liable or subject to excise : as, beer is an ex- 
cisable commodity. Also spelled exciseable. 
The most material are the general licences which the 
law requires to be taken out by all dealers In exciseable 
goods. Burke, A Regicide Peace, ill. 
The licenses which hitherto auctioneers had been re- 
quired to take out if they sold excixcabte articles. 
S. Dou-cll, Taxes In England, III. 25. 
excise 1 (ek-siz'), t. ; pret. and pp. excised, 
ppr. excising. [Formerly also eicize ; < L. ex- 
cisus, pp. of excidere, cut out, < ex, out, + cce- 
dere, cut: see excide.] To cut out or off: as, 
to excise a tumor. 
The copy of ... (the book] was taken from the author 
(John BirkenheadJ by those who said they could not rob, 
because all was theirs ; so exciz'd what they liked not. 
Wood, Athena; Oxon. 
To Mr. Collier . . . we owe the discovery of a noble pas* 
sage excised in the piratical edition which gives us the 
only version extant of this unlucky play ("The Massacre 
of Pails"). Encyc. Brit., XV. 567. 
excise' 2 (ek-siz'), M. and a. [A corruption (as- 
sociated, as in the 2d extract below, with ex- 
cise^, < L. exciaus, pp. of excidere, cut off: see 
excise*) of earlier accise = MD. aksiis, aksys = 
Gr. accise = Dan. accise = Sw. accix, excise ; cf. 
mod. P. accise, It. acfisa (ML. accisia), excise, 
appar. a corruption (as if < L. accisus, pp. of 
accidere, cut into) of OF. assis, assessments, 
taxes (cf. Sp. Pg. sisa, excise, tax), < assise, an 
assize, sessions: see assize, assess, size 1 . The 
assumed change of assist to accise is irreg., and 
the relation of the Teut. and Rom. forms is 
uncertain.] I. . 1. An inland tax or duty 
imposed on certain commodities of home pro- 
duction and consumption, as spirits, tobacco, 
etc., or on their manufacture and sale. In Great 
I'.ritain the licenses to pursue certain callings, to keep 
dogs, to carry a gun, and to deal in certain commodities, 
are included in the excise duties, as well as the taxes on 
armorial bearings, carriages, servants, plate, railways, etc. 
Excise duties were first imposed hy the Long Parliament 
In 1643. 
We have brought those exotic words plundring and 
storming, and that once abominable word excise, to be 
now familiar among them. 
Hmcell, Parly of Beasts (1660), p. 37. 
But the success of internal or inland duties on articles 
of consumption or excises as they were termed, from 
the excision of a part of the article taxed in Holland, 
had brought prominently into notice the advantages of 
taxes of this description. 
5. Dowell, Taxes in England, II. 8. 
Excites is a word generally used in contradistinction to 
imposts In its restricted sense, and is applied to internal 
or inland impositions, levied sometimes upon the con- 
sumption of a commodity, sometimes niton the retail sale 
of it, and sometimes upon the manufacture of it. 
Andrem, On Revenue Law, 1 133. 
