98 
EXCHANGE. 
fpecie! We fincerely wlfh to fee this enormity in the 
courfe of exchange within the united kingdom Jpeedily 
and radically cured. Thefe extraordinary operations ap¬ 
pear, however, fully to confirm the general principle 
above laid down; for they are nothing more than the 
natural exertions of the exchange to proportion itfelf to 
the aftual value of the currencies. 
In addition to what has already been faid on the calctt- 
lutionof Exchanges inour Arithmetic, we have to add, 
that fince the printing of that.article, thofe of Holland 
and France have undergone fome alteration. In confe- 
quence of the invafion of the former country by the 
French, the conftant prefence of their army, and the fre¬ 
quent vifits of its generals to the bank of Amfterdam, 
that bank became depreciated in its credit, and bills be¬ 
gan to be drawn payable in current , inftead of bank money ; 
whence a new mode of exchange was adopted. Holland 
gave to England a fluctuating number of current guilders 
and divers for the pound fterling. But cajh payments by 
every perfon having fince been reftridted in Amfierdam 
to fmall fums, the merchants have again carried their cafli 
to the bank ; and confidence being thus again reftored, 
the agio is from three to five per cent, in favour of 
bank money, and the exchange at Amfterdam is carried on 
in the ufual courfe. At Rotterdam the cafe is dif¬ 
ferent ; there being no bank eftablifhed, and the law not 
having reftridted cafli payments in that city, the mode 
adopted during the revolutionary war is (till continued, 
and they now give to London from n to iz| current flo¬ 
rins for the pound fterling. In France, the new govern¬ 
ment has introduced new monies and new modes of cal¬ 
culation. Accounts of every kind are kept in decimal 
arithmetic. The monies of account are cents and francs: 
ioo cents — i franc. 
The monies of exchange are fometimes francs, and fome- 
times as before, livres, fols, and deniers, tournois: 
80 francs = 81 livres tournois. 
Paris gives London 24 to 26 livres tournois for il. fterling. 
What muft I give in London for a bill of 1000 francs 
payable in Paris,exchange being at 24UV. 10s. tournois per 
pound fterling ? 
1000 x 81 
80 
== 1012. 10 
liv. s. £. tournois. £. s. d. 
As 24 10 : 1 :: 1012 : 10 : 41 6 6 t fterling. 
As it may be ufefnl to fliew the mode by which the 
exchanges of the principal commercial countries are made 
with Amfterdam and Hamburgh, we annex the following 
table of the courfes of thofe places : 
London about 
Paris - - 
Madrid 
Lifbon - 
Leghorn - 
Hamburgh | 
Vienna - - 
Amfterdam 
gives to 
Hamburgh 
gives to 
For 
38 fch. flem. 
c4grotesflem. 
88 do. do. 
44 do. do. 
88 do. do. 
35 ftiv. banco 
107 flo. currt. 
25 ftiv. banco 
33 fch. flem. 
25 fch. banco 
83grotes flem. 
42 do. do. 
84 do. do. 
1 £. fterling 
3 francs 
1 ducat of ex. 
400 rees 
1 dol.ofS rials 
2 marks banco 
120 do. do. 
1 rix dol. cur. 
To facilitate the redudtionof the monies of Amfterdam 
and Hamburgh into thofe of Great-Britain the following 
new and Ample method will be found ufeful. 
For Amsterdam, 
Divide the number of guilders by the courfe of ex¬ 
change : multiplied by -3 the quotient will be the value 
in pounds fterling and decimal parts. 
Example. 
1200 guilders at 38 fch. 3 pence flem. per pound fterling. 
38-3 x '3 = ix’ 475) 1200 (104-575 or /104 113 6 fter. 
For Hamburgh. 
Divide the number of marks by the exchange: multi¬ 
plied by '375 the quotient is pounds fterling. 
z 
Example. 
1600 marks at 36 fch. 2 pence flem. per pound fterling. 
36-2 X '375 = ' 3 ’ 5 ^ 2 5 ) 1600 (117-972 or /117 19 5 fter. 
EXCHANGE of LANDS, in law, is a mutual grant 
of equal intereft in lands or tenements, the one in coijfide- 
ration of the other : and is ufed peculiarly in our com¬ 
mon-law for that compenfation which the warrantor muft 
make to the warrantee, value for value, if the land war¬ 
ranted be recovered from the warrantee. Bract, lib. 2. c. 16. 
Alfo there is a tacit condition of re-entry in this deed, on 
the lands given in exchange, in cafe of eviction ; and on 
the warranty to vouch and recover over in value, &c. 
F<Jf if either of the parties is evicted, even of a part, the 
exchange is defeated. Cro. Eliz. 903. The word exchange 
is fo individually requifite and appropriated by law to 
this cafe, that it cannot be fupplied by any other word, 
or expreffed by any circumlocution. 1 Injl. 50. An ex¬ 
change may be made of lands in fee-fimple, fee-tail, for 
life, &c. The eftates granted are to be equal, as fee-fim¬ 
ple for fee-fimple, &c. though the lands need not be of 
equal value, or of the like nature ; for a rent in fee iffuing 
out of land, may be exchanged for land in fee. Co. Lit. 50, 
51. If an exchange be made between tenant for life, and 
tenant in tail after poflibility of ilfue extinft, the exchange 
is good ; becaufe their eftates are equal. Moor, 665. An 
exchange made between tenant in tail, and another, of un¬ 
equal intereft, may be good during his life ; but his iffue, 
when of full age, .fliall avoid it. And exchanges made 
by infants, by perfons non £ana memorise ; a hufband of the 
wife’s lands, &c. are not void, but voidable only ; by the 
infant at his full age, the heir of the perfon non Jana me - 
moria , and the feme after the death of the hufband, who 
may waive the poffeflion and difagree to them. Perk. 277. 
Two jointenants and two tenants in common may exchange 
their lands: and by this deed, freeholds pafs without li¬ 
very and feifin ; but the word exchange is to be ufed; and 
there muft be execution of the exchange, by entry on the 
lands in the life of the parties, or the exchange will be 
void. 1 Injl. 51. 
Littleton expreffes himfelf concerning an exchange as 
of a tranfadlion between two ; and in the cafe of Eton- 
college, 2 Wilf. part 3, p.483, the court held, that .an 
exchange, in the ftridt legal fenfe of the word, cannot be 
between three ; the principles of it not being applicable 
to more than two diftindt contracting parties, for want of 
the mutuality and reciprocity qn which its operation fo in- 
tirely depends; and the cafe above mentioned, of tenants 
in common exchanging witli jointenants is not irreconcile- 
able to this rule ; becaufe though four perfons may be 
named, yet they conftitute only two diftindt parties 5 and 
confequently there is the fame reciprocity as if the tranf- 
adtion were between two perfons only. And this applies 
to any number of perfons, if fo conjoined, as to make only 
two diftintSt relative parties. Sometimes lands intended 
to pafs by exchange, not having the qualities and incidents 
of exchanged lands, may pafs by way of gift or grant; as 
if two perfons are feifed of two acres of land, and one of 
them by deed gives his acre to the other, and the other 
his acre to him, and each of them gives livery of feifin 
upon his acre given in exchange; here the acres will pafs 
from one to the other, but not in a way of exchange, be¬ 
caufe there was no word of exchange in the deed. Litt. 62. 
Perk. 253. 
A man grants to another lands in fee-fimple, for lands 
in tail by way of exchange ; or-land in tail, for lands for 
life, &c. thefe deeds will not take effedt as exchanges. Co. 
Lit. 64. If tenant in tail give his land in exchange, for 
other land of the fame eftate-tail, the ilfue in tail may 
make it good if he will, or avoid the exchange. 1 Rep. 96. 
A feoffment is made to A. and B. and the heirs of A. and 
they exchange the land for other lands ; this will be good, 
and they lhall hold the lands in the fame nature that the 
land given in exchange was held. Perk. 277. If a lord 
releafe to the tenant his fervices in tail, in exchange of 
land given to the lord in exchange in tail alfo, it is ill: 
but 
