Origin of Notes. As commerce advanced in its progrefs, the Promiffory multiplicity of its concerns required, in in many inftances, a lefs complicated mode of payment than by Bills of Exchange. A trader, whofe fituation and circumstances rendered credit from the merchant or manufacturer who fupplied him with goods, abfolutely necellary, night have fo limited a connec tion with the commercial world at large, that he could not eafily furnifh his creditor with a Bill of Exchange on another man; but his own refponfibility might be fuch, that his fimple promife of payment, reduced to writing for the purpose of evidence, might be accepted with equal confidence as a bill on another trader: Hence, it may reasonably be conjec tured, Promiffory Notes were at first introduced; and the period of their introduction appears to have been about 30 years before the reign of Queen Anne. 6 Mod. 30. 2 Anne. A PROMISSORY Note may be defined to be an engagement in writing to pay a certain fum of money mentioned in it, to a perfon named, or to his order, or to the bearer at large; and at first thefe notes were confidered only as written evidence of a debt; for it was held that a Promiffory Note was not af Vid. I Salk. fignable or indorfible over, within the custom 129. 2 Lord of merchants, to any other perfon, by him to Raym. whom it was made payable; and that if, in 757, 7599 fact, fuch a note had been indorfed or affignble to 3 & ed over, the perfon to whom it was fo indor4 aan. c. 9. fed or affigned, could not inaintain an action, within the cuftom, against the perfon who firft drew and fubfcribed the note; and that and pream 66 within the fame cuftom even the perfon to whom it was inade payable could not maintain fuch action. But at length they were recognized by the leg flature, and put on the fame tooting with inland Bills of Exchange, by a flatute which enacts, "That from the 3 & 4 Ann. fift of May, 1705, all notes in writing "made and figned by any perfon or perfons, perpetual "body politic or corporate, or by the fervant "or agent of any corporation, banker, gold"finith, merchant, or trader, ufually intrufted "by him, her or them, to fign fuch Promiffory "Notes by him, her or them, whereby fuch 66 perfon or perfons, body politic or corpo"ate, his, her or their fervant or agent as a"forefaid, doth or fall promife to pay, to "any other perfon or peifons, body politic "and corporate, his, her or their order, or "to bearer, any fum of money mentioned "in fuch note, fhall be taken and conflru"ed to be, by virtue thereof, due and paya"ble to any fuch perfon or perfons, body politic and corporate, to whom the fame "is made payable; and alfo every fuch note "fhall be affignable or indorfible over in "the fame manner as Inland Bills of Ex"change; and that the perfon, &c. to whom "fuch fum is by fuch note made payable, may "maintain an action for the fame, in the fame manner as they might do on an Inland Bill "of Exchange, made or drawn according to "the custom of merchants, against the perfon or perfons, body politic and corporate, who "or whole agent figned the fame; and that 66 any c. 9. made by 7 Ann. c. 25. £. 3. any perfon, &c. to whom fuch note is in"dorfed or affigned, or the money therein " mentioned, ordered to be paid by indorfe"ment thereon, may maintain an action for "fuch fum of money, either against the per"fon, &c. who or whofe agent figned fuch note, or again ft any of the perfons who in"dorfed the fame, in like manner as in cafes "of Inland Bills of Exchange." 66 PROMISSORY NOTES are in thefe forms, £.10. London, December 15, 1789. I PROMISE to pay G. F. or bearer, on demand, Ten Pounds, for value received. S. R. Vid. 23 Geo. 3. C. 49. £. 30. 12. 6. London, January 1, 1790. Two months after date, we or either of us promife to pay to Mr. C. B. and Co. or order, Thirty Pounds Twelve Shillings and Sixpence, value received. D E. G. K. TILL the twenty-third of George III. thefe notes and bills were written on a plain piece of paper unflamped: By a ftatute made in that year, certain duties were impofed on every piece of vellum, parchment or paper, on which Bills and Notes, falling under certain defcriptions, fhould be written, engroffed, or printed. printed. By a fubfequent Act thefe duties 31 G. 3.. are taken off, and others impofed in their . 25. S. & flead. By this latter ftatute, the duties on Inland Bills and Notes vary according to the different claffes into which they are diftributed, by the provisions of the fame ftatute. ONE diftinction is marked between thofe in which the fum expreffed does not exceed £. 200, and thofe in which it exceeds that fum. Of those in which the fum does not exceed £. 200 there are two general divifions; thofe payable on demand, and those payable otherwife than on demand. Or thofe payable on demand a distinction is made between Bills of Exchange, Drafts or Orders, for the payment of money on demand, and Prom fory Notes, or other Notes for the payment of money to the bearer on demand. THE latter kind may be re-iffued without vid. f. 7, de being fubject to the duty a fecond time; and 9. the holder has the fame remedy for the recovery of the fum expreffed in them, after their being re-iffued, as he would have had at first. But of these there are two claffes--those which may be re-iffued from time to time, after payment at the place where they were first ifued; and thofe which may be re-iffued from time to time, after payment at the fame place, or any other place, than where they were first iffued. The fift may be for fums not exceeding f. 200, the second for fums not exceeding £. 30. Duties Vid. f. 2. Duties on Bills of Exchange, Drafts or Orders, for the payment of Money on demand. For any fum amounting to 40s. not exceeding 5 s. d. exceeding Guineas, -£ 30 O exceeding £. 30 50 O I 200 I 2 exceeding 59——-- 100 For any fum from 200 upwards 365660 Duties on Bills of Exchange, Drafts or Orders, payable otherwife than on demand, and Promiffory Notes, or other Notes, payable otherwife than to the bearer on demand. Duties on Promiffory or other Notes payable to the bearer on demand, and re-iffuable from time to time, after payment at the place where they were firft iffued.. |