This term is also used in another case in foreign trade only, namely—­a merchant abroad (say it be at Lisbon, or Bourdeaux) draws a bill of L300 sterling upon his correspondent at London:  the correspondent happens to be dead, or is broke, or by some other accident the bill is not accepted; another merchant on the Exchange hearing of it, and knowing, and perhaps corresponding with, the merchant abroad who drew the bill, and loth his credit should suffer by the bill going back protested, accepts it, and pays it for him.  This is called accepting it for the honour of the drawer; and he writes so upon the bill when he accepts it, which entitles him to re-draw the same with interest upon the drawer in Lisbon or Bourdeaux, as above.

This is, indeed, a case peculiar to foreign commerce, and is not often practised in home trade, and among shopkeepers, though sometimes I have known it practised here too:  but I name it on two accounts, first—­to legitimate the word honourable, which I had used, and which has its due propriety in matters of trade, though not in the same acceptation as it generally receives in common affairs; and, secondly, to let the tradesman see how deeply the honour, that is, the credit of trade, is concerned in the punctual payment of bills of exchange, and the like of promissory notes; for in point of credit there is no difference, though in matter of form there is.

There are a great many variations in the drawing bills from foreign countries, according as the customs and usages of merchants direct, and according as the coins and rates of exchange differ, and according as the same terms are differently understood in several places; as the word usance, and two usance, which is a term for the number of days given for payment, after the date of the bill; and though this is a thing particularly relating to merchants, and to foreign commerce, yet as the nature of bills of exchange is pretty general, and that sometimes an inland tradesman, especially in seaport towns, may be obliged to take foreign accepted bills in payment for their goods; or if they have money to spare (as sometimes it is an inland tradesman’s good luck to have), may be asked to discount such bills—­I say, on this account, and that they may know the value of a foreign bill when they see it, and how far it has to run, before it has to be demanded, I think it not foreign to the case before me, to give them the following account:—­

1.  As to the times of payment of foreign bills of exchange, and the terms of art ordinarily used by merchants in drawing, and expressed in the said bills:  the times of payment are, as above, either—­

(1.) At sight; which is to be understood, not the day it is presented, but three days (called days of grace) after the bill is accepted:  (2.) usance:  (3.) two usance.[47]