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ceeding the proper or l‘e.lSL|l'lalllE limit or measure. Railway Ca. v. Johnston, 106 GB. i30. 32 S. E. 78.

-1-Jxcessive bail. Rail in a sum more than will be uasonnbly sumcient to prevent evasion of the law br iiI,.‘ht or concealment; hail which is per se unreasonably gieat and clearly disproportionate to the olfrnse involved, or shown to be so by the special circiimstances of the

articular case. In re l_1i<1sso ii’: Colo. 103. -4 Psc_ 10. . 10 L. It. A 847; ‘< nzirte Ryan. -H Cal. -3525: Ex parte I)unc:xn. i Cal. 410: Blvdenburgh v. Miles. 39 Conn. 490.—Excen- rive damages. See Diuiucns.

Excessivum in Jnre reprohatnr. Ex- cessns in re qnalibet jnre reprolintnr cnininuni. C0. Litt. 44. Excess in law is repreheuded Excess in anything is repre- hended at common law.

In conveyancing. A mutual giant of equal interests. (in lands or tenements.) the one in consideration of the other. 2 Bl. Comm. 323; Windsor v. Coilinson. 32 Or. 297. 52 Doc. 26; Gamhie v. "C- Clure, G9 Pa. 2. I;l:irtwell v. De Vault, lll. 325. 42 N. E. 789; Long v. Fuller. 21 ‘V 121. In the United States. it appears. ex- change does not differ from hargain and sale. See 2 Bouv. Inst. 2055.

In commercial law. A negotiation by which one person transfers to another funds which he has in a certain place, either at a price agreed upon or which is fixed by coin- iiierciai usage. l\iceiy v. Bank. 15 Ind. App. 563. 44 N. E. 572. 57 Am. St. Rep. 2-15; Smith v. ixendiiii, 9 Mich. 241. 80 Am. Dec. 83.

The profit which arises from a maritime lo.in, when such profit is a percentage on the money lent. considering it in the light of money lent in one place to be returned in another, with a diifereiilze in amount in the sum borrowed and that paid. arising from the diiTerence of time and place. The term is coruiiionly used in this sense by French writers. Hall. Einerig. Mar. Loans. iifiu.

A public place Where merchants. -brokers. factois. etc.. meet to transact their business.

In law of personal property. Exriiange of goods is a commutation. transmutation, or transfer of goods for other goods, as distinguished from sale, which is a transfer of goods for money. 2 Bl. Comm. 446: 2 Steph. Comm. 120; Eiweil v. Chuniherlin. 31 N. Y. 624: Cooper v. State. '87 Ark. 418: Preston V. Keene. 14 Pet. 137. 10 L. Ed. 337.

Exchange is a contract by which the parties mutuaily give, or agree to give. one thing for another. neither thing, or both things. heing money only. Civ. Code Cal. § 1S0-1; Civ. Code Dult. § 1W9; Civ. Code La. art. 2600

The distinction between a sale and exchange of property is rather one of shadow than of suhstance. In hoth cases the title to property is absolutely transferred: and the same rules of law are applicable to the transaction, whether the consideration of the contract is money

or by way of barter. It can make no essential

458

EXCISE

djiference in the rights and obligations of par ties that goods and merchandise are transfe | and paid for by other goods and [l]Bl'Cl.‘fl|]

instead of by money, which is but the -

sen wtive of value or property. Com. V. 14 }r'i_v (Mass) 367 —Ax-bitrntion of exchange. The husi

of hu_\-ing and selling exchange (bills of as change) betwien um or more countries or mail kets, and parhculariy uh:-rs the profits of ufi business are to be derived from a r.-iilcuhiill of the relative value of exchange in the ion) countries or niarhets, und by taking advantag- of the fact that the rate of exchange may K higher in the one place than in the orb-r at th same time.—D1-y exchange. In Engltih hm‘. A te1Tn formerly in use. said to have been in- vented for the purpose of dis,-zuising and usering usury; something heinfz pretended to m on both sides, whereas. in truth. nothing pllfli but on one side. in which rospect it wiis railed "dry." Covlcli; Blount.—I:1xchn.nge, ‘hill of. See BILL or EXCHAi\‘GE.—Exchange broker. One who negotiates bills of exchange drawn on foreign countries or on other places in ti! same country: one who makes and couclurlll burnains for otheis in matters of money or meichnnrlise. Little Rock v. Barton. 33 .\l‘l.l. 4-H.’ Portland v. O'Neill. 1 Or. 219.—-Exchange of livings. In ecclesiastical law This IS mffocted by resigning them i uto the bishop's hnnlfi. and each party l.lE|[i_;' inducted into the otiu-r's hencfice, if either die before both are intimi- erl, the exchange is void.—I‘ii-st of exchange. Second of exchange. See F1izs'i.—Owcity of exchange. See OWELTY.

EXCI-IEQUER. That department of the English government which has charge of the collection or the national revenue; the treas- ury department.

It is said to have been so named from tin chequered cloth. resemhling a chess-hoarrl.v*d'fi ancicntly covered the tuhle there, and on vuiidl. when certain of the kin2’s accounts were milk up, the sums were inn rlted and scored whli counters. 3 Bl. Comm. -1-}.

—I-Jxcheqner bills. Bliis of credit issued in England by authoiity of parliament Brand-. instruments issued at the exchequer. under ‘ta authority, for the most part, of acts of par la- ment passed for the purpose, and containing an engagement on the part of the government for repayment of the principal sums aclrnnccii with interest. 2 Steph. Comm. 5-‘Hi. See Brisma v. Bank of Kentucky. 11 Pet. 323. 9 L Ed. 709. —Court of exchequer, Court of exckeqrier cliamber. See these titlcs.—I:1xcheqner di- vision. A division of the English high court of justice. to which the special business of the court of exrhequer was specially a signed h

section 34 of the jutlicatnre act of IST3. Merge

in the queen's bench ion from and niur 1881, by orilnr in councii under section 31 al that act. Wharton.

EXCISE. An inland imposition. mid sometimes upon the consumptiou of the coinmodity, and frequently upon the retuii sale. 1 Bl. Comm. 318; Story. Cunst. § 950; Schoiey V. Rew. 23 W:i1i. 346. 23 L. Ed. 99: Patton V. Bratly. 134 U. S. 608. 22 Sup. Ct. 493. 46‘. L. Ed. 713: Portland Bani; v. Apthorp. 1? Mass. 23G: Union Bani; v. Hill. 3 Cold. (Tenn) 328.

The words "tax" and "excise." although often used as synonymous, are to be considered ns having entirely distinct and separate significatinns. under Const Mass. c. 1. § 1. art. 4 Thi- former is a charge apportioned either among