Page:The New International Encyclopædia 1st ed. v. 07.djvu/388

* EXCELSIOR. 310 EXCHANGE. of the block. Excelsior is packed in bales weigh- ing -50 pounds. It is stated that from 35,000 to 45,000 tons are manufactured annually in the I'nited States. It is exported to many foreign countries. EXCEPTION (Lat. exceptio, from excipere, to except, from ex, out -f- capere, to take), in law: (a) A taking out or excluding something from the operation or effect of an instrument, statement, or the like, (b) An objection legally taken to testimony or other material matter in a legal proceeding", (c) 'the clause, writing, or statement by which either of these objects is accomplished; also the tiling excepted or ex- cepted to. When applied to a clause in a deed it means a provision that exempts something from the grant; as where the deed conveys a certain farm with the exception of a described piece of land or a designated building or tree. (Compare Reservation.) An exception in a statute ex- empts a person or thing from the operation of tne enactment; and it is a rule of pleading in a criminal prosecution or in a civil suit for pen- alties under such a statute, that the indictment or complaint must negative the exception; that is, deny that the defendant or the alleged crim- inal act comes within the exception, in ad- miralty and equity practice, the term is applied to the proper method of bringing before the court an objection to the regularity or sufficiency of a pleading or proceeding. In this sense, an excep- tion partakes of the nature of a pleading, per- forming the function of a special demurrer at common law. The term is employed most frequently, how- ever, in common-law actions to describe the formal signification of a party's objection to an adverse ruling of the court upon some point of law. It must be taken at the time of the ruling, or within a prescribed period thereafter, and should be entered upon the court's record, so that a proper bill of exceptions (q.v.) may be pre- pared for a review of the ease by an appellate court. Consult the authorities referred to under Real Property ; Pleading; Practice. EXCESS (Lat. excessus, departure, from excedere, to depart, from ex, out -f- cedere, to go). The remainder arising from dividing one number by another is often called the excess, as in casting out nines in the test for divisibility. (See Checking.) In spherical trigonometry the excess of the sum of the angles of a spherical polygon over n — 2 straight angles (the sum of the angles of a plane polygon of the same number of sides) is called the spherical excess of the polygon: e.g. the spherical excess of a spherical triangle with the angles 90°, 127°, 40°, is 77°. When the area of a spherical triangle, compared with the area of the sphere Oil which it lie-, i* mtv small, it may be taken as the area of the plane triangle with side- of the same length as those of the spherical triangle, and with angles diminished by of the spherical excess. If S denotes the area of (he spherical triangle. E its excess, and r the radius • > f the sphere, then k; E = : — =t,- This formula is of use in 1 riangu- -iii 1 lation (see Surveying) t" check the excess as found from I In- observed angles. EXCHANGE mt'. exchanger, echanger, Fr. ichanger, It. scambiare, Ml., exeambiare, to ex change, from I.at. ex, out + ML. cambiare, Lat. cambire, to change, from Olr. cimb, tribute; con- nected with Gall. ™ «i bus, 1 r. cam m., Welsh, Corn., Brit, earn, crooked). A term used in political economy to designate one 2ihase of the economic process by which goods are produced in coopera- tion, and a share allotted to those who take part in it (distribution). The goods exchange so that each person obtains that which he needs for his consumption. In the older economic writings the term exchange was therefore applied to all the phenomena of commerce and trade. Questions of shipping, balance of trade, mercantile policy, in short the whole mechanism of exchange, as well as questions of value and price, were in- eluded in this department of political economy. The recognition of the fact, however, that the services of the merchant and the trader, who, by bringing goods from points where they are not needed to those where they are in demand, create what would have been designated as place value, and are thus akin to those of the manufacturer who gives a new and more desir- able form to his materials, has led to the re- striction of the term exchange to the phenomena of value, price, and money. See Political Economy; Money; Value. EXCHANGE. The conversion of the money of one country into its equivalent in the money of another. The technical meaning of the word has now-, however, come to be the difference be- tween the actual value of money taken by the standard of bullion, in any two places, with re- lation to each other. If in Xew York it requires more than $500 to pay a debt of that amount in London, the rate of exchange is against the former town and in favor of the latter, an in- habitant of which can pay a debt of $500 in New York with less than that amount of bullion in London. The operations of exchange are based on the principle of the cancellation of indebtedness, and can be best explained by simple example. If a Xew York merchant. A, buys goods from a Lon- don merchant, B, it would seem that the simplest way of discharging his indebtedness would be by the shipment of gold to London. But this primitive method is not the simplest. Such a shipment involves costs of transportation and insurance, which materially enhance the price paid. A simpler plan would be to have another London merchant. C. who owes money in Xew York, make the payment in London to A's creditor, while A in Xew York makes the pay- ment to C's creditor at that point. This is in effect what actually takes place in the settlement of such debts, though neither A in Xew York nor (' in London is under the necessity of ascertain ing to whom payment must be made to cancel the two debts. This is done through the agency Of the banks and bankers. A in New York goes to his banker and buys a draft upon London; C in his turn buys a draft upon New York. These two drafts cancel one another, and London pays 'w York, and New York London, without t he shi| nt of specie. In order to correspond to the facts of the actual world, these simple transactions must be multiplied by the thousandfold. The aggregate iif the payments to be made by Mew York to Lon- don must be balanced off againsl those of Lon- don to New York. But can it be supposed that the balance is ever exact ? s between two points