KFLCC Kingdom Law 2nd Ed.

458

EXCESSIVE

EXCISE

ceeding the proper or reasonable limit or measure. Railway Co. T. Johnston, 106 Ga. 130, 32 S. E. 78. — Excessive bail. Bail in a sum more than will be reasonably sufficient to prevent evasion of the law by flight or concealment; bail which is per se unreasonably great and clearly dis proportionate to the offense involved, or shown to be so by the special circumstances of the particular case. In re Losasso, 15 Colo. 163, 24 Pac. 1080, 10 L. R A. 847; Ex parte Ryan, 44 Oal. 558; Ex parte Duncan, 53 Gal. 410; Blydenburgh v. Miles, 39 Conn. 490.— Exces sive damages. See DAMAGES. Excessivum in jure reprobatur. Ex cessns in re qualibet jure reprobatur communi. Co. Litt 44. Excess in law is reprehended. Excess in anything is repre hended at common law. A mutual grant of equal interests, (in lands or tenements,) the one in consideration of the other. 2 Bl. Comm. 323; Windsor v. Collin son, 32 Or. 297, 52 Pac. 26; Gamble v. Mc Clure, 69 Pa. 282; Hartwell v. De Vault, 159 111. 325, 42 N. E. 789; Long v. Fuller, 21 Wis. 121. In the United States, it appears, ex change does not differ from bargain and sale. 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 com mercial usage. Nicely v. Bank, 15 Ind. App. 563, 44 N. E. 572, 57 Am. St. Rep. 245; Smith v. Kendall, 9 Mich. 241, 80 Am. Dec. 83. The profit which arises from a maritime loan, 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 difference in amount in the sum borrowed and that paid, arising from the difference of time and place. The term is commonly used in this sense by French writ ers. Hall, Emerig. Mar. Loans, 56n. A public place where merchants, brokers, factors, etc., meet to transact their business. In law of personal property. Exchange of goods is a commutation, transmutation, or transfer of goods for other goods, as dis tinguished from sale, which is a transfer of goods for money. 2 Bl. Comm. 446; 2 Steph. Comm. 120; Elwell v. Chamberlin, 31 N. Y. 624; Cooper v. State, 37 Ark. 418; Preston v. Keene, 14 Pet. 137, 10 L. Ed. 387. Exchange is a contract by which the par ties mutually give, or agree to give, one thing for another, neither thing, or both things, being money only. Civ. Code Cal. § 1804; Civ. Code Dak. .§ 1029; Civ. Code La. art. 2660. The distinction between a sale and exchange of property is rather one of shadow than of substance. In both cases the title to property is absolutely transferred; and the same rules of law are applicable to the transaction, wheth er the consideration of the contract is money or by way of barter. It can make no essential EXCHANGE. In conveyancing. See 2 Bouv. Inst. 2055. In commercial law.

difference In the rights and obligations of par ties that goods and merchandise are transferred and paid for by other goods and merchandise instead of by money, which is but the repre sentative of value or property. Com. V. Clark, 14 Gray (Mass.) 367. —Arbitration of exchange. The business of buying and selling exchange (bills of ex change) between two or more countries or mar kets, and particularly where the profits of such business are to be derived from a calculation of the relative value of exchange in the two countries or markets, and by taking advantage of the fact that the rate of exchange may be higher in the one place than in the other at the same time.— Dry exchange. In English law. A term formerly in use, said to have been in vented for the purpose of disguising and cover ing usury ; something being pretended to pass on both sides, whereas, in truth, nothing passed but on one side, in which respect it was called "dry." Cowell; Blount.— Exchange, bill of. See BILL OF EXCHANGE.— Exchange broker. One who negotiates bills of exchange drawn on foreign countries or on other places in the same country; one who makes and concludes bargains for others in matters of money or mer chandise. Little Rock v. Barton, 33 Ark. 444; Portland v. O'Neill, 1 Or. 219.— Exchange of livings. In ecclesiastical law. This is ef fected by resigning them into the bishop's hands, and each party being inducted into the other's benefice. If either die before both are induct ed, the exchange is void —First of exchange, Second of exchange. See FIRST.— Owelty of exchange. See OWELTY. That department of the English government which has charge of the collection of the national revenue; the treas ury department. It is said to have been so named from the chequered cloth, resembling a chess-board, which anciently covered the table there, and on which, when certain of the king's accounts were made up, the sums were marked and scored with counters. 3 Bl. Comm. 44. —Exchequer bills. Bills of credit issued in England by authority of parliament. Brande. Instruments issued at the exchequer, under the authority, for the most part, of acts of parlia ment passed for the purpose, and containing an engagement on the part of the government for repayment of the principal sums advanced with interest. 2 Steph. Comm. 586. See Briscoe v. Bank of Kentucky, 11 Pet. 328, 9 L. Ed. 709. —Court of exchequer, Court of exchequer chamber. See those titles.— Exchequer di vision. A division of the English high court of justice, to which the special business of the court of exchequer was specially assigned by section 34 of the judicature act of 1873. Merged in the queen's bench division from and after 1881, by order in council under section 31 of that act. Wharton. An inland imposition, paid sometimes upon the consumption of the com modity, and frequently upon the retail sale. 1 Bl. Comm. 318; Story, Const. §950; Scholey v. Rew, 23 Wall. 346, 23 L. Ed. 99; Patton v. Brady, 184 U. S. 608, 22 Sup. Ct. 493, 46 L. Ed. 713; Portland Bank v. Apthorp, 19 Mass. 256; Union Bank v. Hill, 3 Cold. (Tenn.) 328. The words "tax" and "excise," although often used as synonymous, are to be considered as having entirely distinct and separate significa tions, under Const. Mass. c. 1, § 1, art. 4. The former is a charge apportioned either among EXCHEQUER. EXCISE.