TREATISE ON THE CIRCUMSTANCES WHICH DETERMINE THE COURSE OF EXCHANGE.

In commercial economy, the term “Exchange” is commonly employed to designate that description of mercantile transactions, by which the debts of individuals residing at a distance from each other are liquidated, without the intervention of money. The object of this treatise is to explain the nature of these transactions, and the principles on which they are founded.

This will be best effected by treating, first, of the exchange between different parts of the same country; and, secondly, of that between different and independent countries.