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Tuesday, February 8, 2011

Selling Virginia Tobacco crops: The Bill of Exchange

No financial device played a more important role in the internal and external trade of the colony than the bill of exchange. It was used when the party who gave it had a balance to his credit in the hands of some merchant, the drawee being generally a person of this calling who resided in England, New England, Barbadoes, or in one of the other English colonies. A foreign or native trader who was engaged in buying and selling Virginia Tobacco purchased a large quantity of this commody. Instead of making payment in some form of merchandise or in money sterling, he delivered a bill of exchange drawn on a merchant who lived in England or in one of the other colonies.

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