Part 4011

<p><b>2.</b> <def>The act of substituting one thing in the place of another; <as>as, an <ex>exchange</ex> of grief for joy, or of a scepter for a sword, and the like</as>; also, the act of giving and receiving reciprocally; <as>as, an <ex>exchange</ex> of civilities or views</as>.</def>

<p><b>3.</b> <def>The thing given or received in return; esp., a publication exchanged for another.</def>

<i>Shak.</i>

<p><b>4.</b> <fld>(Com.)</fld> <def>The process of setting accounts or debts between parties residing at a distance from each other, without the intervention of money, by exchanging orders or drafts, called <i>bills of exchange</i>. These may be drawn in one country and payable in another, in which case they are called <i>foreign bills</i>; or they may be drawn and made payable in the same country, in which case they are called <i>inland bills</i>. The term <i>bill of exchange</i> is often abbreviated into <i>exchange</i>; <as>as, to buy or sell <ex>exchange</ex></as>.</def>

<note>&hand; A in London is creditor to B in New York, and C in London owes D in New York a like sum. A in London draws a bill of exchange on B in New York; C in London purchases the bill, by which A receives his debt due from B in New York. C transmits the bill to D in New York, who receives the amount from B.</note>

<p><b>5.</b> <fld>(Law)</fld> <def>A mutual grant of equal interests, the one in consideration of the other. Estates exchanged must be equal in quantity, as fee simple for fee simple.</def>

<i>Blackstone.</i>

<p><b>6.</b> <def>The place where the merchants, brokers, and bankers of a city meet at certain hours, to transact business. In this sense often contracted to <i>'Change</i>.</def>

<cs><col>Arbitration of exchange</col>. <cd>See under <er>Arbitration</er>.</cd> -- <col>Bill of exchange</col>. <cd>See under <er>Bill</er>.</cd> -- <col>Exchange broker</col>. <cd>See under <er>Broker</er>.</cd> -- <col>Par of exchange</col>, <cd>the established value of the coin or standard of value of one country when expressed in the coin or standard of another, as the value of the pound sterling in the currency of France or the United States. The par <i>of exchange<i> rarely varies, and serves as a measure for the rise and fall of exchange that is affected by the demand and supply. Exchange is <i>at par<i> when, for example, a bill in New York, for the payment of one hundred pounds sterling in London, can be purchased for the sum. Exchange is <i>in favor<i> of a place when it can be purchased there at or above <i>par<i>.</cd> -- <col>Telephone exchange</col>, <cd>a central office in which the wires of any two telephones or telephone stations may be connected to permit conversation.</cd></cs>

<syn>Syn. -- Barter; dealing; trade; traffic; interchange.</syn>

<h1>Exchange</h1> <Xpage=521>

<hw>Ex*change"</hw>, <tt>v. t.</tt> <wordforms>[<tt>imp. & p. p.</tt> <er>Exchanged</er> <tt>(?)</tt>;<tt>p. pr. & vb. n.</tt> <er>Exchanging</er> <tt>(?)</tt>.]</wordforms> <ety>[Cf.OF. <ets>eschangier</ets>, F. <ets>\'82changer</ets>. See <er>Exchange</er>, <tt>n.</tt>]</ety> <p><b>1.</b> <def>To part with give, or transfer to another in consideration of something received as an equivalent; -- usually followed by <i>for</i> before the thing received.</def>

<blockquote><b>Exchange</b> his sheep for shells, or wool for a sparking pebble or a diamond. <i>Locke.</i></blockquote>

<p><b>2.</b> <def>To part with for a substitute; to lay aside, quit, or resign (something being received in place of the thing <?/ with); <as>as, to <ex>exchange</ex> a palace for cell</as>.</def>

<blockquote>And death for life <b>exchanged</b> foolishly. <i>Spenser.</i></blockquote>

<blockquote>To shift his being Is to <b>exchange</b> one misery with another. <i>Shak.</i></blockquote>

<p><b>3.</b> <def>To give and receive reciprocally, as things of the same kind; to barter; to swap; <as>as, to <ex>exchange</ex> horses with a neighbor; to <ex>exchange</ex> houses or hats.</as></def>

<blockquote><b>Exchange</b> forgiveness with me, noble Hamlet. <i>Shak.</i></blockquote>

<syn>Syn. -- To barter; change; commute; interchange; bargain; truck; swap; traffic.</syn>

<h1>Exchange</h1> <Xpage=521>

<hw>Ex*change"</hw>, <tt>v. i.</tt> <def>To be changed or received in exchange for; to pass in exchange; <as>as, dollar <ex>exchanges</ex> for ten dimes</as>.</def>

<h1>Exchangeability</h1> <Xpage=521>

<hw>Ex*change`a*bil"i*ty</hw> <tt>(?)</tt>, <tt>n.</tt> <def>The quality or state of being exchangeable.</def>

<blockquote>The law ought not be contravened by an express article admitting the <b>exchangeability</b> of such persons. <i>Washington.</i></blockquote>

<h1>Exchangeable</h1> <Xpage=521>

<hw>Ex*change"a*ble</hw> <tt>(?)</tt>, <tt>a.</tt> <ety>[Cf.F. <ets>\'82changeable</ets>.]</ety> <p><b>1.</b> <def>Capable of being exchanged; fit or proper to be exchanged.</def>

<blockquote>The officers captured with Burgoyne were <b>exchangeable</b> within the powers of General Howe. <i>Marshall.</i></blockquote>

<p><b>2.</b> <def>Available for making exchanges; ratable.</def> "An <i>exchangeable</i> value."