"I have been using one as money this very day," he continued. "You must know,--(I do not hesitate to speak openly before friends)--I have been trying my fortune, while others did, in a venture to England. I am not in the habit of exporting, as you know; but I shipped a snug package of velvets, which certain great folks are at this moment wearing, perhaps in the king of England's own presence. I was paid in a bill drawn on a timber merchant here, payable at usance;----you know what that means?"
Familiar as the term was, the young lady did not know what it meant. Heins explained that bills are paid either at sight, or at a certain specified time after date, or at the period which is pointed out by the custom or law of the place on which the bill is drawn; which period is called the usance of the place. At Amsterdam this was one month after date. Heins went on,
"I was, at the same time, desirous of purchasing some powder and ball, which I had a fine opportunity of disposing of. I therefore offered this bill,--not to the owner of the powder, (who would leave Amsterdam before the bill became due, and would have charged me whatever it might cost him to have it changed for a different kind of money,)--but to my friend Visscher, the bill-broker, who sold me a bill on Copenhagen, which suited my powder-merchant's convenience, and put a profit into Visscher's pocket, and saved me the necessity of calling any money out of the Bank. So you see this bill was real money in my hands, is so now in Visscher's, and may be again in a hundred other hands before the month is up."
Slyk thought commerce would slacken grievously if bills did not serve as a circulating medium, as well as being the means of liquidating debts. If people were obliged to depend on their individual stock of money for the prosecution of all their undertakings, they would be stopped short at the outset of many a fine speculation: whereas by having access to the credit-bank (viz. the exchange market), and thus being able to exchange their credit for cash, at a small sacrifice, facilities were afforded, and an equalization of demand was established which was highly favourable to an extensive and beneficial employment of capital. This was the advantage of bills bearing date, instead of being, in all instances, payable at sight. When payable at sight, they were not of course money; and every protraction of date was equivalent to an increase in the quantity of money; as the bill passed through more hands, the longer it had a separate existence from the cash it represented.
"I suppose, then," said Francesca, "that your new undertaking is to be carried on by the help of this kind of money. But perhaps bills of exchange do not circulate so far inland."
"I have nothing to do but to exchange them for inland bills, or for cash," observed her father. "Snoek, you say that foreign bills superabound on 'Change. What say you to some of the spare capital which is afloat being lent to me for a grand and beneficial design which I have in hand some way up the country?"
"I have little or no money to spare just at this time," replied Heins: "for the present state of the exchange, you see, is just that which makes it desirable for us to import to the utmost. I must invest in British produce as much as I can gather together while bills on Britain are cheap. But there must be many exporters who are slackening their business till the exchange turns. They will be ready enough to let you have money at little or nothing above the common rate of interest. What is your object?"
"I told you that I might give you news of your mother this evening. I saw her yesterday morning, and all the children; and I may see her again once or twice a week, if I am enabled to carry on my design. In that case, I shall settle in her near neighbourhood."
"And Fransje,"--inquired Heins, looking with an appearance of anxiety towards the lady,--"Fransje, will you leave us too?"
"I shall delight in being so near your mother," replied Fransje. "And those dear children, I could sit by Christian's couch from morning till night. He is so interesting! It is so soothing too, to one's heart, to be able to cheer such a sufferer!"