If a bill of exchange be not paid at maturity, the holder may at once redraw on the drawer or indorser, not only for the face of the bill, but for so much more as shall indemnify him; and therefore for so much as shall cover the necessary costs of protest, notice, commissions, and whatever further loss he sustains by the current rate of exchange on the place where the drawer or indorser resided.(y) This is the rule of the law-merchant; but in this country, instead of re-exchange, or damages to be ascertained by a reference to the above items of loss, established rates of damage are fixed by statute or by usage.(z) These rates are larger in proportion to the distance of the place where the drawee resides from the place where the bill is drawn. * For the amount, or percentage of damage, at different distances, we can only refer to the laws of the several States. They differ considerably; and it may be regretted that more uniformity does not prevail among the several States in relation to this matter. It seems to be settled by the weight of authority, that, in determining the amount of re-exchange, the actual or mercantile par or valuation of money should be regarded, and not the mere legal or nominal rate which, as between this country and England, differs very widely from the true value. (a)

(l) Jackson v. Hudson, 2 Camp. 447

(u) Story on Bills of Exch. §§ 65, 219.

(r) So by statute in New Hampshire, Kentucky, Pennsylvania, Ohio, Alabama, and California. See also Gordon v. Price, 10 Ired. L. 385; Graham v. Sangs-ton, 1 Md. 59; Sumner v. Bowen, 2 Wis. 524; Austin v. Wilson, 24 Vt. 630.

(w) Agricultural Bank v. Commercial Bank, 7 Sm. & W. 592. See Britton v. Niccols, 104 U. S. 757; May v. Jones, 88 Ga. 308; Guelich v. Nat. State Bank, 56 Ia. 434; Third Nat. Bank v. Vicksburg Bank, 61 Miss. 112; Bank v. Butler, 41

Ohio St 519; Morgan v. Tener, 83 Pa. 305, 307. But see contra Ayrault v. Pacific Bank, 47 N. Y. 570; Corn Exchange Bank v. Farmers' Nat. Bank, 118 N. Y. 443, 447; American Express Co. v. Haire, 21 Ind. 4.

(x) Dorchester Bank v. N. E. Bank, 1 Cush. 177; Baldwin v. Bank of Louisiana, 1 La. An. 13; Citizens Bank v. Howell, 8 Md. 530; Planters Bank v Wilmington Bank, 75 N. C. 534.

(xx) Bank v. Woods, 28 N. Y. 545; Home Ins. Co. v. Green, 19 N. Y. 118.