Ex*change" (&ebreve;ks*chānj"),
n. [OE. eschange, eschaunge, OF.
eschange, fr. eschangier, F. échanger, to
exchange; pref. ex- out + F. changer. See
Change, and cf. Excamb.] 1. The
act of giving or taking one thing in return for another which is
regarded as an equivalent; as, an exchange of cattle for
grain.
2. The act of substituting one thing in the
place of another; as, an exchange of grief for joy, or of a
scepter for a sword, and the like; also, the act of giving and
receiving reciprocally; as, an exchange of civilities or
views.
3. The thing given or received in return;
esp., a publication exchanged for another. Shak.
4. (Com.) 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 bills of exchange. These may be drawn in one
country and payable in another, in which case they are called
foreign bills; or they may be drawn and made payable in the
same country, in which case they are called inland bills. The
term bill of exchange is often abbreviated into
exchange; as, to buy or sell exchange.
&fist; 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.
5. (Law) 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.
Blackstone.
6. The place where the merchants, brokers,
and bankers of a city meet at certain hours, to transact business. In
this sense often contracted to 'Change.
Arbitration of exchange. See under
Arbitration. -- Bill of exchange.
See under Bill. -- Exchange broker.
See under Broker. -- Par of
exchange, 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 of exchange rarely varies, and
serves as a measure for the rise and fall of exchange that is
affected by the demand and supply. Exchange is at par 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
in favor of a place when it can be purchased there at or above
par. -- Telephone exchange, a
central office in which the wires of any two telephones or telephone
stations may be connected to permit conversation.
Syn. -- Barter; dealing; trade; traffic; interchange.
Ex*change", v. t. [imp. & p.
p. Exchanged (?); p. pr. & vb. n.
Exchanging (?).] [Cf.OF. eschangier, F.
échanger. See Exchange, n.]
1. To part with give, or transfer to another in
consideration of something received as an equivalent; -- usually
followed by for before the thing received.
Exchange his sheep for shells, or wool for a
sparking pebble or a diamond.
Locke.
2. To part with for a substitute; to lay
aside, quit, or resign (something being received in place of the
thing parted with); as, to exchange a palace for
cell.
And death for life exchanged
foolishly.
Spenser.
To shift his being
Is to exchange one misery with another.
Shak.
3. To give and receive reciprocally, as
things of the same kind; to barter; to swap; as, to exchange
horses with a neighbor; to exchange houses or hats.
Exchange forgiveness with me, noble
Hamlet.
Shak.
Syn. -- To barter; change; commute; interchange; bargain;
truck; swap; traffic.
Ex*change", v. i. To be changed or
received in exchange for; to pass in exchange; as, dollar
exchanges for ten dimes.
