The bill is one of the oldest financial tools. Among bill prototypes it is necessary to note синграфы and хирографы, arisen in ancient Greece and borrowed in Roman empire. In V ІІІ century in China have arisen securities similar to the bill фейцянь, and during time of a dynasty of Sun – used for safe remittance on the big distances.
Among the Arabian prototypes of the bill it is possible to name debt documents, possibly, affected occurrence in Italy in Х ІІІ–ХІV century of the first forms of the bill [1]. As the bill has appeared in Italy in XIII century, the majority of the terms connected with bills (an endorsement, аваль), have the Italian origin. From the initial debenture the bill has got popularity at carrying out of operations on a currency exchange. Changed, having received money resources, gave out the debenture payment on which could be received in other place. Thanks to the flexibility and convenience the bill has quickly extended across Europe. The increase in volumes of bill operations has demanded legislative fastening of the developed customs of a business turn, and in 1569 in Bologna the first bill charter has been accepted.
Originally to the holder it was forbidden to transfer the rights to other persons. However already to the XVII-th century beginning, the given restrictions became a deterrent in trade and they have been gradually cancelled. The bill rights have started to transfer by means of putting down of the special order of the holder — an endorsement (from ital. in dosso — a back, a ridge, the back — as the given inscription was made, as a rule, on the back bills).
Financial Soviet Reality
In Russia the bill has appeared in the XVIII-th century beginning thanks to development of trade relations with the German princedoms. Therefore Russian word "bill" occurs from it. Wechsel - an exchange, transition. On the basis of the German bill legislation the first Russian Bill charter of 1729 has been written. However direct loan of foreign norms didn't meet the requirements of the Russian validity. For example, most in details the charter regulated the bill relations connected with transfer of money resources (the draft form) while in Russia the greatest distribution was received by practice of use of bills for registration of loans (the promissory note form).
In 1832 the new Russian Charter about bills has been accepted. In this case norms of the French right, namely the French trading code have been put in a document basis. At the same time, the charter contained the separate positions borrowed from the German bill right. The basic attention was still given to translation operations. The promissory note was mentioned to apply only to it (or to exclude) action of norms about the draft. In connection with the general oriental the Russian legislation on norms of the German right, Charter use about bills involved certain inconveniences, and practically right after its acceptance works on its perfection and change have begun.
In a basis of the new charter it has been decided to put the unified norms of the bill legislation of the leading states of that time. Within 55 years it has been prepared six editions of the bill. In parallel the changes were made to the Charter about bills, called to eliminate the most odious valid provisions. So, the opinion of the State council which has extended the right to be obliged by bills for all estates, except for persons of a ministry, the bottom military ranks, the peasants who not having the immovable property and haven't taken trading certificates, and also women without the permission of parents or husbands on December, 3rd, 1862 has been confirmed.
The new bill charter has been confirmed on May, 27th, 1902. It defined the bill as «obligation of the drawer absolutely independent of the previous agreements about доставлении to the first purchaser or last holder in known term of the known sum of money». The charter consisted of 126 articles, first two articles represented the Introduction, the devoted classifications of bills. Other parts have been grouped in two sections, the first has been devoted the promissory notes, the second — to drafts. Each of sections contained on five heads: chapter 1 defined an order of drawing up and the reference of bills; the second — responsibility of the payer; the third — procedure of fulfillment of the protest under bills; the fourth — terms for a presentation of bill claims; the fifth — the norms which have not entered for whatever reasons in first four heads.
The Russian bill charter of 1902 has existed before October revolution of 1917. The decree of Council of National Commissioners from November, 11th, 1917 had been declared the two-month moratorium on realization of bill payments, and also bill protests. Further the reference of bills for territories of RSFSR has been substantially reduced. Only at transition to new economic policy in 1922 Position about bills was accepted, according to which cooperative societies and banks were authorized to give out and accept to the account (repayment) of the bill, and also to use them for registration of credit operations.
In 1928 during financial reform carrying out of credit and bill operations that has caused liquidation of the bill reference in the country was forbidden to consumer societies and their unions. However the bill continued to be used in foreign trade activities. Development of commercial relations has led to that in 1936 of the USSR has joined the International convention on the bills, including the Uniform law about translation and the promissory note. The decision of the Central Executive Committee and Council of National Commissioners of the USSR from August, 7th, 1937 № 104/1341 had been installed «Position about translation and the promissory note» which almost completely reproduced the text of the Uniform law about simple and the draft. Despite it, in internal economic operations the bill still wasn't applied, as financing of economic activities of economic subjects was carried out at the expense of the centralized distribution of monetary resources.
Again in territory of Russia the bill has been entered into the reference by the Decision of Presidium VS of RSFSR from June, 24th, 1991. № 1451-I «About bill application in economic circulation of RSFSR» which though didn't contain mentions of the Decision of the Central Electoral Committee and СНК the USSR of 1937, reproduced it with insignificant differences. In the subsequent the given document has been excellent the Federal law from March, 11th, 1997 № 48-FZ «About translation and the promissory note» which has established that according to the international obligations of the Russian Federation escaping from its participation in the Convention from June, 7th, 1930, the Decision of the Central Electoral Committee and СНК the USSR «About introduction in Position action about translation and the promissory note» from 8/7/1937 № 104/1341 is applied. Also the given Federal law has eliminated a number of the points at issue, concerning release of bills and charge of percent and a fine, and also has limited a circle of persons which can be obliged on simple and to drafts, having excluded from it subjects of the Russian Federation, city, rural settlements and other municipal unions. Now in territory of the Russian Federation the given law is basic at regulation of bill relations.
Among the Arabian prototypes of the bill it is possible to name debt documents, possibly, affected occurrence in Italy in Х ІІІ–ХІV century of the first forms of the bill [1]. As the bill has appeared in Italy in XIII century, the majority of the terms connected with bills (an endorsement, аваль), have the Italian origin. From the initial debenture the bill has got popularity at carrying out of operations on a currency exchange. Changed, having received money resources, gave out the debenture payment on which could be received in other place. Thanks to the flexibility and convenience the bill has quickly extended across Europe. The increase in volumes of bill operations has demanded legislative fastening of the developed customs of a business turn, and in 1569 in Bologna the first bill charter has been accepted.
Originally to the holder it was forbidden to transfer the rights to other persons. However already to the XVII-th century beginning, the given restrictions became a deterrent in trade and they have been gradually cancelled. The bill rights have started to transfer by means of putting down of the special order of the holder — an endorsement (from ital. in dosso — a back, a ridge, the back — as the given inscription was made, as a rule, on the back bills).
Financial Soviet Reality
In Russia the bill has appeared in the XVIII-th century beginning thanks to development of trade relations with the German princedoms. Therefore Russian word "bill" occurs from it. Wechsel - an exchange, transition. On the basis of the German bill legislation the first Russian Bill charter of 1729 has been written. However direct loan of foreign norms didn't meet the requirements of the Russian validity. For example, most in details the charter regulated the bill relations connected with transfer of money resources (the draft form) while in Russia the greatest distribution was received by practice of use of bills for registration of loans (the promissory note form).
In 1832 the new Russian Charter about bills has been accepted. In this case norms of the French right, namely the French trading code have been put in a document basis. At the same time, the charter contained the separate positions borrowed from the German bill right. The basic attention was still given to translation operations. The promissory note was mentioned to apply only to it (or to exclude) action of norms about the draft. In connection with the general oriental the Russian legislation on norms of the German right, Charter use about bills involved certain inconveniences, and practically right after its acceptance works on its perfection and change have begun.
In a basis of the new charter it has been decided to put the unified norms of the bill legislation of the leading states of that time. Within 55 years it has been prepared six editions of the bill. In parallel the changes were made to the Charter about bills, called to eliminate the most odious valid provisions. So, the opinion of the State council which has extended the right to be obliged by bills for all estates, except for persons of a ministry, the bottom military ranks, the peasants who not having the immovable property and haven't taken trading certificates, and also women without the permission of parents or husbands on December, 3rd, 1862 has been confirmed.
The new bill charter has been confirmed on May, 27th, 1902. It defined the bill as «obligation of the drawer absolutely independent of the previous agreements about доставлении to the first purchaser or last holder in known term of the known sum of money». The charter consisted of 126 articles, first two articles represented the Introduction, the devoted classifications of bills. Other parts have been grouped in two sections, the first has been devoted the promissory notes, the second — to drafts. Each of sections contained on five heads: chapter 1 defined an order of drawing up and the reference of bills; the second — responsibility of the payer; the third — procedure of fulfillment of the protest under bills; the fourth — terms for a presentation of bill claims; the fifth — the norms which have not entered for whatever reasons in first four heads.
The Russian bill charter of 1902 has existed before October revolution of 1917. The decree of Council of National Commissioners from November, 11th, 1917 had been declared the two-month moratorium on realization of bill payments, and also bill protests. Further the reference of bills for territories of RSFSR has been substantially reduced. Only at transition to new economic policy in 1922 Position about bills was accepted, according to which cooperative societies and banks were authorized to give out and accept to the account (repayment) of the bill, and also to use them for registration of credit operations.
In 1928 during financial reform carrying out of credit and bill operations that has caused liquidation of the bill reference in the country was forbidden to consumer societies and their unions. However the bill continued to be used in foreign trade activities. Development of commercial relations has led to that in 1936 of the USSR has joined the International convention on the bills, including the Uniform law about translation and the promissory note. The decision of the Central Executive Committee and Council of National Commissioners of the USSR from August, 7th, 1937 № 104/1341 had been installed «Position about translation and the promissory note» which almost completely reproduced the text of the Uniform law about simple and the draft. Despite it, in internal economic operations the bill still wasn't applied, as financing of economic activities of economic subjects was carried out at the expense of the centralized distribution of monetary resources.
Again in territory of Russia the bill has been entered into the reference by the Decision of Presidium VS of RSFSR from June, 24th, 1991. № 1451-I «About bill application in economic circulation of RSFSR» which though didn't contain mentions of the Decision of the Central Electoral Committee and СНК the USSR of 1937, reproduced it with insignificant differences. In the subsequent the given document has been excellent the Federal law from March, 11th, 1997 № 48-FZ «About translation and the promissory note» which has established that according to the international obligations of the Russian Federation escaping from its participation in the Convention from June, 7th, 1930, the Decision of the Central Electoral Committee and СНК the USSR «About introduction in Position action about translation and the promissory note» from 8/7/1937 № 104/1341 is applied. Also the given Federal law has eliminated a number of the points at issue, concerning release of bills and charge of percent and a fine, and also has limited a circle of persons which can be obliged on simple and to drafts, having excluded from it subjects of the Russian Federation, city, rural settlements and other municipal unions. Now in territory of the Russian Federation the given law is basic at regulation of bill relations.
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