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It is well known, that, in different States of the Union, the American dollar has a different value as expressed in shillings and pence. The origin of this difference is thus explained. Previous to the formation of the Constitution, all accounts in this country were kept in the currency of Great Britain, and the dollar was reckoned at 4s. 6d. sterling. Owing, however, to the want of money, several States under the colonial government issued Bills of Credit, which were not received by the British merchants in payment for goods at their par value. Holders of those bills were therefore obliged to pay a larger nominal amount than though they had paid in sterling. Thus eight shillings in the bills of New York passed for one dollar, or 4s. 6d. sterling. In the-bills of the New England Colonies, where the depreciation was less, six shillings made a dollar, and in South Carolina and Georgia, four shillings and eight pence. In the ordinary reckonings of the people, shillings and pence are still considerably used, and their estimated value in different States is as follows.
In New England, Indiana, Illinois, Missouri, Virginia, Kentucky, Tennessee, Mississippi, Texas, Alabama, and Florida, the dollar is valued at 6 shillings, $1= 20.= 1£.
In New York, Ohio, and Michigan, the dollar is valued at 8 shillings, $1= £.= £.
In New Jersey, Pennsylvania, Delaware, and Maryland, the dollar is considered 7 shillings and 6 pence, $1= 0.=
In North Carolina the dollar is reckoned at 10 shillings, $ 1==3f.= f.
In South Carolina and Georgia 4 shillings 8 pence is the value of a dollar, $1=26£. = 3:£.
In Canada and Nova Scotia the dollar is valued at 5 shillings, $1= .= 1£.
The following table exhibits the legal rates of interest in the United States, and the penalty of usury. STATES. RATE
PENALTY OF USURY.
Recovery in an action, with costs.
Usurious contracts void. New Jersey,
Forfeit of the whole debt. Pennsylvania, 6 66 Forfeit of the whole debt. Delaware,
Forfeit of the whole debt. Maryland,
On tobacco contracts, 8 per ct. Usurious
contracts void. Virginia,
6 66 Forfeit double the usury. North Carolina, 6 66 Contracts for usury void. Forfeit double the
usury. South Carolina, y Forfeit of interest and usury, with costs.
E OF INTEREST.
STATES. RATE OF INTEREST. PENALTY OF USURY.
By contract as high as 10. Recovery in
action of debt. Louisiana,
Bank 6; by agreement as high as 10; con
tracts void. Tennessee,
Contracts void. Kentucky,
Recovery with costs.
Contracts void. Indiana,
A fine of double the usury. Illinois,
By agreement as high as 12. Forfeit of
threefold whole amount of interest. Missouri,
By agreement as high as 10. Forfeit of the
interest and usury. Michigan,
Forfeit of the usury and one fourth the debt. Arkansas,
6 66 By agreement as high as 10. Usury re
coverable ; contracts void. Florida,
Forfeit of interest and usury. Wisconsin,
By agreement as high as 12. Forfeit treble
the excess.. Iowa,
ng 66 By agreement as high as 12. Forfeit treble
the excess. Texas,
8 16 Dist. Columbia, 6 " Contracts void.
Note. On debts or judgments in favor of the United States, interest is computed at the rate of 6 per cent. per annum.
In order, therefore, to change the preceding currencies to United States money, the shillings, pence, and farthings, if there be any, must first be reduced to decimals of a pound, and annexed to the pounds.
RULE. — Divide the pounds by the value of a dollar in the given currency, EXPRESSED BY A FRACTION OF A POUND; that is, to change the old New England currency to United States money, divide by id; because 6 shillings is i of a pound
To change the old currency of New York, fc., to United States money, divide by io; because 8 shillings is id of a pound.
To change the old currency of Pennsylvania, &c., to United States money, divide by ; because 7 shillings and 6 pence is of a pound.
To change the old currency of South Carolina and Georgia to United States money, divide by 3 ; because 4 shillings and 8 pence is 3 of a
To change Canada and Nova Scotia currency to United States money, divide by ; because 5 shillings is of a pound.
The old method of changing English sterling money to United States money was, to divide the pounds by ảo, and the quotient was dollars; and, to change dollars into English sterling money, to multiply the dollars by ko, and the product was pounds sterling. But, as will be seen by a note on page 151, this process does not give the present value of a pound sterling.
1. Change 18£. 4s. 6d. of the old New England currency to United States money.
18.225£. = = $60.75 Ans. In this example we reduce the 4 shillings and 6 pence to a decimal of a pound, which we find to be .225. This decimal we annex to the pounds, and multiply the 18.225£. by 10, and divide by 3, and it produces the answer, $ 60.75. The reason for this process has already been shown. 2. Change $ 60.75 to the old currency of New England. .
$ 60.75 X = 18.225 = 18£. 4s. 63. Ans. The decimal .225 is reduced to shillings and pence by Case IV. of Decimal Fractions.
3. Change 78£. 7s. 6d. of the old currency of New England to United States money.
Ans. $ 261.25. 4. Change $ 261.25 to the old currency of New England.
Ans. 78£. 7s. 6d. 5. Change 46£. 16s. 6d. of the old currency of New York to United States money.
Ans. $117.061. 6. Change $117.064 to the old currency of New York.
Ans. 46£. 16s. 6d. 7. Change 387£. of the old currency of Pennsylvania to United States money..
Ans. $1032. 8. Change $1032 to the old currency of Pennsylvania, Delaware, and Maryland.
Ans. 387£. 9. Change 12£. 12s. of the old currency of South Carolina and Georgia to United States money.
Ans. $ 54. 10. Change $ 54 to the old currency of South Carolina and Georgia.
Ans. 12£. 12s. 11. Change 128£. 18s. 6d. of Canada and Nova Scotia to United States money.
Ans. $ 515.70. 12. Change $515.70 to Canada and Nova Scotia currency.
Ans. 128£. 18s. 6d.