NOTE 2. Other pieces of money, as the 50-dollar gold piece, the half and quarter-dollar gold pieces, are used somewhat, but are not legal coin. NOTE 3. In addition to the coins or specie currency provided by Government a paper currency is authorized.

NOTE 4. Paper currency consists of Treasury Notes and Fractional Currency issued by Government, and Notes issued by the National Banks.

184. The weight of the eagle is 258 grains, Troy. The trade-dollar weighs 420 grains, but the smaller coins are not so heavy in proportion to their value; thus, the half-dollar weighs only 12 grams (192 grains); the quarter-dollar and the dime respectively one-half and one-fifth of the weight of the half-dollar. The new cent weighs 48 grains.

NOTE. These standards of weight and purity are regulated by Congress, and may be changed at any time.

185. In this currency, the dollar is the unit, cents and mills being decimals of a dollar; thus, $3.62 represents three dollars and sixty-two cents; $4.085 represents four dollars, eight cents and five mills, etc.

NOTE. Figures at the right of the third decimal place, represent parts of mills; thus, $5.3627: 5 dollars, 36 cents, 2 mills, and of a mill.

=

REDUCTION.

10

186. The reduction of U. S. Currency is very simple. Dollars are reduced to cents by annexing two ciphers (Art. 62), and to mills by annexing three ciphers; thus, $4= 400 cents= 4000 mills.

Dollars and cents are reduced to cents by removing the decimal point; thus, $3.56 356 cents. Dollars, cents, and mills

183. Is the mill coined? What of other pieces of money? What of paper currency and of what does it consist? 184. What is the weight of the eagle? Of the trade-dollar? Half-dollar? By whom is the standard of weight and purity fixed? 185. What is the unit in this currency? What are cents and mills? What are figures at the right of the third decimal place? 186. How are dollars reduced to cents? How to mills? How are dollars and cents reduced to cents? How dollars, cents, and mills to mills?

are reduced to mills in the same way; thus, $5.4685468

187. Cents are reduced to dollars by pointing off two decimal places (Art. 81). Mills are reduced to dollars by pointing off three decimal places; thus, 3768 cents

$37.68; 3768

7. Reduce 564 cents to dollars. 8. Reduce 3692 mills to dollars.

Ans. $5.64.

Ans. $3.692.

9. Reduce 87694 cents to dollars. 10. Reduce 76843 mills to dollars.

188. Addition, Subtraction, Multiplication, and Division of U. S. currency, are performed precisely as the corresponding operations in Decimal Fractions.

4. Paid $87.50 for a horse, $145.25 for a pair of oxen, $14.25 for a wagon, and $45.75 for a cart; what did I pay for all? Ans. $292.75.

5. Bought a hat for $4.50, a coat for $18.75, a vest for $5.25, and a pair of boots for $5; what did I

pay

for all?

187. How are cents reduced to dollars? How mills to dollars? 188. How are Addition, Subtraction, Multiplication, and Division of U. S. Money performed?

4. A man who owed $699.60, paid $164.60; how much did he still owe?

Ans. $535.

5. Bought a farm for $3684.75, and stock and tools for the farm for $1476.25; how much more did I pay for the farm than for the stock and tools?

4. If 12 gentlemen have $7497.84 apiece, what sum have they all?

Ans. $89974.08.

5. If 45 persons deposit $346.25 each in a saving bank, how many dollars are deposited?

DIVISION.

Ex. 1. If $225 are divided equally between 27 men, what sum will each receive?

2. Divide $69345.36 equally between 18 men.

3. Divide $4832.40 into 24 equal parts.

PRACTICAL EXAMPLES.

Ans. $3852.52.

189. To find the cost of a number of things when the price of one thing is given.

1. If apples are worth $2.50 per barrel, what are 3 barrels worth?

Three barrels are worth 3 times as much as one barrel, .. 3 barrels are worth $2.50 X 3=$7.50, Ans. Hence,

RULE. Multiply the price of one by the number.

2. What is the cost of 9 barrels of flour, at $7.75 per barrel? Ans. $69.75. 3. Bought 25 sheep, at $6.25 each; what was the cost of the flock?

4. Bought 18 yards of broadcloth, at $3.875 per yard; what was the cost of the piece?

5. What is the value of 75 acres of land, at $37.50 per acre ?

190. To find the price of an article when the cost of a given number of articles is known.

6. When eight cords of wood are worth $44, what is the value of 1 cord?

If 8 cords are worth $44, one cord is worth of $44; and $448=$5.50, Ans. Hence,

RULE. Divide the cost by the number.

7. If 24 yards of broadcloth cost $93, what is the price per Ans. $3.87.

yard?

8. Bought 37 pounds of butter for $8.51, what was the price? Ans. 23c.

189. How is the cost of a number of things found when the price of one is known? 190. How the price of one when the cost of a number is known?

NOTE. Price is, appropriately, the sum asked for one article; thus, when any one asks a flour dealer the price of flour, he is understood to ask what he must pay for a single barrel, not fifty barrels, nor half a barrel, nor any quantity except one barrel. Hence we distinguish between price and cost, or price and value.

9. Bought 356 bbls. of flour for $3026; what was the price? 10. Bought a farm containing 125 acres for $6843.75; what was the price per acre?

191. To find the quantity when the cost of the quan tity and the price of one are given.

11. At $6 per ton, how many tons of coal can I buy for $24? I can buy as many tons as $6 is contained times in $24, and $24÷÷$6=4, .. I can buy 4 tons. Hence,

RULE. Divide the cost by the price of one.

12. At $3 per yard, how many yards of cloth can be bought for $546? Ans. 182.

13. At $22.50 per acre, how many acres of land can be bought for $1822.50?

14. At 56 cents a pound, how many pounds of tea may be bought for $25.20 ?

15. A drover bought oxen at $62.50 each; how many oxen did he buy for $1562.50?

192. To find the cost of articles sold by the 100 or by the 1000.

16. At $4.50 per 100 feet, what will 342 feet of timber cost?

OPERATION.

$4.50
3.42

900
1800
1350

$15.3900, Ans.

Had the price been $4.50 per foot, the cost would have been $4.50 ×342=$1539; but since the price is $4.50 per hundred feet, the true multiplier is one hundredth part of 342, viz. 3.42, and the true cost is $4.50 X 3.42=$15.39.

190. Meaning of price? Difference between price and cost, or price and value? 191. Rule for finding the number of things when the cost and price are known? 192. Explain Ex. 16.