New Jersey, S. Carolina and Georgia, 1 dollar is reckoned in 78. 6 d., called Pennsylvania currency. 4 s. 8 d., called Georgia currency. 1. Reduce 6£. 11 s. 61 d. to federal money. Note. To reduce pounds, shillings, pence and farthings, in either of the above-named currencies, to federal money,First, reduce the shillings, pence and farthings (if any be contained in the given sum) to the decimal of a pound by inspection, as already taught, T 76. 6. 11 s. 64 d. = £6′576. ENGLISH MONEY.-Now, supposing the above sum to be English money,-1£. is 20 s. = 240 pence, in all the above currencies. 1 dollar, in English money, is reckoned 4 s. 6 d. 54 pence, that is, of 1 pound. Now, as many times as, the fraction which 1 dollar is of 1 pound, English money, is contained in £6'576, so many dollars, it is evident, there must be; that is,-To reduce English to federal money,-Divide the given sum by %, the quotient will be federal money. £6'576 English money. 40 9) 263'040 29'226 federal money, Answer. 60 σ 9 Note. It will be recollected, to divide by a fraction, we multiply by the denominator, and divide the product by the numerator. CANADA CURRENCY.-Supposing the above sum to be Canada currency,-1 dollar, in this currency, is 5 s. 60 pence, that is, of 1 pound. Therefore,-To reduce Cano da currency to federal money,-Divide the given sum by +, and the quotient will be federal money; or, which is the same thing,-Multiply the given sum by 4. £6'576 Canada currency. 4 $27'304 federal money, Answer that is, NEW ENGLAND CURRENCY.-1 dollar, in this currency, is 68. 72 pence, fo, or '3 of a pound. Therefore, To reduce New England currency to federal money,-Divide the given sum by '3. - 3) £.6'576 New England currency. $21'92 federal money, Answer. = NEW YORK CURRENCY.-1 dollar, in this currency, is 8 s. = 06 pence, that is, 22, or 4 of a pound. Therefore, -To reduce New York currency to federal money,-Divide the given sum by '4. '4) £.6'576 New York currency. $16'44 federal money, Answer. PENNSYLVANIA CURRENCY.-1 dollar, in this currency, is 7s 6 d. 90 pence, that is, = 90 of a pound. Therefore,To reduce Pennsylvania currency to federal money,-Divide by , that is, multiply the given sum by 8, and divide the product by 3. £.6'576 Pennsylvania currency. 8 3)52'608 $17'536 federal money, Answer. 56 240 GEORGIA CURRENCY.-1 dollar, Georgia currency, is 4 s 8 d. 56 pence, that is, of a pound. Therefore,-To reduce Georgia currency to federal money,-Divide by 7, that is, multiply the given sum by 30, and divide the product by 7. £. 6'576 Georgia currency. 30 7) 197'280 $28 1829 federal money, Answer. From the foregoing examples, we derive the following general RULE :— -To reduce English money, and the currencies of Canada and the several States, to federal money,-First, reduce the shillings, &c., if any in the given sum, to the decimal of a pound; this being done, divide the given sum by such fractional part as 1 dollar, in the given currency, is a fractional part of 1 pound. EXAMPLES FOR PRACTICE. 2. Reduce 125 £., in each of the before named currencies, to federal money. 3. Reduce 1 s. 6 d., in the several currencies, to federal money. Answers. 1 s. 6 d. '075£. English money, is $333; Canada currency, it is $30; New England currency, it is $25; New York currency, it is $187; Pennsylvania currency, it is $20; Georgia currency, it is $3214. 4. Reduce 75£. 15 s., in the several currencies, to federal money. 5. Reduce 18 £.0 s. 8 d., in the several currencies, to federal money. 6. Reduce 4 d., in the several currencies, to federal money. 7. Reduce 36 £. 3 s. 7 d., in the several currencies, to federal money. ¶ 79. To reduce federal money to any of the before named currencies, reverse the process in the foregoing operations; that is,-Multiply the given sum in federal money by such fractional part as 1 dollar, in that currency to which you would reduce it, is of 1 pound. The product will be the answer in pounds and decimals of a pound, which must be reduced to shillings, pence and farthings, by inspection, as already taught, ¶ 77. EXAMPLES FOR PRACTICE. 1. Reduce $118'25 to the several before named currencies. Answer. English money, £. 8. d. is 26 12 14 Canada currency, $118'25, changed to N. York Pennsylvania ... 47 6 0. 44 6 101 27 11 9 2. Change $250 to the several currencies. ¶ 80. It may sometimes be required to reduce one currency to the par, or equality of another currency. 1. Reduce 35£. 6 s. 8 d., English money, to N. England currency. $1 is 4 s. 6 d. 54 d. English money. $1 is 6 s. = 12 d. N. England currency; that is, the value of any number of pounds, shillings, pence, &c., English money, is 4 = of the same in N. England currency; consequently,-To redyce English money to N. England currency, Multiply by †, or, which is the same, increase it by part of itself. Thus, £. S. d. 15 6 2 47 2 2 English money, is 2 New England currency, Answer. Hence we have this general RULE for finding a multiplier to reduce any currency to the par of another : Make $1 in pence, of the currency to be reduced, the de nominator of a fraction, over which write $1 in pence, of the currency to which it is to be reduced, for a numerator. This fraction may then be reduced to its lowest terms before multiplying. On the same principles, let the pupil form for himself multipliers, by which To reduce English money to Canada, N. York, Pennsylva nia, and Georgia currencies. Canada currency to English, N. England, N. N. York currency to English, Canada, N. Eng land, Pennsylvania, and Georgia currencies. Pennsylvania currency to English, Canada, N. England, N. York, and Georgia currencies. ............ Georgia currency to English, Canada, N. England, N. York, and Pennsylvania currencies. Rates at which the following foreign coins are estimated at the Custom Houses of the United States. Silver Rouble of Russia, Florin or Guilder of the United Netherlands, Mark Banco of Hamburg, Real of Plate of Spain, 2. Reduce 8764 livres to federal money. 4. Reduce 250,000 florins to federal money. INTEREST. ¶ 81. Interest is an allowance made by a debtor to a creditor for the use of money. It is computed at a certain number of dollars for the use of each hundred dollars, or so many pounds for each hundred pounds, &c. one year, and in the same proportion for a greater or less sum, or for a longer or shorter time. The number of dollars so paid for the use of a hundred dollars, one year, is called the rate per cent. or per centum ; the words per cent. or per centum signifying by the hundred The highest rate allowed by law in the New England States, is 6 per cent.,* that is, 6 dollars for a 100 dollars, 6 cents for a 100 cents, 6 pounds for a 100, &c.; in other words, T of the sum lent or due is paid for the use of it one year. This is called legal interest, and will here be under stood when no other rate is mentioned. In the State of New York, 7 per cent. is the legal interest; in England the egal interest is 5 per cent. |