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2. A, in Philadelphia, owes B, in London, £1000 sterling, to discharge which, he purchases a bill at 4 per cent. below par-how many dollars must he give for it, and how much will he save by the bill?

Ans. $4266.66% paid, and $177.773. saved.

A merchant may turn both rise and fall of exchange to his advantage, by buying and remitting when it is low; and establishing a fund by which he may draw to advantage when exchange is high.

EXAMPLE.

Mr. Girard, in Philadelphia, remits a bill of $5000 to London, which he purchased at 24 per cent. below par; but on the rise of exchange, he drew for the same at 24 per cent. above par-what did he gain? Ans. $250.

EXCHANGE WITH FRANCE.

According to the old system, accounts in France were kept in Livres, Sols, Deniers, tournois, (a word applied to this money, as sterling is to the English) and they exchanged by the livre, ecu, or crown tournois.

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The United States exchange with France, at 18.5 cents per livre tournois.

The present money accounts in France are kept in francs and centimes, or hundredth parts: a livre tournois is in proportion to the franc as 80 is to 81: a franc is 14 per cent. more than a livre tournois; thus,

100 101.25 :: .18,5.1873125 value of a franc, or, 18,5 x 81-80=.1873125.

The denominations of the new system are,

10 centimes
10 decimes

=1 decime,

1 franc $.1873125

NOTE.-100 centimes equal 1 franc; the same ratio as cents are to dollars.

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The silver coins are 1 franc, weight 5 grammes, 5 francs, do. 25 do. Gold is coined into pieces of 10 grammes.

The 5 franc piece weighs 25 grammes or 386.1 grains troy, nine parts of which in 10 are pure silver, consequently equals $.9365625.

EXAMPLES.

1. A merchant in Bourdeaux, is indebted to a merchant in Philadelphia, for the nett proceeds of a consignment amounting to 50000 livres, tournois-how much federal money must be drawn for, exchange at par? Ans. $9250. 2. A merchant in Bourdeaux is indebted to a merchant of Baltimore, 9275 francs 25 centimes-what is the amount in federal money? Ans. $1737.37+

3. A, in Philadelphia, draws on B, of Paris, for 4444 francs 444 centimes, the course of exchange being 18cts. per franc-what is the amount in federal money? Ans. $800.

4. If A, in New-York, buys a draft on B, in Brest, of 4444 francs 443 centimes, for 800 dollars, what is the course of exchange? Ans. 18 per franc.

EXCHANGE WITH SPAIN.

The money of Spain is of two sorts, viz. the one called vellon, the other plate money.

The vellon is to the plate money, as 34 is to 64.

Dealers and commissioners of excise, keep their accounts in rials and marvadies vellon.

Denominations of the vellon money.

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counts in old plate, or money of exchange.

* The gramme equals 15.444 grains troy.

Denominations of plate money.

34 marvadies of plate =1 real plate,

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=$ 10c.

1 piaster of exchange,
1 dollar,

80c.

1

1.10c. 3.20c.

8 reals of plate

10 reals of plate

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Multiply the reals vellon by 8

(or 8.5, the quarto in a real vellon) adding 1 for every 4 marvadies, and divide by 16; the quotient will be the reals plate.

EXAMPLES.

1. Reduce 800 reals vellon to reals plate.

Ans. 425 reals plate.

2. Reduce 5740 reals 24 marvadies vellon, to reals of exchange or plate. Ans. 3049 reals plate.

To reduce reals plate to reals vellon.

RULE.

Multiply the reals plate by 16, (the quartos in a real plate) add 1 for every two marvadies, and divide (this product) by 8.5, the quotient will be the reals vellon.

EXAMPLES.

1. Reduce 6450 reals 20 marvadies plate, to reals vellon. Ans. 12142 reals vellon 3 quartos or 12 marv.

2. In 425 reals plate how many reals vellon?

Ans. 800 reals vellon.

To reduce Spanish money to federal money.

RULE.

Reduce the odd reals and marvadies to the decimal of a piaster, (and annex it to the piasters) which sum multiply by .8, the product will be dollars, and the decimal of a dollar. Or, find the value of each denomination separately, by its federal value. Or, multiply the real plate by 10, and the real vellon by 5, for cents.

EXAMPLES.

1. A, in Valentia, is indebted to B, in Philadelphia, 875 piasters 6 reals 25 marvadies plate-what number of dollars is A charged in B's books? Ans. $700.675.

2. Reduce 14958 piasters 6 reals plate, to federal money. Ans. $11967.

To reduce federal money to Spanish.

RULE.

Divide the dollars and cents by .8, and the quotient will be piasters and the decimal parts of a piaster, which reduce to reals and marvadies.

EXAMPLES.

1. Exchange for $6403.76.

Ans. 8004.7.

Philadelphia, June 10, 1829. At twenty days after sight, pay this, my second of exchange, (first of the same tenor and date unpaid) to Samuel Cunnyngham, or order, six thousand four hundred and three dollars, seventy-six cents, value received, which charge to account as per advice. DAVID JONES.

DON JUAN CORDILLO,
Merchant, Barcelona.

Required the amount of the above bill of exchange in Spanish piasters. Ans. 8004 piasters 5 reals 20.4 marv. 2. Sold a draft on Don Juan De Mona, at 5 per cent. above par, for which I received $1223.51-how much should I be charged in piasters?

Ans. 1456 pias. 4 reals plate 16+marv.

EXCHANGE WITH PORTUGAL.

The Portuguese keep their accounts in millreas and reas. The denominations are,

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The millrea is an imaginary piece of account; the real moneys of Portugal are as follow:

Silver.

cts.

Crusado of 400 reas, not stamped; value in the US. $.50 do. of 480 do. stamped in 1643,

12 vintin piece, or half crusado of 280 reas, 5 do. do.

2 do.

do.

of 100 do.

of 50 do.

.60

.30

.125

.06

NOTE. In estimating invoices for the calculation of United States' duties, it is ordered that the millrea shall be valued at $1.24; but from the intrinsic value of the johannes, the millrea seems to be justly valued at 673d. sterling, or $1.25.

Gold.

Double Johannes, or piece of 25 millreas 600 reas,

cts.

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To the millreas and reas add one-fourth part, the sum will be dollars and cents.

EXAMPLES.

1. Having received accounts from Lisbon, that the sales of my wheat have neated 1933 millreas 700 reas; how much will be the amount in federal money, if I receive value for the same when the exchange is at par, or $1.25 per millrea? Ans. $2417.125. 2. Calculate the foregoing bill at 2 per cent. under, and at 3 per cent. above par, and show the difference in federal money. Ans. $120.85625. 3. In 5000 millreas 400 reas, how many dollars?

Ans. $6250.50. To reduce dollars, cents, and mills, into millreas and reas.

RULE.

Subtract of the money reduced to mills from themselves, and the remainder will be millreas and reas, (a millrea being of a dollar.)

EXAMPLES.

1. Reduce $6250.50 to millreas and reas.

Ans. 5000 millreas 400 reas. 2. Having drawn on Lisbon for $1217.125, how many millreas will pay my bill when the exchange is at par Ans. 973 millreas 700 reas.

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3. Sold my draft on Alphonso De Consillio, at 3 per cent. under par, for which I received $6552-how many millreas and reas was the bill drawn for? Ans. 5398 millr. 848 re

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