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FEDERAL MONEY. Federal money is the coin of the United States, (established by Congress in 1786.) The Gold coins are the Eagle, Half Eagle, and Quarter Eagle. The Silver coins are the Dollar, Half Dollar, Quarter Dollar, Dime, and Half Dime. The Copper coins are the Cent, and Half Cent : Mill is only imaginary coin. The
denominations (of Federal Money) are Eagles, Dollars, Dimes, Gents, and Mills.
10 mills are equal in value to l cent.
1 dollar. 10 dollars
l eagle. NOTE..See Table, page 38, containing the names and standard weight of the different coins of the United States of America.
In commerce and in reading, Federal Money, eagles and dimes are not named, Eagles being read tens, &c. of dollars; and dimes, tens of cents. Dollars occupy the place of units, and are separated
from cents by a decimal point, showing that all the figures on the left hand of the point or period express dollars, and the two first figures at the right hand express cents, and the third mills; there must be two places of figures for cents; therefore, if the cents be less than 10, a cipher must be prefixed on the left hand of the figure which expresses them. Thus, $4.25 to be read 4 dollars and 25 cents; and $75.065, is read 75 dollars, 6 cents, and 5 mills. This character, $, placed to the left hand of a number, shows the number to express dollars, or a decimal of a dollar if there be a decimal point on the left of the number given : thus $12, reads twelve dollars, and $.12 reads twelve hundreds of a dollar, or twelve cents. In compliance with custom, I have, in many places in this compend, expressed cents, thus, 6 cents, or 125 cents: this is not strictly correct.
REDUCTION OF FEDERAL MONEY. The method of reducing the denominations of Federal or Decimal Money is very simple, and needs, perhaps, no further illustration, were the scholar always presumed to comprehend the preceding observations. In any case, the following concise rules will be easily understood.
RULES.--1. To reduce dollars to cents, annex two ciphers to the given number. 2. To reduce dollars to mills, annex three ciphers to the given number. 3. To reduce any sum when it consists of different denominations : read the sum in the lowest denomination. 4. To reduce cents to dollars: point off two right hand figures for cents, and those on the left are dollars, (and prefix its character.) 5. To reduce mills to dollars : point off three right hand figures; those at the left are dollars, the two first from the decimal point are cents, the third mills.
EXAMPLES.—Given number reduced.
$12,24=1224 cents. $12,245=12245 mills. $,125=125 mills. 1275 cents=$12,75 cents. 75125 mills=$75,12 cents, 5 mills.
REDUCTION OF FEDERAL MONEY. The decimal money of the United States of America, increasing in a tenfeld proportion, from right to left, renders it more simple and easy to reckon than the money of any other country,
EXAMPLES. 1. Reduce $24 to cents.
Ans. 2400 cents. 2. Reduce 125 dollars and 36 cents to cents. 3. Reduce $67831 to mills. 4. Reduce 854172 mills to dollars. 5. Reduce 41267 cents to dollars. 6. Reduce 1240 mills to dollars. 7. Reduce $950 to mills.
Ans. 950000 mills. 8. Reduce $341.06 to cents.
Ans. 34106 cents. 9. Reduce 999 mills to dollars.
Ans. $.999. 10. Reduce 1 mill to a dollar. 11. Reduce 5142 cents to dollars. 12. Reduce 35 dollars and 4 cents to cents. 13. Reduce 1000 mills to dollars. 14. Reduce 7512 cents to dollars.
ADDITION OF FEDERAL MONEY.
Write dollars under dollars, cents under cents, mills under mills, and point under point, and add them up as whole numbers; and write a period or point in the amount directly under the other points.
1. Bought 1 barrel of flour for $5.25, 8 pounds of coffee for $1.50, 4 pounds of sugar for 40 cents, and 6 pounds of cheese for 48 cents. Operation
Operation. $5.25 cents or thus, 525 cents 1.50
48 Ans. $7.63 cents.
$7.63 cents. 2. What is the sum total of $52.65, $8.16, $4.21, and $7.01 ?
Ans. $72.03 cents. 3. Add together $132.125, $1.25, and $.75. Ans. $134.12,5.
4. A sailor paid $16.35 for a hogshead of molasses, in New Orleans, and also paid $3.40 for the freight of the molasses to Philadelphia. For how much must he sell it in Philadelphia, in order to gain $10?
Ans. $29.75. 5. What is the expense of one quarter's schooling, allowing $19 for board, $9 for tuition, $4.25 for books, and 75 cents fcr station
Ans. $33. 6. Add together $1.06, $5, 50 cents, and $50. Ans. $56.56. 7. Add together $75, $15.75 cents, $9, and 25 cents. Ans. $100.
SUBTRACTION OF FEDERAL MONEY.
SUBTRACTION OF FEDERAL MONEY. Remark.-Write down the given numbers in the same order as directed in Addition: when cents or mills are wanting, annex ciphers.
EXAMPLES. 1. A man gave $4.25 for a hat, and $3.75 for a pair of boots how much did the hat cost him more than the boots ?
Ans. $.50. 2. A man bought a cow for $18, and sold her again for $22.25 how much did he gain ?
Ans. $4.25. 3. Subtract $16.455 from $50. 4. How much must you add to $12.375 to make $25 ? 5. Subtract $47.56 from $319. 6. Subtract $.75 from $3.
7. A lady having $5, paid $1.15 for a yard of cambric-how much money
had she left? 8. What is the difference between $5.06 and $7.07?
9. A trader began business with $625, and at the end of 2 years had $911.06. What did he gain?
Ans. $286.06. 10. A jockey gave $110 for a horse, and then exchanged for another horse, receiving $18.10 for difference of value, and then exchanged again, paying $22.56. How much did the last horse cost him?
Ans. 114.46. MULTIPLICATION OF FEDERAL MONEY.
RULE. Write the larger of the two given numbers (quantity and price) for the multiplicand, and the less number for the multiplier, with units under units, &c. Multiply as whole numbers and point off as many figures from the right hand of the product, as there are decimal places in both the multiplicand and multiplier; and if there are not so many figures in the product, supply the defect by prefixing ciphers.
NOTE.-When the price of an article is given in cents and expressed as a whole number, the product will be the same denomination, and must be reduced to dollars.
1. What is the value of 5 hats, at $6.45 apiece ? 2. What will a laborer receive for 20 days' work, at $1.125
3. At $2.25 an acre, what is the value of 4726 acres of land ?
4. If a man earn $8.36 a week, and spend $2.25 a week, how much will he lay up in a year or 52 weeks? Ans. $317.72 5. What is the value of 12 yards of cloth, at $5.875 per yard ?
Ans. $70.50. 6. What is the value of 16 pounds of sugar, at 8 cents per pound?
7. What is the value of 32 pounds of rice, at $.04 per pound ?
Ans. $1.28. 8. How many dollars are 8 times 75 cents ?
9. What is the value of 175 bushels of rye, at $.875 per bushel ?
Ans. $153.125. 10. What will 96 pounds of butter cost, at $.125 per pound ?
Ans. $12. 11. Multiply .25 by .25.
Ans. .0625. 12. Multiply 125. by .8, and the product.
DIVISION OF FEDERAL MONEY.
Divide as directed in whole numbers, and the quotient will be the answer in the lowest denomination in the given sum. Or, from the right of the quotient point off as many decimal figures as the decimal places in the dividend exceed those in the divisor.
1. If $636.96 be divided equally among 24 men, what will
each man receive?
Ans. $26.54. 2. 8 men received $230 for performing a piece of work-what was each one's share of the money?
Ans. $28.75. 3. Bought a farm containing 84 acres, for #3213—what did it cost me per acre ?
Ans. $38.25. At $954 for 3816 yards of muslin, what is that a yard?
Ans. $.25. 5. If a piece of cloth, measuring 125 yards, cost $181.25, what is that a yard ?
Ans. $1.45. 6. How many lead-pencils can you buy for $3.44, when they are sold at 4 cents apiece ?
Äns. 86 pencils. 7. Purchased 72 reams of paper for $234—what did I give per ream?
Ans. $3.25. 8. What does a man get for working a day, whose weekly pay is $7.50?
Ans. $1.25. 9. What is corn per bushel, when 25 bushels cost $14?
Ans. $.56. 10. How much coffee, at 25 cents a pound, may be had for 100 bushels of rye, at 87 cents a bushel ? Ans. 348 pounds.
11. Suppose wheat to be worth $1.05 per bushel, and rye $.70 per bushel-how many bushels of rye must be given for 550 bushels of wheat?
Ans. 825 bushels. 12. A laborer earned $53.75, by working at $1.25 a day-how many days did he work?
Ans. 43 days. 13. Divide 8.1 by 9.
Ans. .9. 14. Divide 8.1 by .9.
Ans. 9. 15. What will 76 pounds of butter cost, at $.1875 per pound ?
Ans. $14.25. 16. If a yard of cloth cost nine dollars and six cents, what cost half a yard?
38 REDUCTION OF COINS IN THE U. STATES.
Questions.—1. What is federal money? 2. What are the denominations used in federal money? 3. Why are two places assigned for cents, while only one place is assigned for mills? 4. State the number of mills in a cent, the number of cents in a dime, &c. 5. How are mills reduced to dollars? 6. How are cents reduced to dollars ? 7. Why? 8. How are dollars reduced to cents? 9. To mills? 10. When the cents to be written with dollars are less than 10, what is to be done? 11. Suppose you are dividing dollars, and a remainder occurs, what is to be done in order to divide the remainder? 12. How is the addition of federal money performed ? 13. Subtraction? 14. Multiplication ? 15. Division ? &c. &c. REDUCTION OF COINS OF THE UNITED STATES.
TABLE, Containing the names of the different coins of the United States of America, with their standard weight, pure metal, alloy, and federal value.
The value of the eagle coined prior to the 31 of July, 1834, is $10.66,81+, which contains 247.5 grains of pure gold, +22.5 gr. alloy 270 gr. standard weight.
By computation from the above table, it will be found that every 23.2 grains of pure gold are equal in value to 1 dollar; and 25.8 grains of U: S. standard are also equal to 1 dollar. The standard proportion of the gold coin is 116 parts fine, and 13 alloy: the alloy to be silver and copper mixed, not exceeding one-half silver. The standard proportion of silver coins is 1485 parts fine, to 179 parts alloy ; the alloy to be copper
In government offices, accounts are kept in dollars, dimes, cents, and mills. Exchanges are negotiated by the dollar.
GOLD COINS. To find the value of any Gold Coin whatever. RULE.--Reduce its weight of pure gold to grains (troy), and divide by 23.2, for the value in dollars and their decimal parts.