Q. How was the currency of the United States established? What are its denominations? Is the value of a dollar the same in all the states? How many shillings make a dollar in English Currency? In Canada Currency? In New York Currency? In New England Currency? In Pennsylvania Currency? In Georgia Currency? CASE 1. § 147. To reduce a sum in either currency to Federal Money. The reduction of these currencies to Federal Money consists in this having given any sum expressed in pounds shillings and pence, to find its value in dollars cents and mills. Take, for example the English Currency. £1=20s=240d. $1=4s 6d=54d. Hence, £1 : $1 :: 240 : 54, and consequently, £1-$1x240-$1x40; 54 that is, £1 is equal to 40 of a dollar, which being reduced to dollars and the decimal of a dollar gives £1=$4,444+. If we now multiply each side of the equality £1=$1×40 by 2, 3, 4, 5, &c, we have £2=$1×40×2, £4=$1×10×4, £3=$1x40x3, £5=$1×40×5, and generally, any number of pounds will be brought into dollars by multiplying by 40. As similar reasoning may be employed for all the currencies, we have the following RULE. I. Reduce the given sum to the decimal of a pound as in § 135. II. Find the value of £1 in the fraction of a dollar. III. Multiply the given sum by this fraction and the product will be the value in dollars. EXAMPLES. OPERATION. 1. Change $27 38 9d to Federal Money. Having reduced the pounds, shillings, and pence to the decimal of a pound, we bring the whole to dollars by mul 3s 9d £0,1875. £27 3s 9d=£27,1875. 27,1875x40=120,83 3+. Ans. $120,83 3+. tiplying by 40 and dividing the product by 9. 2. Change £140 18s 9d to Federal Money. Ans. $626,38 8+. By an act of Congress passed in 1832, the value at which the English pound is to be received and estimated at the custom-house, was fixed at $4,80. If we assume this as the value of the English pound, we have £1 $1 480: 100; hence, therefore, pounds will be brought to dollars by multiplying by 24 and dividing by 5. 1. Reckoning the pound at $4,80, how many dollars in £49 8s 6d? OPERATION. £49 8s 6d=£49,425 49,425x24-237,24 Ans. $237, 24. We first bring the sum to pounds and decimals of a pound. We next multiply by the multiplier 24 we then reduce the product to dollars, shillings, and pence. Q. In what does the reduction of a currency to Federal Money consist? What is the value of the English pound as formerly estímated? How will you reduce pounds of this value to Federal Money? Give the General Rule for reducing any currency to Federal Money. What is the custom-house value of the pound established by act of Congress in 1832? How will you reduce pounds of this value to Federal Money? CANADA CURRENCY. 1. Change £25 10s 6d to Federal Money. $1=5s=60d; £1: $1 :: 240: 60 £1=$1240-$1x4=$4. 60 Hence, Canada Money is reduced to Federal Money by multiplying by 4. OPERATION. £25 10s 6d=£25,525 25,525x4=102,10. Ans. $102,10. 2. Change £69 15s 5d to Federal Money. Ans. $279,08 3+. NEW ENGLAND CURRENCY. 1. Change £40 6s 6d to Federal Money. $1=6s=72d; £1 $1 240 : 72 £1=$1x240-$1×0. Hence, New England Currency is reduced to OPERATION. £40 6s 6d=£40,325 40,325×10=134,416+. Ans. $134,41 6+. Federal Money by multiplying by 10 and dividing by 3. 2. Change £125 15s 8d to Federal Money. Ans. $419,27 7+. NEW YORK CURRENCY. 1. Change £365 10s 6d to Federal Money. Hence, New York Cur rency is reduced to Federal OPERATION. £365 10s 6d=£365,525 365,525×10=913,812+. Ans. $913,812+. Money by multiplying by 10 and dividing the product by 4. 2. Change £20 18s 9d to Federal Money. Ans. $52,343+. PENNSYLVANIA CURRENCY. 1. Change £9 8s 3d to Federal Money. Hence, to reduce Pennsylvania Currency to Federal Money, we multiply by 8 and divide by 3. OPERATION. £9 88 3d £9,4125. 9,4125×25,10. Ans. $25,10. 2. Change £19 18s 2d to Federal Money. GEORGIA CURRENCY. Ans. 53,088+. 1. Change £187 9s 10d to Federal Money. $1=4s 8d=56d. OPERATION. £1 $1 :: 240: 56. £187 9s 10d=£187,49166+. £1=$1×240=$1×30. 30 Hence, we reduce Georgia Currency to 187,49166x30=803,535. Ans. $803,535+. Federal Money by multiplying by 30 and dividing by 7. 2. Change £26 14s 6d to Federal Money. Ans. $114,535+. 1. Reduce £112 18s 9d in each of the currencies named, to Federal Money. Ans. £112 18s 9d=£112,9375. 112,9375 Sterling Money CASE II. =$501,944+. =$282,343+. =$301,166+. =$484,017+. § 148. To change a sum expressed in Federal Money to any one of the above currencies. In changing pounds to Federal Money, we found the value of a pound in the fraction of a dollar and multiplied the pounds by this fraction. Now, to change dollars to pounds, we must find the value of a dollar in the fraction of a pound and multiply the dollars by this fraction. For example, in English Money, £1 : $1 :: 240 54, and 9 $1=£1×54 £1x of £1. 240 = 40 40 Ex. 1. Reduce $32,789 to English or Sterling Money. § 149. Hence, to pass from Federal Money to pounds shillings and pence, we have the following RULE. I. Find the value of a dollar in the fraction of a pound. II. Multiply the given sum by this fraction. III. Reduce the product to pounds shillings and pence. NOTE. The multiplier in each case, in passing from Federal Money to pounds shillings and pence, will be the fraction used in the corresponding case in passing to Federal Money, with its terms inverted. Q. How do you pass from Federal Money to either of the currencies? How does this multiplier compare with the multiplier used in passing from pounds to Federal money? EXAMPLES. 1. Reduce $102,85 to the several currencies. Ans. $102,85=£23 2s 93d+ Sterling Money. |