coin, or as it is called, in specie or bullion, but he buys from C of England a bill, or an order upon his debtor, D of America, requesting him to pay the amount of the bill to A, who endorses this bill, and sends it to B, who is paid by B of the same city or country. This transaction might be worded in the following manner: A of England, who is debtor to B in America, buys from C in England, who is creditor to D in America, his claim upon D, which he sends to B, who easily obtains payment from D, of the same city or country. Thus all the parties concerned are benefitted by this mode of dealing, and the debts are liquidated without any specie leaving either country; thus avoiding all risk of loss by transmission, and at a very trifling expense. The bills of exchange are either made payable at sight or at usance, which is a certain specified time after date. It seldom occurs that debts reciprocally due by any two countries are of an equal amount. If the debts due by England to America, exceeded those due by America to England, the merchants of America have more bills, for which they want payment; and as the number of sellers of bills is greater than the number of buyers, they fall off in price; whilst in England, the bills being scarce, the buyers will exceed the sellers, and the bills will rise in value. Bills also fetch a higher price when the· securities are of influence, and a lower price when a doubt exists as to the ability of the parties to meet them. There is a limit to the rise of the value of bills of exchange; if in England, for instance, the expenses of insurance, and the loss of interest of conveying bullion, be less than the premium on bills, the merchants in England prefer remitting coins to America. In some countries there is a difference between the current, or cash money, and the exchange, or bank money. The latter is of purer metal than the current money, and the difference is called the Agio. 311. TABLES OF FOREIGN MONEYS. ALGIERS. The French coins are in general use. AUSTRALIA. The same as in Great Britain. The lowest piece of money is a copper coin, the pfennige, worthd. sterling. Exchange at 10 florins, or gulden, 3 kreuzer per £1 sterling. BELGIUM. Accounts are kept both according to the Dutch and French standards. See the tables under the heads of Holland and France. The lowest piece of money is a ree, worth d. sterling. Exchange at 5s. 2d. per 1 milree. BIRMAH. The same as in China. BUENOS AYRES. The same as in Spain. CANADA (BRITISH AMERICA). Accounts are kept both as in England and the United States. CAPE OF GOOD HOPE. The same as in Great Britain. The lowest piece of money is a pfenning, valued. sterling. The lowest coin is a centime, valued. sterling. Exchange at 25 francs 12 centimes per £1 sterling. FRANKFORT ON THE MAIN, ETC. The lowest piece of money is a fenning, valued. sterling. Exchange at 103 florins per £1 sterling. GREECE. 100 lepta 1 drachma. The lowest coin is the lepta, valued. sterling. Exchange at The lowest coin is a quarto, valued. sterling. Exchange at 4s. 2d sterling per dollar. GENOA. 100 centisimi=1 lira nuova. The lira is supposed to be of the same weight, fineness, and consequently, value as the franc. The lowest coin is a centisimi, valued sterling. Exchange at 25 lira nuova 9 centisimi per £1 sterling. Accounts are kept in florins, stivers, and pennings; and also in pounds, schillings, and pence Flemish. The lowest piece of money is a penning, worth d. sterling. Exchange at 37 schillings 6d. Flemish per £1 sterling. In Holland there are two kinds of money, called banco, or bank money, and currency, or current money. The agio is from 3 to 6 per cent: that is, 100 banco is valued at 103 or more currency. Accounts are kept in marks, schillings and pfennings; also in pounds, schillings, and pence, as in Holland. The lowest coin is a pfenning, worth 3d. sterling. Exchange at 13 marks 6 schillings per £1 sterling. In Hamburgh, as in Holland, there are two kinds of money, banco and currency. The agio varies from 18 to 25 per cent. : that is, 100 banco is valued at 118, or more, currency. Accounts are kept in rupees, quarters, and reas. |