of the stern post, above the upper deck; the breadth thereof at the lowest part above the main wales, half of which breadth shall be accounted the depth of such vessel, and then deduct from the length of the breadth; multiply the remainder by the breadth, and the pro duct by the depth, and divide this last product by 95, the quotient whereof shall be deemed the true contents or tonnage of such ship or vessel; and if such ship or vessel be single-decked, take the length and breadth as above directed, deduct, from the said length, of the breadth, and take the depth from the under side of the deck plank to→ the ceiling in the hold, and then multiply and divide as aforesaid, and the quotient shall be deemed the tonnage."

5. A single-decked vessel is 75 feet long, breadth 25 feet, and depth 12 feet. Required the government tonnage of it.

A. 189 tons. 6. A double-decked vessel is 97 feet in length, and breadth 30 feet. Required the government tonnage. A. 374.

7. What is the government tonnage of a double-decked vessel with a keel of 115 feet and 32.6 breadth? A. 533.841+ tons.

8. What is the government tonnage of a single-decked vessel having 80 feet keel and 35 feet breadth at the beam, and 14 feet deep in the hold? A. 304.

9. What must have been the government tonnage of Noah's ark, the length of which was 300 cubits, the breadth by the midship beam 50 cubits, and the depth in the hold 30 cubits, allowing the cubit to be 22 inches?

As the ark was differently constructed from modern vessels we must, although it had more than one deck ["with lower, second and third stories shalt thou make it"] calculate its tonnage by the rule for single decked vessels. A. 26,26914.

EXCHANGE.*

CXV. 1. EXCHANGE is the method by which we find what sum of money of one country, is equivalent to a given sum of another, ac cording to some settled rate of commutation.

2. The COURSE OF EXCHANGE is the quantity of money of one country, which is given for a fixed sum of another; the former is called the uncertain price, the latter the certain price.

3. The PAR OF EXCHANGE may be considered either as intrinsic or commercial.

4. The INTRINSIC PAR is the value of the money of one country compared with that of another, both with respect to its weight and fineness.

CXV. Q. What is Exchange? 1. The Course of Exchange? 2. The Par of Exchange? 3. The .rinsic Par? 4.

* Most of what was said on Notes [1XXXI.] and Banking [LXXXV.] in respect to the obligations of the parties, is applicable to Bills of Exchange. The subject, how ever, has some peculiarities which it may be proper to notice

5. The COMMERCIAL PAR is when a comparison is made in respect to the market prices of the metals.

7. AGIO is the difference between bank notes and current coins; it also means, in places where foreign coins are current, the difference between the actual value of such coins, and their current value as fixed by government.

8. USANCE is the usual time at which bills are drawn between certain places, as one, two, or three months after date, or sight.

9. When the course of exchange in any place runs low, it is favorable to that place, that is, to its buyers or remitters, but unfavorable to drawers and sellers.

10. For when the exchange is against a place, it is an object with remitters to pay their foreign debts in specie; the exportation of which is considered a national disadvantage.

11. A BILL OF EXCHANGE, or DRAFT, is a written obligation to pay a certain sum of money at a specified time, and is either Foreign or Inland.

12. An INLAND BILL or DRAFT is one payable in the same country where it is drawn.

$2,000.

13. FORM OF A DRAFT.

HARTFORD, Jan. 15, 1840. Two months after date, pay to the order of Messrs. Spalding and Storrs, two thousand dollars, value received, with or without further advice from me.

D. BURGESS.

Messrs. J. & J. Harper,

Booksellers, New York. S

14. A FOREIGN BILL is an order from a person of one country to a person of another country, requesting him to pay to a third person, or to his order, either on demand or at a specified time.

£500 sterling.

15. FORM OF A FOREIGN BILL.

BOSTON, June 18, 1840. At ninety days sight, pay to Rufus Smallet, or order, five hundred pounds sterling, value received, and charge the same to the account of NORMAN WELLS.

16. It seems that Bills of Exchange are the same thing in reality as a common order, the only distinctions being in respect to the places of residence of the parties, and the ceremony of collection.

17. In a Bill of Exchange there are usually concerned four per

sons, viz.

Q. The Commercial Par? 5. What is Agio? 7. What is Usance? 8. When is the course of exchange favorable to any place? 9. What is the explanation? 10. What is a Bill or Draft? 11. An Inland Bill? 12. What is the form of a Draft? 13. What is a Foreign Bill? 14. Its form? 15. Wh similarity has a bill to a draft? 16. How many persons are generally concerned in a Bill of Exchange? 17

18. The Drawer, to whom the bill is made pavable, and who is also called the Maker and Seller of the bill.

19. The Drawee, on whom the bill is drawn, and who is also called the Acceptor, if he accepts it, which is done by writing his name either at the bottom or across the back, with the word accepted over it, by which act he becomes responsible for its payment.

20. The Buyer, who purchases it, and who is also called the Taker and Remitter.

21. The Payee, to whom it is ordered to be paid by indorsement, and who may pass it to any other person in the same manner.

22. An indorsement may be either blank or special.

23. A blank indorsement is merely the name of the person written on the back of the bill, which then becomes transferable, like any article of merchandize.

24. A special indorsement has with the name a specification directing to whom the bill shall be paid; consequently, the holder must put his own name on it before he can negotiate the bill.

25. Special indorsements are preferable when bills are to be transmitted a great distance; for, should they fall into improper hands, the indorser's name must be forged before they can be negotiated, and consequently fraud or imposition is prevented as much as possible.

26. All the indorsers are severally responsible to the holder of the bill, and must pay it in case the acceptor fails to do so at the proper time. 27. A SET OF EXCHANGE implies that there are two or more bills drawn at the same time, and of the same tenor and date.

28. These bills are drawn for the purpose of being transmitted by different ships, or posts, as a security against accidents and delays, and when one of them is accepted and paid, the others are of no further use.

$4,500,7%

29. FORM OF A BILL IN A SET OF EXCHANGE.

LONDON, June 5, 1840 Sixty days after sight of this, my first of Exchange, (second and third unpaid,) pay to the order of James Cornwall, Esq. four thousand five hundred dollars and seventy-five cents, value received. JOHN SMITH.

To Messrs. Williams & Co.
Merchants, New York.

30. Quotations are the lists of the courses of exchange which are transmitted from one country or place to another, for the brokers and others, and are made in the following manner.

31. Thus, "London on the United States 2 per cent. advance’

Q. What is the Drawer? 18. The Drawee? 19. The Buyer? 20. The Payee? 21. What is an Indorsement? 22. A Blank Indorsement? 23. A Special Indorsement? 24. Why is the latter preferable in any case? 25. What liabilities do indorsers incur? 26. What is a Set of Exchange? 27. What is their use? 28. Give an example. 29. What are Quotations? 30. What is meant by "London on the United States at 2 per cent. advance ?" 31. Repeat the table of sterling money.

means, that a bill drawn by a merchant of London on his broker in the United States is worth 2 per cent. more than the par value in the latter place. The par value, we have seen, is 4s. 6d. sterling for every dollar in federal money.

TABLES OF FOREIGN CURRENCIES.

32. These tables show the principal denominations of the currencies of those nations with which the United States has the most intercourse, together with the nominal or par value of each, expressed in federal money. (LXXVI. 3, 4, 5.)

33. GREAT BRITAIN AND IRELAND.

4 farthings sterling = 1 penny x 12=1 shilling×20=£1=$4.444+. 4s. 6d. sterling=$1=£. 21 shillings=1 guinea

35. SPAIN AND HER DEPENDENCIES-SPANISH AMERICA. 10 reals vellon=1 real plate × 10=1 dollar plate

36. HOLLAND AND BELGIUM.

100 Flemish cents=1 florin or guilder

2 florins $1. 20s. Flemish = £1 Flemish

=$4.666

=$4.00.

=$3.00.

=$1.00.

16 skillings=1 mark×6=1 rigsbank dollar

=$.53.

12 denari de pezza=1 soldo de pezza × 20= 1 pezza 12 denari de lira 1 soldo de lira ×20=1 lira

=$.90.

=$.15

44. ROME.

10 bajocchi= 1 paolo x 10-1 scudo or Roman crown

=$1.00

45. NAPLES.

10 grani= 1 carlino × 10=1 ducato

=$.80.

10 copecks=1 grievener × 10=1 rouble

40. PRUSSIA.

12 pfennings=1 good groschen × 24=1 rix dollar 41. SWEDEN AND NORWAY.

12 runstycken=1 skilling × 48= 1 rix dollar

42. DENMARK.

43. GENOA AND LEGHORN.

In

Q. How many dollars and cents in £1 sterling? 33. In 1 guinea? 33. 4s.6d.? 33. What is the ratio of the dollar to the pound sterling? 33. How many dollars make £1 in British America? 34. What sum in federal money is equal to 1 dollar plate? 35-to 1 florin or guilder? 36-to 1 milree? 37-tc 1 franc? 38-to 1 centime? 38-to 1 rouble? 39-to 1 rix dollar? 40-to 1 Roma crown? 44-to 1 rupee? 50-to 1 tale? 51-to 1 mace? 51-to 1 guilder? 5%

* Formerly the Irish pound was about $4.10

46. MALTA.

20 grani=1 taro × 12-1 scudo=$.40. 30 tari=1 pezza=$1.00.

47. SICILY.

20 grani= 1 taro × 12=1 scudo or Sicilian crown

30 tari= 1 oncia

48. VENICE.

12 millesimi=1 centesimo × 10=1 lira de Austria 49. AUSTRIA..

4 pfennings 1 crewtzer × 60=1 florin or guilder 1 florin or guilder=1 rix dollar of account

50 EAST INDIES.

8 pices=1 anna × 10= 1 rupee

51. CANTON, (CHINA.)

10 cash=1 candarine × 10=1 mace × 10= 1 tale

52. BATAVIA, (JAVA.)

3 dubbles= 1 skilling × 4=1 florin or guilder

==

= $.33

53. SURINAM, BERBICE, DEMARARA, AND ESSEQUIBO.

8 doits=1 stiver ×20=1 guilder

54. ST. DOMINGO AND HAYTI.

The currency is federal money, as in the United States.

COINS.

CXVI. 1. When the American mint was established, in 1770, pure gold was worth a trifle more than 15 times as much as an equal quantity of pure silver.

2. When gold had become more valuable, being worth about 16 times as much as the same quantity of silver, congress passed the act of 1834, by which it was ordered that our gold coins should contain 151⁄2 grains less of pure gold than formerly, in order that the eagle should not be worth any more than 10 dollars, its original value.

3. Hence we see why old eagles are worth more than new ones; also, why foreign coins pass for more than formerly.

4. The eagle of the old coinage was to be of the value of 10 dollars, and to contain 270 grains of standard gold, or 247 grains of pure gold, and 223 grains of alloy. The standard was 22 carats or 11 fine gold, and

alloy.

5. By the act of 1834, the eagle is to contain 258 grains of standard gold, or 232 grains of pure gold and 26 grains of alloy, and to be of the value of 10 dollars. Old eagles are worth about $10.665. 6. The dollar is to possess the same value as the Spanish milled

CXVI. Q. What was the comparative What has occasioned a difference in the component parts of the old eagle? 4. What of the dollar? 6.

the

new? 5.

value of gold and silver in 1790? 1. value of the eagle? 2, 3. What were What are the component parts of the