Exam. 2. A merchant in New-York owes a merchant in Liverpool £375 108. 6d. sterling, how many dollars must the merchant in New-York pay for a bill to that amount, the premium being 121 per cent.?

s. d. As 4 6

£ s. d.

$

$

375 10 6 :: 1 : 1669.

Here, the equivalent value of the bill at par, is $1669; then, as $100 $112:: $1669: $1877-624, the sum that the New-York merchant has to pay for a bill on Liverpool for £375 10s. 6d.

Exercises.-1. In $7560-50, how many pounds sterling, the exchange being at par? Ans. £1701 2s. 3d. 2. How many pounds sterling are equivalent to one million of dollars, the exchange being at par?

Ans. £225000.

3. How many dollars are equivalent to one million pounds sterling, the exchange being at par? Ans. $4444444.444. 4. I owe a merchant in Dublin £250 4s. sterling, how much must I pay for a bill to that amount, the premium being 12 per cent. ? Ans. $1251. 5. How many pounds sterling must I remit to my correspondent in London, the sum I owe him being $3000, and the premium is 14 per cent. ? Ans. £769 10s. 6. How many dollars must a merchant in New-York receive for a bill on Liverpool, for £1000 10s. 6d. sterling, the premium being 131 per cent. ? Ans. $5047.09.2+.

Exchange with France.

195. Accounts are kept in France in francs and centimes. They were formerly kept in livres, sous, and deniers.*

to export to the other country, as the bills they will get in return will be more valuable, in consequence of the money of the foreign country being above par; and thus they can procure a better and a surer market for their commodities, as they will be enabled to sell them at a lower price.

*The livre, sous, and deniers, were formerly used exclusively in accounts in France, but now the francs and centimes are employed, except in small transactions. The livre, also, had formerly the name of franc; but in a coinage during the time of the Republic, by some mistake in the mint, the five livre pieces were made too heavy, each being worth 101 sous, instead of 100, and the error made in the one coin was extended to the rest. The coin corresponding to the former livre

Table I.-10 centimes=1 decime; 100 centimes, or 10 decimes =1 franc.

Table II.-12 deniers=1 sous; 20 sous=1 livre; 3 livres 1 eur, or crown tornois; 81 livres 80 francs.

Gold coins of France, according to the laws of the United States, are rated at $1 for 27 grains; and the par of exchange is usually reckoned at 183 cents; the relative value, however, of the money of France, as employed by the custom-house in determining the prices of goods, is 181 cents per franc, and at the rate of $0.18173125 per livre

tornois.

Ex. 3. Change $1750.50 into French money, exchange at the rate of 184 cents per franc.

cts. $cts. fr. fr. centimes.

As 18: 1750 50 :: 1: 9548 18,2

Here, the first and third terms being reduced to the same denomination, (thirds of a cent,) we have 55 and 525150, the latter of which divided by the former gives 9548 francs, 18 centimes, the answer.

7. In 7560 francs, 90 centimes, how many dollars, the exchange being at 19 cents for 1 franc? Ans. $1436.57.1. 8. Reduce $2000 into French money at par.

Ans. 10810 francs, and 81 centimes.

Exchange with Spain.

196. In Spain there are two kinds of money called plate and vellon; and accounts are kept in both in piastres, reals, and marvadies. The piastre is also called the pezza, the dollar of exchange, and the piece of eight, or of .

Plate money is more valuable than vellon, in the ratio of 32 to 17. Thus, 17 reals plate are equivalent to 32 reals vellon. Plate only is used in exchanges with England.

Hence, as 17 is to 32. so is any sum plate to the sum vellon equal to it; and as 32 is to 17, so is any sum vellon to the equivalent sum plate.

Table.-34 marvadies =1 real; 8 reals =1 piastre. Also 4 piastres =1 pistole of exchange; 375 marvadies =1

was called the franc, and the name livre appropriated exclusively to the old coin; and to facilitate calculations, the old division was laid aside, and the franc was divided decimally, as appears from the first of the above Tables.

ducat. The par of exchange with Spain is, 10 cents =1 real, plate 5 cents =1 real, vellon: and the relative value of the gold coins of Spain are, in the United States, at the rate of $1 for 281 grains.

Ex. 4. In 3000 piastres, 6 reals, plate, how many dollars?

reals. piastres reals. $

$ cts.

As 10 3000 61 2400 60

9. In $2000.50, how many piastres, &c. plate?

Ans. 2500 piastres, 61 reals.

10. Reduce 1000 piastres, 7 reals, 30 marvadies, vellon, Ans. $800.78.8.

to dollars and cents.

11. Reduce 1560 piastres, 6 reals, 20 marvadies, plate, Ans. $1248.65.814.

to American currency.

Exchange with Amsterdam.

197. In Amsterdam, accounts are kept in florins, stivers, and pennings; and also in pounds, skillings, and grotes, or pence, Flemish.

Table -8 pennings =1 grote or penny; Flemish; 2 grotes or pence, or 16 pennings=1 stivre; 20 stivers, or 40 grotes =1 florin, or guilder; 6 florins 1 pound. Also, 12 grotes or pence 1 skilling; 20 skillings 1 pound. Also, 21⁄2 guilders, or 50 stivres 1 rix dollar. The par of exchange with Amsterdam is, 40 cents=1 florin, or guilder.

There are two kinds of money in Amsterdam, called banco, or bank money; and currency, or current money. In the former of these, all bills of exchange are valued and paid. It is of purer metal than the currency; and hence it bears a premium of 3 or 4, and sometimes 5 per cent. : that is, £100 of bank money is valued at £103, £104, &c. currency. This premium is called the Agio.

Ex. 5. In 250 florins, 10 stivers, and 12 pennings, how many dollars and cents ?

fl. A. st. p.

cts.

$cts.

As 1 250 10 12 :: 40: 100 24

Here, the first and second terms must be reduced to the same denomination; that is, the florins ×20= stivers, stivers ×16 pennings; and then proceed as in simple propor

tion,

12. Reduce 2000 florins, 17 stivres, to dollars and cents. Ans. $800.35.

13. In $4000 how many florins, &c. of Amsterdam? Ans. 10000 florins.

Exchange with Hamburgh.

198. Accounts are kept in Hamburgh in marks, schillings, and pfennings; and also in pounds, skillings, and pence, Flemish.

Table.-6 pfennings 1 grote, or penny, Flemish ; 12 grotes or pence =1 skilling; 20 skillings =1 pound. Also, 12 pfennings, or 2 grotes or pence Flemish =1 schilling, Hamburgh money; 16 schillings 1 mark; 2 marks =1 dollar of exchange; and 3 marks =1 rix dollar. Hence, 1 skilling Flemish 6 schilling Hamburgh money, and the schilling is equal to the stiver.

In Hamburgh, as in Amsterdam, there are two kinds of money, banco, or bank money, in which exchanges are reckoned, and current. The agio on the former is high, varying from 18 to 25 per cent.

Par of exchange with Hamburgh, 33 cents 1 mark banco.

14. Reduce 5127 marks, 5 schillings, Hambro' money, to dollars and cents. Ans. $1709.10.41. 15. In $756.50, how many marks, &c. Hambro' money? Ans. 22691 marks.

Exchange with Portugal.

199. In Portugal, accounts are kept in milrees and

rees.

Table.-1000 reas 1 milree. Also, 400 rees =1 crusado, and 4800 rees =1 moidore consequently, 21 crusadoes 1 milree.

Par of exchange with Portugal-$1.24-1 milree. 16. In $2000, how many milrees and rees?

Ans. 1612 milrees, 903,3

rees.

17. In 2000 milrees, 500 rees, how many dollars and cents? Ans. $2480.62.*

*If the pupil be made fully acquainted with what precedes, respecting exchanges, he will find little difficulty, with the assistance of table

18. Reduce 2467 pezzi, 12 soldi, 6 denari, of Leghorn, to American money, exchange at 87 cents per pezza. Ans. $2159.17.17.

19. Reduce $300 to pezzi, &c. of Leghorn, exchange at 85 cents per pezza. Ans. 352 pezzi, 18 soldi, 91 denari. 20. Reduce 1200 ducats regno, 8 carlins, 9 grains, Naples currency, to dollars and cents, exchange at 75 cents per ducat regno. Ans. $900.66.71. 21. Reduce $1250.75 to ducats regno, &c. Naples currency; exchange at 74 cents per ducat regno.

Ans. 1690 ducats regno, 23 carlins.

in applying the same principles to similar cases, which it would exceed the limits of the present publication to illustrate individually. To facilitate this the following tables are annexed, which will be found to contain what is most useful and necessary on the subject.

LEGHORN.-12 denari di pezza =1 soldo di pezza; 20 soldi di pezza =1 pezza of 8 reals. Also, 12 denari di lira =1 soldo di lira; 20 soldo di lira 1 lira; 5 lira, moneta-buone, 1 pezza of 8 reals.

Par of exchange with Leghorn, 1 pezza of 8 reals 865 cents.

GENOA. The same table as for Leghorn serves for Genoa; besides, 4 lire and 12 soldi =1 scudio di cambio, or crown of exchange; 10 lire and 14 soldi 1 scudio d'oro marche, or gold crown. Pezza, or dollar of exchange, 85 cents, nearly.

/NAPLES.-10 grains =1 carlin; 10 carlins, or 100 grains 1 ducat regno; 1 ducat regno 75 cents, nearly.

VENICE.-12 denari 1 soldo; 20 soldi =1 lira; 6 lire and 4 soldi 1 ducat current, or of account; 8 lire =1 ducat effective; 1 lira peccola, new coin, 7 cents, nearly.

10

PETERSBURG.-100 copecs 1 ruble; 1 ruble =72 cents.

VIENNA.-4 pfennings 1 creutzer; 60 creutzers =1 florin; 90 creutzers, or 1 florins =1 rix dollar of account; 1 florin 66 cents, nearly.

STOCKHOLM.-12 fenings, or oers, 1 skilling; 48 skillings 1 rix. dollar 1 dollar United States' money.

=

COPENHAGEN.-12 pfenings 1 skilling; 16 skillings =1 mark; 6 marks Danish, (or 3 marks Hambro') =1 rix dollar =1 American dollar.

The East India coin which is most frequently mentioned is the rupee. Of this there are two kinds, the current rupee and the sicca rupee. The value of the former is about 39 cents, or 21d. sterling; and that of the latter 45 cents, or 244d. sterling, or more accurately, 45 cents, and 24.566d. sterling. The current is to the sicca rupee as 100 is to 116. In India, the market price of rupees is generally much higher than their intrinsic value, the current rupee being worth about 2s. and the sicca rupee 28. 6d. sterling.

The following exercises, which the pupil will find to be easily resolved, will serve to illustrate these tables.