ENGLISH OR STERLING MONEY. 609. English money is the currency of Great Britain. The unit is the Pound or Sovereign. 1. Farthings are commonly written as fractions of a penny. Thus, 7 pence 3 farthings is written 7d.; 5 pence 1 farthing, 51 d. 2. The value of £1 or sovereign is $4.8665 in American gold, and the other coins have their proportionate values. 3. The coins of Great Britain in general use are Gold Sovereign, half-sovereign, and guinea, which is equal to 21 shillings. Silver: The crown (equal to 5 shillings), half-crown, florin (equal to 2 shillings), shilling, six-penny and three-penny pieces. Copper: Penny and half-penny. FRENCH MONEY. 610. In France the currency is decimal. The unit is the Franc. 1. The value of the franc, as determined by the Secretary of the Treasury, is $.193 in United States money. 2. The coins of France are of gold, silver, bronze, and copper. The gold coins are the hundred, forty, twenty, ten, and five franc pieces; the silver coins are the five, two, and one franc pieces; also the fifty and twenty-five centime pieces. The bronze coins are the ten, five, two, and one centime pieces. There are also copper coins in ten and five centime pieces. GERMAN MONEY. 611. German money is the legal currency of the German Empire. 1. The unit is the mark. Its value is $.2385 in United States money. 2. The coins of the German Empire are of gold, silver, nickel, and copper. The gold coins are the 20-mark piece, the 10-mark piece, and the 5-mark piece. The silver coins are the two and one mark pieces; the nickel coins are the ten and five pfennig pieces; and the copper coins are the two and one pfennig pieces. COUNTING. 612. The following denominations are used in counting some classes of articles: Two things are often called a pair, and twenty things a score; as a pair of birds, a score of years. STATIONERS' TABLE. 613. The denominations used in the paper trade are: The terms folio, quarto, octavo, applied to books, indicate the number of leaves into which a sheet of paper is folded. Thus, when a sheet of paper is folded into 2, 4, 8, 12, 16, 18, or 24 leaves, the forms are called respectively, folio, 4to or quarto, 8vo or octavo, 12mo, 16mo, 18mo, and 24mo. INTEREST AND PARTIAL PAYMENTS. VERMONT RULES. 614. The Vermont statutes contain the following provisions regarding the computation of time and rates of interest: SEC. 12. The word "month" shall mean a calendar month; and the word "year" shall mean a calendar year,... SEO. 26. When time is to be reckoned from a day or date, or an act done, such day, date, or day when such is done shall not be included in the computation. SEC. 2301. The rate of interest, or the sum allowed for the forbearance or use of money, shall be six dollars for one hundred dollars for one year, and at the same rate for a greater or less sum, and for a longer or shorter time, ... The rule and custom in Vermont, in commercial transactions, in the banks, and in the courts, in computing interest, is to consider a calendar month whether it contains 28, 29, 30, or 31 days as one twelfth of a year; a day, or any number of days up to thirty, as so many thirtieths of a month. When it is required to find the time between two dates less than a calendar month apart, count the actual number of days. Thus, from January 28, 1895, to February 1, 1895, is four days; from February 28, 1895, to March 1, 1895, is one day; from February 28, 1892, to March 1, 1892, is two days, February in that year having 29 days. The custom and the law relating to the time when a note matures and to the amount due at its maturity are illustrated by the following examples: A note dated January 28, 1895, for $100, payable one month after date, with interest, became payable February 28, 1895 (31 days after date), and the amount due was $100.50. A note dated January 29, 1895, for $ 100, payable one month after date, with interest, became payable February 28, 1895 (30 days after date), and the amount due was 100.50. A note dated January 30, 1895, for $100, payable one month after date, with interest, became payable February 28, 1895 (29 days after date), and the amount due was $ 100.50. A note dated January 31, 1895, for $ 100, payable one month after date, with interest, became payable February 28, 1895 (28 days after date), and the amount due was $100.50. A note dated January 31, 1895, for $100, payable 30 days after date, with interest, became payable on March 2, 1895, and the amount due was $100.50. A note was dated January 1, 1895, for $100, payable on demand, with interest. It was paid January 31, 1895; the amount due was $100.50, (30 days). A note was dated January 1, 1895, for $100, payable on demand, with interest. It was paid February 1, 1895; the amount due was $100.50, (a calendar month). A note was dated February 1, 1895, for $100, payable on demand, with interest. It was paid February 28, 1895; the amount due was $ 100.45, (27 days). A note was dated February 1, 1895, for $100, payable on demand, with interest. It was paid March 1, 1895; the amount due was $100.50, (a calendar month). A note dated January 1, 1895, payable 31 days after date, with interest, became payable on February 1, 1895, and the holder was entitled to interest for one month and one day. The Vermont statutes contain the following provisions relating to the modes of computing the indebtedness upon notes, bills, or other similar obligations: FIRST, When the note or debt draws simple interest. SEC. 2302. On notes, bills, or other similar obligations, payable on demand or at a specified time, with INTEREST, when payments are made, such payments shall be applied: first, to liquidate the interest accrued at the time of such payments; and second, to extinguish the principal. [It will be observed that this rule is similar to the United States Rule (Art. 861).] SECOND, When the note or debt draws annual interest. SEC. 2303. When such obligations are payable on demand or at a specified time, with INTEREST ANNUALLY, the annual interest that remains unpaid shall bear simple interest from the time it becomes due to the time of final settlement; but if in any year, reckoning from the time such annual interest began to accrue, payments are made, the amount of such payments at the end of such year, with interest thereon from the time of payment, shall be applied: first, to liquidate the simple interest accrued from the unpaid annual interest; second, to liquidate the annual interests due; and third, to extinguish the principal. WRITTEN EXERCISES. 1. $2000. BARRE, VT., July 15, 1885. On demand, for value received, I promise to pay to the order of William D. Hudson, two thousand dollars, with interest annually. SAMUEL S. Spurr. Indorsed as follows: Dec. 10, 1886, $500; Aug. 15, 1887, $20; Feb. 15, 1888, $25; Nov. 12, 1890, $20; Dec. 12, 1891, $575. How much was due April 18, 1892 ? |