OBS. 1. The reason of this rule is obvious from the principle that £5 are worth 5 times as much as £1, &c. 2. The rule usually given for reducing Sterling to Federal Money, is to reduce the shillings, pence, and farthings to the decimal of a pound, and placing it on the right of the given pounds, divide the whole sum by. This rule is based on the law of 1799, which fixed the value of a pound at $4.444, and that of a dollar at 4s. 6d. But $4.444 is 9 per cent. of itself, or 40 cents less than $4.84, which is the present legal value of a pound; consequently, the result or answer obtained by it, must be 9 per cent. too small. A dollar is now equal to 49.6d. very nearly, instead of 54d. as formerly. 533. From the preceding rule it is plain that Guineas, Francs, Doubloons, and all foreign coins, may be reduced to Federal money, by multiplying the legal value of one by the given number. Change the following sums of Sterling to Federal money: CASE II.—Reduction of Federal to Sterling Money. 18. Change $40.535 to sterling money. Solution.-Since $4.84 are worth £1, $40.535 are worth as many pounds as $4.84 are contained times in $40.535; and $40.535-$4.84-8.375; that is £8.375. Now reducing the decimal .375 to shillings and pence, (Art. 348,) we have £8, 7s. 6d. for the answer. Hence, 534. To reduce Federal to Sterling money. Divide the given sum by $4.84, (the value of £1,) and point off the quotient as in division of decimals. The figures on the left hand of the decimal point will be pounds; those on the right, decimals of a pound, which must be reduced to shillings, pence, and farthings. (Art. 348.) OBS. Federal money may be reduced to Guineas, Francs, or any foreign coin, by dividing the given sum by the value of one guinea, one franc, &c. QUEST. Obs. How may foreign coins be reduced to Federal money? 534. How is Federal money reduced to Sterling? Change the following sums of Federal to Sterling money: 535. Previous to the adoption of Federal money in 1786, accounts in the United States were kept in pounds, shillings, pence, and farthings. OBS. At the time Federal money was adopted, the colonial currency or bills of credit issued by the colonies, had more or less depreciated in value: that is, a colonial pound was worth less than a pound Sterling; a colonial shilling, than a shilling Sterling, &c. This depreciation being greater in some colonies than in others, gave rise to the different values of the State currencies. In N. E. cur., Va., Ky., Tenn., Ia., Ill., Miss., Missou., 6s. or £3=$1. In N. Y. cur., N. C., Ohio, and Mich., 8s. or £3=$1. In Penn. cur., New Jer., Del., and Md., 7s. 6d. (74s.) or £3=$1. In Georgia cur., and South Carolina, In Canada cur., and Nova Scotia, Ala., La., Ark., and Florida use Federal Money exclusively. 4s. 8d. (43s.) or £7-$1. 5s. or £4=$1. CASE III.-Reduction of Federal Money to State currencies. 31. Reduce $63.25 to New England currency. Solution. Since $1 contains 6s. N. E. cur., $63.25 contains 63.25 times as many; and 6s. X63.25=379.50s. Now 379÷20 =£18, 19s., and .5s.X12=6d. (Art. 348.) Ans. £18. 19s. 6d. 536. Hence, to reduce Federal money to State currencies. Multiply the given sum by the number of shillings which, in the required currency, make $1, and the product will be the answer in shillings, and decimals of a shilling. The shillings should be reduced to pounds, and the decimals to pence and farthings. (Art. 348.) 32. Reduce $450 to New England currency. 33. Reduce $567.50 to New York currency. 34. Reduce $840.10 to Pennsylvania currency. 25. Reduce $1500 to Canada currency. QUEST.-535. Previous to the adoption of Federal money, in what were accounts kept? $36. How is Federal money reduced to the State currencies ? CASE IV.--Reduction of State currencies to Federal Money. 36. Reduce £23, 12s. 6d. N. E. currency, to Federal money. Solution.-£23, 12s. 6d.=472.5s. (Art. 348.) Now since Gs. N. E. cur. make $1, 472.5s. will make as many dollars as 6s. is contained times in 472.5s.; and 472.5s.÷6s.=78.75. Ans. $78.75. 537. Hence, to reduce State currencies to Federal money. Reduce the pounds to shillings, and the given pence and farthings to the decimal of a shilling; then divide this sum by the number of shillings which, in the given currency, muke $1, and the quotient will be the answer in dollars and cents. OBS. One state currency may be reduced to another by first reducing the given currency to Federal money, then to the currency required. 37. Reduce £160, 5s. N. E. currency, to Federal money. 38. Reduce £245, 13s. 6d. N. Y. currency, to Federal money. 39. Reduce £369, 15s, 74d. Penn. currency, to Federal money. 40. Reduce £1800, Georgia currency, to Federal money. 41. Reduce £5000, Canada currency, to Federal money. FOREIGN COINS AND MONEYS OF ACCOUNT. 538. The denominations of money, in which the laws of a country require accounts to be kept, are called Moneys of account. They are generally represented by a coin of the same name; sometimes, however, they are merely nominal, like mills in Federal money. (Art. 245.) 539. Foreign Moneys of Account, with the par value of the unit established by commercial usage, expressed in Federal Money.* Austria.-60 kreutzers=1 florin; 1 florin, (silver) is equal to Belgium.-100 cents=1 guilder or florin; I guilder, (silver) The coinage of Belgium in 1832, was made similar to that of France. $0.485 QUEST.-537. How are the several State currencies reduced to Federal Money? * M'Culloch's Cominercial Dictionary; Kelly's Universal Cambist. .40 1.10 .991 ואו. .415 .444 Buenos Ayres.-8 rials=1 dollar currency, (fluctuating) Cape of Good Hope.-6 stivers-1 schilling; 8 schillings=1 rix dollar Colombia.*-8 rials 1 dollar; 1 dollar, (variable) mean value Denmark.-12 pfenings 1 skilling, 16 skillings=1 marc; 6 marcs= Egypt.-3 aspers=1 para; 40 paras=1 piastre, (silver) France and Great Britain.-See Tables. (Arts. 247, 272.) The term Lubs, signifies money of Lubec. The marc currency is the common coin; the marc banco is based upon certificates of deposit of bullion and jewelry in the bank of Hamburg. Invoices and accounts are sometimes made out in pounds, schillings, and pence, Flemish, whose subdivisions are like sterling money; the pound Flemish 7 marcs banco. Japan.-10 candarines=1 mace; 10 mace=1 tael .40 1.00 .968 1.00 .20 1.00 .833 .80 In mercantile accounts 20 sols=1 livre; 10 livres 1 dollar. Monte Video.-100 centesimos 1 rial; 8 rials 1 dollar guilders, and cents, as adopted in 1815. See Holland. New South Wales. -Accounts are kept in sterling money. Norway-120 skillings=1 rix dollar specie, (s.lver) Papal S'ates.-10 bajocchi-1 paolo; 10 paoli 1 scudc or crown * Venezuela, New Grenada, and Ecuador. 1.06 1.00 1.00 ↑ Grani is the plural of grano, tari of taro, scudi of scudo, lire of lira, pezze of pezza. Norway has no national gold coin. Portugal.-400 rees=1 cruzado; 1000 rees=1 milree or crown Sardinia.-100 centesimi 1 lira; 1 lira=1 franc, French Spain.-2 maravedis 1 quinto; 16 quintos 1 rial of old plate 20 rials vellon=1 Spanish dollar $1.12 .69 .78 .186 1.06 2.40 .10 1.00 The rial of old plate is not a coin, but it is the denomination in St. Domingo.-100 centimes-1 dollar; 1 dollar Turkey.-3 aspers 1 para; 40 paras 1 piastre, (fluctuating) .331 .90 .05 .186 .096 540. The following coins and moneys of account have been made current in the United States, by act of Congress, at the rates annexed.t * Previous to 1840, accounts were kept in paper roubles, 34 of which made a silver Pagoda of India, 1.84 |