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 6s. 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, make $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; 1 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 Commercial Dictionary; Kelly's Universal Cambist .40 1.10 .994 .787 .445 .444 Buenos Ayres.-8 rials-1 dollar currency, (fluctuating) Cape of Good Hope.—6 stivers=1 schilling; 8 schillings=1 rix dollar .313 .40 Cuba.-8 rials plate-1 dollar; 1 dollar 1.00 Colombia.*-8 rials=1 dollar; 1 dollar, (variable) mean value .048 .166 .40 Denmark.-12 pfenings=1 skilling; 16 skillings=1 marc; 6 marcs= 1 rigsbank or rix dollar, (silver) Egypt.-3 aspers=1 para; 40 paras=1 piastre, (silver) 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. .35 Japan.-10 candarines=1 mace; 10 mace=1 tael .75 Java.-100 cents=1 florin; 1 florin, as in Netherlands .40 Also 5 doits 1 stiver; 2 stivers=1 dubbel; 3 dub.=1 schilling; 4 schillings 1 florin .40 Malta.-20 granit=1 taro; 12 tari=1 scudo; 24 scudi=1 pezza 1.00 .968 In mercantile accounts 20 sols=1 livre; 10 livres=1 dollar. Manilla.-34 maravedis=1 rial; 8 rials 1 dollar, (Spanish) Milan.-12 denari=1 soldo; 20 soldi=1 lirat 1.00 .20 Mexico.-8 rials 1 dollar; 1 dollar 1.00 Monte Video.-100 centesimos=1 rial; 8 rials=1 dollar .833 Naples. -10 grani=1 carlino; 10 carlini=1 ducat, (silver) .80 Netherlands. -Accounts are kept throughout the kingdom in florins or guilders, and cents, as adopted in 1815. See Holland. New South Wales. -Accounts are kept in sterling money. Norway.-120 skillings=1 rix döllar specie, (silver) Papal States.-10 bajocchi=1 paolo; 10 paoli 1 scudo or crown * Venezuela, New Grenada, and Ecuador. ↑ 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 recs-1 cruzado; 1000 rees=1 milree or crown Sardinia.-100 centesimi=1 lira; 1 lira=1 franc, French Sweden.—12 rundstycks=1 skilling; 48 skillings=1 rix dol., specie Spain.—2 maravedis=1 quinto; 16 quintos=1 rial of old plate The rial of old plate is not a coin, but it is the denomination in which invoices and exchanges are generally computed. St. Domingo.-100 centimes-1 dollar; 1 dollar Tuscany.—12 denari di pezza=1 soldo di pezza; 2 soldi di pezza=1 Turkey.-3 aspers 1 para; 40 paras-1 piastre, (fluctuating) $1.12 .69 .78 .186 1.06 2.40 .10 1.00 .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.† * Previous to 1840, accounts were kept in paper roubles, 34 of which made a silver rouble. Laws of United States 541. Foreign gold and silver coins, at the rates established by the Custom Houses and commercial usage. * Note. The true method of estimating the value of foreign coins, is by their weight and purity. EXCHANGE. 542. EXCHANGE, in commerce, signifies the receiving or paying of money in one place, for an equal sum in another, by draft or bill of Exchange. OBS. 1. A Bill of Exchange is a written order, addressed to a person, directing him to pay at a specified time, a certain sum of money to another person, or to his order. 2. The person who signs the bill is called the drawer or maker; the person in whose favor it is drawn, the buyer or remitter; the person on whom it is drawn, the drawee, and after he has accepted it, the accepter; the person to whom the money is directed to be paid, the payee; and the person who has legal possession of it, the holder. 3. On the reception of a bill of exchange, it should be immediately presented to the drawee for his acceptance. 543. The acceptance of a bill or draft is a promise to pay it at maturity or the specified time. The common method of accept QUEST.-542. What is meant by exchange? Obs. What is a bill of exchange? Who Is the drawer of a bill? The drawee? The payee? The holder? 543. What is meant by the acceptance of a bill? What is the common method of accepting a bill? * See Manual of Gold and Silver Coins by Eckfeldt & Du Bois; Ogden on the Tariff of 1946; Taylor's Gold and Silver Coin Examiner. ing a bill, is for the drawee to write his name under the word accepted, across the bill, either on its face or back. The drawee is not responsible for its payment, until he has accepted it. OBS. 1. If the payee wishes to sell or transfer a bill of exchange, it is necessary for him to endorse it, or write his name on the back of it. 2. If the endorser directs the bill to be paid to a particular person, it is called a special endorsement, and the person named, is called the endorsee. If the endorser simply writes his name upon the back of the bill, the endorsement is said to be blank. When the endorsement is blank, or when a bill is drawn payable to the bearer, it may be transferred from one to another at pleasure, and the drawee is bound to pay it to the holder at maturity. If the drawee or accepter of a bill fail to pay it, the endorsers are responsible for it. 544. When acceptance or payment of a bill is refused, the holder should duly notify the endorsers and drawer of the fact by a legal protest, otherwise they will not be responsible for its payment. OBS. 1. A protest is a formal declaration in writing, made by a civil officer termed a notary public, at the request of the holder of a bill, for its non-acceptance, or non-payment. 2. When a bill is returned protested for non-acceptance, the drawer must pay it immediately, though the specified time has not arrived, otherwise he is liable to prosecution. 3. The time specified for the payment of a bill is a matter of agreement between the parties at the time it is negotiated. Some are payable at sight; others in a certain number of days or months after sight, or after date. When payable after sight or date, the day on which they are presented is not reckoned. When the time is expressed in months, they are always understood to mean calendar months. Hence, if a bill payable in one month is dated the 25th of January, it will be due on the 25th of February. And if it is dated the 28th, 29th, 30th, or 31st of January, it will be due on the last day of February. It is customary to allow three days grace on bills of exchange. 545. Bills of exchange are usually divided into inland and foreign bills. When the drawer and drawee both reside in the same country, they are termed inland bills or drafts; when they reside in different countries, foreign bills. OBS. In negotiating foreign bills, it is customary to draw three of the same date and amount, which are called the First, Second and Third of Exchange; and collectively, a Set of Exchange. These are sent by different ships or QUEST.-544. When the acceptance or payment of a bill is refused, what should be done? Obs. What is a protest? 545. How are bills of exchange divided? Obe. What is meant by a set of exchange? |