UNITED STATES DOLLARS. 345 Gold is quoted on the basis of 43 oz. 900 fine for 800$ generally par. Silver is quoted in gold dollars and cents per oz. silver 999 fine. The bullion weight is the Troy lb. and its divisions. The U.S. Mint receives bars or coins only at their actual weight and fineness on the above bases for gold and silver. The Mint charge for bars is 1 per mille for gold 900 fine, 4 per mille for fine gold. Payment is made a few days after receipt. The charge for melting coins and bars is very small. Fixed Number=2545118. 土 Rule. F. N. x 800 ± prem. or disct p.c. - London price × rate of exchange. Example. In London 77s. 9d. per oz. st. > Rate? } Ans. $4.8744. 9 gr. fine. 4801 oz. fine. 37 40 oz. st. 1 = = price of bar silver per oz. st. in London. Fixed Number='8361486. Rule. F.N.x London price = par of 1 dollar. EXAMPLES. Find value of silver dollar, when bar silver is in London per oz. st. (1) 401 (4) 37. (7) 391. (9) 411. (2) 417. (5) 39g. (8) 401. (3) 43. (6) 3818. (10) 40ğ. Table for Rate of Exchange, arbitrated from bar gold at 77s. 9d. per oz. st. in London. Similar Tables may be made for 77/11, 77/103 etc. INLAND EXCHANGE. 347 Table for Price of Silver Dollar, given price of bar silver in London per oz. st. Gold and silver are both legal tender, so there are two problems of inland exchange. (1) To find value in currency (cents of the silver dollar) of a gold dollar-given market price of silver currency. Divide 100 by market price. Example. Market price of currency=72 cts. .. Value of gold dollar = 100=1388. (2) To find market price of currency (silver cents) -given value of a gold dollar. Divide 100 by value of dollar. Example. Gold dollar=140 cents. .. Price of currency=108==714. Bills and Exchanges. The bill stamp is 2 cents on all cheques and bills drawn on the U. S. There are three days of grace, but demand bills have none. Bills due on a Sunday or Holiday are paid the day before. S. Louis, Orleans, etc. are quoted in premium or discount p.c. on 100$. EXAMPLES. 1. Direct. London-New York. (1) £851. 7s. 6d., at 60 days' sight 49% and 4.851 Discount, 2 p.c., 24 p.c. (2) $1270-36, at 60 days' sight 491. Discount, 11 p.c. (3) £912. 188. 6d., at 60 days' sight 4.83. Discount, 2 p.c. (4) $3000, at 60 days' sight 49 and 4-872. Discount, 2 p.c., 21 p.c. 2. Indirect. London-New York. (1) Through Paris, short 25-19, 60 days 5·21. (2) Through Hamburg, 3 mos. 20:53, 60 days 96.25. 1 p.c., 23 p.c. Minimum payments of $8000 and £950? 3. Simple circuit. Discount, What is gain or loss on £1000 invested in Amsterdam bills at 12.07, and sold in New York at 41.85, my returns being bills of 60 days' sight at 4.85, the time being 16 days? Bank interest (deposit) 23 p.c. Weights and Measures. The same as Great Britain, with the old wine gallon and the Winchester bushel. |