The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-05-19
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3 -'. .He change. e.

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The currency &c tbs United States in
denominatedE decimal currency, the dollar
represented thus 81 being the unit. and
on this basis all calculations are made.
One dollar consists Of 100 cents, and each
cent OF 10 mills, and may be written either
81 or s1.O0. or $1,000, though this latter
form is somewhat unusual. So, again,
"one hundred dollars" is written $I0O. or
SlOo:OO, as may be preferred; but where
case, they must be prefxed by the deci-
NAL point. The use Of this WILDE obvious
In the following illustration-aay, one hun
dred dollars and twentw-five cents, which
is written $10025, and 30 on, for apy
amount.
The dollar formerly in use was the Spa
nlsh dollar, lin silver,) the value Of which
was 4s. Cd. sterling. This was taken and
has since been and still is used as the
basis OF exchange; and to this cause may
be attributed rcce. c- ziuoi, of Inc mis-
conception as to American exchange.
II 81 be worth 4s. 3d., what is the value
in dollars OF E1, or 20s.?
~ As; 6d.-4a shillings.
Then - -4.H.4, or dolls. Al cents,
and 4-1O of cent, or mills.
Now, supposing the standard of Ameri-
can currency to be still the Spanish dol
lar, it is clear that $4.44.4 would represent
al par the value of FL sterling. But that
standard has been changed-frst, by a
united States silver coinag 60, and then by
gold one; so that now the par value is
ABOUT W per cent. above S444.4, or s4.SG
per I, Hence. when exchange is quoted,
say 10o5 to ITO in New York, it is about
parna; par e. 1T is just as profitable to buy
exchange at that price for remittance as
it Is to send gold.
II the price be III to 112, it would paw
expenses, and per cent. to per cent. in
addition, to send gold; but if below 1904
there would be loss in shipping gold.
All exchange is calculated upon gold
bas!s, but at the present time tho usual
business OF tho United States is transact
ed in currency. This has to be taken into
account in settling any price quoted from
there, or sending remittances for paw
ments; and this is done in the following
manner-for instance:
What ls f100 worth in currency, with
exchange, say, at 109i, and gold ut 40 per
cent. premium? f1-444. A.
Therefore, s10O-444.44.
And Sill at 95-S4S6. Ga in gold.
Which, at 40 per cent. premium-s6S1.3 81
in currency.
The same process gives the true result,
let the rate OF exchange and premium on
gold vary as they may. And, Uice versn,
w iiio ehe Naiue VI given amount OF cur
rency in sterling:
A in New York wishes to pay B in Lon
don the value of $4,000 currency III ster-
ling. Gold is 13G, and exchange iOS5. How
many pounds, shillings and pence must lie
send him?
s4,44.4 at 1851 gives, say, 81. .s2.2 in gold.
Which at 80 prem;oSG,55S rno per sterling.
Therefore, -----f1, ,s11 is. Cd, amo't
to be remitted. And so again:
What ls the value in sterling of 81 900 in
United States $50 bonds, when quoted at
1l14 in New York, with gold at 1874 and
exchange 10S?
Prize Th.O of h sb19"nnddsa,111s "nd i. e., IL premium
S4.444 at 10S-say, 81 so in gold.
Which 1T 81 prem.-sG.482 per { sterling.
Therefore, - -f173 Is, value of
s6.432
$1,000 in sterling.
inexperienced will be with regard to tho
decimal points, in multiplying and divid-
ing; but the working of one or two ex-
amples, and bearing in mind what the
numbers represent, will fully obviate this.
BY noticing tho prices of exchange and
gold quoted daily in the papers, a correct
ansW answer so to any query as to exchange can at
oASS ~ ny tut uDOVc.
AS all articles of American produce are
quoted in currency, this calculation must
be made to determine the cost in sterling;
and as the premium on gold and the rate
or exchange are constantly varying,
(though the latter to'a much less extent
any one wishing to know the value of any
commodity from thence must make fresh
calculations almost daily to insure exact
ness.
The State Central Executive Committee
suggest to Democratic clubs the following
aiI1 al f.At