Arithmetic, Its Principles and Practice (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1846 Excerpt: ...be had on a parcel of oats containing 167 quarters, the cost of which was l 10s. per quarter, in order to gain by it as much as he lost by the wheat? Anaw. 5 per quarter--83i quarters; and 10 per cent. EXCHANGE. 187. The moneys, like the weights and measures of different countries, being unequal in value when we exchange them for each other, we require to perform a kind of reduction, in order to find their equivalents. 188. Both the quantity (weight), and quality (fineness) of the metallic coins differ in different countries; so that a comparison or ratio of values, called the par of exchange A is generally given. 189. By the course of exchange is meant the variable market sum in one country, given for a fixed sum in another; as when London gives l sterling for 25 francs 22 centimes in Paris. When civilization had made less progress, and the true policy of countries was less understood, it was not uncommon for the Sovereign to debate, by an alloy, the quality of the coin; as in the reign of Louis XV. in France, and at present in Turkey. Another and somewhat less violent act of injustice was resorted to, by a reduction in the quantity, or weight. Before the new coinage of 1774, in consequence of the lightness of our coins, our exchange was 3 or 4 per cent, below par; but as soon as we issued coinage of sufficient weight, regained its proper level. Another cause of fluctuation in the rate of exchange, is the variation of the relative values of silver and gold, consequent on their supply. In general the value of gold to silver is as 15: 1; this, though not subject to much change, can by no means be regarded as stationary. The gold mines of America gradually decrease in supply, while the silver mines are in a state of progressive increase. Thi...