Welsh Journals

OF THE NEWPORT ATHEMUM & MEOHAMCS' MSTETOTE. The Institute was Established in 1841, for the diffusion of Useful Knowledge amongst its Members ; and was admitted into union with the Society of Arts, 18$ of August, 1852. Vol. 1—No. 8. AUGUST 1864. Gbatis to Members. NEWPORT, AUGUST 1, 1864. The other system of Decimal Coinage to which we alluded in our last number, is that which takes the farthing for its unit of reference—the farthing would therefore remain of the same value as at present, but the pound, instead of consisting of 960 farthings, would represent 1000 farthings. The coins between the farthing and pound, might be somewbat as follows:— a cent of the value of 10 farthings, and a florin of the value of 10 cents, which would also be the tenth of a pound, but would not represent 24 pence as the present florin does, but 25 pence. A few examples will illustrate this system better than many words. 1. Change 342642 farthings into pounds. Ans. £342-642, or 342 pounds, 6 florins, 4 cents, 2 farthings. 2. In £363, how many cents ? Ans. 36300. 3. How many florins are there in 6428 fartbings ? Ans. 64 florins, 2 cents, 8 farthings. 4. 28 Jbs. of tea at^| florins $ ft ? Half-a-florin being equal to 5 cents, we have 25 X 28 = 700 Ans £7. This system would ocoasion very little con¬ fusion in the change, and would not immediately withdraw from circulation any existing coin; it would therefore be better understood by the poorer classes than the pound system; but its corresponding disadvantages also appear, and are as follows: the pound sterling which is the standard of all our commercial transactions, would he entirely set aside, and much difficulty would be experienced in changing old accounts into the new; whereas, by making the pound the unit, all these accounts would not be mate- rjially changed. The pQundwould be unaltered. in its value, the florin would be also unchanged and our present shilling being half a florin would be equal to 5 cents. Upon the whole, we cordially agree with the recommendation of the Committee of the House of Commons, and prefer the pound system of Decimal Coinage, believing that the inconvenience attending the change would be only temporary. What could be more absurd than the system formerly pre¬ vailing in Ireland, of making the shilling to consist of 13 pence, and yet when a change was introduced, it was difficult to persuade the un¬ educated classes that they were not defrauded of a penny in every shilling they changed : they learned, at length however, that the loss was only imaginary, and they reasonably expected to obtain more goods for the new penny (one twelfth of a shilling) than for the old, and it was also found that tradesmen naturally adapted their prices to suit the new coinage. And so with regard to the system which has been pro¬ posed, the inconvenience would last only so long as the price of an article is given in the old coinage, so thai* when the public become accustomed to buy and sell in the new ooinage, the difficulty would cease. "We introduce a few examples of the process of converting the old coinage.into the proposed new, and in another portion of our Journal, we have inserted some Questions on the Pound System of Decimal Coin¬ age. Surely no apology is needed for this when we assert that some of our most regular correspondents, who answer our questions from month to month, are pupil teachers, and that Her Majesty's Inspectors of Schools have been instructed to propagate a knowledge of the deci¬ mal system among schoolmasters and pupil teachers. 1. Let it be required to change £648 18s. 4d. into the new coinage (pound system). Those who are accustomed to the ordinary mode of changing any sma.into the decimal of a