�y��vlog

But there had been already a large dividend assigned to it, which with the dividend expected to be paid shortly, would amount to much more than the nominal par value of the stock.

Thus the fluctuations, instead of being from 1 to 2 per cent. below, to 1 or 2 per cent. above the real par, are from 1 to 2 per cent. below, to 1 to 2 per cent. above 8 per cent. premium as it is called on the nominal par, or from 6 or 7 to 9 or 10 per cent. premium on the par.

The difference between the real par, 4 shillings 2 pence, and the nominal par, 4 shillings 6 pence, is 4 pence or eight per cent.

Now, supposing this to be the real, and not merely, as it is, the nominal, par of exchange between us and England, what would it prove?

If a merchant here pay one hundred Spanish dollars for a bill on England, at nominal par, in sterling money, that is for a bill of £22 10s., the proceeds of this bill, when paid in England in the legal currency, will there purchase, at the present price of silver, one hundred and nine Spanish dollars.