8 AHMEDI-ALLONGE. two nations. Thus the currency of Italy exchanges with that of England at rates varying from 25·15 francs to 25 50 francs for the pound sterling. This rate is called the agio between the two countries. (b). In countries where a silver standard prevails, gold is used to make large payments, and according as gold is more or less abundant, a less or greater quantity of gold is given for a specified quantity of silver coin. The difference between the two metals thus exchanged is then called the agio on gold. (c). In some countries possessing an inconvertible paper currency, the term agio is applied to the difference between the value of a note and coin of the same denomination. When used in this sense, it is identical with what in other countries is called a •premium. (d). In Hamburg, the term Bank Agio is used to signify the proportion between the Bank Value and the Currency Value. This Agio varies with the price of silver. (See Bank Value.) (e). An allowance made in some countries for the wear and tear of coins, while the old standard of value and money of account is retained as at Amsterdam, Hamburg and other towns. The term agio or premium is very frequently misapplied; but time and custom have so consecrated the misapplication, that nothing more can be done than simply to point it out, in order to prevent misapprehension on the part of those who use the term. When gold is said to be at a premium or agio as compared with silver or paper currency, it means that the silver or paper is depreciated or at a discount; for the gold in these cases is the standard of value, and the silver or paper variable. This customary use of the term prevails in the United States, in France, in Italy, in Austria, and in Russia: indeed in all countries where a paper currency has been adopted, or where a double standard of value is in use. In some of its applications the term is used in its proper sense, as in quoting the market value of stocks and shares Premium.) (See Ahmedi. A gold coin of Mysora (Hindustan), about 31s. to 32s. sterling, no longer in use. Ahmulahs. Abyssinian salt money, various sizes, new, 20 to a dollar. Akcheh. A Turkish silver coin, very small, value about one-third of the Para. Obsolete. Akhter. A copper coin, value a quarter of the pice of Mysore. Albus. A German copper coin, value twelve hellers, formerly used at Cassel, Cologne, &c. Allonge. From the French, allonger, to lengthen: allonge, a piece, applied in commerce with the meaning of a piece attached to a document to lengthen it. An Allonge is a slip of paper attached to a Bill in order to provide space for further indorsements, when the back of the Bill is already covered. It requires no stamp, as it is deemed a part of the original bill, which it is presumed is already stamped. Allowance. Two distinct words, having a totally different origin, gradually assumed this one form in the English tongue. I. From the Latin, laudare, to praise, approve, recommend, was formed allaudare, to praise one highly. These forms appear in the French as louer and alouer, with a similar meaning, and through the French it found its way into early English, as in Shakspeare, where it means approval or sanction. "You sent a large commission to conclude, Without the king's will or the States' allowance, A league between His Highness and Ferrara." II. From the Latin, locare, to put, to place, was formed in postclassical times the compound allocare, to put into a place, to set apart for a purpose, to allot. These two words also appear in the French as louer and allouer, and being similar in spelling to the words above noted, became confounded in meaning, and when adopted in the English language, were used under one form, "allow" or "allowance," to express all the different ideas previously conveyed by distinct words, thus (a) Approval, as quoted by Richardson: "This is the sum of what I would have ye weigh, First, whether ye allow my whole devise And think it good for me, for them, for you, (b) Permission. "I allowed him to walk in iny garden whenever he chose." (c) Authority, as in the passage above quoted from Shakspeare. (d) Abatement. "In every twenty-five sheets an allowance of one sheet was made for damage, soiling," &c. (e) Apportionment. "The sailors had a daily allowance of grog." "And his allowance was a continual allowance given by the King, a daily rate for every day all his life."-2 Kings. It is not improbable that certain other words contributed something towards the formation of our English "allow" and "allowance." The Anglo-Saxon lyfan, alefan, to permit, concede, or suffer, come very near to them in meaning, as exemplified in Goldsmith's "Deserted Village." "The ruin'd spendthrift, now no longer proud, Claimed kindred there, and had his claims allowed." Allowance, in refinery, is a departure from the legal standard of fineness permitted by the State in consideration of the practical difficulty of securing the exact degree of fineness prescribed by law. The allowance is also made in respect of wear and tear. Two per mille is the allowance in the gold coinage of France, with respect both to weight and fineness. In England, two parts in one thousand are allowed for fineness, and 2-10ths of a grain in the sovereign for weight: so that a new sovereign which is supposed to weigh 123-274 grains would be within the remedy or allowance if it was found to weigh anything more than 123 074; other gold coins of which at the present time only half-sovereigns are in use, have a proportional allowance. In Russia, no allowance is made either for weight or fineness, and although it is impossible always to work to such a nicety, the gold imperials of Russia have a very high repu 10 ALLOY-ALSATIA. tation, and are often remelted and coined by other countries, thus saving much of the expense of refining and mixing. 66 Alloy. From the Latin, lex, law; ad legem, according to law; French, a loi. Unusquisque denarius cudatur et fiat ad legem undecim denariorum." -Ducange. (Every penny was coined and made according to law eleven pennies.) The accidental resemblance of the French verb allier, to blend, to mix, to blend together, has given rise to the prevalent error that it is the origin of the English alloy. But the words used in other languages for the mint term, corresponding to "alloy," all indicate a relationship to the word lex, the law, or rule, set up by authority for the regulation of the coinage. "Monetam de auro et argento, et alio metallo, quocunque cunio, allaia, et taillia, prout sibi placuerit." (Money of gold and silver, and other metal, of whatever coinage, alloy, and value, according as he pleases.) Dated 1377. Quoted by Rymer. In its most general sense, an alloy is a compound of any two or more metals. In economics, it signifies a compound of a cheap or base metal with a costly or precious one. In practice, the meaning of the term is yet more restricted, since it is applied not to the compound, but to the base metal in the compound: thus standard gold is said to be eleven-twelfths fine, and one-twelfth alloy. Gold is usually alloyed with silver or copper or both. Silver with copper only. This applies however to mints of good standing. In some countries, pewter, lead, and other base metals are used as alloys; if in large proportions the coins so produced are called billon coins. (See Billon.) The object of alloying gold and silver is to render them somewhat harder than they are in their pure state. In a subordinate degree, the colour and tenacity of the metals are affected, but these are considerations of minor importance. In the mining language of Spain, a modified form of the word is applied to the proportion of silver found mixed with certain ores, thus: "The extraction for the week was 750 cargoes of clean ore, average ley from nine to ten marks per monton."-Times, January 2nd, 1857. Alsatia. A fanciful name formerly applied to the district of Whitefriars. It has lately been applied to the Stock Exchange. The reason for the modern application of the name is said to be that Whitefriars, was at one time a privileged place of sanctuary, and was frequently referred to by dramatists and others, as Alsatia, "It was the resort of libertines and rascals of every description, and here the corrupt practitioners of the law found a ready supply of affidavit men, or Knights of the post, as they were termed. The notorious noonday abuses committed here, and the riot in the reign of King Charles the Second, caused its suppression and clearance." Beaufoy's "Tradesmen's Tokens." It was in allusion to these facts that one of our judges spoke of the questionable proceedings of the Stock Exchange as those of an Alsatia; and unfriendly outsiders have since that event been only too ready to fasten the odious cognomen on the institution. ALPHONSE D'OR-AMOUNT. 11 Alphonse d'Or. The 25 peseta piece, circulating in Spain. Amalgamation. Amalgam, a compound of quicksilver with some other metal. The origin of this word is a puzzle to philologists. It was used by the alchemists of the Middle Ages to denote a compound or alloy of quicksilver with any other metal. Many derivations have been suggested, but one of the most reasonable is that of the Greek apaxos, soft, feeble, and yaμew, to marry. Amalgam in this sense would mean a soft compound or alloy, and answers very well to the compound best known, in that early age of chemistry, of quicksilver and gold; which latter metal is easily dissolved by the former. In commerce, amalgamation signifies the fusion of two or more companies, societies, or firms into one. Although amalgamation may, and sometimes does, take place in respect to private firms, it is had recourse to chiefly in regard to joint stock undertakings, such as Railway Companies, Insurance Societies, Joint Stock Banks, &c. As there is often a difficulty in fixing responsibility for the performance of outstanding contracts after amalgamation has been effected. special Acts of Parliament have been passed with the object of defining the responsibilities of the Amalgamated Companies, as well as that of the shareholders in companies which have thereby ceased to have an independent existence, and for further information on these points, the reader should refer to the Companies Clauses Consolidation Act, 1845, and the Life Assurance Companies Act, 1870. Amortization. Greek, μopos, moros; Latin, mors; French, mort, death, decay, a wasting away. Amortization, in finance usually signifies the gradual diminution of a debt, by paying it off in successive instalments. In some rare cases, amortizement is effected at a stroke by a single payment. (See Sinking Fund.) In England the term amortization is usually restricted to the extinction of a loan by means of a single payment, and the term Sinking Fund is commonly understood to mean the gradual disbursement of a loan in one of two ways: I. By setting apart a specified sum annually for the purpose, and determining by drawing or by lot, the bonds to be paid off, and by paying them off at par, that is, at their full nominal value. II. By expending such specified sum in the purchase of bonds at the market-price of the day. Both of these methods are practised extensively in London, the former being most in favour. The second method is open to grave objections, as it puts it in the power of dishonest borrowers to take advantage of low prices in the market, and offers a temptation to bring their own stocks into disrepute and to depress their price, by frightening timid holders into ruinous selling, when the borrowers come forward and buy them up. Amount. From mont, a hill, was formed the adverb amont, upwards, and the verb monter, to rise, to ascend. Hence Amount is the total to which a number of charges rise up when added together. 12 ANCIENT RIGHT STANDARD-ANTE-DATE. 240 Ancient Right Standard. The standard of fineness of English silver coin which has existed from time immemorial-namely, 11 oz. 2 dwts. of pure silver in the troy pound of 12 oz. The same degree of fineness is sometimes expressed as 222 fine, and at others in conformity with the decimal notation as 925 fine. All the recent silver coinage of England is of this degree of fineness. Angel. A gold English coin value 6s. 8d., bearing a figure of St. Michael and Dragon. This gold coin was first used in France, and was introduced into England in the reign of Edward IV. (1461-1483). It was then valued at 6s. 8d., and fluctuated from that time till the reign of Charles I., when it was reckoned at 10s. It was 23 carats 3 grains fine. Shakspeare refers to it in the Merchant of Venice when he says, "They have in England a coin that bears the figure of an Angel stamped in gold,” ii. 7. The angel here referred to was St. Michael slaying the Dragon. Angelet. A gold English coin-the half angel, value 3s. 4d. Angster. A copper coin, Swiss, value half a rappe, about 1d. Ankosee. Chinsoree, a rupee of silver, current in the Deccan. Anna, or Ana. (a). The part of the Company's rupee. Owing to the depressed price of silver its metallic value is now (1881) not more than of what it was a few years since. (b.) A silver coin in Hindoostan and Singapore sixteen to a rupee, value three half-pence. Annuitant. One who receives an annuity. (See next Article.) Hence, the An annuity is a sum of money payable once a year. Right to an Annuity is a right to demand this sum once a year. Legists distinguish between "the right to demand" a sum of money, and the "right to the sum of money," but this distinction though important in point of law, is of very little moment to the Annuitant. The term annuity in England corresponds very closely to the term Rente as used on the Continent. Rente is a sum of money payable yearly. A bond or certificate entitling the holder to Rentes 20 francs, gives the holder a claim to 20 francs yearly, 10 francs every six months, or 5 francs every three months. French Rentes are paid in quarterly instalments; Austrian, Hungarian and Italian Rentes in half yearly instalments. In England Consolidated Annuities, or Bank Annuities are paid in half-yearly instalments. Metropolitan consolidated annuities are payable in quarterly instalments. But in all these cases the term Annuity or Rente is applied to the yearly sum, and not to the quarterly or half-yearly amounts. Ante-date. Latin, ante, before; datum, given (meaning, a given time). To antedate a cheque or other writing is to inscribe upon it a date earlier than that on which the document is written. As antedating |