208 RIGSDALER-RIXDALER. wise dispose of them as he chooses, always with the proviso that he shall not use or dispose of them in such a way as to injure or molest anyone else. £1,000 in Russian Bonds, purchased by a banker out of his own capital, stands in a very different position from the same bonds deposited with him as security. These are his own, he has a Right of Property in them, he may sell them, lend them, take the interest on them, and appropriate it to his own use. In most banks Commercial Bills are to be found in great numbers, which are held under one or the other of these rights. Some are deposited simply as security against money lent; over these the bank has simply the Right of Possession. Others have been discounted (that is, bought at a discount), and over these the bank has a Right of Property. This distinction is of great importance in banking practice. One of the most painful cases of mal-administration in modern times (with the subsequent prosecution and conviction) arose from the non-observance of it. Rights are said to originate in this wise. "The necessities of his physical position oblige man to exert his power over the world of things. At first the property is held by the community or tribe, then by the family, and lastly by the individual, and when society has reached this last stage, his special interests prompt each man to claim, as against his fellows, an exclusive interest in particular things." Justinian. Rigsdaler or Riksdaler. The former unit of value in Denmark. Although the Scandinavian Monetary Union makes the Krone or Crown the new unit of value, the Rigsdaler is still in active circulation, and prices are often quoted in Rigs-dalers. The Silver Rigsdaler weighs 14-447 grammes 875 fine. Taking 15 parts of fine silver as equal to 1 of fine gold the value of the Rigsdaler in sterling is 26.730 pence or 28. 2d. It is divided into 96 skilling. Its value is determined by the mint regulation, which requires 3608 Troy grains-the Cologne Mark Weight—of fine silver to be alloyed and coined into 18 Dalers. (See Rix Dollar.) Riksdaler Riksmynt. The Riksdaler, or Riksmynt Riksdaler was formerly the monetary unit of value in Sweden. It consists of silver 750 fine, and weighs 8.502 grammes: reckoning 15 parts of fine silver to one of fine gold, its value in sterling is found to be 13.483d. or 1s. 1d. nearly. It is subdivided into 100 öre. Sweden being one of the kingdoms forming the Scandinavian Monetary Union, the Krone or Crown is now the unit of monetary value. (See Rix Dollar.) Rio or Kobang. See Kobang. Rin, The roo part of the new Japanese unit of value, the Yen. It is represented by a small copper coin weighing it of a gramme, and is worth of a penny. Rixdaler. A silver coin issued in Holland in conformity with the Dutch Monetary Laws of 1847 and 1849. It weighs 25 grammes 945 fine, and is worth 2 Dutch florins, or 5 francs 25 centimes, or 48. 2d. nearly. (See Rix Dollar.) RIXDALER SPECIES--RUBEL. 269 Rixdaler Species. Formerly the unit of value in Norway, and still in active circulation. Its weight is 28-893 grammes of Silver 875 fine, and is worth 53 46d. sterling. It is divided into 5 Orts or 120 Skilling. Norway being one of the parties to the Scandinavian Union, the Krone is now the unit of value. (See Ria Dollar.) Rix-Dollar. The English way of writing the names of several different coins used on the Continent, and in the dependencies of some European States. The origin of dollar is explained under Dollar, which see. Rix is the German, Reich, empire, realm, kingdom, and undergoes changes adapting the syllable to other tongues, as the Danish, Swedish, Norwegian, Dutch, &c. Hence, we have the German, Reichsthaler; Danish, Rigs-daler; Swedish, Riks-daler; Dutch, Rigs-daler, all mean. ing the dollar of the realm-the Royal or Imperial dollar. (a.) A silver coin made at the British mint for use in the island of Ceylon. It is valued at 1s. 6d. ; English sterling money being also current there. It is divided into 12 fanams of 1d. each. (b.) Formerly the unit of value in Bremen, worth about 3s. 32d. English. It is divided into 72 groten, each grot into 5 Schwaren, but is now being replaced by the new German coinage. It is also called the Frederick d'Or. (c.) A silver coin used at the Cape of Good Hope, divided into 8 Schillings, and worth about 1s. 6d. sterling. Rose Noble. An old English gold coin, valued at 6s. 8d., now only to be found in cabinets. Rose Royal. A gold coin of the time of James I., valued at 30s. Royalty. French, royauté; Italian, realtà, from the Latin, rex, a king; Italian, re, and French, roi. A royalty was originally something due to the king, such as a payment on mineral produce, on manufacturers, on imports or exports. The same word is now used to denote a payment made to any person in return for some privilege or concession; as for instance, the payment made by a manufacturer to the inventor of a machine, at a specified rate for every machine made or sold; or that of a coal owner to a landlord for every ton of coal extracted. (See Seignorage.) Rubel, Ruble, or Rouble. The Russian unit of monetary value. It is divided into 100 copecks. Its value is best derived from the gold imperial or 10-ruble piece, which weighs 15.088 grammes, and is 916 fine; giving for the ruble 1.3088 grammes, worth in sterling 39 388d. or 38. 34d. (See Imperial.) The Silver Ruble was for some years valued at 38 02d. sterling, but owing to the fluctuations in the value of silver in late years, its precise value cannot be definitely stated. Its weight, according to the mint law of Russia, is 20·735 grammes, 868 milliemes fine. The paper ruble, which for many years has formed the legal currency of Russia, stood, before the Russo-Turkish war, at about 270 RUNNING POLICIES RUPEE LOAN. 30d.; during that war it fell in value at one period to 22d., from which depressed state it is now slowly recovering. Running Policies. The same with open policies, and are so called when they cover the risk acng to the property on board a ship, during an entire season, or up to some specified date, instead of during a single voyage. Run upon a Bank. When in times of civil commotion, or foreign complications, the masses of the people become alarmed for the safety of their money at the bank, or the convertibility of the notes issued by the bank, it is not unusual for them to rush panic-stricken and withdraw their deposits, or demand gold for their notes. When such a phenomenoncurs, it is technically called a upon the bank. 11 66 run Rupee. The unit of value in British India. It consists of silver 1 or .9166 fine, and weighs 1 tola Indian weight, 180 troy grains, or 11664 grammes. Its value in English money necessarily varies with the price of silver, and as this has fluctuated in the course of a few years between 62d. and 47d. per ounce, its metallic value is not easy to determine. If, however, we take one part of fine gold as equivalent to 15 parts of fine silver, the rate adopted throughout this work, we find the rupee worth 22.60d. sterling or ls. 10gd. In all ordinary retail transactions it is taken at 2s. Od. This coin is known also as the Company's rupee, or the Government rupee, and was first so called in 1835. It is divided into 16 annas, and each anna into 12 pice. The same rupee is now the monetary unit of Ceylon, and is divided into 100 cents. There have been several different rupees circulating from time to time in India, of which the following are the most noteworthy :The Arcot Rupee, formerly circulating in Madras. It consisted of silver 9166 fine, and weighed 180 troy grains. The Bombay Rupee was the rupee of the Madras Presidency, of the same weight and fineness as the preceding. The Furrackabad Rupe, formerly circulating in the North-Western Provinces. It was 9166 fine, and weighed 179.16 troy grains. The Sicca Rupee was the unit of value for the lower districts of Bengal. It was 9166 fine, and weighed 1919 grains troy. The Sonat Rupee was simply the Sicca rupee abraded and diminished in weight by use. After two years of circulation, it was reckoned as 4 per cent. lighter than the Sicca. The current rupee was the same coin still further deteriorated by use. (See Lac of Rupees, and Crore of Rupees.) Rupee Paper. The same with Enfaced Paper (which see). Rupee Loan. An Indian Loan issued in 1879, which, although an internal loan, like that represented by rupee paper, yet differs from it in having coupons attached to the bonds, which the enfaced has not. paper SACHIB-SATISFACTION. 271 S. S occurs in the following abbreviations : S. G. Salutis Gratiâ (for the sake of safety) = insured. S. L. or L. S. Sigilli or Sigillo Locus (place for the Seal). Sachib, Sahib, or Keran. The Real of Silver. A silver coin valued at one-fifth of the Persian Toman, or 20 Shahis. It weighs 10:40 grammes 900 fine, worth Fr. 2:08 centimes, or 1s. 7d. The coinage of Persia is very irregular, and some of the coins are much worn. The only way of estimating the value of the silver coins is to take a number of new and old ones and calculate the average. Sale. A transaction in which a commodity is exchanged for Money or Credit, and is distinguished from Barter, in which one commodity is exchanged directly for another commodity. The party giving money or credit for a commodity is said to buy or effect a purchase; the one who gives a commodity for money or credit is said to sell or effect a sale. A Sale has been apt y termed "the half of an exchange," a phrase implying that the object of an exchange is to give one commodity for another commodity, whereas a Sale signifies the parting with a commodity in exchange for money and necessitating a second operation, called a purchase, before a second commodity can be had in place of the first. Although this view of a sale is supported by high authorities, it is deemed by others a fanciful distinction, inasmuch as the exchange i. complete whether a dealer exchanges goods for goods or good for money. Salung or Miam. A Siamese silver coin equal to one-fourth of the Siamese Tical, and is divided into 2 Foangs. The value of the salung in English money is about 71⁄2d. Salvage. Latin, salvare, to save. Goods or property saved from a wreck, or abandoned vessel. The same term is also applied to the payment made to those who assist in saving either the vessel itself, or the cargo taken out of it when abandoned. Sans Recours. (See Recourse.) Sapeck, Dong, or Cash. o part of the Kivan. A coin used in Cochin China, worth about of a penny. Satisfaction. From Latin, satisfacere, to satisfy, to appease, to pay or discharge a debt. Satisfaction is a term derived from the commercial language of the Romans, to signify the complete discharge and extinguishment 272 SCHEDULE-SCRIP. of debt. It differs essentially from payment, which is often effected by means of a cheque, a bill, a note, or goods delivered. But this is not a complete "satisfaction" of the debt. The cheque must be presented and entered in the bank-book. The bill or note must mature, and be honoured at maturity, and the goods proved to be what they purport to be, before the debt is satisfied" and extinguished. It is, however, of great importance to observe that if a receipt or acknowledgment be given for goods, a bill or cheque, in "satisfaction," or "full satisfaction" of a debt, the creditor has no further claim, and he must bear any consequences resulting from his want of caution, should the instrument be dishonoured or the goods prove unsound. (See Laches.) Schedule. From the Greek, oxidn, a splinter, a piece cut off, or cleft. Hence the Latin forms scheda and scida, a piece cut off from anything, and especially a leaf cut from the plant papyrus, from which the ancient paper was made. "Ut scida ne qua depereat" (that the leaf-or document-on no account may perish).-CICERO. "Omnes schedas excutit" (he examined all the papers).—QUINTILIAN. From these two words were formed the diminutives schedula and scidula, a small leaf of paper, and the English, schedule. A schedule-which the dictionaries tell us should be pronounced sed-ul, and which is so pronounced by some lawyers-is mostly called a shed-ule in City circles. It usually signifies a short document appended to, or accompanying some larger work, and is generally expected to be in the form of a list or catalogue, or to consist of some details not essential to the body of the volume or document to which it is attached. Schilling. (a.) A Hamburg silver coin worth about of an English penny. (b.) A Mecklenburg coin worth about of an English penny, or of the thaler. (c.) A Billon coin formerly circulating in the Hanse Towns, worth about one penny English. (d.) A coin used in the Cape of Good Hope equal to 6 stivers, and worth about 24d. English. Schuite. A silver, boat-shaped coin used in Japan, valued at £1 5s. 3d. English. Schwaren. A small copper coin used in Bremen, value about of an English penny. Scrip. A Stock Exchange term contracted from "subscription." When a foreign loan is issued, or a new company is about to borrow capital, the public are invited to "subscribe" to it, that is, in plain language they are asked to say how much money they are willing to lend for either of those purposes. This invitation is presented in the form of a "prospectus.' The lender or subscriber "applies" for a share in the loan, or for the privilege of contributing to a company's capital, and in answer receives a "letter of allotment." |