NOTICES OF BRAZIL. 



45 



can make it into pans, and besides, to the northern provinces 

 it is nearly a par remittance." 



<'Then the bank is not a national one?" 



<'No! It was chartered to a company. The government 

 became indebted to it, and being unable to pay, assumed the 

 management of the bank, and to enhance its credit, endorsed 

 the notes, which only circulate within the province of Rio de 

 Janeiro. The other provinces have their respective banks." 



Still I do not understand why the value of money should 

 change almost daily. I may sell goods to-day for a certain 

 sum, and to-morrow they may be of one-third less value." 



'<Such is the fact. This fluctuation is only attributable to 

 the frequent exportation of large amounts of copper to the 

 north." 



" Then the bank must make large dividends if it does much 

 business ?" 



" Technically speaking, the bank does no business whatever. 

 It receives deposites, but does not discount, and the only source 

 of profit is its property, and the loss or wearing out of its 

 notes." 



"Goods must pay a handsome advance on the invoice to 

 yield profit, while the rate of exchange is so high ?" 



" Such would be the case if remittances were made to the 

 United States in coin ; this country afibrds, however, good 

 returns in cofiee, hides, sugars, &c., and when bills are wanted, 

 they are always negotiated on European houses." 



The inconvenience which would have resulted in the United 

 States, from the establishment of the small money unit, pro- 

 posed by Robert Morris, the financier, is practically illustrated 

 at Rio. A dollar at par contains one thousand parts, called 

 "reis," and hence the dollar is termed a " mil rei." A trifling 

 accompt, to persons unacquainted with the currency, is an 

 alarming document ; the gross amount of a bill for ten dollars 

 is represented by five figures. This makes calculation tedious, 

 and to. strangers embarrassing. Americans require their bills 

 reduced to dollars, and Englishmen must have them in pounds, 

 shillings, and pence, before they understand them. 



