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A tax was also levied upon the usurers, who had much gained by trafficking in the paper of the King, that is to say, had taken advantage of the need of those to whom the King gave this paper in payment. This game was called 'agio'. It was said that thirty millions were obtained from this tax. Many people gained much by it; I know not if the King was the better treated.
Some people account in this manner for what is called the agio of the bank of Amsterdam, or for the superiority of bank money over current money, though this bank money, as they pretend, cannot be taken out of the bank at the will of the owner.
He did not know many of the pieces; and McMurtagh, as they were held up to him, broke the silence only to answer arithmetically, "Doubloon, value eight dollars two shillings, New England;" or, "Pistole, value the half, free of agio." When they were all counted, McMurtagh opened a new page in the ledger, and a new account for the house: "June 24, 1829.
The money of such banks, being better than the common currency of the country, necessarily bore an agio, which was greater or smaller, according as the currency was supposed to be more or less degraded below the standard of the state.
The agio of the bank of Hamburgh, for example, which is said to be commonly about fourteen per cent, is the supposed difference between the good standard money of the state, and the clipt, worn, and diminished currency poured into it from all the neighbouring states.
The agio of the bank of Hamburg, for example, which is said to be commonly about fourteen per cent. is the supposed difference between the good standard money of the state, and the clipt, worn, and diminished currency, poured into it from all the neighbouring states.
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