"Harper's Hand-book says in one place, a ruble is eighty cents; in another, that it is seventy; in another, eighty-three," suggested one of the students. "Nearly all the money in circulation is paper, subject to varying discounts, from ten to twenty per cent. Our money is also paper, and at a discount of twelve or fifteen per cent. I have made a careful comparison of the values of a dollar and a ruble, using the weight of _pure_ silver in each as a basis, and I find that a ruble is 74.88+ cents; call it seventy-five cents. When gold bears a premium of twenty per cent, in Russia,--which I understand is the usual rate at the present time,--a ruble is worth sixty-four cents; but with our gold at a premium of twelve and a half per cent., its value would be raised to seventy-two cents." "Of course these figures are useful only in comparing values as they exist in the two countries," interposed Dr. Winstock. "Precisely so. I make no account of exchange." "With your permission, I will make an actual statement of a case," added the surgeon; and the boys were interested in the discussion. "Being in St. Petersburg, I want money, and go to Asmus, Simonsen, & Co., bankers. My letter of credit is payable in pounds sterling, and the bankers draw on Bowles Brothers & Co., London, for the amount which they pay me,--say twenty pounds,--and Bowles Brothers & Co. draw on New York or Boston. My twenty pounds, with gold at sixteen and two thirds, and exchange at ten per cent., costs me in New York $114.07. With exchange between St. Petersburg and London at twenty-nine and a half pence to the ruble, twenty pounds produces R 162.71 copecks. Deducting one half per cent. commission, 81 copecks, and 40 copecks for postage, my net return is R 161.50 copecks. Now, comparing what I pay in New York with what I receive in St. Petersburg, I find that my _paper_ ruble has cost me seventy and one tenth cents in currency, which reduced to gold; at twenty per cent. premium, is sixty one and two thirds cents." "And in England, France, North Germany, with the exchange at the same rate, that would be the real value of the money you receive," added Mr. Mapps. "On account of the depreciation of the money in Russia, the prices are higher. I was speaking of the value of the exports, and when I speak of twenty million rubles, it means three fourths as many dollars. Flaxseed, or linseed, brings in almost as much money as the flax itself." "What is it for?" asked a student.