William Gregg owned a mill in South Carolina.In December 1862,he placed a notice in the Edgehill Advertiser announcing his willingness to exchange cloth for food and other items.Here is an extract: 1 yard of cloth for 1 pound of bacon
2 yards of cloth for 1 pound of butter
4 yards of cloth for 1 pound of wool
8 yards of cloth for 1 bushel of salt
If the money price of bacon was 20¢ a pound and the money price of salt was $2.00 a bushel,people would

Question

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With the money price of bacon at 20¢ a pound, and considering that you can trade 1 yard of cloth for 1 pound of bacon, the cost of 1 yard of cloth is also 20¢. Therefore, 8 yards of cloth would cost $1.60 (8 x 20¢). Since the money price of salt is $2.00 a bushel, and you can trade 8 yards of cloth for 1 bushel of salt, it is more economical to buy bacon and trade it for cloth, and then trade the cloth for salt, as you can obtain 1 bushel of salt for only $1.60, which is less than its money price of $2.00.

William Gregg Owned a Mill in South Carolina