A column of water 2.31 feet high will exert a pressure of one (1) psi based on water at approximately 65 F. Since specific gravity uses water as the basis (value of 1), inputing the specific gravity of the fluid in question into the equation will provide the pressure required/supplied to move a column of fluid up or down.
I got this out of Cameron Hydraulic Data, but any reference on basic fluid flow should have it.