CONNECTICUT RULE.

The Connecticut court rule for computing the indebtedness upon a note or other obligation, when partial payments have been made, is : Compute the interest to the time of the first payment, if that be one year or more from the time the interest commenced; add it to the principal, and deduct the payment from the sum total.

If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and in like manner from one payment to another, till all the payments are absorbed, provided the time between one payment and another be one year or more.

But if any payment be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation for one year, add it to the principal, and compute the interest on the sum paid, from the time it was paid, up to the end of the year; add it to the sum paid, and deduct that sum from the principal and interest added as above.

If any payments be made of a less sum than the interest arisen at the time of such payment, no interest is to be computed but only on the principal sum for any period.

1. On a note for $ 650, given at Hartford, Conn., June 12, 1906, with interest at 6%, the following payments were made: July 1, 1907, $116.20; Apr. 10, 1908, $ 61.50; Feb. 12, 1909, $12.10; Aug. 20, 1909, $110. How much was due Dec. 21, 1909 ?

Principal

Int. to July 1, 1907 (1 yr. 19 da.)

Amount.

First payment

SOLUTION.

New principal

Int. to July 1, 1908 (second payment being made less than 1 yr. from previous

Am't of 2d pay't from Apr. 10 to July 1, 1908 (2 mo. 21 da.)

New principal

Amount to July 1, 1909 (1 yr.)

Third payment draws no interest, being less than int. due
New principal

$650.00

41.06 $ 691.06

116.20 $574.86

34.49 $609.35

62.33 $547.02

579.84

12.10

$567.74

583.83

112.22

$471.61

2. On a note for $1000, given at New Haven, Conn., Feb. 1, 1906, with interest at 6%, the following payments were made: Apr. 1, 1907, $80; Aug. 1, 1907, $30; Oct. 1, 1908, $10; Dec. 1, 1908, $600; May 1, 1909, $200. How much was due Oct. 1, 1909?

3. On a note for $1000, given at Middletown, Conn., Mar. 9, 1906, with interest at 6%, the following payments were made: Nov. 19, 1906, $204; Mar. 3, 1908, $50; June 15, 1909, $600; Nov. 1, 1909, $85. How much was due Jan. 1, 1910 ?

TAXES.

In Vermont, public revenues are derived from taxes laid on the business of certain corporations, such as railroads, insurance companies, savings banks, etc., from certain licenses and fees, from fines, from collateral inheritance taxes, and largely from direct taxes laid upon real and personal property and polls.

The method of computing direct taxes in Vermont varies a little from that adopted in many states. It is as follows:

1. A list of the real estate and personal property, together with a poll list, which is $2 for every male person over 21 and under 70 years of age, is made by the persons authorized by law to appraise the property of the town.

2. Soldiers severely wounded in the Civil War, soldiers of the Civil War honorably discharged having no taxable estate, and persons actually poor are exempt from a poll tax. 3. Real estate used for public, religious, charitable, and educational purposes is for the most part exempt from taxation.

4. United States bonds and certain other stocks and bonds are exempt from taxation; also savings bank deposits to the amount of $1500.

5. Personal property is exempt from taxation to an amount equal to the excess, if any, of the owner's debts over the aggregate amount of his holdings that are exempt according to Note 4; also household goods, farming tools, libraries, etc.

The sum of the poll list and 1% of the taxable real and personal property constitutes what is called the Grand List of the town.

The sum of each person's poll tax and 1% of the value of his taxable real and personal property constitutes his grand list.

The state taxes are fixed by the Legislature; ordinary county taxes, by county judges. A town tax is levied by vote of the town, a village tax by vote of the village.

Taxes are levied at a certain number of cents on each dollar of the grand list, or a certain per cent of the grand list.

Thus, the Legislature of a certain year assessed a tax of 12 cents on the dollar for state purposes.

WRITTEN EXERCISES.

1. In the city of Rutland the taxable real estate was $5,531,685, the taxable personal property, $2,135,288, and the taxable polls, 2625. What was the grand list?

2. The tax rate for the city of Rutland in 1894 was as follows: for state, 5 cents; for state schools, 5 cents; for state roads, 5 cents; for city highways, 20 cents; for city schools, 40 cents; for general city purposes, 65 cents; for city sinking-fund, 10 cents. What was the tax of a man 50 years of age whose personal property was assessed at $6250, and whose real estate was rated at $21,550?

The sum of the several taxes is 150 cents, therefore the total tax rate is 150% of the grand list, and the man's total tax was

$150 % of $280, or $ 420.

3. The town of Benson raised a town tax of 55%, a state school tax of 12%, and a highway tax of 15% of the grand list. What are the taxes of a man 55 years of age whose real estate is appraised at $4500 and his personal property at $3000 ?

4. In a certain school district a tax of 15 cents on a dollar of the grand list is to be raised for school purposes. What is the amount of

B's school tax who owns a farm valued at $2500 ?

5. What was the grand list of the town of Lincoln for 1894, if it had 1025 taxable polls, real estate valued at $1,206,175, and personal property worth $835,978 ? If the town raised $20,295 by taxes, what was the tax upon one dollar of the grand list?

6. What is the tax of a man 72 years old, living in Lincoln, whose real estate is valued at $4225 and personal property at $5000, if in addition to his town tax he pays a state school tax of 10% of his grand list?

ANSWERS.

Page 30.

7. $29.95.

-2. 2378.

3. 1892.

4. 1711. 5. 3116. 8. 3609. 9. 4007. 10. $33.72. 12. $24.51. 13. $30.64. 14. 27,755. 15. 36,376. 17. 35,472. 18. $266.53. 19. 46,688. 22. $454.49. 23. $482.40. Page 31.-24. 17,070. 28. $97.58. 29. $44.085. 33. $117.234. 34. 28,338. 38. 16,803. 39. 11,377. 43. 14,420. 44. 8687.

Page 32.-46. 15,817.

50. 8750. 51. 8,021,463.

6. 3328.

11. $26.00.

16. 36,712.

20. 60,582.

21. 62,112.

26. $125.99.

27. $176.64.

31. $50.814.

32. $96.968.

25. 26,273. 30. $252.558. 35. 16,289. 40. 15,247. 45. 17,275.

52. 103,283,772. 53. 1,028,363,547. 54. 9,101,736,502. 55. 649,424. 56. 130,556,589. 57. 145,770,476. Page 33. 58. 723,074,817. 59. 135,103,556. 60. 107,823,882. 61. 1,936,123. 62. 50,451,121. 63. 146,305,505. 65. 6894.

Page 34. 66. 75,688. 67. 97,024. 68. $3200. 70. 226,382 feet of pine; 106,400 laths. 71. $5,165,000. Page 35. -73. 11,240. 74. 3269. 75. $41,819. 77. 251,025. 78. 89,081.

Page 36. -79. 66,465. 80. $2353.45, Albany; $4700.27, New York; $7053.72, both. 81. 11,160. 82. 14,425, wheat; 16,740, corn; 31,165, grain. 83. 106,618. 84. $47,492.

Page 37.-85. 16,201. 86. 197,680. 87. 45,050. 88. 212,482. 89. 91,260 lb. cotton; 331 hhd. sugar; 10,550 gal. molasses. Page 43.-2. 322. 3. 144. 6. 122. 7. 4444. 8. 2222. 9. 1441. 10. 1512. 11. 2721. 12. $23.52. 13. $34.34. 14. $32.35. 15. $31.43.

36. $1113. 37. 2210. 38. 3121. 39. $142.25.

Page 45.40. $1123.25.

41. $333. 42. 13,211.

Page 47. -2. 487. 3. 494. 4. 283. 5. 167. 6. 304.

25. 38,133.

30. 46,112.

35. 616.

Page 51.-108. $215. 109. $2390. 110. $585. 111. $738, gain. 112. $1350. 113. $4487. 114. 45,906.

115. 303,418.

Page 58.-2. 1026. 3. 2064. 4. 1890.

7. 3425. 8. 1137. 9. 2568. 10. 1540.

15. 7176. 16.
20. 11,824.

116. $9929. 5. 1708. 6. 1629.

12. 4224.

17. 35,526.

11. 3095. 26,936.

21. 51,258.

22. 63,328.

64. $42.75.

Page 61. Page 62. 51,690,000.

678,500,000.

-

58. $22.50.

63. $4025.

1. 2740; 38,100; 9,314,000. 2. 3860; 61,000; 8,167,000.

-3. 4560; 90,300; 78,300,000.

5. 3190; 31,000; 600,800,000. 8. 7860; 244,200; 16,690,000. 24,368,000. 10. 11,360; 571,200; 20,416,000. 20,514,000. 12. 29,610; 785,600; 56,064,000. 53,217,000. 14. 37,740; 256,200; 60,718,000. 48,828,000. Page 63. Page 64. 28. 311,872. 33. 506,785.

20. 88,366.
24. 148,311.

29. 206,886.

4. 3750; 85,700; 6. 4020; 41,600 9. 14,730; 147,800 11. 35,750; 396,500 13. 12,640; 95,400 15. 15,540; 506,700;

21. 133,376. 22. 133,496. 23. 150,732. 25. 375,774. 26. 201,880. 27. 282,935. 30. 146,069. 31. 233,988.

34. 617,064. 35. 276,250. 36. 481,663.

32. 340,405.

37. 250,098.

38. 489,855. 39. 619,344. 40. 591,458. 41. 11,234,275. 42. 4,729,104. 43. 19,022,724. 44. 19,422,156. 45. 14,424,424. 46. 11,216,736.