Interest on each item is calculated from April 1st. We reckon the number of days from April 1st to each date, and these are used as multipliers.

The difference of the sums of these products is multiplied by the interest of $1 for one day, and this gives the interest balance. The difference of the products is 133170 - 32660 the interest for 1 day is .07360; hence,

=

100510, and

$19.54 balance of interest.

This balance belongs to the debtor side, because the sum of the debtor products is the greater. It is, therefore, added to the debtor side, and the final balance is the cash or net balance.

Rule.-I. Take the latest date of the account, or any later date, at which the balance is to be struck, as the point of reckoning, and find the days between this date and the date of each item; and consider these days as multipliers.

II. Multiply each item by its multiplier; then take the difference of the sums of these products, and multiply it by the interest of $1 for one day: the result will be the interest balance, which is to be added to the side having the greater sum.

III. Then find the difference of the sums in the two columns, and this will be the cash balance.

2. What was the cash balance on Aug. 1st, 1862, of the following account?

ASSESSING TAXES.

329. A TAX is a certain sum required to be paid by the inhabitants of a town, county, or State, for the support of government. It is generally collected from each individual in proportion to the amount of his property.

Property is of two kinds, real and personal. Real property, or real estate, is fixed property, such as houses and lands. Personal property is movable property, such as money, furniture, &c.

In some States, however, every white male citizen over the age of twenty-one years is required to pay a certain tax. This tax is called a poll-tax; and each person so taxed is called a poll.

330. In assessing taxes, the first thing to be done is to make a complete inventory of all the property in the town on which the tax is to be laid. If there is a poll-tax, a full list of the polls must be made, and the number multiplied by the tax on each poll, and the product must be subtracted from the whole tax to be raised by the town: the remainder will be the amount to be raised on the property. This being done, the whole tax to be raised must be divided by the amount of taxable property, and the quotient will be the rate per cent. of tax. Then this quotient must be multiplied by the inventory of each individual, and the product will be the tax on his property.

Examples.

1. A certain town is to be taxed $4280; the property on which the tax is to be levied is valued at $1000000. Now, there are 200 polls, each taxed $1.40. The property of A is valued at $2800, and he pays 4 polls;

What will be the tax on 1 dollar, and what will be A's tax, and also that of each on the list?

First, $4280

$1.40 × 200 = $280, amount of poll-tax.

$280 = $4000, amount to be levied on property. Then, $4000 $1000000 = 4 mills on $1.

Now, to find the tax of each, as A's, for example:

In the same manner the tax of each person in the township may be found.

Having found the per cent., or the amount to be raised on each dollar, form a table showing the amount which certain sums would produce at the same rate per cent. Thus, after having found, as in the last example, that 4 mills are to be raised on every dollar, we can, by multiplying in succession by the numbers 1, 2, 3, 4, 5, 6, 7, 8, &c., form the following

This table shows the amount to be raised on each sum in

the column under $'s.

Examples.

1. Find the amount of B's tax from this table.

2. Find the amount of C's tax from the table.

In a similar manner, we might find the taxes to be paid by D, E, &c.

3. If the people of a town vote to tax themselves $1500 to build a public hall, and the property of the town is valued at $300,000, what is D's tax, whose property is valued at $2450?

4. In a school district a school is supported by a tax on the property of the district, valued at $121340. A teacher is employed for 5 months, at $40 a month, and contingent expenses are $42.68: what will be a farmer's tax, whose property is valued at $3125 ?

CUSTOM-HOUSE BUSINESS.

331. DUTIES are sums of money levied by government on goods imported from foreign countries.

332. A SPECIFIC DUTY is a certain sum on a particular kind of goods named.

333. An AD VALOREM DUTY is a certain per cent. on the cost of the goods in the country from which they are imported.

334. A PORT OF ENTRY is a port designated by law, where goods from a foreign country may be landed.

335. TONNAGE is a tax levied on vessels, according to their size, for the privilege of entering a port.

336. A CUSTOM-HOUSE is an establishment created by government, at a port of entry, for the collection of duties.

337. REVENUE is the income of government, derived from all sources. These sources are, Duties, Tonnage, and Taxes.

338. ALLOWANCES are deductions made from the weights and measures of goods, on account of the bags, casks, and boxes which contain them.

339. GROSS WEIGHT is the whole weight of the goods, together with that of the casks, bags, and boxes which contain them.

340. DRAFT is an allowance, from the gross weight, on account of waste, where there is not actual tare.

9 lb.;

Above 2016 lb., any weight,

consequently, 9 lb. is the greatest draft allowed.

341. TARE is an allowance made for the weight of the boxes, barrels, or bags containing the commodity, and is of three kinds : 1st, Legal tare, or such as is established by law; 2d, Customary tare, or such as is established by the custom among merchants; and 3d, Actual tare, or such as is found by removing the goods and actually weighing the boxes or casks in which they are contained.

342. CUSTOMARY TARE on liquors in casks, is sometimes allowed, on the supposition that the cask is not full, or what is called its actual wants; and then an allowance of 5 per cent., for leakage.