RULE.-I. From the sum to be raised subtract the poll tax and divide the remainder by the amount of taxable property; the quotient will be the rate.

II. Multiply the valuation of each man's property by the rate, and the product plus his poll tax will be his entire tax.

NOTES.-1. If a poll tax is included, the sum arising from the polls must be subtracted from the sum to be raised, before it is divided by the value of taxable property.

2. The computation of taxes may be shortened by finding the rate, and giving the tax on $1 to $10, etc., as in the following

TAX TABLE.

515. Showing the tax on various sums at the rate of 8 mills on $1.

2. Find by the table B's tax whose property is valued at $7256, and who pays for 3 polls at $1.50.

3. Find C's tax on property valued at $9480, who pays for 3 polls at $1.25.

4. What is D's tax on a valuation of $15676, and pays for 2 polls at $1.50?

5. A tax of $250000 is levied on a County whose real estate is valued at $3000000, and has 500 polls taxed at $2 each. Required the rate of tax, a tax table for that rate, and a person's tax whose property is valued at $5250, and who pays for 3 polls at $2 each.

DUTIES OR CUSTOMS.

516. Duties or Customs are taxes levied upon imported goods for revenue, or the encouragement of home industry.

517. An Invoice or Manifest containing a description of the goods and their cost in the country from which they are imported, is required by law to be exhibited to the Collector of the Port on the arrival of the ship.

518. Duties are either Ad valorem or Specific.

519. An Ad valorem Duty is a certain per cent laid on the cost of goods in the country from which they are imported.

520. A Specific Duty is a fixed sum laid on a given article or quantity, without regard to its value.

521. Before calculating specific duties, certain allowances are made called Tare, Leakage, and Breakage.

Tare is an allowance for weight of box, bag, cask, etc.
Leakage is an allowance for loss of liquids in casks.

Breakage is an allowance for loss of liquids in bottles.

522. 1. What is the Specific duty on 75 hogsheads of alcohol, at 1s. per gallon, 4% leakage?

2. What is the specific duty, at $0.75 a meter, on 150 pieces of broadcloth, each containing 45 meters?

3. What is the specific duty on 182 cases of shawls, containing 75 each, at $1.50 per shawl?

4. What is the duty, at 5 cts. a pound, on 400 sacks of coffee, each containing 63 lb., the tare being 2% ?

5. What is the Ad Valorem duty on 2 doz. clocks, invoiced at $32.75, and 5 doz. watches invoiced at $454, at 25% ?

6. What is the ad valorem duty, at 33%, on 150 chests of tea, each weighing 60 lb., and invoiced at 48 cts. a pound, the tare being 5 lbs. a chest?

7. Find the ad valorem duty, at 24%, on 110 boxes of raisins, 25 lb. in a box, invoiced at $0.12 a pound, the tare being 34 lb. a box?

8. At 121% what is the ad valorem duty on 5250 kilograms of Russia iron, invoiced at 75 cts. a kilogram.

QUESTIONS.

444. What does per cent mean?

447.

452. How

How expressed? change a common fraction to a per cent? 454. What is the base? 455. The rate per cent? 456. The percentage? 457. The amount? 458. The difference?

460. How find the percentage when base and rate are given? 461. How find amount? 462. Difference? 464. How find rate from base and percentage? 468. How find base from the rate and amount or difference? 472. What are profit and loss? What are the corresponding parts? 473. How find the profit or loss? 474. The rate? 475. The cost? 476. How find cost from selling price and rate?

478. What is commission? 479. Brokerage? 482. How calculated? Corresponding parts? 485. How find the sum to be invested after deducting commission?

486. What is insurance ? 493. The premium? 494. Policy? 498. How calculated? 501. How find sum to be insured to cover loss and premium?

506. What are Taxes? 513. How computed? Corresponding parts? 516. What are duties or customs? 519. Ad valorem? 520. Specific? 521. What deductions are made in specific duties? What is tare? Leakage? Breakage?

523. 1. How much must I pay you for the use of $100 for 1 year at 6%, and what shall I owe you at the end of the year? ANALYSIS.-6% is 186; hence, I must pay you 18 of $100, or $6, for

its use.

Again, I shall owe you at the end of 1 year the sum borrowed together with $6 for its use, and $100+ $6 $106, the amount due.

NOTE. In this solution four elements or parts are considered, called the Interest, the Principal, the Per cent, and the Amount.

DEFINITIONS.

524. Interest is the money paid for the use of money.

525. The Principal is the money for which interest is paid.

526. The Rate is the per cent of the principal, paid for its use 1 year, or a specified time.

527. The Amount is the sum of the principal and interest.

528. Simple Interest is the interest on the principal only. 529. Legal Interest is the rate established by law.

530. Usury is a higher than the legal rate.

531. Interest differs from the preceding applications of Percentage only by introducing time as an element in connection with the rate per cent.

532. The Principal is the Base; the Per cent on $1 is the Rate per cent; the Interest is the Percentage; the Sum of principal and interest, the Amount.

TABLE.

533. Showing the legal rates of interest in the several States, compiled from the latest official sources.

534. In computing interest, a legal year is 12 calendar months.

ORAL EXERCISES.

535. 1. What is the interest of $40 for 1 year at 5% ?

ANALYSIS.-At 5%, the interest for 1 yr. is 15 of the principal, and 150 of $40 = $2, Ans.

2. What is the int. of $50 for 1 yr. at 5%? 2 yr.? 5 yr.?

3. Of $100 for 1 yr. at 6%?

4. Of $200 for 2 yr. at 7%?

5. Of $500 for 21 yr. at 5%

6. Of $400 for 3 yr. at 5%?

At 6%?

At 10%?

7. What part of a year is 6 months? 4 mo.? 3 mo. ? 2 mo.? 1 mo.? 8 mo.? 7 mo.? 9 mo. ? 10 mo.? 11 mo.? 12 mo.? 8. What part of 1 year's interest is the interest on the same sum for 6 mo.? For 3 mo.? For 4 mo. ? For 2 mo. ?

9. At 4%, what is the interest of $600 for 1 yr. and 6 mo.? 10. Calling a month 30 days, what part of 1 mo. is 15 days? Is 10 days? 6 days? 5 days? 3 days? 2 days? 1 day? 11. If the interest on a sum for 1 year is $48, what is it for 1 month? For 3 months? 5 months? 7 months?

*By special agreement.