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Easterlings, or Merchants of East Germany, by the command of King John. Hoveden writes it Easterling. Lowndes is of opinion that the word sterling was not used in the time of the Conqueror. The stat. 25 Edw. 3, refers to the ancient sterling, as did also the old indenture of the Mint. Some others affirm that the words sterlinus and denarius were indifferently used to signify a small piece of money (or silver penny) then coined by the kings of England with small stars in each quarter of the reverse.

STOCK.-In a mercantile sense, as used in accounts, this word comprehends everything possessed by a firm at any given time. On the credit side of the Stock account are entered all the assets of the firm, and on the debit side all the liabilities.

STOCKS: (see Funds, and National Debt.)

STOPPAGE IN TRANSITU." If the vendor of goods transmit them to the vendee without receiving payment of the price, and afterwards becomes apprised that the latter is bankrupt or insolvent, the law allows him the privilege of stoppage in transitu; that is, it entitles him, while the goods are still in their transit, and not yet delivered to the vendee, to reclaim them, and to determine, or at least suspend the performance of the contract of sale. But if the vendee indorse the bill of lading to a third party for valuable consideration, who receives it without notice that the consignee is insolvent and the consignor unpaid, such plaintiff's claim, as assignee of the property under the bill of lading, is paramount to the consignor's right to stop in transitu:" (2 Steph. Com., 3rd ed., 66.) There can be no stoppage after the transit is at an end: (Heinecke and others v. Earle and others, 30 L. T. Rep. 147.)

SUBSIDY.-An aid or tribute granted to the sovereign, by a tax on lands, goods, &c.

SUNDRIES.-A word used in Book-keeping, denoting various persons, or articles, to avoid recapitulating them.

TARE.-An allowance for the weight of the box, cask, bag, or other package, in which goods are weighed.

TARIFF.-An account, or table, of the rates of duties imposed on merchandize at the Custom-house.

TAXES, [Taxa, from the Gr. taxis; (tributum).]—A tribute or imposition laid on the subject, for support of the king and Government. Tithes or tenths were paid to kings, &c., by many ancient nations besides the Jews: (Roll. An. Hist. b. 2, part 2, and b. 6, ch. 2; Patrick on Gen. ch. 14, ver. 21, and ch. 28, ver. 22; see also 1 Sam. ch. 8, ver. 17.) The taxation mentioned Luke ch. 2, ver. 1, &c., refers to the census directed to be made three years previously; the taxes, however, were not collected till twelve years afterwards: (Burton's Gr. Test.) In the year 1288, Pope Nicholas the 4th granted to King Edward the 1st, the tenths of all ecclesiastical benefices in England, for six years, towards defraying the expenses of an expedition to the Holy Land, and a taxation accordingly was begun in that year. By that taxation, all the taxes, both of our kings and the popes, were regulated until the survey (entitled "Valor Ecclesiasticus") made in the twenty-sixth year of Henry the 8th. At a parliament held 14 Ed. 3, a grant was made to the king of the 9th lamb, the 9th fleece, and the 9th sheaf, for two years, and for cities and boroughs, the 9th part of all the goods and chattels, and of foreign merchants and people dwelling in forests, &c., the 15th. In order to endeavour to hide the disagreeable nature of these exactions, they were, in the reign of Edward the 4th, and long afterwards, called benevolences. Burke says that, in this country, the chief contests as to liberty have occurred with reference to the subject of taxation. The present mode of levying taxes, solely by authority of Parliament, commenced with the reign of William the 3rd, when the system of exacting money from the subject, by the exercise of the royal prerogative, ceased.

TENDER.-Wherever a person admits that he is indebted to another, he is at liberty to tender, or offer, to him, the sum considered by the debtor to be due, before any action respecting it is commenced, and by that step to throw upon his adversary the burthen of proving that more is due. After action brought the defendant may pay the money into court. The tender should be made in the presence of a witness. The money should be produced, and counted, (but some authorities say that need not be done) in Bank of England notes, gold

or silver, (but the latter not to exceed 40s.) Bank of England notes are now a legal tender for all sums above 57., except at the Bank of England and its branches; and country bank notes are also a legal tender, unless objected to at the time: (Byles on Bills, p. 7, and Tomlins' Law Dictionary.)

TONTINE.-The principle of Tontine annuities (originated by Lorenzo Tonti, a Ñeapolitan) has from time to time been resorted to by the French Government, as an expedient for relieving the financial difficulties of the country These annuities differ from those ordinarily granted, inasmuch as the annuitants enjoy the benefit of survivorship, and thus, long-lived persons participate yearly in an increased income, as the other members die: (James on Assurance.)

TRADE: (see COMMERCE.)

TRANSITU: (see STOPPAGE IN TRANSITU.)

TRIBUTE: (see TAXES.)

UNDERWRITER.-A person who insures ships, cargoes, or other risks; so called from his writing his name under the policy of insurance: (see INSURANCE, AND LLOYDS.)

USANCE.-The usual period stated in a bill of exchange, drawn in one place, or country, and payable in another, according to custom and usage, with reference to the distance, as, one, two, three months, &c., after date. Double or half usance means double or half the usual time. Calendar months are always understood.

USURY: (see INTEREST. Usury Acts, 12 Anne, st. 2, c. 16; 3 & 4 Will. 4, c. 98; 2 & 3 Vict. c. 37; 17 & 18 Vict. c. 90.)

WEIGHTS AND MEASURES.-Acts 5 Geo. 4, c. 74; 4 & 5 Will. 4, c. 49, repealed by 5 & 6 Will. 4, c. 63. The 15th sect. of 5 Geo. 4, c. 74, (which is not repealed,) allows goods and merchandize to be bought or sold by any weight or measure established by local custom or

founded on special agreement. A sale by local weight, being multiples of the pound weight, is good, if the proportion of the standard is marked on the local weight. Not so as to sales by measure, all local measures being abolished by sect. 6 of 5 & 6 Will. 4, c. 63.

NOTES ON THE SUBJECT OF COSTS.

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