26. What is the face of a draft on Paris for 60 da., at 12%, costing $944.735 ?

SOLUTION.-$944.735 ÷ (1

.021) × $.193 = 5000 fr., Ans

27. What is the face of a 90 da. bill on Havre, int. at 9%, costing $188.513 ? Ans. 1000 fr.

The following Table exhibits the value of the coins of a number of foreign countries, in U. S. money, as proclaimed by the Secretary of the Treasury, Jan. 1, 1878:

28. What is the face of a 60 da. draft on Lisbon, Portugal,

int. at 10%, costing $2652.75 ?

Ans. 2500 milreis.

SECTION X.

TAXES AND DUTIES

437. A Tax is a sum of money required from individuals by Government for public purposes.

Taxes are either Direct or Indirect.

438. A Direct Tax is a tax assessed directly upon the property or persons of taxable individuals.

439. An Indirect Tax is a tax on articles of consumption in their transit from one person to another.

Direct taxes are either Poll or Property-Taxes.

440. A Poll-Tax, or Capitation-Tax, is a tax imposed equally on taxable persons, without regard to their property.

A Poll, in law, is a taxable person.

441. A Property-Tax is a tax assessed at a given rate on the value of property.

Property is either Real Estate or Personal.

442. Real Estate is fixed property, such as lands, houses, &c.

443. Personal Property includes all kinds of property not fixed, such as furniture, vehicles, live-stock, goods, &c.

An Inventory is a list of articles.

444. Direct Taxes.

To assess a direct property tax.

EXAMPLE 1.-A town is to raise $5743.64+.

The taxables are 831, their property is assessed as worth $1637545, and the poll-tax is $1. What is the rate of property-tax?

EXPLANATION.-Since each poll pays $1, 831 polls pay $831, leaving $4912.64 to be paid by property. Since $1637545 pay $4912.64, $1 pays $.003, that is, the tax is 3 mills on the dollar.

to be raised subtract the The remainder divided by

445. RULE.-From the sum amount to be raised by poll-tax. the assessed value of taxable property, will give the rate on one dollar.

Multiply the tax on one dollar by the assessed value of a person's property, and to the product add his poll-tax, if any.

PROBLEMS.

1. Taxables, 1224; poll-tax, 75; amount to be raised, $3418; property assessed at $500000. What is the tax on $1 ? Ans. 5 mills.

2. What is A's tax, whose property is assessed at $5725, and who pays for 2 polls? Ans. $30.13. 3. What is B's tax, whose property is assessed at $2380, and who pays for 1 poll? Ans. $12.65. 4. What is C's tax, whose property is assessed at $9775, and who pays for 3 polls? Ans. $51.13.

5. A town containing 453 taxables and whose property real and personal was assessed at $2560000, was compelled to raise for expenses in 1876, $11795.20. Making an allow

ance of 5% for collecting, and 3% for lost taxes, what must the assessment be? Ans. %, or $12800.

6. What will be A's tax, whose personal property is assessed at $3150, and real estate at $7560?

Ans. $53.55.

Duties, or Indirect Taxes.

446. Duties are taxes imposed upon merchandise in transportation.

447. Customs are duties on goods imported or exported.

448. Excise is an inland duty on articles manufactured.

449. A Tariff is a list of duties.

450. Revenue is income derived from duties and other sources.

451. A Custom House is a house, or office, where the Government business concerning imports, exports, and duties, is performed.

452. An Invoice, or a Manifest, is a written account of the articles of merchandise transported.

Duties are either Specific or Ad Valorem.

453. A Specific Duty is a duty on a definite quantity of an article, without reference to its value.

454. An Ad Valorem Duty is a duty imposed at a certain rate per cent of the cost of an article.

In estimating specific duties, certain deductions, or allowances, are sometimes made for packages and waste.

455. Breakage is a deduction for loss by breaking. 456. Leakage is a deduction for loss by leaking.

457. Tare is an allowance for the weight of the thing containing the goods.

458. Draft, or Tret, is an allowance for waste in handling.

459. Gross Weight is the weight of the goods and the thing which contains them.

460. Net Weight is weight remaining after the deductions.

In the collection of specific duties, after all allowances are made, the problem reduces to one of simple multiplication.

In calculating ad valorem duties, after the deductions are made the problem becomes one in percentage.

PROBLEMS.

1. What is the duty on 150 boxes raisins, 16 lb. per box, at 2 per lb.; tare 25% ?

2400 lb. 600 lb. 2400 lb. - 600 lb.

SOLUTION.-150 boxes of 16 lb. each = 2400 lb. The tare, 25% of Subtracting the tare from 2400 lb., there remain 1800 lb., on which to collect the duty of 24 3600 = $36, Ans.

per lb. 2 x 1800:

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2. What is the duty on 250 T. steel, at $45 per T.?

Ans. $11250.

3. What is the duty on 50 bbl. sugar of 250 lb. each, tare 10%, at 11? Ans. $168.75. 4. What is the duty on carpeting invoiced at £560 5s., at 35% ?

SOLUTION.-£560 5s. = £560.25. $4.8665 × 560.25 = $2726.45661, which at 35% gives $954.26, Ans.

5. What is the duty on 50 crates of crockery, invoiced at $9500; breakage, 10%; at 30% ad valorem? Ans. $2565.