By the Table, 6000 is the representative of 6%. From 6000 we subtract 168 (the number of days the note is to run, with three days of grace), leaving 5832 as our divisor. Then we multiply $450 by 6000 = $2700000 = the dividend. Then $27000005832: = $462.962.

3. What sum payable in 6mo. 15da., if discounted at a bank at 9%, will give $824 as the net proceeds?

Ans. $866.912 +.

4. What must be the face of a note that, when discounted at 6%, for 3mo., the holder may receive $600?

Ans. $609.446 +.

5. A merchant of Nashville owes a Savannah house $462.70. How large a note, payable in 6mo. 15da., when discounted at the Bank of Savannah, at 7%, will just cancel the debt? Ans. $481.22+.

6. What must be the face of a note that, when discounted at 10%, for 4mo. 15da., the holder may receive $925? Ans. $961.871 +.

Observation. The foregoing method is here inserted, by permission of Mr. Sawyer, for its practical utility. Calculations can be made by it easily and rapidly. The Kule is susceptible of a rigorous mathematical demonstration, but to understand it requires some knowledge of Algebra.

TAXES.

which each

ART. 265. A TAX is a specified sum of money citizen is required to pay for the support of the government. ART. 266. Taxes are of three kinds: 1st. Capitation tax; 2d. Property tax; 3d. Income tax.

CAPITATION tax (from caput, meaning head) is so much per head on all male citizens 21 years of age. It is also called POLL tax, from a Dutch word poll, meaning head. son liable to a capitation tax is called a POLL.

Each perPROPERTY tax

is a certain percentage on all one's property; and INCOME tax is a certain percentage on all his income.

ART. 267. There is always a government officer whose duty it is to assess the taxes. He first ascertains how much money will be required to carry on the affairs of the State for a year. Knowing the number of citizens in the State, he learns what the whole capitation tax will amount to, at so much per head. He then deducts this from the whole amount of tax to be raised; the remainder will be the sum to be raised by property tax. He then learns how much taxable property there is in the State. By dividing the whole property tax by the whole amount of taxable property, he finds how much tax is to be paid on $1 of property; and therefore, to find each man's tax, he multiplies the value of his taxable property by the per cent. or tax on $1, and to this adds his poll tax.

Ex. 1. A certain town wishes to build an academy by levying a tax of $1445.51. The taxable property of the town is valued at $140845; and there are 425 polls, each to pay $0.75. What will be A's tax, whose property is valued at $5825, and who pays for 2 polls?

Analysis. 425 polls at $0.75 $318.75, the amount of the poll-taxes; and subtracting this from $1445.51, the remainder, $1126.76, will be the sum to be assessed on property. Now, ince $140845 of property is to raise a tax of $1126.76, then $1 of property must raise 140845 of $1126.76 = 1126.76 or $0.008-i. e., 8 mills on $1, or of 1 per cent.; and since $1 of property pays a tax of $0.008, then $5825 (A's property) will pay 5825 times as much 5825 X $0.008 = $46.60. Adding to this 2 polls $1.50, we have $48.10, A's entire Ans. $48.10.

tax.

=

=

ART. 268. Having determined the tax to be paid on $1, ASSESSORS of taxes usually make out a table containing the tax on $1, $2, $3, etc., and then employ this table in calcu

lating the tax of each person. We present a form of this table below, using the per cent. derived from the Example above:

$1 pays
$0.008
2 will pay $0.016

$30 will pay $0.24 $500 will pay $4.00

50

2. According to the foregoing table, what would be B's

tax, whose property is estimated at $3675, and who pays for

By the table, what would be E's tax, whose property is ued at $2385, and who pays for 2 polls? Ans. $20.58. 4. A township owning property valued at $120960 wishes to raise $5726.52 by taxation. There are 540 polls, each assessed at $1.25. What is the tax on $1, and how much must D pay, whose property is assessed at $1265, and who pays for 1 poll? Ans. Tax on $1 is $0.012; D pays $52.43.

CUSTOM-HOUSE BUSINESS.

ART. 269. DUTIES, or CUSTOMS, are taxes levied by govern ments upon foreign goods imported into the country.

ART. 270. Duties are either specific or ad valorem.*

SPECIFIC DUTY is a fixed sum imposed upon a yard, pound, gallon, etc., without regard to the intrinsic value of the article or to its cost.

AD VALOREM DUTY is a percentage on the cost of goods in the country from which they are brought.

ART. 271. In goods brought from abroad there will neces sarily be more or less waste and damage. In consequence of this waste, etc., the government makes certain allowances or deductions before computing the duties.

ART. 272. DRAFT is an allowance made for waste, which is to be deducted from the gross weight.

The rules which govern the deduction for DRAFT are as follows:

On 112 pounds or less the draft is.......... .... 1 pound. Above 112 pounds, and not exceeding 224 pounds, 2 pounds.

ART. 273. TARE is an allowance for the weight of the box,

bag, cask, etc. containing the goods.

ART. 274. LEAKAGE is an allowance for waste of liquids imported in casks.

ART. 275. BREAKAGE is a deduction for loss of liquida imported in bottles.

ART. 276 GROSS WEIGHT is the entire weight of the

* Ad valorem is a Latin phrase, and means, according to the value.

goods, together with that of the box, bag or chest, etc. containing them.

NET WEIGHT is that which remains after all deductions have been made.

DUTIES are always collected on the net weight or net value. ART. 277. On some goods specific duties exclusively are collected; on others the duty is ad valorem; whilst on others there is a combination of ad valorem and specific duties.

In estimating duties, first deduct the draft, if any; ther deduct the tare, and compute the duty on the remainder. All custom-house duties are payable in GOLD.

EXAMPLES.

1. What is the duty on 25 bales of cinnamon, invoiced at 90 pounds each, tare being 6 per cent., and the rate of duty. 30 cents per pound? Ans. $634.50.

There being no draft, deduct the tare, and compute the duty on the remainder.

2. A merchant in Baltimore imported a case of Leghorn bonnets, invoiced at $2573; what is the duty, the rate being 40% ad valorem? Ans. $1029.20.

3. A merchant in New York imported 45 ceroons of cocoa, each ceroon containing 45 pounds. Tare being 8%, what would be the duty in gold, the rate being 3 cents per pound? Ans. $55.89.

4. What would be the duty on a case of silks, invoiced in Paris at 24675 francs, the custom-house value of the franc being 18 cents, and the rate of duty 60% ad valorem ? Ans. $2753.73.

5. An importer in Boston paid duty on 45 casks of Zante currants, each cask invoiced at 110 pounds. How much was the duty, tare being 10%, and the rate 5 cents per pound?

Ans. $222.75.