6. Find by the table the tax of a person whose property is valued at $3475, the rate being .0087.

Find by the table the tax of a person whose property -7. Is $2596, and who pays for 5 polls at $.50. -8. Is $9785, polls 3 at $.75.

9. Is $12356, polls 4 at $1.25. 10. Is $25489, polls 5 at 8.95.

No 11. A tax of $11384, besides cost of collection at 31%, is to be raised in a certain town. There are 760 polls

V

assessed at $1.25 each, and the personal property is valued at $124000, and the real estate at $350000. Find the tax rate, make an assessor's table for that rate, and find a person's tax, whose real estate is valued at $6750, personal property at $2500, and who pays for 3 polls.

12. In the above town, how much is B's tax on $15000 real estate, $2750 personal property, and 5 polls?

13. What is C's tax on $9786 and 1 poll?

14. How much tax will a person pay whose property is assessed at $7500, if he pays 14% village tax, 1% State tax, and 14 mills on a dollar school tax?

15. The expense of constructing a bridge was $916.65, which was defrayed by a tax upon the property of the town. The rate of taxation was 24 mills on a dollar, and the commission for collecting 3%; what was the assessed valuation of the property of the town?

NOTE.-Amt. to be raised by rate

valuation.

SYNOPSIS FOR REVIEW.

1. Defs.

1. Corporation. 2. Charter. 3. Capital Stock. 4. Certificate of Stock, or Scrip. 5. Share. 6. Stocks. 7. Stockholders. 8. Par Value. 9. Market Value. 10. Premium, Discount, Brokerage. 11. Stock Broker. 12. Stockjobbing. 13. Installment. 14. Assessment. 15. Dividend. 16. Net Earnings. 17. Bond. 18. Dif. Kinds of U. S. Bonds. 19. Coupon. 20. Currency.

1. Defs.

{

3. Policy. 4. Premium. 5. Fire Insurance. 6. Marine or Inland Insurance.

2. Corresponding Terms in Percentage.

1. Defs.

1. Life Insurance. 2. Term Life Policy. 3. Whole Life Policy. 4. Endowment Policy. 5. Dividend. 6. Table of Mortality. 7. Table of Rates.

2. 675. Rule. Formula.

1. Tax. 2. Poll Tax. 3. Property Tax. 4. Real Estate. 5. Personal Property. 6. Assessor. 7. Collector. 8. Assessment Roll. 9. Rate of Property Tax.

1

EXCHANGE

687. Exchange is the giving or receiving of any sum in one currency for its value in another.

By means of exchange, payments are made to persons at a distance by written orders, called Bills of Exchange.

688. Exchange is of two kinds, Domestic, or Inland, and Foreign.

689. Domestic or Inland Exchange relates to remittances made between different places in the same country.

690. Foreign Exchange relates to remittances made between different countries.

691. A Bill of Exchange is a written request, or order, upon one person to pay a certain sum to another person, or to his order, at a specified time. An inland bill of exchange is usually called a Draft.

692. A Set of Exchange is a bill drawn in duplicate or triplicate, each copy being valid, until the amount of the bill is paid. These copies are sent by different conveyances, to provide against miscarriage.

693. A Sight Draft or Bill is one which requires payment to be made "at sight," that is, at the time it is presented to the person who is to pay it.

694. A Time Draft or Bill is one that requires payment to be made at a certain specified time after date, or after sight.

695. The Buyer or Remitter, of a bill is the person who purchases it. The buyer and payee may be the same person.

696. The Acceptance of a bill or draft is the agreement by the drawee to pay it at maturity. The drawee thus becomes the acceptor, and the bill or draft, an acceptance.

1. The drawee accepts by writing the word "accepted" across the face of the bill, and signing it.

2. Three days of grace are usually allowed on bills of exchange, as well as on notes. When a bill is protested for non-acceptance, the drawer is bound to pay it immediately.

697. The Par of Exchange is the estimated value of the coins of one country as compared with those of another. It is either intrinsic or commercial.

1. The Intrinsic Par of Exchange is the comparative value of the coins of different countries, according to their weight and purity. 2. The Commercial Par of Exchange is the comparative value of the coins of different countries, according to their market price.

698. The Course or Rate of Exchange is the current price paid in one place for bills of exchange on another place.

This price varies according to the relative conditions of trade and commercial credit at the two places between which the exchange is made. Thus, if New York is largely indebted to London, bills of exchange on London will bear a high price in New York.

699. FORMS OF DRAFTS AND BILLS.

A SIGHT DRAFT.

$500.

NEW YORK, July 1, 1874.

At sight, pay to the order of WILLIAM THOMPSON, five hundred dollars, value received, and charge to the acct. of HENRY J. CARPENTER.

こ

TO HARRIS, JONES & Co.,

Cincinnati, O.

Other drafts have the same form as the above, except that indays after sight," or

99 66

stead of the words "at sight,"

days after date," are used. When the time is after sight, it means after acceptance.

£700.

SET OF EXCHANGE.

NEW YORK, August 1, 1874.

At sight of this FIRST of Exchange (Second and Third of the same tenor and date unpaid), pay to the order of Samuel Monmouth, Seven Hundred Pounds Sterling, for value received, and charge the same to the account of

MORTON, BLISS & Co.

MORTON, ROSE & Co., London.

The above is the form of the first bill; the second requires only the change of "FIRST" into "SECOND," and instead of "Second and Third of the same tenor," etc., "First and Third." The Third Bill varies similarly.

DOMESTIC OR INLAND EXCHANGE.

The course of exchange for inland bills, or drafts, is always expressed by the rate of premium or discount. Time drafts, however, are subject to bank discount, like promissory notes, for the term of credit given. Hence, their cost is affected by both the course of exchange and the rate of discount for the time.