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The Columbia University Libraries reserve the right to refuse to accept a copying order if, in its judgement, fulfillment of the order would involve violation of the copyright law. Author Palmer J Joseph Howard Title A treatise on practical book-keeping and... Place: New York Date: 1884 MASTER NEGATIVE # COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD [ 4* ■ ' fV P181 MONTGOMERy Palmer, Joseph H[Oward] A treatise on practical book-keeping and business transactions ; embracing the science of accounts and their extensive applications ... By Joseph H. Palmer ... 50th ed. — rev. A Schedule of stamp duties appended. New York, Sheldon and company, 18G7. 8, 172 p. incl. illus., forms. W^, \\ \ ISSif. 1. Bookkeeping. n Library of Congress "«inni~fTaiM im i a r i, . .i«i r i ii n i i ''r\i m m< m *rf :r^: xwr^s mmflii. HFS633.P18 1867 mmmmmmmmmmmmmmmmm 7-S307t UJEMU U RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: l)Smm REDUCTION RATIO :^M IMAGE PLACEMENT: lA fllA; IB IIB DATE FILMED: {o-\M INITIALS: TRACKING # : m^H 01^51. FILMED BY PRESERVATION RESOURCES, BETHLEHEM, PA I BIBLIOGRAPHIC IRREGULARITIES MAIN ENTRY: Palmer. Joseph Howard A treatise on practical book-keeping and Bibliographic Irregularities in the Original Document: List all volumes and pages affected; Include name of institution if filming borrowed text. Page(s) missing/not available:___ yolume(s) missing/not available Illegible and/or damaged page(s): X Page(s) or volume(s) misnumbered: page 31 misnumbered as 3 Bound out of sequence: Page(s) or volume(s) filmed from copy borrowed from: Other: TRACKING*: MSH01051 r^? ^ '$ J^i ^^ W W^:^^' ^^. <^. > 3D O m O) > o 3 3 'V^ > en a: >'2 a^ .^ .^^^ v^ ^. 1.0 mm 1.5 mm 2.0 mm o o 3 3 O ^ f"i^i?i=i? ^ <-n CO CO to bo o 00 O ro K3 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghi)klmnopqrstuvwxyz 1234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyzl234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 V ^ \- ■ ^ k^^ f^ ip ^o ^o ^p ^^ f V ^ ^'^ L"a vP « ;^^ v;^. ^^CP p ^^ i^ m O -o m u O O > o m 3D = ^i O C30 m > 3D o m BOOK ' /r^^--^ I ydtL Columbia Winiiitxsiitp m ttic Citp of ^eitJ l^orfe LIBRARY B U ®|jc iHontsomerp Hi&rarp of ^amntamp ft f I M A TREATISE OR PRACTICAL BOOK-KEEPIIG AND BUSmESS TRAiq-SAOTIOE-S EMBBAOINO THE SCIENCE OF ACCOUNTS AND THEIE EXTENSIVE APPLICATIONS. DESIGNED FOR Commercial Classes in Schools, Academies, and Colleges By JOSEPH H. PALMEE, A. M., COLLEGE OF THE CITT OP NEW YORK. F'iftieth Edition— Revised. A SCHEDULE OF STAMP DUTIES APPENDED. NEW YORK: SHELDON AND COMPANY, Publishers, s m;xjrray sxbjeet. 1884. il BOOKnkEEPING. I k COMMEKCIAL CODESE ADAPTED TO SELF-INSTRUCTION. J. Tatmer>s Treatise on Tracticat Sook-keeping i embracing Single and Double Entry, and a concise Treatise on Business Affairs. Price $1.00. II. Key to Palmer's Sook-keeping i embracing all the Joumll and Ledger Entries, Trial Balances, Balance Sheets, etc Price 15 cents. BLANK ACCOUNT BOOKS FOR PRACTICK These are four in number, each containing 50 pages, in large quarto size properly ruled and adapted to the exercises, with full instructions, definitions and directions, interspersed with oral, slate and black board practice, remarks, questions for review, etc., etc. Each number 50 cents. JVo /. Single Bntry jiccount Sooks, with Instructions- Accounts taken from one page to another-Closing Accounts which show a gain or loss, etc. JVo. 2. double Entry l>ay jgoolr.-Definitions- Accept- ances-Notes— The most frequent Transactions in Business— Opening a new Day Book— Continuation after Balancing— Books of Original Entry, etc., etc. ^ .,. ^ T> JVo. S. double Entry ^owma/.- Definitions-Initiatory Prac- tice-The Principles concisely stated— Analysis-Order of Exorcises, etc. JVo. Ji.. Double Entry Zedger.-PmcWcQ in making ledger Entries-Opening, Conducting and Closing Accounts-Trial Balances- Balance Sheets— Closing and Re-opening Accounts, etc., etc. This series will be sent by the publishers for examination, and posUge paid, on receipt of price. Entered, according to Act of Congress, in the year 1867, By JOSEPH n. PALMER, In the aerk's Office of the District Court of the United States for the Southern District of New York. PREFACE A MEMORANDUM of transactions, with names and dates, is properly called Book-keeping. Its form and fulness will depend upon the nature and extent of the business. Any class of business men—the merchant, for example — usually requires some differences in matters of detail ; but the general princi- ples of book-keeping, like those of arithmetic, are followed alike by all, and take the form of general rules or directions. The young candidate for business should become familiarly and practically acquainted with these principles, as they constitute a sort of common 'ground for all book-keepers and merchants. Whatever is peculiar in any business will then be readily understood, and all matters of de- taa properly arranged. Our book, therefore, contains an arrange ment of these principles, with exercises upon them. The exercises are arranged to have the learner close and reopen accounts several times, in order to secure a practical acquaintance with the whole routine of book-keepmg. There are but few princi- ples involved, and each is numbered in an article by itself. Every transaction in double entry is referred to one of these, which governs the class of which it is an example, and explains the natun- ^f the principles involved. An account exhibits the final arrangement of transactions ; and iu PREFACE MW 'i I II ! the simplest kind of book-keeping no other record is kept. When the hnsiness becomes more extensive, a day-book, journal, and ledger are kept, but the several amounts are carried finaUy to the same column in the same account as in the simplest case. And for this reason we begin by teaching the object and office of every kind of account. The book-keeping, the blank account-books, and the key, are designed to supply the District School and the Academy with all the preparatory training necessary for business-all that is distinctive in a " CJommercial College." The merchant not only, but the lawyer, the physician, the farmer, the day-laborer, the house-keeper-indeed every one who receives and pays out money-should keep a systematic record : it is but the appli- cation of arithmetic and writing to practical purposes. " The phi- losophy which affects to teach us a contempt of money does not run very deep * * » for if we take account of the virtues with which money is mixed up,-honesty, justice, generosity, charity, frugality, forethought, self-sax^rifice-and their correlative vices, it is a knowl- edge which goes near to cover the length and breadth of humanity ; and a right measure and manner in getting, saving, spending, giving, taking, lending, borrowing, and bequeathing, would almost argue a I.)erfect man." The prosperous condition of any business must depend upon the discrimination, discretion, prudence, decision, firmness,-common- sense of the manager himself. These qualities well developed, and united in the same person, amoimt almost to wisdom itself. A subject which comprehends so much of material prosperity is also important to woman ; for she often has quite as much to do in Loney saving and money spending as man. A judicious mother I PREF A CE. will kee}) an account of her houseliold expenses, and teacli her children to keep an account of the moneys given them and ex})ended by them. Thus : — EMILY'S ACCOUNT-BOOK. 18— January it »t ft it tt 1 2 it 3 Received from Father . . 3 yards of ribbon at 18 cts. each 1 pair of gloves 2 handkerchiefs at 25 cts. each 1 ** " 63 " . 1 pair of sleeve-buttons • • • Ri 50* D. Paid. $ cts. $ cts. 3 50 54 75 50 63 75 The principal of a female seminary was once addressed by the father of one of the pupils, who wished to know how his daughter could spend so much money ; and intimated the necessity of with- drawing her from the school. The principal replied that he really did not know ; but for the future, he would teach her how to keep an account of her pin-money, and the account should be forwarded to him. The daughter kept an account of her expenses, and sent it to her father, who was so pleased that he gave her double the amount for the next term. The following statement is made by Dr. Franklin :— " In 1733 I sent one of my journeymen to Charleston, South Caro- lina, where a printer was wanting. I furnished him with a press and letters, on agreement of partnership, by which I was to receive one- third of the profits of the business, paying one-third the expenses. He was a man of learning, but ignorant in matters of account ; and though he sometimes made me remittances, I could get no account trom him, nor satisfactory state of our partnership while he lived. PREFACE. On his flecease tlie business was continued by his widow, who, being bom and bred in Holland, where, as I have been informed, the knowl- edge of accounts makes a part of female education, not only sent me as clear a statement as she could find of the transactions past, but con- tinued to account with the greatest regularity and exactness every quarter afterwards, and managed the business with such success that she Dot only reputably brought up a family of children, but at the expi- ration of the term, was able to purchase of me the printing-house, and establish her son in it. I mention this affair chiefly for the sake of rec- ommending that branch of education for our young women, as likely to be of more use to them, and their children, in case of widowhood, than either music or dancing ; by preserving them from losses by imposi- tion of crafty men, and enabling them to continue, perhaps, a profit- able mercantile house with established correspondence, till a son is grown up fit to undertake and go on with it, to the lasting advan- tage and enriching of the family. A knowledge of accounts and business affairs is always im- portant. It is sometimes one of the most essential acquirements a woman can possess. The settlement of an estate often reveals a condition of bankruptcy and ruin. Mistakes in business affairs often lead to interminable annoyances, and the loss of property besides. At the death of the patient, the services of the physician cease, but those of the lawyer only just begin. . THE AUTHOK. n w CONTENTS. ^ PAOB DEFINITIONS ^ DAY BOOK LEDGER EXEMPLIFIED ^ EXERCISES IN SINGLE ENTRY ^ DOUBLE ENTRY ^^ DAY BOOK AND JOURNAL. ^^ 24 INDEX. ^ LEDGER • ^® TRIAL BALANCE *^ BALANCE SHEET. *^ EXERCISES FOR THE STUDENT ^ COMMISSION AND PARTNERSHIP 61 BOOKS OF ORIGINAL ENTRY : ^0 INVOICE AND INVENTORY ^9 ACCOUNT SALES ^^ ACCOUNT CURRENT ^ MERCANTILE RULES ^ RECEIPTS AND ORDERS.. ^^ PROMISSORY NOTES ^'^ DRAFTS, INLAND AND FOREIGN 98 SET OF EXCHANGE ^^ PROTEST ^<^^ EXAMINATION PAPERS ^^^ MORTGAGE OF LAND ^23 SATISFACTION PIECE ^^^ POWER OF ATTORNEY TO SELL LANDS 182 ASSIGNMENT OF MORTGAGE 185 PERSONAL PROPERTY ^87 BILL OF SALE OF A REGISTERED VESSEL V 139 SIMPLE BOND FROM ONE TO ONE 141 INETREST CLAUSE 1*2 MORTGAGE OF GOODS AND CHATTELS 1*8 POWER OF ATTORNEY TO COLLECT DIVIDENDS 148 WILL, BOTH OF PERSONAL AND REAL ESTATE 149 ASSIGNMENT TO PAY DEBTS 1^5 ARTICLES OF APPRENTICESHIP I5G ARTICLES OF CO-PARTNERSHIP "^^^ GLOSSARY 164 STAMP DUTIES ^^^ Mwit ^ - ' iawM g wutte f. TO THE STUDENT. I I. ORAL EXEECI8ES AS PREPARATOEY TO WRITTEN. Read the first transaction of an exercise, define it, and recite the princi- ples on which it is to be disposed of. In like manner take one transaction after another, until you complete the whole exercise. In single entry the instructions precede every exercise ; and in double entry, marginal figures accompany every transaction, referring to a statement of the object and office of such accounts as are affected. II. SLATE EXERCISES, PREPARATORY TO THE USE OF BLANKS. Write out one example after another, upon your slate, after the model I given, for practice. Explain all the principles and processes involved in it ( In like manner take one example after another, until you complete the whole exercise. Practice in this manner upon the examples of an exercise until you undei-stand them well, and can write them with accuracy. Do not allow yourself to use the. following blanks (more than to observe their directions) until you have become master of every principle involved in the whole exercise, and have approached well nigh perfection in pi-actice. III. BLANK ACCOUNT BOOKS FOR PRACTICE NOS. 1, 2, 3 AND 4. Write out one exercise after another in the blanks, as you have prepared yourself by the oral and slate practice. You must never copy an example or exercise from the slate or blackboard into these blanks, but rely entirely upon the principles laid down, and the skill you have previously acquired. You will observe the minule directions upon the several blanks at every step of your progress, and that the ruling agrees with your exercises ; also that the books are made to resemble, as far as possible, the account-books in real business. On arriving at this part of an exercise, you may consider that you have fairly entered upon the Practice of Book-Keeping, lY. Write out the smgle eutry exercises in Account Book No. 1 • the Double Entry Day Book in No. 2 ; the Journal in No. 3 ; the Ledger in No 4. -=-^spw -rr *JAi '^'S^^p PRACTICAL BOOK-KEEPIXG. DEFINITIONS GOVERNING PRINCIPLES EXEECI8E8. What is Book-keeping ? What does it teach ? Book-keeping is the Science of Accounts. It teaches to record and classify transactions or dealings in a manner to be readily referred to, and easily understood. What use is made of a Day-Book and Ledger ? A Day-Book is used as a daily record of transactions, and a Ledger is used to classify and arrange these transactions into separate collections, called Accounts. What is an Original Entry ? What is Posting ? An Original Entry is the Jirst written entry or memo- ^ randum of a transaction. Posting is the art of making entries, under their proper titles, in the Ledger. What is a Day-Book Ledger? A Day-Book Ledger is a book combining the offices ■r=5— "!yr 8 1 i'( I "■ I of both Day-Book and Ledger; it is also a book of original entry. What are a person's Debits and Credits 1 Sums which a person owes are his Debits; and sums wliich are owing to him are his Credits. Both are posted under his name, making an Account with him. How are Debits and Credits distinguished in an Account ! Debits are preceded by the word " To," and entered in the debit side, marked Dr. ; Credits are preceded by the word " By/' and entered in the credit side, marked Cr. ; thus : — ^eoz^. ^>^ udon, t. ^« 40 SU 45\ 6 STc // ff 40 vu^^eu^ oaU a^ 3 4 \. c. 1 3 aay^ muKcna jfence al 6^1 c. S /i^^/tUitmen€ 1 3 45 1 ^ 25 3 6 4 4 AO 44 . ^7\ 00 52^ Give an example in reading Ledtrer Entries Apr. 10, 18 . Geo. Wilson is in debt to me for 10 bushels of oats, at 31^ cents a bushel. Apr. 15. Geo. Wilson is in credit ly me for 3 days making fence, at 62^ cents a day. When and how is an Account with a person closed ? An Account witli a person is closed at settlement, by entering the Balance, or difference between the Debits and Credits, in the side of the less, thus makincj them equal, footing up the columns and drawing parallel lines under their totals. Give an example where the balance is in our favor. Suppose, at settlement, (see above,) we found that PBAOTICAL EXERCISES. Geo. Wilson's Debits amount to . . . .$11-40 " « Credits " .... 4 -871 Here the Balance is found to be $6 • 52 J and in our favor, because he owes us more than w^e ow^e him. If the Credits were greater than the Debits, then the Balance would be in his favor. EXERCISE I Farmer's Transactions. — Practice in Book-keeping — The Student a Farmer, Example I. — Apr. 10th. Sold Geo.Wilson, on account,* 10 bushels oats, at 3 He. 15th. We owe him for three days making fence, at 62^. Aug. 6th. Sold him on account, 8 bushels wheat, at 87ic. ; and 6 bushels potatoes, at 25c. Nov. 25th. We owe him for 4 days chop- ping wood, at 75c. 28th. Settled, received the balance, and gave a receipt. — Required to open and close the account, Ex. 2. — June 12th. Sold Charles Crawford, on account, 5 bush- els corn, at 50c. 25th. 2 bushels wheat, at 94c. July 10th. We owe him for 8i days hoeing corn, at 50c. Sept. 18th. For 12 days plow- ing, at 50c. Also, Oct. r2th, for 9 days husking corn, at 50c. Nov. 20th. Paid the balance, and took a receipt. — Required to open and close the account, Ex. 3.— Sept.9th. Wm.Dayhasbeencuttingcorn for me 4 days, at 62ic. ; Sept. 20th, he takes, on account, 6 bushels potatoes, at 21c., and 10 bushels corn in the ear, at 25c. Nov. 11th. He has been drawing wood for me 3 days, at 50c. 25th. He has been digging potatoes for me 8 days, at 62|c. I have delivered to him 1 load of pumpkins, at $1.50 ; pastured his cow 3 months at 75c. 28th Paid him the balance at settlement, and took a receipt. — Required to open and close the account, Ex. 4. — Sept. 8th. Sold George Summers, on account, 10 bushels potatoes, at 25c. ; 20 bushels oats, at 28c. 20th. 8 bushels corn, at 50c. ; 8 lbs. butter, at 16c. 25th. 2 bushels apples, at 25c. ; 2 piers, at $2.50. Oct. 10th. We owe him for 3 months work, at $12.00. Settled and paid the balance. — Required to open and close the account. Ex. 5. — Apr. 20th. Warren Armstrong mends our wa^on for $1.25. 25th. We plow his garden for 75c. 28th. He repairs oui barn doors, for $3.50, and we charge him with 2i bushels wheat, at 90c. May 1st. He repairs our wood-house, for which ho charges us $6.75 ; we charge him with 5 bushels potatoes, at 25c., and 5 fbs. butter, at 20c. June 25th. He has us^d our horse,plowing corn 3 days, at 30c. July 20th. We owe him for 5 days making garden- fence, at $1.25; and he owes us for 6 days teamwork, at $1.50 * The phrase, " On Account," here denotes that payment is not made at the time. T -J 25th. Paid the balance due at settlement. — Required to open and close the acccunt EXERCISE II. MfiCHANn's Transactions. — Practice in Book-keeping — The Student a Mechanic. Example 1.—- January 3d. Made for Samuel Taylor, 1 pair coarse boots, at $2.50. lOih. 2 pair of girls' shues, at 75c. Feb. 12th. Mended his coarse boots, 87c. 15th. Received from him, $3.50 on account. March 8th. Matie for him, 1 pair ladies' slippers, at 75c., and received of him 5 bushels of pie-apples, at 45c. 20th. Paid him the balance at settlement, and took a xece'i^i.— Required to oven and close the account. Ex. 2.— May 1st. Set 2 horse-shoes for Edwin Stephens, at 12ic. 9th. Mended 1 trace-chain for him, 6c. 12th. Mended 1 log-chain for him, 6c. June 2d. Set 2 wagon-tires, at 75c. 20th. Set 4 horse-shoes, new, at 30c. July 18th. Received the balance at set- tlement, and gave a rece'i^i,-^ Re quired to open and close the account, Ex. 3.— March 10th. Made 1 dress-coat for Wm. Davis, at $25.00. 15th. Made him 1 pair fine pants, $8.50. 20th. Made him 1 satin vest, $4.00. Received of him on account, $15.00. Made him 3 pair cotton drawers, at 75c. Apr. 3. Made for him, 2 pair boys' pants, at $1.50. 20th. Made him 2 coats, for boys, at $2.50. 25th. Re- ceived the balance at settlement, and receipted the stime.— Required to open and close the account, Ex. 4.— Sept. 5th. Made for Andrew Perkins, 6 chairs, cane seats, at $1.30; also, 1 French bedstead, $6.75. 15th. Received of him on account, $5.00. Oct. 15th. Made for him, 1 mahogany sofa, $28.00; and received on account, $30.00. Dec. 10th. Made for him, 1 (lining-table, $16.00, and 1 rocking-chair, $6.00. Jan. 3d. Made for him, 1 small arm-chair, $3.00. 13th. Settled, and received payment. — Required to open and close the account, EXERCISE III. Gain and Loss Transactions.— Prac/tce in Book-keeping— The Student a Jobber, or Speculator. iS^RuLE.— Outlays are Debits— Returns are Credits*— Balance is eitlxer Gam or Loss, and must be entered on the less side. Example 1.— "David Smith's Barn Account."— Our first on t- lay, Aug. 5th, was for lumber, 9,500 feet, at $7.50 per 1,000. 20th Received from Mr. Smith our first returns in the job, $100 in cash. Sept. 10. Paid for carpenter's work, $65.39. 11th. Paid the ma- sons $18.50. 20th. Received from Mr. Smith, the balance due me on the job, ^{^0.00. —Required the gain or loss in the form of an ac- count, ♦The terms. Debit and Credit, orijrini.lly limited to accounts with persons, are now, by analopv, extended to every account in ihe Ledper. In all accounts except ihuse wnh persons, these terms are only used to distinguish one side of the account from the I Ex. 2.—" Personal Property Account."— May 4tli. Boun;ht 3 cows, at $18.00. 10th. Sold 1 cow, for $25.00. 11th. Bought 5 horses, at $G5.00 ; 1 lumber-wagon, for $100.00. 15th. Sold 3 horses, at $94.00; sold 1 Imnber-wagon, for $140.00. 24th. Sold 2 horses, at $100.00; sold 2 cows, at $12,00,— Required the gain or loss in the foi^m of an account, Ex. 3.—" Merchandise Account."— Aug. 1st. Bought 60 yards satin, at $1.75 ; 80 yards broadcloth, at $3.25. 2d Sold GO yards satin, at $1.50; 40 yards broadcloth, at $3.75. 3d. Sold 40 yards broadcloth, at $2.75 ; bought 200 yards silk, at 94c., and sold it the same day, at $1.10. — Required as before. Ex. 4.— "Rkal Estate Account."— Apr. 1st. Paid for house ' and lot in Albany, $5,800.00 ; also, 10th, repairs on the same, $325.50. July 10th. Ileceived lor rent, $345.00. Aug. 10th. Paid taxes, $28.50. Sept. 20th. Paid assessment $13.50. Oct. loth. Received for rent, $21G.54. 12th. Sold the same, for $4,650.00. The interest on the money we have paid amounts to $400.00. Interest on money received as rent, $7.50. — Required as before. Ex. 5. — " Farm Account." — Apr. 1st. On entering the farm, our first outlay was for 30 bushels oats, at 25c. 3d. Bought 10 bushels wheat, at 57c. 20th. Paid for groceries, as per bill, $12.30. July : 10th. Paid for cloths and muslin, $38.20. Our first returns from the fiirm was i'or 30 lbs. butter, at 18c. Aug. 12th. Paid working hands, $16.25. 13th. Sold 25 lbs. butter, at 20c. ; 25 bushels new potatoes, at 75c. 20th. 45 dozen green corn, at lOe. 30th. Paid cash to working hands, $23.50. Sept. 1st. Paid for provisions, $25.00. 10th. Sold 400 bushels oats, at 30c. loth. 300 bushels barley, at 45c. 20th. 15 tons hay, at $12.50. Oct. 12th. 150 bushels apples, at 25c. 20th. 300 bushels potatoes, at 28c. 25th. 1294 lbs. cheese, at 8c. 28th. 350 bushels corn, at 47c. Nov. 3oth. Paid for clothing and groceries, $95.32. Dec. 10th. Paid for blacksmithing, $14.30; an;l for sundry other expenses, $34.80. Paid our annual rent in full for the use of the farm, amounting to $450.00. Our own labor was worth $125.00. — Required as before, EXERCISE IV. DIFFERENT SETS OP BOOKS. A set of books comprises the several books adapted to a business. The steps in each set for practice are the following: — 1. Enter in the Day Book a statement of tlie property and debts. (The Day Book is now said to be opened.) Continue the Day Book by entering all transactions with persons 07i account. 2. Enter the cash on hand, commencing on the Dr. side of the Cash Book. (The Cash Book is now said to be opened ) Continue the Cash Book by entering all cash receipts on the Dr. side, and all cash payments on the Cr. side. (The balance is cash on hand.) ' ^^"Sht orders 2 High-Chairs for child- ren^ @ $4.00, due Jan. 25th; Walter Kelly orders 12 Sofa-Chairs i™^'j'"''/*L*'- t^t; «'"n"el Smith, 1 Fancy Walnut Book-Case,' $lo0.00, due Feb. 6th (O.B.). ' January 17 th, 18 — . Sold James Dudley on account, 1 doz. Dining-Room Chairs, $50.00 ; irank Kelly on account, 1 Walnut Table, $12.00; Luke Bucklev on account, lacking-Chair, $12.00; Lucius Ketchum on account, i^c'^ai^n^^''^^'' ^Ibert Smith on account, 1 Walnut Bedstead ^■??iN coicnl SAO. 50 O/o^a/ iS^,e€tic€d ^.;^^ €^ayaW $67.A0 ^m. ^/^, o/awe /itm/ 95.75 o/o/ac e^£taOtCiUce^ --- Rem ASK. — Our Present Worth at any time is equal to the difference between the Resources and Liabilities, and it is usually called ^loc4 /J) __ aru/ fiauc t^n ^ad^n. J^;?/ ¥6s S327 350 iO /5 95 75 Analysis of Prikciples. Article 1. Double Entry considers the Stock Com- menchhg^ and exhibits the changes upon it by gains and losses from one period to another. In every investment the Outlay and Keturns are compared, and the gain or loss discovered. The sum of all the gains, and the sum of all the losses are next compared, when the net gain, or net loss is discovered. If this result is a net gain, it is to be added to stock commencing, but if a net loss, subtracted. The result is called Stock Ending^ or Pres- ent Wo7'th, What does Double Entry consider, and how do you find the Present Worth ? 2. The Day Book, in this chapter for the convenience of the student, is made to supply the office of the " Books c>F Original Entry " (Art. 44), and must therefore be re- ~. J 12 iT JOURNAL. Page ut Ledger, 32 30 36 41 35 45 30 29 28 ' ^a^/i^ Soc/c/ (^o/a aoocid to 7y?n. &a^ on account i>^ (^ouant goocCi) o/ Jf^m. xyaae o^ account J>J £^^^>ett'^ '^a<^n ojf yf^uia7}2d M t^^. oti a note ti^ntcn Qf neu/ agat^/itj^t tney)n tonen ^nu accounld ziH>ie a^i^iea 370 iS5 360 65 90 60 40 ^6 S50 30 /<# 75 equal, and is then carried to the opposite side of Profit .AND Loss Account (pp. 44, 45). The goods unsold, which have been credited, must be brought down on the Debit side as Merchandise on hand for the continuation of bu- siness. The Account is then said to be Balanced. How is Merchandise Account opened, conducted and closed? 4. Cash Account (pp. '2$^^ 29). On the Debit side we enter the amount of Cash on hand, commencing, and every additional receipt of Cash ; and on the Credit side all payments of Cash. The Balance is placed in the si.le of the less and then brousrht down on the Debit side, as Cash on hand for the continuation of buisiness. How is Cash Account opened, oiindnoted and closed? 5. Cash, Bills Receivable, Bills Payable, and Per- sonal Accounts are denominated Estate Accounts ; all 14 G4'em=f^,, J^r^ y /J, /(f . ^T,. <^,. 30 29 32 31 30 41 34 31 30 ^^a^A , q/o Q/^tcnanoiide/ | . /5 . G^u/a ^^ceti^a6ce/ Q/c Q^^tcnanc^Me/ /^ . 370 20 Q/^eicnanoCi^e^ ^ . , . , . ^m. e^a^e/ 235 370 BO 360 60 40 65 Q^Mezchanoie^e/ 24 35 <^o ^//^m. e^a^e/, 25 28 33 26 30 235\ 60 360 40 65\ 30 Ot^n S50 ^i 96 ■/S 75 S50 75 otliers, as, Merchandise, Eeal Estate, Charges, Interest itc, show gam and loss, and are called Gain & Loss Ac- counts. What is the basis of this division ? (Art. 22 ) 6. After the debits and credits of a transaction have been determined, thej are usually entered in the Jonr- I'l! x^^^^'-; P^- ^^' ^^' 1^-) ^" '"e^*^'".^ a transaction, in me jJay-Look,or elsewhere, we should ask oui-selves the toilowmg questions:— Are either of the Estate Accounts attected, and if so, on which side? Are there any Uutlays or Eeturns on either of the Gain and Loss Accounts? Lastly, see that the sum of the debits M^f n. f '""" *^*" ^^'^ '^'■'''^^^'- Tlie phrases, " Kew " and ^^w Account, serve to connect the business throu<^h s successive periods of balancing. Where do we eli- i 'or debits and credits? How do we find them ? What 15 .1: H '^ \ ,1 r' Q^m= cy ly 3^, /§ . 1 i&r tides. S 4 4 9* 17 7 dow ohem^in^ accou/rUd, a^nounr^Mia ^ S^e^. S . (H4^t aidii^ o7i nt7?i Jo9<^ ^axet) p. SO .^/of^ ^j^.50 ^7 40 ^25 4& 12 zyau^ Qfnieteii^ i on '}n'u no^e qit^en ^o 4 All <^e. i. 40 29 3-2 37 42 29- 42 29 38 29 ^i//^ e^aya^fe/ ^o ^ati^n. - ^^ 3 — ^ifi'o M^tvaW 6 ^Aaiae^ <£/o ^a^n. i Q/7Ueieal <£/o ^a4^n 40 'at S^^ldl^ ^o ^a^n. 67 425 40\ 5 A SO r 25 67 425 54 40 SOO SO 25 SOO brought down on the Credit side for the continuation of business. How is Bills Payable Account opened, con-l ducted and closed ? 9. Personal Accounts. These accounts are opened with the names of persons, banks, corporations, and a ! consignor's sales. On the Debit side we enter their in- debtedness to us ; and the Credit side our indebtedness} to them. If the Debit side is greater than the Credit side, they owe us, but if less, we owe them, and the ba- ^ lance is therefore Resources or Liabilities, (pp. 34, 35.) \ 10. Charges Account (pp. 42, 43.) On the Debit'i side of this Account, we enter such charges as cannot be; considered as belonging to any particular investment, orj such as arise from several transactions collectively ; and ; i on tho Credit side returns of a similar kind. We should 1 t.. ..-^. -* 17 / Ik M ' fi N M » H r QAeii^= ^>^4> Q^e^tumu ■/ S , ^B 4 * 20 .^^ ^^ /,^^^ ^^^^ /5 iOO 3*41 ^// &^,c/Ln^c-:>e /oz <9'^/. 3 4 7 ^9 ^«^/ '^Z 400 S'f I 12 8 4 ^ou^dl o/^/^n, G^ifa^o^ a ^ua^UOy o/^^oc/, ayiioiCTUcna ^o <3^ceAta/nce/ ..... Ofa/Zoti, a^t^cou^ on l4e Q^cefUance/ '^ve my o^<,n Q^oie ai J. nuy,u4^ /o^ { €rat<^ i^ ^a/ante ^n '^a^4. 450 75 400 425 / 200 76\ 25 25 I endeavor to arrange all the expenses of each invest- ment or account under the account itself, and we Ihali then be better able to determine its ne gain or los ! How are Personal Accounts, and how is Charles Account I opened, conducted and closed ? ^ Account 11. Real Estate Account (pp. 38, 39). This is Icrun't"!"'"^' T' ^^"^' '"^''^^^ - Merchandii natu e of our business demands, and whatever the ac- credit tTe'i^t .::. ""'""^' *^ ^^^^* *^^ ^^'^^y -^i .ul/f: ^™^^:;' Ac<=ount (pp. 42, 43). On the Debit s de we enter the amount of interest we pay or allow to! others ; and on the Credit side all sums received fo Tnter' estoraliowed^^ ^^^l^^A ~ 18 " -' -^ VI. 44 29 28 31 28 32 81 30 42 33 41 29 ^lo/ii ant/ =5^^.. , &o '^ade/ ^ad^^ _ ^tM ^^^ei'vao/e^ , Qyo Q/^etcnanaio^ ' j>/ G/^^e/ Q/'7Uete^l: // ^f//, €PayaW ... // ^ad/i, soo ^00 75 200 400 r ^5 400 225 425 200 76 25 13. In the Ledger, the Debit and Credit coluams are footed up, upon the same horizontal line, and an ollique line is usually drawn to fill up a vacant space in either column. The oblique line, the parallels, and the equal totals indicate that the account has been Balanced (pp. 28, 29). 14. The Student is now prepared to begin with the Day-Book (p. 12), and trace each entry to the Journal on the opposite page, and then to the Ledger, where it is said to be Posted, The Stndent will observe that, in every entry, there is an equal amount of Debit and Credit matter, as appears both upon the Journal and Ledger ; hence the whole Ledger contains as much Debit as it does Credit matter, and the same is true of the Journal. The Student should closely observe the language of the 19 li 1*1 4 i if, .if : «#) G4^ez^.'fMiI, Q//cHcd 5 , ^ § . Articles. 11 4 (3ro/d 7^1^ liz^o' /oU on ^e^u/i, Q/^i^enfiS al 0250 eacA. 500 S€^//y, «4/^ Jan. /6^^4 /c^ , ^at;c/ ^ 4 ^../ _ 12 8 I Qfi4/a»^. Q-^^^on /oP ^47 200 250 30 Journal and Ledger, for each has its peculiar phrase- Olocry. ^ 15 The Ledger. This book contains a systematic view of our whole business. The transactions are so col- Jected and arranged, that by referring to any branch of I our business, or the name of any person with whom we deal, we can at once see a full statement of each ac count (pp. 28, 45). ^yhat of the Led<,^er ? ) 16. "To Sundries." This phrase indicates that there /are two or more credit items arising in the same entry, which must be carried to the Ledcrer under different ac- counts. " By Sundries,'^ or " Sundries,^^ indicates that] ■there are two or more Debit items in the same entry. I One Item may balance several others, which, taken to- •^gether, are equal to the one item. AVhen there is but G4iu^^%U^, Q^LU 5, /(? I-- 28 39 / 40 29 43 80 29 30 37 40 28 31 ^^a^h <^o ^ea/ OaicUe^ 7 ^.^ ^/j^/^ Q/o ^a^n ^^ Q/^Ueie^U ^2 QyycetcAanat^e'^ <^o ^a^n .-.--. /J Q/fletcnanai^e/ s. (£^0 fofi'^i c=S? /ac»d^n/ . 4^ (^unc/iie^ lo Q//te'tcUanc/f.4e/ : ^.^ €^ayuW '^usn. q/o Q/fcetcnanai^ey 500 360 40 300 /^/ 200 250 30 500 355 5 300 40 447 30 450 one amount; as C^sh, we say '^ To" or '' By Cash," bi?t when there are more than one, then the phrase ''By"i and '^ To Sundries" is used. Explain the phraseology of! the Journal and Ledger (p. 19) (pp. 30, 31). What is| said of ''Sundries" and its compounds? ' 17. If I accept another man's draft, I promise to pay ; but if he accepts my draft on him, he promises to pay me. Drafts therefore are a species of Bills Payable and Bills Receivable (p. 102). What of Drafts ? 18. When we buy up other men's notes and accep- tances, we are said to discount them; and we may noti only discount other men's notes, but our own, if we havej any in circulation. When we have notes discounted for; US we receive an equivalent, and dispose of the note. i Discounting a Bill, therefore, is paying the money for it. B 21 ;! I If I I = f II : r * I'* if III I » GA^wJI/o^/i, Q^/oicd SS, /§ Articles. 3 7 12 4 9 3 3 4 Q^ou^h^ Q^^/Ceicna^vatr^e a7noK,?t^€'na ... jjCave, tn ha'U7}i&rU, ^^7n. &a^ 4 nols^ Q^uotoea cm'j^cot4r?i^ zyuu/ Ine vacancy tr?i ^^a^n. 24 (^ata 7r??t. 'tya^, on accounl : 6 yi/d. S^.e^u/i ^wa<^^/od/i. a^.5.00 f 30.00 9 ^' ^a^tmeie cU.3.00 ^7-00 7 ^' ^lerufi Qioe (^L'n ae.9.50 47-50 ^7 zyata ^a^n iat Q/riieichanc/i^ ad j£>tc(ni^^ : A S^ty4 400 ^, (^o^acco ai: 44 056 300 /^^j. ^a/ (Mi^i ad 4S 36 6 ^t'l^t^rm ^uddm, 600 /i(d. a^ 46 p6 400C ^^, ^fi€e^ a€ 9 90 Q/^/'j^e. ^let 2/ni>e?Uaiy ---- 4,500 Q/rot» Q/ue y^2<^/ endii^ ttru/ez Q/^e^. 8 In if-nocUa na^^ ve^Tt maae u?taet ^a?iuazy 34^1 /^fi. 46y /''s^id. 27/ 450 75 76" 74 i7^ S7 23\ 50 hut to have it discounted is to receive money for it. By advancing money on notes before they become due, we can often obtain them for considerable less than their true value, and this is called ^^ shaving the noies^^^ a bu- siness quite extensively carried on in large cities. What does discounting notes signify, and what to have them discounted for us? 19. The Student is now required to examine all the/ entries upon the Journal, beginning with the first ; andi to tell promptly, by each, the nature of the original tran-^ vsaction: thns the first entry after the basiness com- mences (January 12th) is read, '' Merchandise, To Cash. Here it is evident that Merchandise has been purchased for Cash, or Cash has been paid for Merchandise. For, according to Merchandise Acct. (Art. 3), Merchandise is ^2 / /-.' / OAmi^^^^^Ji, Q//L^o4S2, /§ . ^t. ^^t. 80 1 Q^Ceicnanc/t-j^e^ 42 o/nleiedl 29 // <^ad^. 450 ^4 34 31 30 29 ^?n. <^a^^ 97 S7 74 50 27^ 75 76\SS 74\50 27^ debited for the cost of every additional purchase, &o., and in Cash Account we are told to credit all payments of Cash, &c." In the next entry, it is evident that Cash has been received for the sale of Merchandise, for, &o. (Art. 3, 4.) In the next, it is evident that we have received other men's notes for the sale of Merchandise ; for, &o. (Art. 7, 3, 16.) What is the learner re- quired to do with the entries upon the Journal ? 20. Profit and Loss Account (pp. 46, 47). On the Debit side are collected together the various Losses which we have sustained during the period of business ; and on the Credit side the several Gains which we have real- ized during the same time (Art. 22). The Balance shows a net Gain or Loss in the luhole business^ and is carried to the opposite side of Stock Account (Art. 1). The Ac- ■09^m^ r- I li' 11 ! I { I I ' } ! ) I • ! It I'll ?- Q/naex "W*^ « Art. Jl. A I / B 3S 40 C ^^a-jn '^/iai i^ D £ G H count exhibits the Sources of our Gain or Loss, whether up< a Merchandise, Interest, Charges, Real Estate, etc.; and serves as an Lulex, through the successive periods of business, to point out the investments by w^hich we havej Gained, and also those by which we have Lost. How! is this Account opened, conducted and closed ? Its uses ? ('What of (Art. 1, 22.) What appears to be the object cf Balancing ? (Art. 40). I 2L Stock Account (pp. 44, 45). On the Debit side we enter all sums which are withdrawn during the pe- riod of business; and on the Credit side the Capital with which business commences. This is balanced To New Account, which is our new capital for the continuation j of business (iVrt. 1, 9, 43,) whatofStjck Account? j 22. We have now seen that in Estate Accounts; Q/n(/ex fo Szsc/aei. Art. 31. ofn^et/e^^i A2 /acd^ton, £>n7i c^ K 36 M N 30 0^io/u and c=^^ S4 and unsold property, we have all the resources and lia- bilities, their difference being Present Worth ; but Gain and Loss Accounts, and unsold property, (Art. 1.) show the same, and this agreement is called a lalance of the looks. When liabilities exceed resources, the net loss exceeds Stock Commencing, and Present Insolvency is the result in each case, (pp. 10, 48.) 23. The marginal figures which accompany each trans action, by referring the student to the principles for ana- lyzing and posting the same, constitute a Key to our exercises, by which he will soon understand the office of each of the four Estate Accounts, and master the general ^riiiciple which governs all Gain and Loss Ac- counts. (Arts. 1, 5, 11.) 24. The Student should now begin with the original 25 r I Ml H\ I' ' i Q//?^x /c <^^/jei. Art. 31. entries upon the Day-Book, and tell, in a general man- ner, how each entry is Posted ; the performance of this, and all other^ exercises given, is particularly insisted upon. The Student must here learn to Post promptly, without a Journal. What is the learner here required ' to do? 25. The Student is next required to examine all the entries upon the Ledger, beginning with the first, and to give the original history of the transaction from which each Ledger entry is taken, first the Debit, then the I Credit side of each account. The first entry is read thus : (p. 2«) : " $800.60." This is either Cash on hand com- : mencmg, or Cash subsequently received (Art. 4), and the j phrase "To Sundries," denotes that two or more Credit I Items arise from the same original transaction, or appear L 2G ^^^5a, 1 t I H 1 I 1 i. ZM 4 » I r i I &o (^IcTuciteit^ ... ^_ // Qy^lje/ ^o!d Q/Vole/ // Qy^dW /^ G^Le/ ^/ Qy^i^. 370 w S50 500 S50 ni 24^^ 3 56 55 ] in the same entry (Art. 16). The next is read '' Cash received for the sale of Merchandise. The phrase To Mdse. &c., as before." The dates may also be given (Art. 2). What is the learner required to turn to the Ledger and do ? 26. Accuracy. A remark has already been made Ito insure accuracy in an original entry (Art. 2) ; for an error there is not easily remedied. In Posting, we should be on our guard against such errors as the tollowing: 1. Two Ledger titles may be similar, as, ''P. B. WiiBit," and '' C. B. AVhite," and the entry carried to the wrong account ; ice should he careful then to Post every entrl/ \nnder its proper Ledger title. 2. xVn entry may have I been entirely omitted in the Ledger. 3. It may have' ibeen twice Posted. 4. We may have Debited the ac-i I . , 2^ Q/tCCOtMtt. YJl. 4i . fan. 43 // 34 S^e/^. 6 / / ^ // 70 // 4S // 34 Qy^fat. 7 // 43 // 33 // 37 oii/en - // ^t// ^au. 071 oAole Gti^eTi lo ^. e^^^ // ^hatged /ot S^e^U, Q/axe €Paya^fe/ ^^ Q/^'icnandi4e/ /^ &Ul7lc/t€&!i // Q/^-eicAanc/td^e/ // Q/fe^cA Q/tccount. - 4.^ 46 46 46 46 48 46' 30 33 33 I I 350^^ 75 67 40 54 30 6 35 300 300 7ff\35 ""00 355 3 37^ 356 3434 40 33 97 55 count we should have Credited, and Credited the one we should have Debited. 5. An entry may be cor- rectly posted upon one side, and transposed upon the other, thus ; 650 Dr. and 560 Cr. Before accounts are balanced or closed^ therefore^ there should be some evi- dence of correct Posting, Although no definite rule can be given which will forego the necessity of care and perseverance, yet the following directions will generally serve, not only to test the accu- racy of Posting, but to show where the errors arise, if ith ere are any : ]. AVe must sjo back to the original entries; and ; while one individual calls off and checks successively leverv entry, another must trace the Debits arising from the transaction to the Debit side of the Ledger, and an I "^ i: III . f |4 1 i •i : I i. (2//ce4/^na?tdUe (2>^ (2/t^nait€^ ^a&n. ^tii^ ^ay. at^iAen ^o ^(^^- Q%^tu ^/fm. €Paye/.. Qrunaiie<) ^a^h /. c^x^ ^acA-iion/ -* ^5^ nai ted w- ^a4^- M>oclii uTii^a /Q^U* 2py // // // // // // // // SS 60 equal amount of Credit matter to the Credit side, and all under their proper Ledger titles. 2. As a further test of accuracy, a Trial Balance should be taken (p. 46). This consists of the sum of all the Debit matter in every account upon one side, and the sum of all the Credit matter in every account upon the other. It is plain that, if the original entries are^ properly posted, the Debit matter upon the Trial Bal ANCE will equal the Credit matter of the same (p. 46). i This last method of testing the accuracy of Posting, must be resfarded as far inferior to the first ; for, of the five I errors enumerated, the first four could not be detected j by the Trial Balance, since equal amounts are carried' ito both sides of the Ledger. Although the Trial Bal- jANCE would show an error in the fifth case, yet it would | i ■ ^- 30 Q^CCOHTlf. A. 0^u ^ad-U / / // /^ ^\ 7An. €Pa^. '' ^a^A. c. /. cSzf. J^cn^uyri aOyro^y \ 'f4 // ^^ ^/^ni. €^a^e/ ^^ QyVeti^ Q/tccoi4/nC mz aocda uri<^c^ ^4 SO !SS /q^. ^s.y 370 S35 65 ^00 450 74 ^500 20 \ 6o\ SO] 50 SO SO 60 not inform us where the error had arisen, and, to find it, we should have to fall back upon our first directions, viz. : a comparison of the Original Books with the Ledger. We may here observe, that the Trial Balance (p. 46) exhibits the face of the Ledger before the Ac- counts are balanced ; and the Balance Sheet (first part), (p. 47,) exhibits the face of the Ledger immediately after the accounts are balanced. What of Accuracy ? 27. Correction of Errors. The cautions previously I laid down (Art. 26) will generally serve to avoid mis-1 i takes, yet when they do occur, there should be some proper means of correcting them. The method of cor- recting errors by erasures is very objectionable, since it' looks suspicious, and always requires explanation, which, perhaps, is partially forgotten, or cannot otherwise be X - --i HI II m-^tmmm « . <^. i. 4^ . I // 45 * J^ S \ I // Q^^ / '' G^Le/ €% ^/c/ Q^ccou/n^ /Q4^^. 29^ 42 44 46 4^ 600 235 425 75 4035 5^4 60 60 ^5 satisfactorily given. The books of Original Entry are/ usually received as a species of evidence in courts of jus- j tice, hence, any thing questionable in them cannot be overlooked (Art. 2). Errors^ therefore^ in Original En- tries^ should be corrected by explanations^ with references to and from ^ entered at the time of detection, Ex. '^ Tlie entry for interest on the 8th of Feb. should have been made on the 31st of January, since it was paid when the note w^as taken up" (p. 22). 28. Inventory is a memorandum of unsold property. , I It should have no entry upon the Journal. It is some- times kept in a separate book by itself. On taking a trial [ l)alance, place it within the columUvS by the proper ac- i counts as set forth v^n (pp. 40 ; S6aa). It next passes I . into the Balance-Sheet, J'rom which it is posted. In j I ' n2 !i \ JM£cewame/ , >:^i. 4^ . fa7t>, 25 S^J. 24 G^Mat. 22 ^ ^^^/ /^ &^f(/nat^ // // 44 4^ 22 250 425 75 5^4 4035 75 ^5 \ ^ estimating our own property, we are liable to impose upon ourselves, 1. By supposing that the value of the property is, at least, equal to its cost ; 2. That it should sell for a certain amount, instead of fixing a sum that we know to be its present exchangeable value. BaU ancincr^ therefore^ is not an easy task for the Accovntant (Art. 26). What is said of Inventory? 29. Opening New Accounts. This is done by sim ply writing the name of the account in the Ledger (pp.'^ 28, 29 ; 32, 33). The book-keeper must always exercise' his own judgment in regard to the spaces required foi the different accounts; some accounts require mud. more than others ; the amount is determined usually, bj the extent of the business. There should be space suffi cient to. balance the accounts several times under tb I. it I I ! ^. i. 7A^u co/m 4^ . (^^ ^^/ Qy€ccon/rU due on &3a/' ance ^Q^a. SpJ S4 S9 65 43P /; 30 50 same Ledger titles. The balances in Estate, and the) goods on hand in Gain k Loss Accounts, and Stock, being i brought down, constitute the first items upon the Ledger j after the accounts are balanced, and the several accounts are iiiimediately open for the continuation of business under the old Ledger titles (Art. 23). When our books are />///, it is then necessary to balance the accounts as far as practicable, and carry the results to the New Books in such a manner as to exhibit accurately a sy- Qopsis of our business affairs. I It is often preferable to open a new set of bo6k9^ j with each Exercise, instead of posting under the old' accounts. When we adopt this course, our new| books are opened from the resources and liabili- tiea of the last Balance Sheet. See Day Book (p. i Jan. 40 ^u '^unazt'e^ .- // Q/^de/ 49 44 12). What is said of opening New Accounts, and going to New Books ? 30. Final Test. Having balanced all our accounts, and even drawn our Balance Sheet (p. 47), there is still another inquiry : Shall we receive the full amount of in- debtedness to us, in Personal Accounts, and are all our Bills Receivable really worth what their face indicates ? If not, it is evident that there is a Loss, and that it must be deducted from what we had considered our Present Worth. Whenever it is practicable, or, at the time of balancing, the accounts should be credited respectively, with the amount of their Losses ; and Profit and Loss debited an equal amount. Book-keepers usually open what they call a Suspense Account, which shows, on the Debit side, the several amounts, a payment of which is ■I 1= hi 'i III ."^z.,. o/c o/U anci (S^o ^Ui^/i, on Ao4e7i ^and ^t//^ ^^ Qfn^e^e^ » '''' ^^na^ae^ __ /c^ 200 3 54 ^99 457 36 30 94 60 e^.^/ 4^ . <^o Q/Ve^i^ G^Oi4.7U 45 ' I 252/ 2527 ^9 ip rions subjects presented, bat rather to train the Student upon the Elements^ in order that he can vary and de- >ise plans as circumstances may require. The Account- '.mt, thus trained, will perceive and avail himself of every improvement that can be made in the system of accounts which he may be required either to keep or to examine. Thus it is customary, with some Accountants, not only to Credit Bills Receivable for the amount of every note disposed of, but to check the same upon the Debit side; and to check, on the Credit side, in a similar manner, the Bills Pavable as they are severally redeemed. The advantage of these an 1 similar devices, will appear obvi- ous as the Student proceeds ; they are to be regarded merely as suggestions, yet they should be verified In the Exercises which follow. The various kinds of bu- 44 /^ I Gnccoanl, ri. 30 257 200 60 457 60 Gxc^otm/^, ^i . S^U &^/lc/z€^ // €^^o/a and ^/i /"o/^tl. //, ^ 0/d Q/{ccou/rU ^Q^tl. 29^ 42 44 2327 95 499 9^ 2527 2527 ^9 ^9 siness will often require much ingenuity and tact in order to manage them with ease and perspicuity. 40. The Balance Sheet exhibits the following results : 1st. Our resources and liabilities, as deduced from the Estate Accounts and unsold property ; and our gains and losses, as deduced from the Gain and Loss Accounts and unsold property, pp. 47, 86^. 2d. An arran2:ernent, in which it will be seen that the net gain^ added to the original capital or stock, is equal ito the difference between the resources and liabilities, ithus constitutin<>: what is usuallv called a Balance of \the Books. (Arts. 1, 20.) 3d. It furnishes all the materials for balancing the accounts, viz : the unsold property ; the balance of each jaccount, the equal totals to be entered upon the same 45 Tktal JJalance. jan., feb. and march. Dkbits. Credits. 2,421.55 Cash 2,064.58 2,763.00 Merchandhe 1,500.00 1,520.60 1,035.60 B'dh Receivable 450.75 189.80 Wm.Fage 121.93 34U.50 J. L. Jacksmi 272.30 300.00 Heal Estate 600.00 627.80 Bills PayoMe 627.80 8.36 Interest 5.00 54.30 Charges Stock 2,327.95 200.00 Profit and Loss 7,890.91 7,890.91 horizontal line. We close or balance every acconnt separately from this sheet, (Art. 34.) thus : Cash Dr. S2421.55 Cr. 2064.58 it 356 . 97 Here we have the balance, and the equal totals without the additional labor of adding and subtracting. We now open our ledger at the Cash Account, enter the bahince, the equal totals, make the parallels, and bring down the balance on the Dr. side. (See Art. 4, p. 14.) In closing an account, consult the article which sets forth its object and office. (See Arts. 4, 7, 8, 9,-3, 10, 11, 12, 20, 21.) After closing the Estate Accounts, next close the several Gain and Loss Ac- counts, ending with Profit and Loss, and Stock, checking the balances as you proceed. Remark 1. — We give the Analy- sis of the opening entry of Exercise II., as taken from the Balance Sheet of Exercise I. (See Art. 29.) The first references, in Exercise I., are to Art. 3 and 7, found on \t\i. 13 and 16. Consult the refer- ences in every transaction. (See Art. 23.) Bill Rec. 275.60 Mdse. 275.60 Ekmark 2. — The net gain is added to the original capital periodically, and the resul-ts of each period are 'carried into the fc)llowinir one. April 1, 1857. Cash, $356.97 Stock, S2527. 89 Bill. Rec. 584.85 Wni. Pacre 17.87 J. L. Jack- son 68.20 Mdse... .1500. GO 46 m, t h ! i i^t&K Aecoanta. BALANCb: Sheet. JAN., FEB. AND MARCH. Resources. Liabilities. Gain and Loss Accounts. "Lomtt. Gains. Cash,Dr $i421.55 *• Cr 2004.58 Bills Rec, Dr 1035 60 '* Cr 450.75 Wm, Page, Dr 139.80 Cr 121.93 J. L,. Jackson, Dr. . 340.50 Cr... 272.30 Bills Pay., Cr .... 627.80 Vr 627.80 Mdse Unsold .... Original Capital, 2327.95 JVet Gain 199.94 356.97 584.85 17.87 68,20 1500.00 2527.89 2527.89 2527.89 T T Mdse, Cr....$ 1 520.60 " Unsold. 1500.00-3020 60 " Dr 276^00 Real Estate, Cr 500.00 '' Dr 300.('.0 Interest, Dr Cr. 8.36 5.00 Charges, Dr Profit &/jOSS, Dr .... JVet Gain (Stock) .... 3.36 54.30 200.00 199.94 457.60 257.60 200.00 457.60 Remark 3. — We cannot insist too strono;ly upon the necessity of thoroughly understanding the object and office of each account in the Ledger. (Arts. 1, 11, 23.) When this knowledge is gained, the science is mastered ; and whatever original and subordinate entries the peculiar nature of the business presents, the student readily under- stands the same, and can open, conduct, and close the set of hooks in an intelligible manner. A thorough know- ledge of the accounts themselves will be of more service to the learner than the usual rule : " The thing received is debtor to the thing given." Remark 4. — The student should master this set of books thoroughly and practically before he passes on to another. We have given the Trial Balance at the close of the Day-Book memoranda of each exercise. This will be an important point for comparison and revision. An examination for errors is a profitable discipline; and the book-keeper has to revise his work very often. 47 It: ■: ml riiACTICE IN BOOK-KEEPING. 41. The steps of each exercise are : — 1. Enter the transactions of the given exercise in Account Book No. 2, making a Day Book. Analyze these transactions upon your slate. (See Art. 32.) 2. Take Account Book No. 3, and in it journahze your Day Book entries, making a JournaL 3. Take Account Book No. 4, and in it post your Journal entries, making a Ledger. 4. Take a Trial Balance, then a Balance Sheet; and, finally, close and re-open the accounts from the Balance Sheet. 5. Exercises II., III. and IV. are but a continuation of the next preceding Day Book, Journal and Ledger. Note. — Do not copy tho words " business transact Ions ^^^ nor consult the Key, which should be kept iu the teacher's desk. EXERCISE L Take the transactions of January, February and March, for the first exercise. EXERCISE XL V cetueV/, /c^ G^ au(yt(/€a c/ttiroicnl S75 60 ^65 470 9^S 90 iS5 3 S5 40 60 40 48 I BUSINESS TRANSACTIONS. Aftioles. 8 4 0{iu/ i^ ^a/ance tn '-§a./ ou^fU a^odti amoun^t^na lo . oA^ot'e, c/ale^ Q^/ut? ^7l^, ^^ ^^ai/e 9}7y 02i^7t oA^^e a^ S 7no7U^^ , tyata Ine vauznce t7i ^ya^xA 22 Q^ccl. 2 ^ 26 G^e/u^'^MoiK, ^^I'ty, amoU'rUcTia ^o 771 otU/i^ Q^'Metcnun^Cios aT^ioimttna ^o 7f^uua?nii A ^o. a Q/Vole, c/a^ec^ Q^^iU "fp, /^ Q^uot'i^e^ at^s coti n^ Sraf^d OauzTvce m ^a-sn __ o§ c=S^-j<^ an oaTfiaaea aooa^ ._ . 29 oA^ae a^ 60 c/ay fid. 60 ydd. ^a77i^a'zslle a^ .30 'fo J* // 30 /^ (^ze^ic^ S&toadc/oln a/ 2.50.-75 J> // 20 ^^ ^ad^t77iei6 a^ 3.75.-75 12 2000 yc/d. o/^tiJcn cU .20 ^00 646} '' ^a77iAic'^ .30 j> 3*1 c:S^o/d Q^'n^i/de. /oi ^add a77iOM'7ttMia io 600 400 200 440 ^00 300 490 47 304 200 ■J 40 -v- 400 50 300 200 /^?! I.. 3 ' '.' t 1 ; I ;. ■ ? t i,; f fl EXERCISES FOR THE STUDENT. Articles. 9 &3 4 fc9 // 3 4 9 Q^//otc^ec^ /. ^. JacddOTi an afale?7tenl on aoo^ ^.y ^^.^/ lo ^0^71. €Pa^, in/iJ/,/oz de coan> aj- ^ne ^6tU tnii^. // — - (2%/^ Q//^i:Le. ^o ^/^7H. 0^aae arnoum^Un^ ^o . t^&'^ M^/u Q//^icftund('-de o/ "l^ni, €ra^ on ac- COttnl, a?7lOU7Ul72Q ^o ...... ^9 (^o/d Q^^^- /ot ^a^^ , . SO ,-. "^W^a^ a/iot(^ 071 (/a7n<7as€/ aoocfd fititchai^ o^\ /. ^. Jacdi^on otv l/is 27^ tn^t | ^00 soo 200 ^00 so 490 5 700 200 200 600 200 350 23 I \ i r BUSINESS TRANSACTIONS. ! Articles. 1 11*4 3^ ^a&d <^axed 07b ^^eac Sdlale^ 7-50 &au/ ^i zeAat^ ofi nocMS^ -4-7.77 55\27 Dr. Trial Balance. Ce. 4,996 32 Mdse $1,800.00 4,274 10 8,690 62 Cash 2,8.1 77 1,284 60 Bills Receivable 790 00 1,494 00 William Page 1,594 00 636 10 J.L.Jackson 797 82 Stock 4,762 69 9 00 Interest 15 50 1,150 00 Bills Payable 1,827 03 17 00 Charges 1,200 00 Mechanics' Bank 600 00 2,555 27 Real Estate $2,500.00 17,032 91 17,082 91 EXERCISE lY. 2Ja^ ^ao/ Qfu72e < y^—- . 37 *4 37 * 9 4ft 11 ^Of4^4^ Jot, ea^ o^ ^^^(y^ ^4o^nfui>n, a ca^- ti>aae, dot^te, aTicl nazTie^, amou/n^m^ lo // a/^??!-. Sraas, a^i het otdet, a7nouMl^&?ia lo ad fiei vti/ oJ: hazce/fi -. ^S5 ,1 fkl8 <^^ Q^^cnaTitcd SSa/ztd nad l-nM day citd- cou/nled /oz me /ad. oMddOTi d oATole aiveTb ©^^ ^2l/h /oP Q/€/covjea at^dcouTtd 41 i^^c d de ^acaTice tn ^ad-n. . 32^ 200 // ^l^d'Tteu SStoti^n d Q^o^e, due /u/tvs "fdd, n€i4 ln€<^ day veeTt fitoleiUed ^z no7t'hay?n€fU S^ace 0/ Ine G^ol^e^ _ 2 292 400 60 30 30 55 Li EXERCISES FOR THE STUDENT. 4rtialef. 4 3 9 17 9&7 4&36 Q^rnaun^ oif I he fizo^eri-^ oJ: hio^e^^ ' // a77lOU^?Ul7in ^o f^y^t^eci/e^i ha 71772 evU a^ ifoucni/ii : ^^adu -. ^_ k^ooKrd a77iot.(/7tdtna lo ._. acance €q teniat/n 07i acccu^rU . ^^^ceti^ec/ Ih^ accefUance o^ out c^ta/l on ^^i7nd./'u, ^a^ ck ^o., a77iou/nUn^ lo // '^e^iod^t'lec^ tTz Ihe Q/^^^antCd ^an4. // 4 4 \ ^oid Q^Ue. a?7ioti7Ut%ia lo '^a^s /f i<^AecA 071 Ine Q/^cAaTtt^d ^an4^. a.7ice/ 4 7 36 1 9*20 i^CiMnd 000(14 a?7iotc?t^e?M lo .. ,^^ 'cnjia 7^ , on 97te // 3*7 S^LS77itllea lo JT. c^. J^acn^on, oy^ £:>nn Q^ncizetiAd, ^^adn s Q/ nave, lni4 clay, haze had ec/ ojf Q^t77td^'u, ^^ahed o{ ^o., on accourU, dundz/u ailic/ed, aa fiei via, a7iiow7ilty7ia lo 0^00 / and Jottaatded me da77te lo /r77z. &^aae ad fzez ti/^ztllen ze^ au^dl . // 36,38 4*20 Q^oM du/Tzdzy. azltcied o^ aoodd ^ ^^da/t.£s^ <3fcojftetd on ncd oAole, hauau^ tn len dau^.. p (^eUced 77i7j. ocu t(/im /onn Q/€7fzed, lAe azocez, and aai^e di77t a cnecd, ^z ift4.//, on l4e Q'^Mecnanicd Q^aTzA . iO 40*36 ecled a ufe ^TZdu^zaTzce f^^/f Ine ^7iUed &^/^aled cSS>/e ofTZduzaTice ^o., ^/^af/ (2^., t^atd ^adn ^oz l/ze /czdl aicazlez/y t7idia/= TTzeTzl // L ^ot-e^n^ o/ Qyfndzet^ Qjodge "f dnazea S^ddon ^. c^ (^loc^ al 0p5 hez ddaze/ 0950 xyaid nt77i, oiOKezane, -5 fiez ce7il. "f .9O &^n ^a'U77ie7U Qf aaz^ nt^77i a chec^^ on Ine \ Q^^cna 71 tcd GSa7iK Jo i I he /uzl a 77iO{^7zl ft 57 3000 2500 90 ¥50 200 i47 9-^ 45 90 95i 90 \ b i \v !~i 1 EXERCISES FOR THE STUDENT. Articles . 38ii36 // / 3 47 of^ nat^ Intai day diati^Ti ofi ^ue (^^€chant€^ dSariK^ i(ot hzt^t^ale exhe^i-seii // 4 &20 4 & 11 4 8 3 &4 36 * t 7& 20 ^o/d Ja^c^ Q/^4ei Q//i(c/-^e., and leceived nta acc€h^a7ice, au£^ iti, 4- mo. .. /i> &ie7ia ^o 03000, and hatd a^i j^ouoi(/d : ^aii-u Q^i^u Q^^ole a^ 30 dayd // Q^oui aoodd j^oi ca<^/i a7nou/?iltna ^o // ^6 ^/laa. (^co/te/d iiaufn^ /ai'/ed, Q/ 7nu<^^ io<^ l/ie i!u/c a?no(^7vC o^ fiM GyVb^e /;' . rx ^^cetued /ot de^i^&de7idJ BUSINESS TRANSACTIONS. Articles. 9*4 // I 4 & 8 (^etl/ed ^(^u/l 'y/^('//ta7n 'S^aae anc/ ^oau/ ni7n \ me i^aoance a/ accotonid 23 ^.edee7ned ^mj oti^7v oAo^e nci^en Q/zcay- 4 Om, 4^5 4 , ftaid cad a - // 4^9 3*4 3*4 I (^ea/ed ^i^aJi ^. <=^. ^ac^^on, fiaid codh.,. // ^ofd /odfii^a ^eUd Jot cad^, 40 ydd. ^at' hedi7ia a£ 03 // : 3 fc 9 I 3*4 ^ad4 dafed o/ Q^^de/ 24 (^ofd Q^^de, lo Q/€i77id^y, Rafted ^ ^o. on accOLCTU . // '■ 4 *21 <^o/d Q/M:/de. a^ /o/ZouAd /ot ^odU : 4 c3^^o^ma=q/a^ 025 6 "^Aadzd ^0 9 ^I'/^t/et (^fioond ^^ _ 25 — ^ecetwd in /u// 77ty ^tli^n o^ nt'^ ^a^/tet d edCaie cadn^ 26 ■ 457 477 44 03 7^ 420 200 340 ^3 9^ 9 ft 4 3*4 ^cecued o/ G^i77id^y, ^a^d & ^c, a t^ 7ntltance ojf cadn, •- 27 — ^o/d ^t7ned c^att^/ey ^ot cadn / 6 fid. ^t:7ie7i^, 4§0 T^dd. al .30 054.00 6 ydd. S^/i^e^ioadc/o^Aal 5.00 30.00 42 (^a?tc7^ "^/iaiid al3.00 36.00 45000 200 f^O II Ill if! EXERCISES P^OR THE STUDEx\T. Article*. 3 8 12*13 4 4 t40 ii / tV€^ (2%/f/ Q//u/oe. lo ^he a?nocinl o/ ficns ^4ln, /a>^ Q/ i(/ad- atcoii^ea at^cowtU on ^ne ii^a7}ie^ — . — ^hec^ivet^ ^a-jn Jot vataTice^ // ^ougfu 071 l^LO / OCfi 171^^1. , iecetu€-a cui^/l op 9 & 4 ^ea/ec/ ii/U/l Qy^i?}i4/!y, ^afie^ & ^o,, and 4500 4000 S 503 37 & 4 8 & 4 tecei'i/ec i/ei/ Ine vafaTice o/ Q/iccot^7US 00 William Pa Charges 6,300 00 Mechanics' Bank 1,771 35 2,500 00 Real Estate 3,200 00 705 28 Aniesby, Capes & Co 705 28 75;3 00 Personal Property 600 00 95190 Hiuison R. R. Co 1,150 00 219 45 Private Kxpenses 880 60 Protit and Loss 50,577 46 50,577 M (>0 40 6^ i'l ' ( \ FOREIGN SHIPPING AND COMMISSION BUSINESS. EXERCISE V. PARTNERSHIP AND COMMISSION— DOMESTIC AND FOREIGN TRADE— NEW DAY BOOK, JOURNAL, AND LEDGER, JULY, AUGUST AND SEPTEMBER. 42. When we convey goods by land to our agent in Baltimore, to be sold on our account and risk, we open an account called '^Consignment to Baltimore f' but if tlie same goods are conveyed by sea, the account would be opened ''Shipment to Baltimore.''^ On the Debit side we enter cost of the goods, the insurance, cartage, labor, etc., and on the Credit side the net proceeds arising from the sales. The balance will show our gain or loss upon the adventure (Art. 20). When goods are consigned to us to sell on the account and risk of the person who [consignor] sends them, we open an account after the form "IL B. Johnson^s SaJes,'^ the name of the consignor being given. On the Debit side we enter the usual charges ibr freight, duties, labor, postages, etc., together with our commission ; and on the Credit side, all returns by the sales. The balance will be the net proceeds due to the consignor (Art. 9, 40). 43. Partnership. — In a partnership concern, a stock account is opened with the names of the partners re- spectively ; as, " H. Bronson's Stock."^ Tiie amounts furnished, and also the sums gained by each, are carried to the Credit side of their respective Stock accounts ; hence. Partnership divides a debit or credit according to the interests of the several persons concerned. * Howard Bronson, William Milman, and Franklin Murdock, have en- tered into partnership, and the firm is to be known as ''Branson, Milman ^i 42,000. 00 ^anu on Q'^^iecmzntcai (^aTZK Joz /zei^/il 4,^70 ^ad-n haul dot cnazaed 29 63 6,^50 4,^50 597 70 700 3.599 —J r ■M EXERCISES FOR THE STUDENT. 1 Article!. 42 t 8 42, 4 42, 8 42, 7 42,36 42, 8 42, 4 42, 4 Jre nave ^wf^/t^a a7u/ /^U^e^/ ou^ ^ne t^dtA ctly, ad het uulwazci^ Q/^?iuoice .* 600 oazze^d oA/out, /oaa/u on out oA^ole, al 5 ?non^nd, op /on?i^so-^i A ^o Q'Vcade. , cad^U huicna^e^ . ^^ooud tfou-gnl of Tf (/iK€d & ^o., Ofi ou^t Q/role a^ S mo^u/id . Q/^/'je. voua/i^ on &^a7?iu€/ SSiom/fi o I) 64 V r BUSINESS TRANSACTIONS. j Articles. 9 ^ ^azTn^nt ^z. /oz /tui t^€t€i ..f'f ,349.90 9) ^ Q^con/afi Qiz. ^z /^ tA^ .. 4,3^9.^0 ^ &rniA7n^nl to c^av^zna, ^o. Q^€. Q^St, pQ% otiz t^tuL 4,349 20 7, 42 9, 42 4, 42 2S 42, 4 9 8, 42 4, 42 9 42 O/oed 0/ ^^eoiae SS^acd d aoodd to ^, ,2^ J^ac^on, on ntd (9^1u}te, at 4 TTtontnd <^om 0/ (^a^^i&n d €^ozd to "^/^Tn, €^aae on account 0600 Q/o dunazy otnei hezdond ^oz cadn . .. 9^^ Qfoid oji: G^ztd^ee d C07idm7z?nent, fzez vzt^ &uzoh6, ad tn, on nid Qyjote, at I 4,600 4,5^5 4 THontdd ioo 29 iS^cetzwd Aez ^c/tctotta, &neztf/ooc/, mam ^. aznec7n, c^L^^^ana, to Oe doca on accou/nt ojf ^o.^ Q^, an Qfnw}^ 0/ <^u^z, 045,000. <3^ianea vonc/d at tne '^u^dtoni'doude, at 3 Tnonthd, /oz dtUied 0600 xyatcC cczdn /oz did/noizy cnazaed., 200 ^. SSatnu/m, ^t. X>t out tnt'zd 5,000 (Debit « Mdse. Co. A," with $5,800.) Q^€c€^. 4 Jre nave enteze'd t/nto a ^^idn dfiecucation u/ttn 07nezdon ^ ^o., ^^/oczcedtez, dhat^7%a tne hzoj/ttd eau^/fy ti^itn tne77i ad fiez aaiee- fnent. (^/zt^ t(/t// ^e ca/'/ec/ ^o. ^. Q/neu nave, ad het acivtce zecet2^ec/ tntd da/u, ^nf^^zeci to 77W hez ozta ^^ccddon, 2000 oat- te/d Q/^c4eze/, 042,000. 65 2,450 5,^00 :! ■♦I EXERCISES FOR THE STUDENT. Articles. 42, 4 4 9 42 4 36 7 ^a^fy, ^ic/ /ot <^uta?tce/ f i 00 '' f* ^lem/a 450 S?nez^uyii (^ ^o. ^i, /ot out ii:i//....6,000 /^ 1^/a on account o/ ^o. ©^ an o/^mot'ce ojf ^ocd^ CouaU^ o/ SUrj-na Q^^lac/i^u>7i, ait /o/' iotaa .' (^ot ca^^. ^20,000 // ^/Ucion Q/^€€/!a7itcy ^ani ^,600 y Q/ne Oaiance on accoccn^ ^ 6,550 10 4, 42 650 ^. ccz coTnni ^^ton/ 44^. p5 (See enby for the 16th of July.) /^ * 7 ' 9, 42 &^oM o^ ^. /'- <^ot ca&A.. 0'f,p65 ' (£^o ^y^^ri. 0^ag0 on /t{^ oA^ol^^ a^ S montn77i <£z^tf/ezhoo^ lo <:^ava7ia, on Ine 20^n ICU17710, ^^t Q^^tiiodl^o^i, 0dzatd, ^o ^T 0(jat=' ntc77t, 07h acco{4^?U c/ ^^o. Q/c, a (7Zf.anlflu ojf QyMezcUancCide a7}ioci7tUna, ad fzet oJ^/iz^o&ce, lo 0/^\OOO. £/uz 07ie=d/i&zd - -_ _ ^/^cetif^ed /zo77i QSiot(A7i 6\ ^o., 0-4^1^^ &i^ {ea?id, accau,7id dated op dUt7i7?te7U ^o ^He77i fist /f^zdnt/zato7i, (:^aled. Q/rei hzoceedd tid. 4 iAana, accotcTii dated 0/ oict d/itJt 1 716-711 lo ^nerr. het ^le-o/e, Q/no77iad. Gn^ei hzocee^^d ^^ccetued, {.n ^iau77ieni:, ^neit diaM at dtant 6,000 5,600 50 50 50 4 42 ^^ j cadned. c^iozace J^tuic ia97id, t<^. htcH nad ve-en dtt^A* 9J^0 67 I f • ^ I r. ^i u iJ J^ t;xp:rctses for the student. I 4, 10, 42 42 co7irifa7i??ie7U lo Uii a7}iou7U(>na ^o, caii^^. C^tit co7n7ni^ion/ ^Lenc^ete^/ lo S^/acd an accouTU d-a/e^i. (See second entiy under the 18tb ultimo.) ^0 4, 10, 10, 4, 42! 42' 42! 42 9, 42 ; 9, 42 Qro/d Ihe z^7natnc/ei o^ C07i-jt'an/nie7ii on ac- cou/Tvl ^. 7/^, e^it^Oee, a^ic/ zeTu/eiec^ an ac' cotm€ da/e^. ^^adn da/eii Intd d^au C^C4,t C07}l'??lt^J.(^7l/ S^^p. // ^od^aae-a a 7ia ac/iwilt-j-tna S.'/Q Kyaut ca-s/b lo e/^ittiOes /oi l/ie nel hioc€£arty's share, one-third $8,077 50 The account "Mdse., Co. A," will show our net gain. The credits will be $26,350.00; the debits, $5,800.00, $1,317.50, and $16,155.00 = $23,272.50. The difference, $3,077.50, will be our net gain, as will be shown in the account, "Mdse., Co. A." * Our charges on the Mackerel, Aug. 4th, |550 ; Sept. Slat, $565.71 ; mak- ing in all, 11,115.71. $11,314.22 — $1,115.71 =-= $10,198.51, being the net proceeds, llalf this sum, which is $5,099.25, is due to Emerson & Co., for which they must be Cr., and Merchandise, Co. B, Dr. The Ledger will show that we lose in this speculation $900.74 : but Emerson & (^o. lose the same J Aum, for their Outlay is $12,000, and their Returns $11,099.25. ( D m / I lit % I» *r r FOREIGN SUIPPING- AND COMMISSION BUSINESS. EXERCISE YI. DOMESTIC AND FOREiaN TRADE — THE BOOKS OF ORIGINAL ENTRY INTRO- DUCED — JOURNAL AND LEDGER CONTINUED, OCTOBER, NOYEMBER AND DECEMBER. 44. The Day-Book contains statements and memoran- dums relating to our afiairs generally, and such other entries as do not properly belong either to the Cash, Sales, or Invoice books. The Cash-Book contains on the Dr. side cash on hand commencing, and all subsequently received, and on the Cr. side all cash payments ; it should be balanced daily, weekly, or monthly, as the nature of the business requires. /The Invoice Book contains all purchases except for cash ; the Sales Book all sales except on commission and for cash ; and the Commission Sales Book all commis- sion sales except for cash. The above are called Books of Original Entry, because they contain the first written entries of the transactions, and, as before mentioned, they are adopted whefi the business becomes extensive, in order to systematize the entries and condense the Ledger. (Art. 32.) "^At the close of every month, deduce the Analysis of the several books, post it, and take a trial balance. (Art. 26.) From the last trial balance, taken at the close of the three months, deduce a balance sheet, and then balance from it. (Art. 34, 40.) The balances and balancing upon the Cash-Book, must not be considered in p<)Sting. This Exercise should be posted under the Account Titles of the last. * We have oriven the Analysis of the first month on page 76, and the la«t Trial Balance on pnge SQaa. Tliis Analysis referred to, has all the ad- vantages of the Journal, as set forth in Art. 32. 70 The several Books should be posted up to the same date, and at the same time ; care being taken not to post any part of a transaction from each of the two Books in which it may sometimes be noticed. (See Cash Book entries for Oct. 8, 17, 21 ; and ah-o, entries under the same dates in the Book referred to by the Initial letter. The first statement in the Day Book is made up of the balances and goods shown by the students Ledger in the last exercise, and therefore, if he posts under the old accounis he must not post this statement. The Cash, Merchandise, and Bills are passed to their places in the other books. The Student should continue the Memo- randum of Bills as they are given and received from Oct. 1. (Art. 41, 26, 35, 31, 39.) I - .. . 71 ' 1 L'o f c I I ■; - ■ p <^j a 7 rr /ao d. \ ^a^/i 071 /laTid 5S,90^^,^7 /'' €7t Q/Mx/taTircti. ^anA ^,65^.65 /ft. ^^/ 3M0.00 of. ^. /acLofi oi^J- u^ ^,937.00 "^eo. Q^a^idjoTi // ^,349.00 ^o. ^M.n/afi, // 6\0^4.S9 ^, ^atnum/ ^z 3,550.^3 '"Yf.n. ^a^e/ // ^,000.00 ^icu^n ^ ^a. '' 5,600.00 (^ht'k7?ie7U lo ^tueihoo^ t^ati^ced al y^f ,^6^.90 ^'u'/i €Pu:nce^on // ^^ 39,000,00 Q/^-ic/ta7ic/t'-se 07i haTu/ 44,000.00 0^44,^9^,3^ (Jt^. Su lon-iOTi, /J'e ati^ ^ii7n ^Tr/Jl. Q^^!^/'}7ia7b ^^ S. Q/Maci^t-j-OTV '^^ ^aya^^e, QyVo^. 4, ^, 3, 4 aru/ 5, n // // // ^a, J»5 ^^/no7aa7t A ^o- d- ^ate-j- ^j cfiarge^ Sn>'J-la-ae>'S aTui Q/€cli^zit'St7ia p8.49 QSlOK^ i{ias. ^9-64 lyut C077t77if/j^t07t a^ 3 fiet c&tvI. 9^'^-7'^ ^fUeied-Ho ^ec. 26 oti cAaiaed- / S.^./ 4 25 .Oi^ /^ ^^ ^' /Q>.^./ 44.5/ S^efu^etea acci, date^ /Q/€u. 47 , 52/ 29, 4^9 56,745 ^4,300 4,546 5.466 650 49,224 44,099 944,492 4,094 46 24 97 36 ^9 00 20 25 34 16 -* ^4^^ ^ooA. 0a. 2^ , G4iC€4ile<:l S. Qy^lxzc/idOTl d. ciiafl oti ud a^ 30 c/ayd ' '. 34 ^ec€cz^€^ fiez ^lincelo^i fz077t ^t'verfioo/ accoio7U\ da/ed 0/ aoccU C07id€a7ied ^o €Ptylo7i ^ ^o. Q/i^el fitoceec/d- c/ue Q^ec. 40, /t a, /acddOTi & ^o. al 40 c/aud Q^ec. 40 ^^ef^t^ec^ fvet, ^to77it(/e//, /^077^ ^. ^^at7244,fn, S^i^aTva, ofi acU. ojf ^o. Q/C, an Q/niM>u>e 0/ ^tcaat (See July 29) 23 ^a/'^i -fd^. S4, '^oo/^Jza^e 9§.33 246. 67 0u^t coTytyrfit-J-Mon ^9^ ■ 47 Qf?vt6i(\jl 07Z cad^i c/i'i'/^^-J t^ /aTt. 8 . 2 02 £^,mc7eiicc aca. -Ju/Ld, ffaje 94 L _-_- *— i^ M ■ I »l II .1. - I .-. ^ea accou7U ojf ^^. (//jia.cK', x9 attd, vy <^/et o^ Sxcncinqe, at dMnt, tTt ntd ^a7M>z, on xytyto7^ m ^o. t^ii^ihooc, (Art. 9) ^/oded accou/7it of Q/^zaa7v A ^o. ^^/uezfwo/, ^y &^6l of! Oxcdanae at 30 c/ay^, tTi ntd favot, c^i ^eytoTV uTid ^o. c^iuezhooc, (Art. 9) // ^/o^ec/ accoic7it 0/ S^a77ihc/e7v A ^o. (/SodtoTt, ^y dza/t at dtynt, €n f^aw>i of Jf. r^. ^ac^07i, (Art. 9)- ----- 4,5 i 6 36 24,9T6 SJd'f ^6 1 39 Monthly Analysis. UCTOBKR. DAY BOOK. DKBiTt. 25. Credits. Morgan ir Co' s Charges ...$1094.16 Sales . .. .5^1094.16 28. K. Madison. 650.00 Bills Pay. 650.00 31 rey/o/iiS-Cw 63,426.37 Shmt to Peyton .7>f«.63,426.37 CASH BOOK. CasAll,226,i6 Bills Rec. Uth... 200.00 Interest, " ... 4.66 Mdse, " .... 10.609 00 Mor. <^' Co's Safes 2 ist 11 2..50 W'm. Pa^e. 3i^t.... 30U.00 INVOICE ROOK. Dkbit. Credit. j¥(Z6e$ 1 3,340.00 ./. /.. Jackson, 1st 720.00 Bills Pan. 5tti. . . 6,320.00 "' 8ii... 300.00 G. Davidson, i4ih 6,000.00 Mdse 2,494,88 Cash 13.272.65 Bills Pay. 6t^ 1.324.20 Mor... 161.30 SJn/it to Ptosfnn. 25ife 47.69 Sli III t to Hac.Co^i 27 tli 31.10 ./. Barn urn, '' 31.10 G. Duvlnp, '♦ 31.10 Bills Pay. 29 h 600 00 Shmtto Havana, 3Ut 194.30 SALES BOOK. .7. L. .Tnckson, 2d . . M.OO Mdsc 13,951.00 Bills Rec. 5tl) 2^.00 " 12tli 80.00 J.T.Jackson. 12th . 86.00 Bills Rec. 17iii 2i)0.00 Vimt to Eroion ^' Co. -V. O. 2Uth . . 3.400.00 Skiul to IlanCn &>- Co. Boston, "^5^^. 2.400.00 Sh, to Hav.Co. A 27tli 415 00 J. Bartiuni, " 4 J 5.00 G. Dunlap, '<- 415 00 Shmt to IVool SrCo. Havana, 31st. . . .6,216.CO COMMISSION SALES BOOK. Bills Rec, 12th.. .7,200.00 Morgans-Co' s ) 2^^.21.012 50 Sa/e* 34,312.50 I wW.9e, 24th 3,600.00 Bills Rec, 25th . 2,500.00 Note. — In like manner make out an analysis for November and December. (See Alt 32. 7^ I ; S ^Mcvei' hoo/^ - xyeuloTi, M 7^ 4, <3^a/eti, 45 fifhe^, 4^p0 aa,/fon4. al 04.90 f* B4\ // Q/^/^e. 70 c/ie^ld, 7^9 ^ ^ea, ad .09 /' (^^c/^e. 400 // ^260 Ms dea ad .42 ^^ G^Le. 36 fleeced- 4^00 yc7d. ^utc? ad 02.60 ''/ ^f'fA ^^etWA GA'b. 2 ^^ Q/Tideiedl on GSt'ctd ^^^cet'-i/auce q4^o. 2 ^' Q^. 4 Q^^c/de. <^u^az /of.^./ ^/Lozaafi ci c^^eceiva//e, Q^i/o. 9 '' ^/ // 3.,. Jo 0.00 Q/ziteie-st on ao- 4,(^6 ^0 2i 36 73,2€U. 46 y ^9^4"/6=9 aeeiA'n^ ae 4.^4 45 ^oc^^nl &^icaat o/ o/ia, 6Sio^i^n o^ out note al 3 7no7Un^ 20 4/id. 23,64^ «^ al .06 //,^/^.<^c^ 25 // 40,294 '' M 3,223.2^ 35 // 46,424 // .06\ 3,047.36 /^ - ^ouan^ ojf Soiatcf A ^o. on ott^ no^ ai 60 aay^ 46 /^ 960 aa/. Q/^/'a. 25 Mece^ci 0/ ^Aaz/e4^ Jo/indon pn »xc4.an^ ^ Bolton 42 hieced 6OO yazc/ii- ^lencA mzoaclciom al 5.00 03,000.00 ^n out nole al 3 mo, 6 ca^ed- 2,650 yatc/d- (Mt^ltna al . 67\- - 4,7^^-75 . ■ 2^ ^^cet^ved /io7n ^jPni. 0^aae on aocou/rU 34 fi^ced ^36 yazdii^ Q//KeidCtn al ,44 Q^ec. 3 0Sou^Al 0/ S^erny ^^tc/iatcL on om noU al 3 mo. 4,53^ uaic/d. ^^u'n^d- al .09 • ofni/entozy 0/ o/iic/de. ^ec. 34 48 40 Ud 600 ^a/. (^^/added- al .35 0240.00 3 ca^e^ 4 ,3 2 5 ydd. (^atinel // .67\ ^94,37 44 hcd^. 246 '' Q/^i4^/i^ // .44 34.4(4^ 43^ // €^z^rU<3. ^^ .09 ^^'^^ 400 '' ^zfUTi^ '' 4.45 445.00 400^ // dSzdc/od^^ 5.00 2,000.00 47^0^4 2^,795 /If^^oilon ^^ ./^ 5.0^3.40 L. 81 4,7i^ 447 75 04 t • \ i I AS ^J05 29 €a, 2, 'fi ^ ///i. ^.^/ at ^0.50 5 &ro/d /r/n. 'ty cifie on ^t-j- Tiote al 60 c/a^ 6 va^ii coltori at SO. 00 /i> ^Jc/ /. ^ /acl,on SO ML wei, Q/a/?, '^ea to ??ia?t, a?ut co?i= <^fa7Ma {o kyjioti/n j-, to vt <^0!a o?t oc^t accouTzt ana itrj^K, ^00 ///I S^fout at 4.:^5 /^.^.y 25 (^/tr'^ftec/ /lei Qy^^ithattan, 0^attei-son, an(/ co?i- 4f^?i£j^ 592 {'t^L S^ee/at ^0.50 _. I 82 ^4 240 466 SOO S,400 o ,400 ^.245 6, J ^6 (^a^ 'S^aaA. \ ^- qMi^. / ^o/d ^/t ^.^39 ^^. "^0^071 ae .90. 0367.^0 200 yc/4. (^lenc/i SdioadM/i ad 6. 00.. ^,^00. 00 400 /'' ^aifiedi?i^ ad i,65 ^65,00 c/O 60 4,732 ^0 84 ^am^mUjion @/a/eJ £^ae4. (!)a. 42, /^ ■6^o/cl o/ Q/^zfan A ^o d-. con4t^rj[n7nenl do S^yrity \o2{/7i 07h Alii- node ad 4 7nondnii encdoi-d^ed 6y Q^imJy, ^afied, ^ ^o, 432 c/tea^ <£^ea 46,000 /Is. ad .45 24 %fj ojf Q/^oiqan A ^o d-, conota7t77ie7td do ^o^n ^au7wt 465 /zcece.^ 32,500 yc/^. ^C7ien ad .65 ^^eceti/ed ien do otiz ot(/n accound o/ Q/fCataan ^ ^o -s. consi^n7nend 36 fii'eced- 4,^00 yc/d-. &radtn ad 02 25 (^o/d Qy€t7}td07/, ^ahed, A ^o. dhe zemamdet cif Q/Moiaa7t o{ T^ J- co7idta7t77zend on d/iee^t node ad 2 7710. 4 fi/eced 4,000 yd-j-. SSioadctodn, ad 2.50 Q^Vo^. 4^ (^o/d o/ €^euton A ^o d. con^^yn?nend do ^ona= dfum S^tc^J- 070 /u-i' node ad 30 dayd, 40 ftified 5,040 aa/. "J/^me ad 4.95 22 ^o d. co7VdtQ7l7ne7^d do T Q^diu ^dd o/0^eydon ^ Q/^ci7tn on /it'd node ad 60 daud, 60 fdfied 7 f 560 nai. //^^7ie ad 4.84 // <^a/d 'y/'^77z, 0^- 7:>i;G8.fll Mcc. Uk. Dr. IdSJH.Go Cr . J 4,870 00 Bills Rtc. Dr J8 637«)5 Cr ]4,997.()5 iVm. Pdfre. Dr Blacli scales, Cr. 5,147.00 Dr. 630.64 52,908.87 1,658.65 3,640.00 1,000.00 Sh. Prmce'w. Z>r$3y,0CO.OO Falued at, Cr.. 39,000.00 (• T;p n'ii Sales, Cr. 6 527 00 Dr 1060.11 mii^ Pay. Cr. .LL.Jiiclison. Dr 1,937.00 K. Jfladison, Cr. J. Barn a m, /> r ! G 6^27.73 Cr. 13 077.501 3,550.23 O.Duidap.Dr. 'iil 161 89 Cr. 14 077.50 F.m'sonSrCo.Cr Broicn S.CoJJr G. Danidsun,Dr. Jitdse Skmt to Peyton S,-Cu. J Aver pi *^ ' Sh. Princeton . I H. Branson.. 25,719.75 j /Fw. Milnian. 50.1)00.00 h\ Murdock. 74.280.25 3,084.39 5,600 00 8,349.00 14,000.00 71,464 20 39. 00.00 4,516.36 5,466.89 19,224.20 650.00 JMvr,Crl7,080.18 Mdse Un- sold, CV J4 000 00 31 ,080.18 Mdse, Dr 26.630 2 5 Shipvi't to JSTew Orleans, Cr.. 5,600.00 " Dr.. 3,670.58 Shmt to Havana, Cr. 9:r40.00 ** ♦' Dr. 6,J,iO.0(( Sh^mt to Javct' pool, Cr 8.349.00 " Dr. 4.250.00 11.099.25 Sh'mt to Pet/ton & Co. Liver. Drl\A()4.^\ Cr 71,464.2(» 4,449 93 1,929.42 3,190.00 4.099(>O Charges, Cr. ... Dr ... 3,705.11 9(i0.t,0 Sh^mt to Hi van a Co. Ji. Cr. . . . 2 676.33 " Dr l;; 19.20 4( 29.] 89.46 56.745.21 Jfldse Co. Ji, Cr 26.. 350 00 " Dr * 23.2:2.50 Mdse Co. B, Dr 12 214.f!6 '^ Cr 11314.22 84,300 97 Sh'mt to Liver- pool Co.j3, Cr 13.210.49 " Dr 7.6;i2.2{) a I f — „_ ^^ 211,192.34 211,192.34 Sh'int from Liv. to Hav.Co.A.Dr^).{)m.m " Cr 5,000.00 Profit &0ti " ^-30 i, 660.00 66 i^fe^ Cotton " 40.00 . .S.6A0.00 (^oia/amoum /fv. 7^/ 0^,000,00 46. Invoice. This is a catalogue of goods, with their qualities, prices, &c., to which is usually annexed all charges upon them. An invoice should always accom- pany a consignment, and whoever makes out an invoice should retain, in his original entries, all the particulars comprised in it. The invoice of goods received on com- mission should be kept separate from our Invoice Book proper, and it may either be copied or filed. efnvoM (J 500 ^aAi- o^'^oUon Atfi'^ S60 ^3,600 <«&. ai .iS S40 S6J00 " " •'f^ '^hatge^ — ■ ^toie-z^fo fwt ^a/e J S\ 06^.50 ^azia^ ^^ ^^ .0^ ^^'^^ ^elly 0xhe7i^:i^4 - S.50 ^oTnmt/sion/ - 5 3 5. Do Suct4 SxcefUed, G^^rn^ ^ozi, Q^oz^, /c^ . 87 Q^o, Q^iati/^i d- Q^Va a7ne 3 4 ^ .=^. facA-son fna^anau/n au q4^o.\ Q^i latt^i d Q^c a77l6 / C'uiiiet'i^e^ 2 // s // 4 // 5 // i/ciyuoie Q/o Gn y/^hom Q2jtatipn> Q^7tO€4/rU ^00 // ^,600 // ioo // ^,040 Q^7, 7noi4/fU 2,300 3,000 ^2,000 ^J24 600 SO 8W I ,£^44/4 ^/tecei^va^me. 0a^0 U7ie // Q/€t4^ 24 // 4^ ^- its qA^ot^ 24 // // // ^5 €77te d^etnatd^- Q^c a^ /"■^y // // // // 5 6 6 6 i9 Q^i us // // 4 9710. 4 f7tO. // // S // Q2)€4h0d€to^ ?t 9 he z ce7vC. (^o l^e Q^e^a o/ i^iOTi-son, Q//i&/r}ia7i ^ '^o- QO 2 4 S ^ 5 6 3 6 4 ^e 36i 24^ 344 9 984 46 i9 S /O 6 46 ^ 4 7 a ACCOUNT SALES. 47. AccouNTT Sales is a minute statement of the sales of goods, and of the expenses incurred by the sales. The Sales Account refers to the original entries from which the particulars are gathered. The consignee makes out an account sales to his employer, the consignor. Q^ec, 'fi 0€c. B3 (^o/c/ ^Aai/e^ oA^e^on on HM- nole a^ 30 aaud /id, ^io-J-<}. <^aze qA^U /^^. (^uaat /5 ^4,^6^ ^,900 Sij6^ al .06 4,^76.0^ 44 ^9,43!^ ^69^ 49,740 ^^ .06 4,4^4.40 ^ 42,46^ 4,496 40,97^ '' .06\ 743.4^ ^ 4S,5S^ 4,503 44,0^5^^ .07 774.75 ^o/ci Q/^. Q^eTiniaTi ^oz ^a<^A S3 nna. Q/uaat al poo .-.--- Q^ec. 40 ^^natged — ^ S^. Smiiy <^ Q)iat^ fS9'i.3i Q/nite out a Bill Receivable ; Bill Payable ; Accept- ance ; Inland Draft ; Foreign Draft ; Check ; Order ; Receipt ; Bill of Purchase ; Write John Brown a receipt in full of all demands ; A Note for the balance due him on account. 5. Received ^485 of John Brown, being the face of his note, and $25 interest. — Required the Ledger entries, 6 Given, Cash Dr. $28,759.34, Cr. $17,392.45 ; Bills Receivable Dr. 16,529.60, Cr. 10,465.50; Bills Payable Dr. 11,496.25, Cr. 15,265.90; John Nelson Dr. 1,756.30, Cr. 1,917.44; Wight & Co. Dr. 10,475.60, Cr. 12,864.94; Stock Cr. 15,893.71 ; Profit and Loss Dr. 500, Cr. 300; Merchandise Dr. 26,250.70, Cr. 21,734.65; Un- sold Merchandise 1,954.38; Interest Dr. 694.40, Cr. 749.50; Charges Dr. 759.65, Cr. 637.75. — Required a Balance Sheet. 7. In a company concern, A. advances Cash $500 ; Bills Receiv- able, 650 ; Merchandise 1,200. B. advances Cash, 2,000; Bills Re- ceivable, 1,000 ; Bank Stock, 3,000; Merchandise bfiOO— Required the Ledger entries commencing. 8. Redeemed our own note by a payment of $685, which includes the face of the note, $650, and the interest. — Required the Ledger entries. 9. Closed our account with Day & Co., by Set of Exchange, in favor of Reed & Co , amounting to $5,125. — What are the debits and credits ? 105 'iW • i ■ * 1 '. I ': P I I ■ t MENTAL A]S"D SLATE EXERCISES. KECAPITULATIOW. EXAMINATION PAPERS.— NO. YT. 1. What is Book-keeping 1 What does it teach? Explain the ? diiierence between Single and Double Entry. Explain the office of ^ a Cash BooK ; Invoice Book ; Day-Book ; Sales Book. How do individual and company concerns ditler in opening and closing? 2. When do we debii and when do we credit the following Ac- counts ?— Cash ; Bills Receivable ; Bills Payable , Personal Ac- I counts ; Merchandise; Real Estate ; Interest; Charges; PrcHt and ) Loss ; Stock. Explain each method of deducing Present Worth. Explain how we deduce net gain or net loss. \\ hat is understood by a bahuice of the books ? How do we open a set of books ? 3. What are the Journal entries when we sell, for cash, a draft at par ] At a premium "l* At a discount ? When we purchase, on our noie, a draft at par '\ At a premium '? At a discount ? When we receive Account Sales ? When we render Account Sales? When we accept a Draft? When a person accepts our Draft? When we receive Merchandise of Adanjs & Co. to be sold on our joint Account ? When we sell the same for cash ? How close this concern '^ 4. Explain (pp. 1*2 — 47) how the sum of the debits equals the sum of tiie credits, in a transaction ; in a Journal entry ; in the whole Journal; in opening a Ledger ; in the Trial Balance ; in the Balances and Unsold Goods entered above the parallels on closing; in the Balances and Unsold Goods entered below the parallels, or in the New Accounts. Exphiin how the Balance Sheet was deduced, and how the Accounts were balanced from it in every Exercise. 5. Commenced business with Cash $2,500 ; Notes against sundry jieroons, 3,000 ; Merchandise, 2,000 ; Bank Stock, 1,500 ; We owe sundry persons on our notes, 1,800, and John Brown 1,500 on Ac- count. — Required the Ledger entries. 6. Received from Adams . 7.000 : J. Brown Dr. 3,000, Cr. 5,000; Stock Commencing Cr. 10,700; Profit and Loss , Dr. 12,000, Cr. 4.000 ; Merchandise Dr. 15,700. Cr. 0.000, unsold l.OOO; Interest Dr. 800, Cr. 600; Charges Dr. 600, Cr. 800.— Required a Balance Sheet. 7. Sold, for cash, merchandise Co. C, $1,000.— Required the Ledger entries. 10. Redeemed our own note of ^596, and was allowed discount, $6 dO.— Required, 1st. An entry m the Cash Book; and 2d. The Journal entries, deduced from those of the Cash Book. * Ans. Debit Oa.-h and Credit Bills Receivable and Interest. 4 "^ ! I' BUSINESS TRANSACTIONS Property Real and Personal.-— Conveyances, Mortgages and Assignments. — Wills. — Apprenticeship.— Partnership. Citizenship.— Patents. — Copyrights. The following forms, with the running commentary, will, it is be- lieved, give a comprehensive view of the most ordinary business af- fairs. They are designed to make the general scholar more familiar with business transactions, and while tney afford him some informa- tion and assistance, it is not to be supposed that they wdll obviate every dirHculty ; for when necessity requires a more minute examina- tion, he will naturally resort to the experience of professional counsel, while these exercises serve to render such explanation more satis- factory and simple. Although they present subjects quite different from book-keeping proper, yet for practical purposes they have the same claim upon the Student,' and will, we trust, be quite as eagerly pursued. The mar- ginal Analysis, or tcpics, were designed to aid in the recitations ; but the intelligent teacher, who has arrived at this portion of his work, will require no hints in reference to the method of teaching the same. I0<> 107 /.« I » fW I i .'I FOP VIS A^^'D EXPLANATIONS. ^^rti* Deed. Data ®')i5 inbcuture, made the twenty-fourtli day of March, one thousand eight hundred andi rarties. ^^^Y'^^^j between John Smith and Mary his! wife, of the City and State of New- York, of the! first part, and William Hunt, of Eoughkeepsie, ' Dutchess County, Attorney at Law, of the second part : — toitlUSSCtI), that the said parties of the first part, for and in consideration of the sum of two thousand dollars, lawful money of the United I States, to them in hand paid by the saiJ party of' the second part, at or before the ensealing and de- 1 livery of these presents, the receipt whereof is hereby acknowledged, and the said party of the second part, his heirs, executors, and administra- ! tors, for ever released and dischargiuJ from the! same, by these presents have granted, 'bargained, «old, aliened, remised, released, conveyed, and Conside- ration. Receipt. Transfej x/e^u. Delivery. Power of the parties. Land and its Transfer. The high est Inter I «8t in I land. I 58. A Deed is an instrument in writin". sealed and delivered, for the transfer of property. Delivery is essential ; if not delivered, no interest passes. It may sometimes be left with a third party, to be delivered upon certain conditions ; a deed is then said to be left in escrow. I The parties to a deed must be competent to! contract ; thus, the grantor should not be an in- fant, nor the grantee an alien. 59. Land is the most stable kind of property, and transfers of land are made with great care and formialitv. The most absolute interest in land is the fee simple ; fee simple is the absolute ownership in^ land, subject only to the liability of escheat to tliei rite. Escheat, Land shall escheat, or revert, to the State wh m i J 08 FORMS AND EXPLANATIONS. I >-^ confirmed, and, by these presents do grant, bar- gain, sell, alien, remise, release, convey, and con- firm unto the said party of the second part, and to his heirs and assigns forever, ^U that certain lot, piece or parcel of land, situate, lying, and be- i ing in the Fourteenth Ward of the City of New- ; York, on the Easterly side of Elizabeth street, distant one hundred and ten feet Northerly from Walker street, and bounded and described "^as fol- lows : Westerly in front by Elizabeth street ; Southerly by land of John Jones and Samuel Wa- ters ; Easterly by land now or late of James Ben- son, and Northerly by land of Benjamin Watkins ; being twenty-five feet in front and rear, and one hundred feet long on each side, ®ogct!]cr with all and singular, the tenements, hereditaments and appurtenances thereunto belonging, or in any wise appertaining, and the reversion and re- I versions, remainder and remainders, rents, issues, and profits thereof. And also all the estate, right, title, interest, dower, and right of dower property, Descrip- tion of Property there are no heirs living of the person last seized, unless the same has been disposed of by Will ; such a disposition is called devise. Heirs are persons to whom the statute directs that property in land shall descend. They are, 1. Lineal descendants ; 2. Father ; 3. Mother ; 4. The Collateral relatives. Lineal descendants of a person are those who descned directly from the person named. CoL lateral relatives are those who have descended from the same person or persons with the person named. 60. Land owned in fee simple may be conveyed, and a title given, as perfect as it is possible in^^law to pass by one instrument, by a deed, called a lull covenant. Warranty Deed like the one above. 109 Location of Prop- erty. I Heir*. Warran* :y Deed. 'i 'if E* <• I I / FORMS ANr EXPLANAllONS. 1 k full surren- der. JFulipos- j esasion. Cove- nant of seizin. Cove- nant of right to convey. possession, claim, and demand whatsoever, as! well in law as in equity, of the said parties of the j first part, of, in and to the same, and every part and [larcel thereof, with the appurtenances : QLo l)avc aixb to l)olb the above granted, bargained, and described premises, v/ith the appurtenances, unto the said party of the second part, his heirs and assigns, to his and their own proper use, ben- efit, and behoof forever. And the said John iSmith, for himself, his heirs, executors, and ad- ministrators, doth covenant, grant, and agree to and with the said party of the second part, his heirs and assigns, that the said John Smith, at the time of the sealing and delivery of these pre- sents, is lawfully seized, in his own right, of a good, absolute and indefeasible estate of inheritance, in fee simple, of, and in, all and singular the above granted and described premises, with the appur- tenances thereunto belonging, and hath good right, full power, and lawful authority to grant, bar- gain, sell, and convey the same in manner afore- Indent- ure. S Cocsiue- ntion. Grant, bargain, etc. 61. The word indenture, in the above deed, is taken from the ancient custom of cuttins: the in- ses- sion. Citizens. cestor, added to those from the common ancestor down to the other ; thus the distance of relation- ship betwen a person and his cousin's son is five degrees. Each generation is a degree. 77. We shall now consider who is entitled to hold property in land. Citizens of the United States can take land by devise, descent, or pur- chase. Citizens are persons born in the United States ; and foreigners may become citizens by a compliance with the laws of naturalization. Naturalization is the conferment of citizenship upon aliens, or persons among us who have im- migrated from foreign countries ; this conferment entitles foreigners to nearly all of the privileges of natural born Americans: the President of the United States, how^ever, must be an American by birth, and seven years' residence is necessary Natura-U izatioi.. Privi- leges. / L_ Natural- ization laws. FORMS AND EXPLANATIONS. the second part, his executors, adminislratorSj or assigns, paying the said yearly rent above re- served, and performing the covenants and agree- ments aforesaid, on his and their part, the said party of the second })art, his executors, adminis- trators, and assigns, shall, and may, at all times during the said term hereby granted, peaceably and quietly have, hoi I, and enjoy the said de- mised premises, without any manner of let, suit, trouble, or hindrance, of, or from, the said party of the first part, his heirs or assigns, or any other person or persons \Yhatsoever. 3n tX)itnc55 toljcrcof, the said parties to these presents have hereunto set their hands and seals the day and year first above writtc^n. ^\^Ail4. THEODORE AYEBB.^i AYESLEY JANSEN. ^ In the presence of Benson B. Hovt. ^ions duly naturalized, who are minors at the time, and reside in the United States, are to be considered citizens. It is further provided that if any alien shall die after his declaration of intention to become a citizen, and before actual admission, his widow and chil- dren shall be deemed citizens. 80. In New- York it is not necessary for a! resident alien to be absolutely naturalized before allowed to hold real property, if he files a deposi- tion in the office of the Secretary of State, de- clarin^: that he is now a resident of the United States and always intends to be such, and to be- oome a citizen thereof as soon as he can be natu- . J FORMS AND EXPLANATION s the southerly line of the said Windsor road; thence southerly and along the westerly line of land now, and for many years, the property of Jacob Green, sixteen chains and twenty-five links; thence southwesterly fifty links to an oak tree marked ; thence, in a northwesterly direc- tion, thirteen chains, to a stone pillar set in the o-round on the easterly line or side of the said Binghampton road ; thence, along the easterly side of said road, to the place of beginning ; being the same premises conveyed to the said party of the first part by a deed bearing date the first day of May, one thousand eight hundred and forty, and recordi^.d in the Clerk's Office of the County of Broome, in Liber 6, of Conveyances, page 55, and containing, (here give the amount of Land.) So- geti)er, with all and singular, the tenements, he- reditaments, and appurtenances thereunto be- longing, or in any wise appertaining, and the re- version and reversions, remainder and remainders, rents, issues, and profits thereof; ^tlb also, all ralized, and that he has taken such incipient measures as the laws require to enable him to ob- tain his naturalization (iVrt. 78). Such alien may hold real estate six years thereafter, when it is presumed that his naturali- zation will be complete. 81 . The title to lands in New-York, shall not be affected by the question ^f citizenship of any person through whom the same has passed before the 21st of April, 1825, and in the same state the rule formerly supposed imperative, viz. : that an alien could neither take nor pass a valid title to real estate, has been so modified as to place it within the power of every alien to secure his pro- perty, whether personal or real, to his own pur- poses, and to the use of his family, nor will his own neglect, during his lifetime, prevent bis fa- length of tims. Liberali- ' tyinNew , Ycik. 1 121 125 FORMS AND EXPLANATIONS. ' Condi- tion. ( Compli- ance in all other respects. the estate, right, title, interest, dower, and right of dower, property? possession, claim and demand whatsoever, as well in law as in equity, of the said parties of the first part, of, in, and to the same, and every part and parcel thereof, with the appurtenances, (to ^avc aiib to l)olb the above granted and described premises, with the appur- tenances, unto the said party of the second part, his heirs and assigns, to his and their own proper use, benefit, and behoof forever, |)rODibeb altoaps, and these presents are upon this express condi- tion, that if the said party of the first part, his heirs, executors, or administrators, shall well and truly pay unto the said party of the second part, his executors, administrators, or assigns, the said sum of money mentioned in the condition of the said bond or oblig:ation, and the interest thereon, at the time, and in the manner mentioned in the said condition, according to the true intent and meaning thereof, that then these presents and the estate hereby granted shall cease, determine, and mily from securing or taking measures which will secure the same result. 82. ^'And shall in all other respects comply with the laws of naturalization." The law fur- ther provides that he must, at the time of his ad- mission, satisfy the Court by the oath or affirma- tion of at least two citizens of the United States, that he has resided five years at least within the United States, and one year at least within the State w^here the Court is held, and if he shall have arrived after the peace of 1815, his residence must have been continued for five years next pre- cedins: his admission, without being^ at any time, durinsf the five years, out of the territory of the United States. He must satisfy the Court that durinof that time he has behaved himself as a man of good moral character, attached to the ; 126 FORMS AND EXPLANATIONS. I- be void. And the said John Selden, for himself, his heirs, executors, and administrators, doth cove- nant and agree to pay unto the said party ot the second part, his executors, administrators, or as- sians, the said sum of money, and interest, as mentioned above, and expressed in the said con- dition of the said bond ; ^nb if default shall be made in the payment of the said sum of money above mentioned, or the interest that may grow due thereon, or of any part thereof, that then, and from thenceforth, it shall be lawful tor the said party of the second part, his executors, adminis- trators, and assigns, to enter into and upon all and sinc^ular the premises hereby granted, or intended so to be, and to sell and dispose of the same, and all benefit and equity of redemption ot the said party of the first part, his heirs, executors, admi- nistrators, or assigns, therein, at public auction, accordiiK- to the act in such case made and pro- vided ; dnb as the attorney of the said party of the first part, for that purpose by these presents COT*- nant to pay prin- cipal aind { interest In case >i default. principles of the Constitution, and well disposed to the good order and happiness of the same. 83" " Three years minority." These may have expired ten years before the application is made, still they answer the same purpose, dis- pensing with the necessity of the declaration re- quired'from those who came to this country after they had attained to the age of twenty-one. 84. " Common law jurisdiction." The Com- mon Law of this country is derived from or cor- responds with the Common Law of England,^and it is that svstera of practice which has arisen from acknowledged principles of justice, and which has been pursued, from the earliest history, in both countries, without being formed into a written code or enacted into a statute. The above phrase is used here to distinguish courts of more ex- Thrfe yftare' minority Common law. L 127 FC RMS AND EXPLANATIONS. 1 FORMS AND EXPLANi.TIONS. duly authorized, constituted, and appointed, toj make and deliver to the purchaser or purchasers! thereof, a good and sufficient deed, or deeds of conveyance, in the law for the same in fee simple, and, out of the money arising from such sale, to retain the principal and interest which shall then be due on the said bond or obliofation, tocrether with the costs and charges of advertisement and sale of the same premises, rendering the overplus of the purchase money (if any there shall be) Or^rpins uuto thc Said Johu yelden, party of the first part, his heirs, executors, administrators, or assigns : which sale so to be made shall forever be a per- petual bar, both in law and equity, against the said party of the first part, his heirs and assigns, and all other persons claiming or to claim the premises, or any part thereof, by, from, or under him, them, or either of them, '!3.nb it is also agreed, by and between the parties to these pre- sents, that the said party of the first part shall, and will, keep the buildings erected, and to be Aj^ee- inent of insu- rance. ients be- fore 1^12 ; Indian I tended, from those which have a strictly defined jurisdiction beyond which they have no power. The Courts of Common Law are included in the former. 85. There may be few alien residents now, who vrere such prior to 1812, still the law is wor- thy of notice in connection with the subject of naturalization. The reason of the particular date is obvious, since it is an important era in our his- tory, and it is also seen that the law was designed to favor those who had voluntarilv chosen this country for their residence before the war com- menced. 86. The Indians of New- York State have certain portions of land reserved to them, and the I manner of its transfer is somewhat restricted ; no. purchase or contract for the sale of such iandj erected upon the lands above conveyed, insured against loss and damage by fire, and assign the policy and certificates thereof to the said party of the second part; and, in default thereof, it shall be lawful for the said ])arty of the second part^to eftect such insurance, and charge the same to the party of the first part, and the premium or pre- miums paid for eileoting the same shall be a iien on the said mortgaged premises, added to the amount of the said "bond or obligation, and se- cured bv these prescnits. 3n toitueos whereof, the parties hereto have interchangeably set their hands and seals the day and year above written. JOHN SELDEN. Right o< « MAEGAUET SELDEN. ^^^c Sealed and delivered in the pre- } -WMmj^ sence of Reed Hainhlton u since the 14th of October, 1775, or which^rany hereafter be made with the Indians, in this State, is valid unless made under the authority and with the consent of the Legislature. The Indians can- not dispose of such lands without this consent, unless they are the heirs of an Indian to whom the land was granted for military services during the revolution, in such case they may (since March 7th, 1809,) as well as the patentee to whom the land was granted for such service during his .lifetime, pass a valid title to the land to any citi- zen of the State, if the conveyance is executed with the approval of the Surveyor General en- dorsed thereon. 87. Any native Indian, who is apart from the tribes referred to above, may, since 1843, pur- chase, take, hold, and convey lands in this State Po'^er to conveyiu certain j casea. Other aiul 3c- quiiei. J / FORAIS ANC EXPLANATIONS. 1 AtcknoT- dg- meiit. ledg- I Minute of record. Broome County, New-York, ^'.s*. ; Before me, this ekiveritli day of April^ ono thousand eight hundred and fifty-one, personally appeared John Seldcn and Margaret Selden, to me known to be the persons deseribed in, am^ who executed the within instrument, and who seve- rally acknowledged that they executed the same ; and the said Margaret, being privately examined by me, separate and apart from her said husband, acknowled£]^ed that she executed the same freely, and without any fear or compulsion from him. PETER HOYT, Justice of ilic Peace. Recorded in the Clerk's Olfice of the County of Broom*'^, in Liber 50, p. 75, of Mort- gages, 12 April, 1851, at 20 minutes past 3, P. M. 0. Holmes, Ileg-isler, have pri vilecresof citizens. 1 f in the same manner as a citizen ; and whenever he shall have become a freehokler to the value of When to one hundred dollars, he shall be liable on contracts, and subject to the civil jurisdiction of the courts of this state as a citizen: a freeholder is one vfho lawfully ])ossesses, or is entitled to an interest in real property, either in fee or for life. Until In- dians become thus qualified, they seem to form a distinct community, subject to the Legislature of the State. 88. Idiots and infants are virtually declared incapable of making transfers of their interest in land, and therefore cannot give a valid convey- ance thereof. When Land is owned jointly with such individuals, it is sometimes desirable to free it from their ownership and control, in which case laiotS %Ad in- faii ts. FORMS AND EXPLANATIONS. Satisfaction Piece. I, Joshua Hunter, of Binghampton, Broome 30unty, New- York, do hereby certify that a cer- tain rnortgage, bearing date the 10th day of April, one thousand eight hundred and fifty, made and executed by John Selden, and Margaret, his wife, of the same place, and recorded in the Office of the Clerk of the County of Broome, in Liber 50, page 75, of Mortgages, on the 12th day of April, 1851, is paid. Dated 1st May, 1851. '^^^^- JOSHUA HUNTER. T'OTBL AiiiL' Broome County, New-York, ss. : On the first day of May, 1851, before me came Joshua Hunter, to me personally known to be the Aoknow. individual described in, and who executed the J^^g; above certificate, and acknowledged that he exe- ! cuted the same. CORNELIUS HAIGHT, Justice, i> 130 guardians are appointed to act for them ; such ap- pointment must be made by a competent court. 89. 'Corporations are associations established by the Legislature under a given name and for a specified purpose ; they can neither give nor re- ceive valid conveyances of land, unless authorized by the act which incorporates them, or by a com- petent Court. 90. When land is sold for taxes in this state, I tlie owner has two years from the sale to redeem the same, but at the expiration of that period, the Comptroller gives a full title to the purchaser, and there can be no redemption. The sale of un- occupied lands for taxes is often extensive. 91. Lands lying under water, along rivers land lakes, are subject to peculiar laws. They do not absolutely belong to the adjoining owner, "131 Guardi- ans. Corpora- tions, their powers and priv- ileges. Sale foi i taxes. ! Lands under water. CI FORMS AND EXi'l.ANATlONS. ••«MM> Pa.rti68. Purpose. Power of Attorney to Sell Lands. KnottJ all lit of the person who mortgages to redeem the property Mori gage re- ccrdttd. Immedi- ate morfr- bau:k. I3i? 133 FORMS AND EXPLANATIONS. I Dutchess CountYj New-York, ss : Be it known, that on the 12th day of April, one thousand eight hundred and fifty-one, before Acknowi me personally came William Ketchum, known t*) edgment j^^ ^^ j^^ |}-^g individual described in, and who ex- ecuted the above Power of Attorney, and acknowl- edged that he executed the same. STEPHEN HICKS, Juslice Recorded in the Register's Office of the City and County of New- York, in Liber 2, of Pow- ers of Attorneys, page 220. May 1, 1851. t Equity of re- demp- tion. Foreclo- sure suit PubUc sale. [ BrnJ uiddat«. mortgaged. The foreclosure of a mortgage is a process which cuts off the power of redemption. The property does not at once belong to the mort- gagee as soon as the interest is left unpaid, or as soon as the principal becomes due, but a regular foreclosure suit is usually commenced, and sale made, and the property must be purchased by the mortgagee at such sale before it absolutely be- comes his own. When this is not done, a forma! process of advertisement is resorted to, and sale made in public, and a deed given with the same effect as in foreclosure. 97. A bond is usually given by the mort- gagor, bearing even date with the mortgage, but the absence of this will not make the instrument less valuable as a mortgage (Art. 60). The amount of property mortgaged is very great, es- FORMS AND EXPLANATIONS. Assignment of Mortgage. KnotD all men bg tljese presents, that I, Wil- liam Rogers, of the City of New- York, merchant, of the first part, for and in consideration of the consid.- sum of five hundred dollars, lawful money of the United States, to me in hand paid by James Tanger, of the same City, of the second part, at or before the ensealing and delivery of these pre- sents, the receipt whereof is hereby acknowledged, have granted, bargained, sold, assigned, trans- ferred, and set over, and by these presents do grant, bargain, sell, assign, transfer, and set over unto the said party of the second part, a certam Indenture of Mortgage, bearing date the 20th of May, one thousand eight hundred and forty, made by Lewis Conger, and Ann, his wife, to the party of the first part, and recorded in the Office of the Register of the City and County of New York, in Liber 75, of Mortgages, page 30, together with the bond or obligation thereto belonging, and the Refe reuot pecially in cities, and the system of mortgaging is well calculated to answer the purposes of com- mercial men where quick transfers are required. The mortgage is removed from record by filing in the office in which it is recorded a certificate called a Satisfaction Piece. 98. The assignee of a mortgage acquires all the rights and interest of the assignor. The as- signment refers to the mortgage itself, in order to show clearly what mortgage is assigned, since there may be others similar to it. The assign- ment of the mortgage must be acknowledged and recorded, for reasons quite as obvious as for re- cording the mortgage itself (Art. 94). The sig- nature of the wife is not necessary in making the assignment (Art. 95), since the right gained by mere possession of the mortgage is not of a real Amonnt of prop- erty mort- gaged. Satisfac- tion Piece. Right* of the ■ipw AcknoW* ledged and re- corded. 135 '■•^'*immrmsm^^mm^'.^amw^imm^m-&'^-^::^mis^^ FORMS AND EXPLANATIONS. 1 FORMS AND EXPLANATIONS Powsr. ]i . ' "Witness. money due, and to grow due thereon, with the in- terest, QLo l)avc a\\b to l]olb the same unto the said party of the second part, his executors, ad- ministrators, and assigns for ever, subject only to the proviso in the said Indenture of Mort^rasfe mentioned : ^nu 1 do hereby make, constitute, and appoint the said party of the second part my true and lawful attorney irrevocable, in my name or otherwise, but at his own proper costs and charges, to have, use, and take, all lawful ways and means for the recovery of the said money, and interest, and, in case of payment, to discharge the same as fuUv as I mi^^fht or could do if these presents were not made. 3n tDitncss tx)l]crccf, I have hereunto set my hand and seal the tenth day of January, one thou- sand eight hundred and forty-five. .\\^L4 WILLIAM ROGERS. In the presence of Henry Wells. I iHi'^ili r Is I but of a personal nature (Art. 63, 101). The as- May be signcc may become an assignor, and thus the again, sauic mortgage may be assigned, in succession, to several persons. This power of assignment renders mortgages, leases, copyrights, patents, policies of insurance, etc., like promissory notes, (pp. 103,) quite convenient for business purposes. 99. Until April 7th, 1848, the property of married women, if in land, (Art. 63), w^as par- tially under the control of their husbands ; if per- sonal, it belonged to the husband altogether (Art. 101). In the State of New- York, the law is now Aarriage Otherwise, and the existence of the marriage re- lation does not surrender the wife's right and title to her own property of whatever description it may be, neither is it liable for the debts contracted by her husband. I Women retain their rights after 136 Recorded in the Register's Office ' of the City and County of New- York, in Liber 2, of Powers of Attornf/y, page 220. Matthew Cole, Register. May 1, 1851. MiaaU oficcori. J Personal Property, Chattels, Bill of Sale of Goods. mnom all men bjj tljese presents, that I, John Warner, of New- York city, for and in considera- tion of the sum of five thousand dollars, to me in hand paid by Calvin Hone, of the same city, at or before the sealing and delivery of these pre- sents, the receipt whereof I do hereby acknowl- edge, have granted, bargained, and sold, and by ^hese presents do grant, bargain, and sell unto he said Hone, his executors, administrators, and assigns, all the goods, household stuff, imple- Conside- r&tioa. Power ol attorney. 100. It is often necessary for a party in one place to transact business with a party residing in another. This is more conveniently done by authorizing a resident of the same place to act for the absent party. It is also customary for business persons, when leaving home for a long period, to empower seme person to transact such necessary business as might arise during their absence. The writing which delegates such au- ! thority is called a Power of Attorney (pp. 132, 148). The Power of Attorney should generally be I acknowledged and recorded, since the acts per- ! formed receive their validity from the instrument ^Xt*^ which authorizes their execution ; the instrumant, "i^^^'^ howe ^er, is not the less binding if no record of tau. the same is made in the Clerk's office.^ The I power of attorney is valid during the lifetime FORMS AND EXPLANATIONS ' Warran- I ty. ments, and furniture, and all other goods and chattels whatever, mentioned and expressed in the Schedule hereto annexed : ®0 l)avc a\\b to l)olb all and singular the said goods and household stulT and furniture, and other the premises above bar- gained or mentioned, or intended so to be, to the said Hone, his executorj; administrators, and as- signs, and against me, the said Warner, my ex- ecutors and administrators, and as^ainst all and every other person and persons whomsoever shall and will warrant, and by these presents for ever defend. Of all and singular which said goods, &c., I have put the said Hone in full possession. 3n toitncos culjcrcof, I have hereunto set my hand and seal this tenth day of March, one thou- sand eight hundred and fifty-one. JOHN WARNER. Sealed and delivered in the pre- sence of James Rand tn^ liCses its validity. Per for- eign countries I Between 8tat@3. Personal property only of the person who gives it ; the moment he dies, the instrument becomes null and void. The instrument is also valid until the person who takes a benefit under it receives notice that the same is revoked. The power of attorney to be sent to a foreign country must not only be acknowledsred, but the acknowledo'ment must be certified by the Consul of the government to which the instrument is to be sent. When they are designed for use in another State, they should be executed according to the law of the State for which they are iu- 1 tended. j 101. Personal property is that which is at- 1 tached to or may be carried with the person, and disposed of accordmg to the laws of the place where the person rt^sides : it consists of household! FORMS AND EXPLANATIONS. Bill cf Sale of a Registered Vessel. tlo all to raliont l\)C5t presents sljall come, G-reeting: Know ye that 1, Samuel Stebbins, owner of the brig or vessel, of one thousand tons burthen, called the Hector, for and in considora- tion of the sum of ten thousand dollars, lawtu money of the United States, to me m hand paid before the ensealing and delivery of these pre- sents, by Charles D. Remsen, of Boston, the re- ceipt whereof I do hereby acknowledge, and my- self therewith fully satisfied, have bargained and sold, and by these presents do bargain and sell unto the said Remsen, his executors, adminis- trators, or assigns, the said brig or vessel, together with the masts, bowsprit, sails, boat, anchors, ca- bles, and all other necessaries thereto appertain- m^ and belonging : the certificate of the enrol- ment of which said vessel is as follows : (here in- sert certificate,) to have and to hold the said ves- sel, and appurtenances thereunto belonging unto ratioo. Descrip- tion cl property Impor- tance. 188 furniture, wearing apparel, horses and equipage, money, stocks, bonds and mortgages, goods, ves- sels, promissory notes, etc. In the early history of a country, real estate is regarded as essentia to wealth, but as trade increases, and as small towns become commercial cities, we often see men of immense wealth who may have little or no real property. 102. Chattels. This is another name for per- sonal property : there are two kinds, " chattels ^'^ "* ' real" and " chattels personal." The former con- sist of rights concerning realty as a lease of land for years or for life ; the latter are independent of land; as money, stocks, etc. There is another distinction connected with chattels; things in possession, and things in I action; the latter are personal rights that are I Thing! in poi. session. *.. 189 Ill FORMS AND EXPLANATIONS. Witnei* t Bills cf •a;e. him, the said Remsen, his executors, adminis- trators, and assigns, to his and their only proper use, benefit, and behoof forever ; ^nh I the said Stebbins, for myself, my heirs, executors, and administrators, have, and by these presents do promise, covenant, and agree, to and with the said Remsen, his heirs, executors, and adminis- trators, to warrant and defend the said brio- or vessel, and all the other before mentioned appur- tenances against all and every person and per- sons whomsoever. 3u tcstimcnt! toljcrcof, I have hereunto set my hand and seal this (3rd) third day of January, one thousand eight hundred and fifty-one. SAMUEL STEBBINS. Sealed and delivered in the pre- ) ffll Wm. Ostrander. 5 not reduced to possession, but recoverable by a suit at kiw, as damages due for a breach of cove- nant, or for the detention of chattels, &cg. The possession of a chattel is considered the owner- ship unless the contrary is shown. The detail of laws which govern chattels are numerous and, complicated, and the limits we have chosen only allow us to give the simplest outline of the sub- jects treated ; if the Student desires further infor- mation, he is rete.rred to the Commentaries by the late Chancellor Kent. 103. Bills of Sale are similar in form to the above, and differ only in regard to the articles to be sold : the sale of chattels is usually effected by a BiU of Sale, but a bequest of chattels by a wnll. 104. Laws relating to commerce are mnde bv Congress, a nd peculiar privileges are conferred upon I 140 J FORMS ANB EXPLANATIONS Simple Eosid from one to one. Hnou) all Max bg tl)cse Presents, that I, Wil- liam Hyde, of Philadelphia, am held and firmly Parties bound to James Holt, of New-York, in the sum of six thousand dollars, lawful monev of the United States, to be paid unto the said Holt, his Tenaltf executors, administrators, or assigns. to which payment, w^ell and truly to be made, I bind my- self, my heirs, executors, and administrators, firmly by these presents. Sealed with my seal IDatcb the 9th day of April, one thousand eight hundred and fifty-one. The QTonbition of this obligation is such, that if the above bounden William Hyde, his heirs, ''executors, or administrators, do w^ell and truly pay, or cause to be paid, unto the above named Holt, his executors, administrators, or assigns, the full sum of three thousand dollars, like money as aforesaid, with legal interest for the same, on or before the 9th day of April, one thousand eight Condi- tion. American built ships owned and commanded by American citizens. For the security of these privileges, acts of registry have been passed ; the registry is made by the Collector of the port. 105. A Bond is an obligation for the payment of money, or for the performance or non-perform- ance of certain acts, with a penalty annexed in case of failure or disobedience : the above is a sim- ple form. When drawn bearing even date with the mortgage on land, it is usual to add the Inter- est Clause. There are diiferent kinds of Bonds. Corpora- tion bonds and Corporate bonds are the bond-; of a corporation or of an incorporated Company ; thus I the Bonds of the Corporation of the City of New- I York, and the Bonds of the Erie Railroad Com- r4f Registi Bend. Interest clanae. mmim Interest clause. The sev eral kinds. FORMS AND EXPLANATIONS. hnndred and fifty-two, then this obligation to be void, otherwise to be in full force and virtue. WILLIAM HYDE. Sealed and delivered in the pre- sence of Ensign Hayt. rii^ Interest Clause. ^nb it i^ hereby expressly agreed, that should any default be made in the payment of the said interest, or of any part thereof, on any day whereon the same is payable, as above expressed, and should the same remain unpaid and in arrear for the space of thirty days, then and from thence- forth, that is to say after the lapse of the said pany are examples. The Indemnity bond for se- curity against loss, as a bond to make good all loss to the endorser of another's note ; Collector's bonds, Sheritr's bonds, Administrators bond, &c. The penal sum mentioned in the bond is usually double the amount intended to be se- cured; this wdll cover all the interest due, and expenses necessary to collect the bond. It is not '^um**^ strictly true that the penal sum is fully paid if the condition of the bond is not complied with, as the instrument would seem to imply, only tho damage actually sustained is to be made good, but the penal sum is stated in order to name defi- nitively some amount which will probably cover • the whole damage. The person giving the bond is called the obli- .io^.-.c.^ and binds his executors, admi-j gor or bondsman, FORMS AND EXPLANATIONS. 1 thirty days, the aforesaid principal sum of three thousand dollars, with all arrearage of interest thereon, shall at the option of the said Holt be- come and be due and payable immediately there- after, although the period above limited for the payment thereof may not then have expired, any thing hereinbefore contained to the contrary thereof in any wise notwithstanding. Mortgage of Goods and Chattels. ®0 all t0 t»l)0m t\)CBC presents sl)all come, HnotX) se, that I, John Furman, of the City of New-York, hatter, of the first part, for the pur- pose of securing the payment of the money here- inafter mentioned, for and in consideration of the sum of one dollar, to me duly paid by Isaac Wall, of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is Considt ration. nistrators, &c., thus rendering his estate liable in the event of his death. The Interest Clause is attached to or incorpo- rated in the bond before alluded to, for the reason that the interest might otherwise be due for a long time, and for want of some definitive under- standing, a suit might be so long delayed as to endanger the interests of the mortgagee. There is no record made of the bond as there is of the mortgage ; in certain cases it must be filed, but this is generally in strictly legal proceedings in Courts of Justice, otherwise bonds are merely held by the person interested as security for a debt or liability. Since bonds are not recorded, jthey need not be acknowledged; it is only neces- sary to have them signed, sealed, and delivered in the presence of a witness. Delay. Acknow ment. I ill lllKj j^uo^v. H2 143 FORMS AND EXPLANATIONS, Where •Ituated Condi- tion. Chattel mort- gage. Filed. hereby acknowledged, have bargained and sold, and by these presents do grant, bargain, and sell unto the said party of the second part, all the fur- niture contained in the house known and di.-tin- guished as number 20, Columbia street, and all other goods and chattels mentioned in the schnd- ule hereunto annexed, and now in the same. (Ho have anh ta i)Dlb all and singular the goods and * chattels above bargained and sold, or intended ^o to be, unto the said party of the second part, his executors, administrators, and assigns forever: !3.nb the said party of the first part, for himself, his heirs, executors, and administrators, all and singular the said goods and chattels above bar- gained and sold unto the said party of the second part, his heirs, executors, administrators, and as- signs, against the said party of the first part, and against all and every person or persons wdiomso- ever shall, and will, warrant and forever defend. Upon aronbition, that if the said party of the first part shall and do well and truly pay untoj The above is a bond from one person to one other person; sometimes two join in the same' bond, and then the language should bind them jointly and severally, and it should be signed and sealed bv both of them. 106. The mortgage of Chattels is similar in form to that of real estate, and its object is thej same, viz., security for money due or loaned, or against liability. The instrument requires the signature and seal of the mortgagor in the pre- sence of a witness, and the signature of the mort- gagor also at the close of the schedule, to show his assent to a mortgage of the articles stated. Since this is not recorded, no acknowledgment is required; it is simply filed in the office of the Clerk of the County or Town, or of the Register. Unless the same is renewed at or before the close 144 . J FORMS AND EXPLANATIONS. the said party of the second part, \is executors, administrators, or assigns, the sum of five hun- dred dollars, lawful money of the United States, with interest thereon, one year from this date, then these presents shall be void, ^itb the said party of the first part, for himself, his executors, ^^Core-^ administrators, and assigns, doth covenant and ''^^^^^^f agree to and with the said party of the second part, his executors, administrators, and assigns, that in case default shall be made in the pay- ment of the said sum above mentioned, then it shall and may be lawful for, and I, the said party of the first part, do hereby authorize and empower the said party of the second part, his executors, administrators, and assigns, with the aid and as- sistance of any person or persons, to enter my dwelling-house, store, and other premises, and such other place or places as the said goods and chattels are or may be placed, and take and con- vey away the said goods and chattels, and to sell and dispose of the same for the best price they ticn piece of the year, its virtue expires, and every creditor will have the same right to the property as the mortgagee. This mortgage can be satisfied at Satitfao- any time during the year by a receipt on account of the mort^asre from the n^rtga'gee to the mort- gagor, or by filing a satisfaction piece snnilar to that in real estate (pp. 131). This mortgage is very convenient for tempo- rary loans to persons who have no real property. The chattels are often insured, and the policy as- signed to the person loaning the money. 107. Patents and Copyrights come under the classification of personal property. A patent is an exclusive right or privilege to receive benefits resulting from the public use of an invention or discovery. The Patent Office is established at Washington, and is under the control of the gen- — - Us6 rf the m srt Fatent FORMS AND EXPLANATIONS. can obtain, and, out of the proceeds thereof, to retain and pay the said sum above mentioned, and all charges touching the same, rendering the overplus (if any) unto me, or to my executors, administrators, or assigns. ^\\ii^ until bcftluU be made in the payment of the i?aid sum of money, I am to remain and con- tinue in the quiet and peaceable possession of the said goods and chattels, and in the full and free enjoyment of the same. Jn initncoG tDl]crcof, I, the said party of the first part, have hereunto set my hand and seal the eighth day of May, one thousand eight hun- dred and fifty-one. Agree- ment of posses- sion. D»t«. JOHN FURMAN. Sealed and delivered in the pre- sence of Brainard Hope. If tioi. eral government. Application is made, in writing, to the Commissioner of Patents, by the person who has invented or discovered any new and use- ful art, machine, manufacture, or composition of matter, or any new^and useful improvement on any art, machine, manufacture, or composition of matter not known or used by others before his discovery or invention thereof, and not at the time of his application for a patent in public use or for sale with his consent or allowance as inventor or discoverer. A written description must be given, and also a model when the subject admits. An nath or affirmation must be made by the a])p]i- cant, that he believes himself to be the orio^inal in-l ventor or discoverer, and does not know or believe! that the ^ame was ever before known or used, and he must further state of what country he is a citizen. Descrip- tion. Affirm tion oath. u. I FORMS AND EXPLANATI0^'3 SCHEDULE. 2 mahogany sofa bedsteads. 1 rosewood piano. 1 large looking-glass. 2 small " 1 marble top table. 1 sofa. 2 mahogany bureas. 8 pairs of window shades. 1 astral lamp. 1 divan. 6 mahogany chairs, &c. JOHN FURMAN. »f mcrt- gag«d jurticiM Letters patent. llfi If the applicant is a citizen of the L-nited States, or an alien of one year's residence, he is f©«« to pay into the United States Treasury $30; if a subject of Great Britain, $500 ; all other appli- cants, $300. If the application is granted, let- ters patent are issued giving exclusive rights to the patentee for 14 years ; in some cases this is re- newed for a period of 7 years. It is not essential that the original patentee should always hold the letters patent, for like other personal property, they may be assigned, or at the death of the pa- tentee, the privileges may accrue to his heirs, ex- ecutors, and administrators. The.Circuit and District Court of the United States have jurisdiction over cases for the viola- tion of patents. 108. Copyright law^s are made by Congress. ■ 147 Assign- die lit ^ a.* t on .J FORMS AND EXPLANATIONS. p o^^er Dividends, 4. :!j!Iect 4-5^ A^t 000. , T, col- i \mc\ div- dtiuds. Knoro all Ulcn h\) tl)csc Presents, that I, Her- man Cuher, of Hudson, do hereby appoint Ste- phen Hart, of Jersey city, State of New Jersey, my attorney for me, and in my name, to receive the dividend, or dividends, which are, or shall be payable, according to law, on the first day of Au- gust, one thousand eight hundred and fifty-one, on all the stock standing in my name on the books of the Morris Canal and Banking Company, hereby ratifying and confirming all that my said attorney or substitute or substitutes shall do by virtue hereof. 3n tsitncso iui)crcof, 1 have hereunto set my hand and seal the 1st day of May, 1851, (one thousand eight hundred and fifty-one.) HERMAN CULVER. Sealed and delivered in the pre- sence of Robert Hutton. The authors of books, maps, charts, musical com- positions ; also the inventors and designers of prints, cuts, and engravings, being citizens of the Atuhors. United States, or residents thereof, can secure, by copyright, the exclusive privilege of printing, re-printing, publishing, and vending their own productions for the period of twantyeight years from the time of recording the title thereof. The copy- right can generally be renewed at the close of this period, and held thereafter fourteen years. It is required that the author or proprietor, be* fore publication, deposit a printed copy of the ti- Copfde- ^^^ ^f ^^^ book, map, chart, musical composition, posited, print, cut, or engraving, in the Clerk's Office of the District Court wherein he resides, that a re- I cord of the same can be made ; also, that he cause | j to be inserted on the title page, or on tho pagej Will botli of Personal and Real Jn U)e name of ©0b, ^men. In view of the uncertainty of life, and desirous to settle my worldly affairs while I have strength and ability so to do, with sound and disposing mind and memory, and with healthful body, I, Philip Sloan, of the City and County of New- York, late ship builder, do make, publish, and declare this my Last Will and Testament. 3t is mg toill^ that my funeral expenses, and all my just debts, be paid as soon as they can conveniently, by my executors herein named after my decease. 3 giuc anh bcqncatl] to my beloved wife, Mary, absolutely, the furniture of the house in which I ^[^^r^, now reside. No one, Clinton Place, together with ^^^^ all the fuel and consumable household provisions, luteiy land the linen, china, and glass, together with the money and bank notes which may be in the said Funeral expenses and debts. US next following, in each and every edition of the book, or cause to be impressed on the face of every map, chart, musical composition, print, cut, and engraving, or upon the title or frontispiece of a volume of the same, the words, ''Entered ac- cording to Act of Congress in the year (date), by (proprietor's name), in the Clerk's Office of the District Court of (name of the District)." The author or proprietor is further required to deliver, or cause to be delivered within three months after publishing, a copy of the book, map, etc., to the Clerk of the District Court where the aforesaid record was made, also one copy to the Librarian of the Smithsonian Institution, and another to the Librarian of Congress Library. A copyright may exist in a translation of a work, in jthe additional notes, or in an abridgement. As- 1 _! - Copiei deliT' ered. (t> 149 r m FCRMS AND EXPLANATIONa InTentO' Devise of land for one life and then in fee forever. house at my decease, the plate, wearing apparel, &C.5 and I direct my executors to cause an in- ventory to be made of the same articles, to be signed by my said wife and executors before their delivery to her, and two copies to be made of said inventory, and one to be delivered to my said wife, and the other kept by my executors. 3 giue anh hcviBC unto my son Samuel, all my freehold messuage, with the out buildings, garden, grounds, thereto adjoining and pertain- ing, situate and (being now in the possession and occupation of Jesse Opdyke, for a term of two years) lying in the County of Westchester, State of New- York, for and during his natural life, and from and immediately after his decease, I devise such hereditaments to my son William and his heirs forever. ^iiir ujljcreas, by virtue of a lease bearing date on or about the first day of August, 1840, made between Harvey Bacon, of the first part, and myself, of the second part, I am entitled to liease. '4 signments of copyrights should be made by re- cord thereof in the Office of the District Court. 109. A Will or Testament is a written instru- wiiL ment made in a manner prescribed by law, and declaring the wishes of the testator in reference to the disposal of property after his death. Every person has a right to dispose of his own property in the manner he chooses, unless with some un- just or injurious purpose. In this State, neither Property real uor personal property can, in any manner, be controlled by will for a longer period than during the lives of two persons named in the will, and living at the time of the testator's death. 110. Executors are usually named in a will' for the purpose of carrying oat its provisions, but this is not essential to its validity. The personal! property left by an intestate, or a person dying j con trolled by will EzecQ ten. U i FORMS AND EXPLANATIONS. term oi ye&rt. the rem9i'3dpr of a term of years now to come and unexpired, of and in all that messuage, tenement, or dwelling-house, situate and being in Twelfth street, in the City of New- York, now in the occu- pation of Lewi). Murray : IXom 3 Qivc to my son Gin of • Jackson, the said leasehold premises, for and during so many years as of the said term as he shall live, and after his decease, I bequeath the same leasehold premises to my grandson, Theo- dore Sloan, for the whole of the unexpired term of my said son's decease, subject to all the con- ditions thereinafter contained nevertheless. J ginc anh hcviBC unto my son Charles, and his heirs forever, all that farm in the County of Dutchess, upon which I have been accustomed to reside during the summer season, with all the stock and buildings thereon, with their furniture and appurtenances, subject to this condition, ne- vertheless, that he execute a bond, and also to- gether with his wife, a mortgage to my cousin James Sloan, to secure the payment of five thou- Devisa of land in fe«. Condi- tion- Ailmin- istratonk 150 without leaving a will, is disposed of by admin- istrators duly appointed by the Court. Admin- istrators are*^ always required to give security, and Executors, residing in another State, are usu- ally required to give security. A Codicil is an instrument additional to the will, executed at any time afterward by the same Cndicii. testator, with the same formalities as the will it- self, and designed to modify some of its provisions, or explain more fully some portion of it which might not be clearly understood. There may be several codicils annexed to the same will, and the wishes of the testator are to to be gathered from the main instrument and its codicils taken togethei. 111. The form here given for a will, is com- mon in the State of New- York, and those used in 'other States are not materially different, some ro- L 151 Form and wit- ne»ft>. J m 4a il nh "J b» I': 5*>; If* ' 1(1 FORMS AND EXPLANATIONS. B«:ii2est in trust i for one I Ufe. i poii»:cn ' of this trust fuiid. sand dollars, with annual interest thereon, at the termination of the period of five years from the date of the deed to my said son, of the same pro- perty, from my executors, which I order and di- rect them to give as soon as can consistently be done at least eighteen months from my decease. 3 Qwc a\\b bcqueatl) to my executors herein named, the sum of twenty thousand dollars, in trust, nevertheless, to invest the same on bond and mortgage, or in good and safe stocks, in their discretion^ and I order and direct them to pay the interest or proceeds of the same, semi-annually, to my beloved wife, Mary, during her life, and at her death I give the said sum of twenty thou- sand dollars to be divided between the follow- ing benevolent societies, in the following man- ner $2000 to the American Bible Society, located in the City of New- York. $5000 to the American Tract Society, located in the same City. Resi- ience cf w'it- nessei. I liiterlin- eAtions. quiring three, and others only two witnesses, ! Although the law requires that it shall be exe- ^ cuted in the presence of witnesses, yet no partic ular form is essential, further than to have ii , legal, explicit, and complete. The manner of; execution, shown at length in the instrument | above, has grown into ordinary practice, and I is completely satisfactory. The witnesses arej required to set down their names and residences upon the instrument. A will may be revoked any time during the lifetime of the testator, either by destroying it himself, or ordering its de- struction in his presence, or by making anothei \ subsequently, which of itself annuls the former if i inconsistent with it. When interlineations or erasures are made in anv instrument of this kind, notice of the same should be made before the sig- 152 FORMS ANn EXPLANATIONS. I I $6000 to the American Board of Foreign Mis- eiros, located in the same City. ^7000 to the Fi^e Department Fund, in the rsame Ci^y. i^t i-5 mj toil^ that all the rest and residue of my real estate b3 sold at public auction within eighteen raonths after my decease, or as soon [hereafter ps my executors shall deem most expe- dient that the best price may be obtained there- for, and that the proceeds thereof be placed with my personal estate, and subject to the same dis- position. J gbe an^ bcrjucat!) the sum of three thou- sand dollars to my Executors, to be equally di- vided between them, in full, for all services in the matter of the execution of this my last will and testament. J git)C axxb bcrjueati) all the rest and residue of my estate to my three sons, Samuel, Jackson, and Charles, to be equally divided between them. I hereby nominate and appoint Hugh Brady, of th^ i real es- j tatfl to ! be eoli I t Bequest to exec- Final di« i position of the residue. Execn- lors named. ig&tionft. natures are taken. We have already remiarked, that the provisions of a will should be clearly de- fined. It would seem that the instrument might always be made so plain and explicit as to pre- vent such differences of opinion and such litiga- tions as often arise, but in practice it is found otherwise; some of the longest and most trying litigations arise even from those which weie sup- posed to be very siuiple and carefully drawn. • The Court expressly established with juris- diction over the proof of wills, or to dire<^t and control the executors and administrators of es- jtates, is the Surrogate's Court for each County, 'or the County Court, which in some Counties ol too small a population for an additional oiHcer to ♦•"uri or attend to these duties only, exercises the same court. j powers as the Surrogate does in those Counties Sufo- gate's ■Tsf il /« FORMS AND EXPLANATIONS. 1 clause. -|-5 I William Toby, and Henry Warren, the Executors of this my Last Will and Testament, and revoke all other and former wills made and executed by me. Jn toitiKSS twlicuof, I have hereunto set my hand and seal this sixteenth day of April, onej thousand eight hundred and fifty-one. ^^^^^ PHILIP SLOAN. I Signed, sealed, published, declared, and acknowledged, by the above named testator, to be his last will and testa- ment, in our presence, and we each, at his request, and in his presence, and in the presence of each other, subscribe our names as witnesses. Wm. Hyde, 75 Bleecker street, N, Y. City, Henry Ford, 16 Fifth Avenue, N. Y. City. George Hagar, 13 Twelfth street, N. Y City. variety of Fonna. for which that officer is appointed. Before this Court wills are proved, and under its direction recorded, and their provisions carried out and ac- counts rendered and settled. Wills not in writing are void, unless made by a soldier in actual ser- vice, or by a mariner at sea. The executors have no power to act, except to pay funeral ex- penses, until the will has been proved before the Surrogate of the County, and ''letters testamen- tary "V^^^^^^^Y) g^a^^^^d ^^^^ ^y *^^ SuJTOgate. The positions of families are so varied, and the wishes of testators so diverse, that it is im- possible to give in a single example, an adequate idea of the forms which Wills may assume, or of the provisions they may contain. The above, how- ever, is sufficient to show the design and scope if the instrument. J 151 FORMS AND EXPLANATIONS. Assignment to pay Debts. OTo all to toljom tl)esc prest^nU sljall come: I, Alexander Bird, of Rochester, New-York, mer- j chant, send greeting : iDl)erea0 I am indebted unto Everett Hal- stead of Syracuse, in the sum of six thousand dollars, lawful money, &c., and unto John Pen- don, of Auburn, in the sum of one thousand dol- lars, each of sai 1 sums of money being loaned to me. NoiD knotn 'U, that I, the said Bird, for and towards the satisfaction of the said sums of mo- ney, and for divers other good causes and consid- erations, have granted, assigned, bargained, and sold, and by these presents do freely and abso- lutely grant, assign, bargain, and sell unto the said Halstead and Pendon, all, and all manner of goods, chattels, debts, moneys, and all other things, of me, the said Bird, whatsoever, as well real as personal, of what kind, nature, or quality soever. QLo i)avt anb to l)olb the same, and every part and 112. The above is a simple form of an assign- ment, sufficient, however, to illustrate the object intended. Here the creditors, two in number, are made the assignees, and all the property of the debtor is delivered up for the payment of his debts, with the understanding that the overplus shall be returned ; and for such return he has a right of action. In most assignments, a return of the overplus is expressly provided for by an addi- tional clause. The assignment is not always made to the creditors directly, but often to other and disinterested persons, who dispose of it, sub- ject to modifications and provisions there intro- duced. i Such assignments are made only when the assignor's circumstances are failing, or his suc- cess doubtful, and when the suspicion of creditors I II 155 Assign ment Crcdife- ors. A 8»ign» meiit W pay Debts. r FORMS AND EXPLANATIONS. parcel thereof, unto them the said flalstead and Pendon, their executors, administrators, and as- signs forever. 3n mlncBB taljcrcof, 1 have hereunto set my hand and seal this 17th day of April, one thou- sand eight hundred and fifty-one. ALEXANDER BIRD. H witaMi Witness, ) Isaac Hart. \ Ai-tioles of ADprenticesliip. Cljis Jnbcnturc tUilncssctI), that William Jones, now aged fifteen years, by and vvith the! consent of his mother, Martha Jones, hath volun-j tarily, and of his own free will and accord, put and bound himself apprentice unto Jackson Hyer, of the City of New- York, jeweller, to learn the Parties. Two- thdrl Act. or his own fears seem to demand it. The assign- ment is not generally of any particular advantage to the assignor, except to show that he has hon- estly given up all his property to his creditors, he being still liable to them for the balance if there is any ; but there is a method of procedure in which the assignment entirely frees the debtoi from such balance for ever; and although insol. vent, he really begins the world of business egain unincumbered. This provision is 2alled the, *' Two- Third Act," taking its name from the con-t dition, that two-thirds of the creditors or those to whom two-thirds of the debts are due, shall join with him in a petition for a discharge. The un-i fortunate are thus enabled to continue business, ! notwithstanding the opposition of a few inexora-' ble creditors. 156 FORMS AND EXPLANATIONS artj trade, and mystery of the business of working and manufacturing the precious metals, and as an apprentice to serve from this date for and during, and until the full end and term of six years next ensuing, during all of which time the said apprentice his master faithfully, honestly, land industriously shall serve, his secrets keep, all lawful commands every where readily obey, and at all times protect and preserve the goods and property of his said master, and not suifer or al- low any to be injured or wasted : he shall not buy, sell, or traffic with his own goods, or the goods of others, nor be absent from his said master's service day nor night without leave, and in all I things behave himself as a faithful apprentice ought to do during the said term : '^iib the said master shall use and employ the utmost of his endeavors to teach or cause him the said appren- tic-^v to be taught or instructed in the art, trade, and mystery aforesaid. ^nb for the true performance of all and sin- Term Cove- nan ta 113. Articles of Apprenticeship, in New York, ^vv ' ilea and in several other States, can be executed by minors who may bind themselves by their own free will, with the consent either of their parents, guardians, the overseers of the poor, two justices or a judge, to a term of service as clerk, appren- tice or servant, limited to the period of their minority. Such consent should be signified in writing upon the back of the indenture, or by certificate at its close by the person entitled to execute the same. Tne County Superintendent of the Poor, in the several counties, may bind out minors who are sent to the county poor houses, or who are or shall become chargeable to such county, to be clerks, apprentices, or servants for a term limited to the period of their minority ; such binding ren- ship Minora I'oor Hen::* ••''^Tfr»i*-tii'liBiYrrtfn'air*'"iii''-Ti' fi«fr^ ^^^ fm^}-.-%^i'^y'''^"""*'"''"'''""''f"™'"^''" ' M FORMS AND EXPLANATIONS ■n I gular the covenants and agreements aforesaid, the said parties bind themselves each unto the other firmly by these presents. Jn U)itnc6S roljcrcof, the parties aforesaid have hereunto set their hands and seals the first day of May, one thousand eight hundred and fifty-one. WILLIAM JONES. r^^^.M^ I rit^ .vi54^i< JACKSON HYER. 'i7^\^ Witnesa. Sealed and delivered in the pre- sence of Norman Judson. I do hereby consent to and appiove the bind- ing of my son as above mentioned. MARTHA JONES. ! c If ii (I Autho- rity and Educa- tion. Partner- ■hip. Obj«<]^ shall be as effective as when it is voluntaiily don by the minor himself, with the consent of his guardian. The persons to whom such minois are bound, are supposed to exercise the same au- thority and care over them, as would have been allowed or required of the parent. The provisions of the Indenture often enjoiu attentioQ to the education of the apprentice. 114. Partnership is the association of two or more persons for a specified purpose, in which they have a common interest, and assume a com- mon responsibility. The object to be secured is a union of capital, responsibility, and interest. Men do not always possess the means requisite to carry on their favorite employments, and when they do, there is often an unwillingness to risk all their resources in a single enterprise, with a possibility, 15H " Articles I UnatD all men bg tl)e0e presents, that we, ! Henry West and James Strong, of the City of , Buff'alo, have joined, and by these presents do copj,t. join themselves to be copartners together in the «^«^^^ j art or trade of binding books, and all things thereto ' belonging, under the partnership name and style of "West and Strong," for and during, and until the full end and term of five years from the first I day of May, one thousand eight hundred and fifty.one ; and to that end and purpose, he, the .said West, hath, at the day of the date of these presents, delivered in as stock the sum of three thousand dollars, to be used, laid out, and ex- pended in common between them, for the mana ge- ment of the said trade of book-binding, to^ their mutual benefit and advantage, and the said Strong has also contributed the sum of three thousand dollars at the same date for the same purposes, ^ub it is agreed between the said parties to -\ and in these times, frequent probability, of failure The variety of a business often requires several persons to conduct its various departments suc- cessfully ; and thus by partnership, the duties, risk, responsibility, and interest are divided among the partners to the greater security and success of the business. Partnerships exist among mer- chants, mechanics, farmers, stage proprietors, etc., and they may be limited to one, two, or more years, or subject to dissolution at the pleasure of the parties. The respective portions of the joint capital furnished by the parties, may be un- equal, and thus the profits will be unequal, unless the particular skill and attention of one or more of the parties is to be considered as 'an equivalent for a certain amount of capital. j It sometimes happens that a partner has nothing I Advan- tages. Term. Joint CapitaL TTn- eqoai 159 ' - tuTi t rr t i f OS 'itiilUUite fiMfi'tffit'-'^ . ir* 1 FORMS AND EXPLANATIONS Capital. these presents, and the said copartners each for himself, respectively, and for his own particular part, and for his executors and administrators, doth severally, and not jointly, covenant, promise, and agree to and with the other partner, his ex- ecutorif and administrators, by these presents in mann(3r and form following, (that is to say,) That they the said copartners shall not nor will at any time hereafter during the said term of five years, separately use, exercise, or follow the trade of book-binding aforesaid, or any other trade w^hal. soever, during the said term, but shall and will, if they shall so long live, do their, and each of their best endeavors during said term, in and by all means possible, to the utmost of their skill, power, and cunning, for their joint interest, profit, benefit, and advantage, and truly employ the said capital stock of six thousand dollars, and the increase thereof, which shall be added thereto, in the trade of book-binding aforesaid, without any sinister intentions or fraudulent endeavors what- the Artieles. Business of the Firm. to contribute beside his attention, influence, and skill. It is customary to execute Articles which A copy of shall express the terms or conditions of the Co- partnership at the time of its formation, and each party is entitled to a copy of the same. The operations of the firm should be clearly defined and limited in the Articles of Copartner^^hip, and when one partner transcends these limits either by purchases, drafts, or otherwise, the other part- ners are not responsible, but when such opera- tions are in the usual course of the business, the partners are individually responsible. As a gen- eral rule, each partner is liable for all partner- 1 ship engagements to the extent of his private or , individual, as well as partnership property ; there ' is, however, an arrangement called Special Part- hiMk'ul 9p#ciaJ Fartr.er- ■hips. 160 r FORMS AND EXPLANATIONS. soever : and also, that they the said copartners shall and will from time to time, and at all times hereafter during the said term, pay, bear, and discharge equally between them, the rent of the shop which they'^the said copartners shall hire for the purposes of the trade aforesaid, and without any encroachment of or upon the said $6000 And that ail such gain, profit, and increase, that shall come, grow, or arise for or by reason of the said trade and joint occupancy as aforesaid, shall be from time to time, during the said term, equally divided between them : And also, that all such loss as shall happen to the said trade by bad debts, ill materials, &c., without fraud, shall be paid and borne equally and proportionally be- tween them. 2lnb further, it is agreed by and between the said copartners, parties to these presents, that there shall be had and kept from time to time, and at all times during the said term, perfect, just, and true books of account, wherein each of Ex- pen Ml. Pro- visions. nership, in which, by the contribution of a speci- fied sum, and by conformity to certain legal requirements, a partner shall not be liable far- ther than to the extent of his contribution ; but he shall not actively engage in the partnership business. The requirements are principally publication and filing of a notice of the firm, names of part- ners, terms, amount of contribution, etc. Special Partnerships are quite common, and serve for investments where the profits may be equal to what they would be, if the partner were in actual business, without risking more than the sum con- tributed. A Special or Silent Partner is one who invests in the concern a certain sum, and receives profits Partnsi arising therefrom without any use being made of Adviit- taget. Sileni ! . . larismg X6\ .J»5 5 « FORMS AND EXPLANATTO VS. n I f Books of Aaooint. Cftation 0«t«nsi- iU Part- ssrs. the said copartners shall duly enter and set down, as well all money by them received, paid out, and expended in and about the said trade on ac- count of the said partnership, and all matters whatever pertaining thereto, which said books shall be used in common between the said co- partners, so that either of them may have access thereto without any interruption of the other, and also that they the said copartners shall once in three months at least, make, yield, and render each to the other, or to the executors of each other, a true, just, and perfect account of all pro- fits and increase made, or losses sustained by them, or either of them, in the business of said concern, and the same account so made shall and will clear, adjust, settle, &c., pay each unto the other at the time of making such account, the equal share belonging to him, so made as afore- said, and at the end of the term of five years aforesaid, or other sooner determination of these presents, (by death or otherwise,) they, the said his name, without his interference in the busi- ness, and without his incurring any liability far- ther than to the extent of his contribution or in- vestment; an agreement thus made is termed Special Partnership. A Silent Partner should not allow his name to appear in the ordinary business, not even desig- nated by the term Go. or Company, for by so doing he would be considered an ostensible Part- ner, and therefore become liable for the debts of the firm. Those who are represented to the world as partners with their consent, will be considered as such, and no private arrangements will control liability, unless the partner has complied with the terms of Special Partnership. 115. As a source of information for the general Student, additional to the Commentaries on! ( W2 i FORMS AND EXPLANATIONS. Fintl ! copartners, each to the other, or in case of the ' death of either of them, the surviving party, to i the executors and administrators of the party de- ' ceased, shall and will make a true, and just, and final account of all things as aforesaid, and divide the profits aforesaid, together with the capital sum at first contributed and not then expended, ^^ and also all stock, whether of paper, skivers, or Account tools, will equally divide, share and share alike, when all partnership debts have been paid, and all liabilities satisfied. Jn toitness rolicrcof, we hereunto set our hand^ and seals this twenty-fifth day of May, one thou- sand eight hundred and fifty-one. HENRY WEST. JAMES STRONG. I In the presence of Wm. AVeeks. ! M* I American Law, (Art. 102), he is referred to the , Constitution of the United States ; and to the ^Ge^.er^ residents of each State, a knowledge of their Con- stitution and Revised Statutes is of great import- These constitute the foundation of our ance. political fabric, and whoever understands them will be able to comprehend the modification of cases arising under them. To the students of Law, several treatises have been dedicated, and we may select as they have selected. It will Coum not be expected that we shall further specify Re»dm, subjects, or mention particular treatises, other- wise, our suggestions might seem to assume a professional character. These outlines, however, for obvious reasons, should be distinct and famil- iar to every citizen of the United States. I i ■h 163 "■•l"-kJ*^™'J.';-*?' ' ^ 11 GLOSSARY. Abatement, an allowance or discount. , Bill of Entry, a list of goods entered Acx^EPTANCE, at. engagement to pay a draft or order, by writing across it the word "Accepted" and also the sig- natui-e of the acceptor. AccxDUNT, a statement of the debits and credits of a transactioa Administrators, persons appointed to manage the estate of an intes- tate. Ad-valorem, according to the value of aiticles, not by weight, number, or package. Adventure, consignment or shipment of goods to be sold on commission. Advices, mercantile intelligence. Aliened, sui rendered. Appurtenances, things naturally con- nected. Arbitration, the investigation of a cause by an official person, or by persons mutually chosen by tiie con- tending parties. Assessments, tiixes levied on property. Assets, resouicea Attorney, one who acts for another ; a lawyer. Assignment, a transfer of right, title, or property. Assignee, the pei*9on to whom an as- signment is made. Attachment, a legal claim on pro- perty. Award, judgment rendered by arbi- trators. Balance, the difference between the footings of an account. Banker, one who acts as agent for re ceipts and payments of money. Barter, to exchange one commodity for another. Bequeath, to leave by will. Behoof, profit, advantage, benefit Bill, applied U) notes, di-afo, &c at the custom-house. Bill of Exchange, an order addressed to some person residing at a distance, dh'ecting him to pay a sum of money in consideration of value received. When a commercial intercom-se li caiTied on between two cities, as for example, New York and London, it will always happen that there are parties in each city, who are indebt- ed to persons in the other : Thus, A at New York, owes Y of London, £300; and Z of London owes B of, New York £200 ; and C of the same place £100. Now, if A buys of B an order on Z for the payment of £200, and of C an order on Z for the payment of £100, and remits thesp two orders to Y of London, the lat- ter receives of Z the £300 due to him; and the respective claims are adjusted in a simple, safe, and expe- ditious manner. Bill of Lading, a wi-itten statement of goods sliipped, signed by the master of the vessel Bill of Sale, a contract, or instrument by which a person transfers his in- terest in goods and chattels to ano- ther. Bills Payable, one's own notes or ob- ligations in circulatioa Bills Receivable, other men's noteft or obligations in our possession. Blank Credft, permission given by one house to another, to di*aw on it at pleasure, to a ceitain extent Bona Fide, in good Mtk Bond, an obligatioa Bottomry Bond, moitgage or lien up- on a vessel Broker, one who effects exchangei? in money, stocks, T, an allowance mraie for prompt payment, rate of loss. Dishonoi eu a bill is said to be dit- honored, when payment or accept ance is refused. Dividends, shares in trade, gains. Draft, a bill drawn on a person for money, bill of exchange, check. Drawer, the maker of a bill Drawee, tlie person on whom a bill \a drawn. Drawback, an allowance made on the fulfilment of ceitaiu conditions. Duplicate, a copy of a ti*ansaction or account Consideration, the material cause of a Duty, a government tax on goods contract 'Consignee, a person to wbom goods ai'e sent to be sold on commission. Consignment, (See Adventure). Consul, an agent of government at a foreign port. Contra, on the other side, opposite. Conveyance, a ti'ansfer of property. Co-partnership, the union of two or more persons in trade. Covenants, terms of agreement, condi- tions. Course of Exchange, the current or variable price which is paid in one country, for bills drawn on indi- viduals in another ; it is beloic, at, or above par (See Par of Exchange). Credit, to enter on the right hand side of an account Creditor, the person to whom a debt is owed. Customs, duties levied on goods. CusTOM-HousE, an ofiice for government agents, who collect duties on goods. Debenture, custom-house certificate, which entitles the shipper to a di'aw- back on goods exported. Debit, to enter on the left hand side of an account. Debtor, a person who owes another. Default, neglect, refusal J\:mand, the act of calling for pay- payment Demise, to gi-ant an intf^rest Demurrage, allowance per day for the detention of a ves**el in port, beyond the time agi'eed upon. Devise, grant of land to take effect af- ter tlie death of the grantor. ex- ported or impoited. Effects, a part, or all of one's proper- ty, mone} , stocks, I'eal estate, I .1 GLOSSARY. Freight, auin paid for tlie ti'Jinsporta-' Mortgagee, one to whom a mortgage^ tion of goods ; the cargo of a vessel. ' is given. | Grace, days ot\ time allowed by Liw Money, circulating medium. 1 for the payment of a bill after the N^et Proceeds, the balance after all ejt- \ date on which it falls due ; in the penses are paid, gain upon the whole. United States, it is usually 3 days. Net Weight, remainder after all de- Ouarantee, a pledge to fullil. | ductions ai*e made. Honored, dratts are said to be honor- Notary Public, an officer appointed to ed, when they iu*e accepted or paid. Hereditaments, things which may be inherited. Importation, ac* of bringing goods in- to a country. Indemnity, security against loss. Indefeasible, not to be divei*ted or defeated. Indorse, (fee. (See Endorse.) Indenture, wi'itten instrument Infant, a person under twenty-one years of age. Instalments, sums to be p:iid at cer tain times. Insurance, secmity against losses. Intestate, one who dies witliout leav- inii: a will. Investment, disposition of money. Jointly, in company with others, not singly. Judgment, decree of a competent court Jurisdiction, right to control Lawful Money, that which is current Lease, a contract granting possession. Leasehold, property held under a lease. liEDGER, a book which exhibits a sum- mary of one's business. Let, prevention, hindrance. Letter of CREDrr, one which entitles a person to receive funds on the cre- dit of another. License, a privilege to cairy on a cer- tain business. LLABnj'HES, debts of an individual, and also notes or other claims against him. Liquidation, adjustment and payment of debts. Manifest, an invoice of a ship's cai'go. attest deeds and other wiitings, and before whom bills are protested for non-payment Note, a written insb'ument which ac- knowledges a debt, and promises payment Obligation, indebtedness, an act which binds a person to some performance. Obligee, the pei"3on to whom another is bound. Obligor, the individual bound. Office, a place for the transaction of business. Order, a written request to pay or de- liver something. Package, a bundle of goods. Par of Exchange, denotes the legal value of money in one country, ex- pressed in the currency of another. The old par value of a poimd ster- hng was $4,444', but under the 7iew par^ the value of a pound sterUng is fixed at $4.84' : when, therefore, ex- change on England is said to be at 9 per cent premium on tlie old ba- sis, it is only at par on the new, thus §4.44' X 1.09=:S4.84'. Exchange on England is therefore above or helom par as it rates above or below the nominal premium of 9 per cent Partition, division. Partnership, (See Co-Pai-tnership). Parole, word of promise. Payee, one to whom money is payable. Policy, an insti'ument or writing given by insm-ers, to make good the thing insm-ed. Premium, sum paid for insurance, sums allowed on the pa3rment of bills, the per cent above par. Price Current, market price. Maturity, the time when a bill falls Pro Forma, a document (an imaginaiy due. Account Sales) sent to absent par- Merchandise, articles of trade, goods. ties, designed to give information in I Mlvt, a place for coining money. reference to the prices, chai-ges, Moetqagor, one who gives a mort- commission, Ac, oh some paiticulai gage. I coinmo(hty. GLOSSAB.Y. m the PosTiNQ, enteiing accounts Ledger. Promissory Note, one which promises the payment of sometliing. Protest, a writing which declares a certain bill was not paid when it fell due. Quarantlve, a period of time, valuable in length, durirg wliich a ship or vessel supposed to be infected with cei-tain diseases, is not allowed to conmiunicate freely with the shore. Receipt a written acknowledgment for having received something. Registry, the act of entering upon re- cord. Remittance, bills or money sent from one house to another. Renewed, payment of a bill prolonged. Resources, property, money, stocks, etc. Schedule a statement of any business affan Seize, to take possession of by autho- rity. SiGNA'njRE, the name of a person m liis own hand-writing. Silent Partner, p 161, Set of Exchange. thi*ee bills of the same tenor and date, (p. 101) for- wai'ded by different conveyances, to prevent failure, when one is paid thfc others are void. I Shipme-nt, adventure, (p. 61). ! Sight, or at night, signifies that a blDj is to be paid wlien presented. Solvent, able to pay all debts. Staples, the chief produce. Stamp, a mark.* Stock, capital invested in trade, a name v.hich represents the per&onin bu^iness. Sundries, more than one. Surety, security, one bound for the payment of another's debts. Tare, allowimce for weight of boxes, bags, (fee. Teller, one employed to receive and pay money. Tenant, the per^;on who occupies the property of aiioUier. Tenements, things which may be held Title, right of possession. Tonnage, the capacity of a vessel for carrying goods ; her burthen. Trustee, one onti-usted with property for the benefit of others. IjNDERWRrrERS, pcTsous who insure property against loss. Usury, illegal interest. ' Vice Versa, the reverse. ^ Voucher, a document which serves as evidence. Wharfage, chs /ges for the use of wharf. SCHEDULE OF STAMP DUTIES. ON AND AFTER MAECH 2, 1867. 1. It is thie duty of the maker of an instrument to affix the stamp thereto, and to cancel the same in the manner required by law. Proper'cancellation is essential : he shall thereupon Avrite tlie initials of Ms name, and tlie proper date, so that the same may not again be used ; and for a failure to do so he shall forfeit the simi of $50. The same'penalty is imposed upon the person who accepts, negotiates, or pays any bill of exchange, draft, or order, or promissory note, unless tlie same sliall be properly stamped ; and in case the bill or order is drawn in a foreign country, and payable in the United States, the penalty is $200. It is not lawful to record an instrument of any kind unless properly stamped. Such instrument, or copy thereo^, is null and void until the defect is supplied according to law. \ \m 167 s* i SCHEDULE OF STAMP DUTIES. I 2. Tlie collector of Internal Kevenue is empowered to decide wliat the proper stamp sliall be uj)on any instrument about to be issued. Any person who has an interest in any instrument, improperly or insufficiently stamped, and proves to the satisfaction of the collector that it was issued witliout any wilful design to defraud tlie United States of tlie duty, and within twelve montlis after the issuing thereof, shall upon payment of the proper stamp have the same affixed by the collector, who shall note the same upon the margin of the instrument, with the date of his doing so : and the instrument shall be valid as if properly stamped when made. 3. When two or more persons join in the execution of an instru- ment, the stamp affixed maybe cancelled by either of them, and when more than one signature is affixed to the same paper, one or more stamps may be affixed tliereto, representing the whole amount of such stamp required for such signatures. Accidental Injuries to persons, tickets or contracts for insur- ance against, exempt. All Affidavits exempt. Agreement or contract, other than domestic or inland bills of lading. For every sheet or piece of i)aper upon which either of the same shall be written, 5 cts. If more than one appraisement, agreement, or contract shall be written upon one sheet or piece of paper, 5 cts. for every ad- ditional appraisement, agree- ment, or contract. Agreement, renewal^ of, same stamp as original. APi'RAiSEMENT of value, damage, or other purpose, each sheet of paper, 5 cts. Assignment of a Lea e, same stamp as original, and addi- tional stamp upon the value or consideration of transfer, ac- cording to the rates of stamps on Deeds. (See Conveyance.) Assignment of Policy op In- surance, same stamp as origi- nal. (See In.-urance.) Assignment of Mortgage, same stamp as that required upon a mortgage for the amount re- maining unpaid. (See Mort- gage.) Bank Check, draft, or order for any sum of money drawn upon any bank, banker, or trust com- pany, at sight or on demand, 2 cts. When drawn upon any other person or persons, companies or corporations, for any gum ex- I ceeding $10, at sight or on de- j mand, 2 cts. ' Bill OF Exchange (inland), draft, I or order for tlie payment of any sum of money not exceeding r $100, otherwise than at sight or on demand, or any promissory note, or any memorandum, check, receipt, or other written or printed evidence of an amount of money to be paid on demand or at a time designated, for a sum not exceeding $100, 5 cts. Notes under SI 00 exempt. And for every additional $1 00, or fractional part thereof in ex- cess of $100, 5 ct8. 168 I Bill of ExcHA^GE (foreign), or letter of credit, drawn in, but payable out of, the United States, if drawn singly, same rates of duty as inland bills of exchange or promissory notes. If drawn in sets of three or more — for every bill of ea<5h set, where the sum made payable shall not exceed $100, or the equivalent thereof, in any for- eign currency, 2 cts. And for every additional $100, or fractional part thereof in ex- cess of $100, 2 cts. [The acceptor or acceptors of any Bill of Exchange, or order for the payment of any sum of money drawn, or purporting to be drawn, in any foreign coun- try, but payable in the United States, mAist before paying or accepting the Bame, place there- upon a stamp indicating the duty.] Bill of Lading or receipt (other than charter party) foi any goods, merchandize, or effects to be exported from a port or place in the United States to any foreign port or place, 10 cts. Bill of Lading to any port in British North ximerica does not require a stamp. Bi^.L of Lading, domestic or in- land, requires no stamp. Bill of Sale by which any ship or vessel, or any part thereof, shall be conveyed to or vested in any other persv)n or persons, when the cr^nsideration shall not exceed $500, 50 cts. Exceeding $500 and not ex- ceeding $1,000, $1.00. Exceeding $1,000, for every additional amount of $500, or fractional part thereof, 50 cts. Bond for indemnifying any person for the payment of any sum of money, when the money iilti- mately recoverable thereupon is $1,000 or less, 50 cts. When in excess of $1,000, for each $1,000 or fraction, 50 cts. Bond for the execution or perfor- mance of duties of office, $1.00. Bond, personal, for security for the payment of money. (See Mortgage.) Bond of any description, other than such as may be required in legal proceedings, or used in connection ^vitli mortgage deeds, and not otherwise charged in this Schedule, 25 cts. Bond or note accompanying a mortgage requires no stamp if the mortgage is stamped. But one stamp is required on those papers, which may be placed on either, and must be the highest rate required upon either. Broker's Notes. (See Con- tract.) Certificates of Measurement or w^eights of animals, wood, coal, or hay, exempt. Certificates of Measurement of other articles, 5 cts. Certificates of Stock, 25 cts. Certif'Cates of Profits, or any certificate or memorandum showing an interest in property or accumulations of any incor- porated C(>m])any, if for a sum not less than $10, and not ex- ceeding $50, 10 cts. Exceeding $50, and not ex- ceeding $1,000, 25 cts. Exceeding $1,000, for every additional $1,000, or fractional part thereof, 25 cts. Certificate. Any certificate of damage or otherwise, and all other certificates or documents issued by any port warden, marine surveyor, or other per- son acting as such, 25 cts. Certificate of Deposit. If for a sum not exceeding SlOO, 2 ctg. For a sum exceeding $100 5 cts. I 169 M 1 •: III t SCHEDULE OF STAMP DUTIES. Certificates of Loan, in wliicli there shall appear any written or printed evidence of an amount of money to be paid on demand, or at a time designated are subject to stamp duty as " l^romissory notes." Certificate of any other de- scription, 5 cts. Charter, renewal of, same stamp as on original instrument. CiiA' TER Pai.ty for the charter of any sliip, or vessel, or steam- er, or any letter, memorandum, or other writing relating to the charter, or any renewal or trans- fer thereof, if the registered tonnage of such ship or vessel or steamer does not exceed 150 tons, $1.00. Exceeding 150 tons, and not exceeding 300 tons, $8.00. Exceeding 300 tons, and not exceeding GOO tons, $5.00. Exceeding 600 tons, $10.00. Check. Bank Check, 2 cts. Contract. Broker's note, or f memorandum of sale of any i goods or merchandise, exchange, real estate, or property of anv kind or description issued by brokers or persons acting as such, for each note or memo- randum of sale, 10 cts. Bill or memorandum of the sale or contract for the sale of stocks, bands, gold or silver bullion, coin, promissory notes, or other securities made by brokers, banks, or bankers, either for the benefit of others, or on their own account, for each $100, or fractional part thereof, of the amount of such sale or contract, 1 ct. Bill or memorandum of the sale or contract for the sale of stocks, bonds, gold or silver bullion, coin, promissory notes, or other securities, not his or their own property, made by any person, hrm, or company not paying a special tax as broker, bank, or banker, for each $100, or frac- tional part thereof, of the amount of such sale or con- tract, 5 cts. Conti^act, and renewal of, (See Agreement.) Conveyance, deed, instrument, or writing, whereby any lands, tenements, or other realty sold shall be granted, assigned, trans- ferred, or otherwise conveyed to or vested in the purchaser or purchasers, or any otlier person or persons, by his, her, or their direction, when the considera- tion or value does not exceed $500, 50 cts. When the consideration ex- ceeds $500, and does not ex- ceed $1,000, $1.00. And for every additional $500, or fractional part thereof, in ex- cess of $1,000, 50 cts. Conveyance — the acknowledg- ment of a deed, or proof by a witness, exemnt. CoN\"EYANCE — Certificate of rec- ord, exempt. Confirmatory Deed, exempt. Credit, Letter of. Same as Foreign Bill of Exchange. CusTOM-HousE Entry. (See En- try.) CusTOM-HousE Withdrawals. (See Entry.) Deed. (See Conveyance — Trust Deed.) Draft. Same as Inland Bill of Exchansfe. Duplicate papers, which can be used as evidence, require the same stamp as the origi- nal. Transfer of stock on the books of any bank or company require 5 cent stamp. (See Agreement.) Endorsement of negotiable pa- per, exempt. Entry of any goods, wares, or merchandise at any custom- SCHEDULE OF STAMP DUTIES, 170 house, either for consumption or warehousiDg, not exceeding $100 in value, 25 cts. Exceeding $100, and not ex- ceeding $500 in value, 50 cts. Exceeding $500 in value, $1.00. Entry for the withdrawal of any goods or mercliandise from bonded warehouse, 50 cts. Gauger's Returns, exempt. Indorsement upon a stamped obligation in acknowledgment of its fulfillment, exempt. Insurance (Life). Policy, when the amount insured shall not exceed $1,000, 25 cts. Exceeding $1,000, and not ex- ceeding $5,000, 50 cts. Exceeding $5,000, $1.00. Insurance (Marine, Inland, and Fire). Policies, or renewal of the same, if the premium does not exceed $10, 10 cts. Exceeding $10, and not ex- ceeding $50 25 cts. Exceeding $50, 50 cts. AssignmoDt of policy of insur- ance, same stamp as original instrument. Insurance, contracts, or tickets against accidental injuries to persons, exempt. Lease, agreement, memorandum, or contract for the hire, use, or rent of any land, tenement or portion thereof, where the rent or rental value is $300 per an- num or loss, 50 cts. Where the rent or rental value exceeds the sum of $300 per annum, for each additional $200, or fractional part thereof in excess of $300, 50 cts. Assignment of lease, same stamp as original instrument, I and the value or consideration of the transfer at the same rate as the deed. (See Conveyance.) Letters of Administration. (See P obate of Will.) Letter of Credit. Same as Bill of Exchange, fore'gn. Manifest for custom-house entry or clearance of the cargo of any ship, vessel, or steamer, for a foreign port : If the registered tonnage c f such ship, vessel, or steamf^r does not exceed 300 tons, $1.00. Exceeding: 300 tons, and not exceeding 600 tons, $3.00. Exceeding 600 tons, $5.00. [These provisions do not apply to vessels or steamboats piling between ports of the United States and British North Amer- ica.] Measurer's Returns, exempt. Memorandum of Sale, or brok- er's note. (See Contract.) Mortgage of Lands, estate, or property, real or personal, herit- able, or movable whatsoever, a trust deed in the nature of a mortgage, or any personal bond given as security for the pay- ment of any definite or certain sum of money exceeding $100 and not exceeding $500, 50 cts. Exceeding $500, and not ex- ceeding $1,000, $1.00. And for every additional $500, or fractional part thereof in ex- cess of $1000, 50 cts. Upon each assignment or transfer of a mortgage, a stamp duty equal to that upon a mortgage for the amount re- maining unpaid. Order for payment of money, if the amount is $10 or over, 2 cts. Passage Ticket on any vessel from a port in the United States to a foreign port, not ex- ' ceeding $35, 50 cts. [ Exceeding $35, and not ex- 1 ceeding $50, $1.00. And for every additional $50, or fractional oart thereof, in ex- \ cess of. $50, $1.00. ; To ports in British North i America, exempt. Pawner's Checks, 5 cts. 171 I lV)WEii OF Attorney, for the sale or transfer of any stock, bonds, or scrip, or for tlie collections of any dividends or interest tliereon, 25 cts. Power of Attorney or proxy fv>T voting" at any eleciion for officers of any incorporated company or society, except re- ligions, charitable, or literary societies, or public cemeteries, 10 cts. Power of Attorney to receive or collect rent, 25 cts. Power of Attorxey to sell and convey real estate, or to rent or lease the same, $1.00. Power of Attorney for any otlier purpose, 50 cts. [Power of Attorney or other pa- pers relating to applications for bounties, arrearages of pay, or pensions, or receipts therefor, require no stamp. See also Vv^ ARRANT OF ATTORNEY.] Probate of Will, or letters of administration, where the es- tate and effects for or in re- spect of which ?uch probate or letters of administration ap- plied for shall be sworn or de- clared not to exceed the value of $2,000, $1.00. Exceeding $2,000, for every additional .$1,003, or fractional pnrt thereof, in excess of $2,000, 50 cts. Estate not exceeding $1,000, exempt. Promissory Note. (See Bill OF Exchange, Inland.) Deposit note to mutual in- surance companies, when policy is subject to duty, exemi^t. Renewal of a note subject to same duty as an original note. Protest of note, bill of exchange, acceptance, check, or draft, or any marine protest, 25 cts. 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Writs and other process in any criminal or ot'aer suits corn- nienced by the United States or any State, exempt. ^Official documents, instru- ments and ])apers issued by of- ficers of the U. S. Government, exempt. ^Official instruments, docu- ments, and papers issued by the officers of any State, coimty, town, or other municipal cor- poration, in the exercise of func- tions strictly belonging to thc^m in their ordinary governmental or municipal capacity, exempt BHELDON & COMPANY'S ^ ♦ » n^ofcM call the Especial attejitioii of Teachers}^ and of all Jt^/io are interested in the subject of Educatlony to the follow i7ig valuable list of School "Hooks : BULLIONS' SEEIES OF GRAMMAES, Etc. A Common School Grammar. * Being an Introduction to the Analytical and Practical English Grammar, Tliis work for beginners has the same Rules. Defiju- tlons, etc., as the Ainalj/tical and JPractical JEJnglisJi Grammar. A complete work for Academies and higher classes in Schools, containing a complete and concise system of Analysis, etc., Progressive Exercises in Analysis and Parsing^ Jjafin Lessons^ with Exercises in Parsing. . . Prepared by George Spencer, A.M., as Introd. i]u Bullions' Principles of Latin Grammar. BuUlons <0 3Iorris^s Latin Lessons. For beginners, with simple lessons to be learned eacti day, and Vocabulary, etc., . # ^uU'wns S 3Iorris^s New Latin Chram^mar* , i 172 SHELDON & company's COLLEGE TEXT-BOOKS. SHELDON k COMPANY'S COLLEGE TEXT-BOOKS- Lfatin Header (New Edition). With simple progressive Exercises, references to Bul- lions's and Bullions and Morris's Latin Grammars, Latin Idioms, and an Improved Vocabulary, Exercises in Latin Composition. Adapted to Bullions's Latin Grammar, » . Key to Do, (for Teachers only), Ccesar^s Codihu ntaries. With Notes, Vocabulary, and References to Bullions's and Bullions & Morris's Grammars, o » . ■ Cicero^ s Orations, With Notes and References to Bullions's, Bullions & Mor< ris's, and to Andrews & Stoddard's Grammars, . . . . i Sallust, Latin-EngUsh and English'-Latiti Dictionary. With Synonyms, and other new features, , First Lessons in Greeks ^ Frinciples of Greek Grammar^ ........ Bullions and Kendrick-s New Greek Grammar^ Greek Feader. With Introduction on Greek Idioms, Impr. Lex., etc., . . Cooper\s Virgil. With valuable English Notes, . " tiong^s Classical Atlas. containing Fifty-two Colored Maps and Plans, and forming the most complete Atlas of tho Ancient World ever published. 1 vol., 4to, tsaird^s Classical Manual. 1 vol., 16mo, Kaitsch midt\s Engl isJi- Latin and Latin-English Dictlouarij. For Schools. 900 pages. 16mo, . . . 4 « Bullions^ Analytical and English Grammar has been in constant use IDr several rears in this and the other Public Schools of the city. It stands the test of use. The more one sees of it the better it is liked. I consider it a successful work ; and 1 know that this opinion is shared by other masters in and out of the public service. ^AMES A. Page, MasUr of J>wight School, - We heartily concur in the above.^'-S. W. Mason, Master of Eliot School. D. C. Brown, Master of Boicdoin School. | Joshua Bates, MasUr of Brimmer Schovl^ •We have used Bullions' Analytical English Grammars in our Public Scho()l* .arly two years with success. We find them an improvement on those previously^ muse. Bullions' small Grammar is a fit introduction to the large one. -J. D. E. Jones, Supt of Schools, Worcester, Mass. "I have used Bullions' Analytical English Grammar some two and a half years, and am ready to give it my approval. I have not failed to pronounce it the best text-book on Grammar whenever I have had opportunity to do so. I no^ have t class of ninety in it, and it bears the drill of the school.room."-i?et?. J. W. Gaiu> «EB, Principal of New London {N, H,) Institute. BEOOKLESBY'S ASTEONOMIES. BrocMeshifs Common School Astronomy. 12mo. 1^3 pages, • \ This book is a compend of Brockleshy's Elements of Astronomy. Bj John Brocklesby, Trinity College, Hartford, Conn 12mo. Fu-Uy illustrated. 321 pages, In this admirable treatise the author has aimed to pres^yve tiio great principles and facts of the science in their integrity, and so to arrange, explain, and iUustrate them that they may be clear and Intelligible to the student. "We take great pleasure in calling tha attention of teachers and students to this truly excellent book. Both the plan and execution of the whole are equally adnm- ble It is not a milk-and-water compilation, without principles and without emonstration. It contains the elements of the science in their proper integrity and roportions. Its author is a learned man and a practical instructor, as tho author f every school-book should be. The style is a model for a text-book, combining U * bigh degree, perspicuity, precision, and vivacity. In a word, it is the very LcsJ ikMnentary work on Astronomy with which we are acquainted." -Co^^nec^icui Common School Journal, •^This is a compact treatise of 320 pnges, containing tho elements and most of th# hnportant fiicts of tho science clearly presented and systematically arran-ed. It li verv finely illustrated. It is worthy of a careful examination by all who wUh «• wcuro the best Wst books."— C>Vio Journal ofmucation. SHELDON b COMPAWS COLLEGE TEXT-BOOKS. •lEUDON & COMPANY'S COLLEGE TEXT-BOOKS. 8 KEETEL'S FKENOH METHOD. A Kew Method of Lear ^ ting the French Language^ By Jean Gustave Keetels, Professor of French and German in the Brooklyn Polytechnic Institute. 13mo.. . 1^ Key to the New Method in French. By J. G. Keetels. 1 vol. 12mo, " I havft examined Keetels' New Method of Learning the French Language, an^ 0nd it admirably adapted for conveying a thorough knowledge of the French Ian tfuage. It i3 an easy and sure method of both writing and speaking French witk' accuracy and elegance."— Daniel Lynch, S. J., Director of Studies in Gonzaga ColUge, Washington, **The'New Method of Learning the French Language,* by Professor Keetels, Appears to be exceedingly well adapted as an introduction into the study of French. It, id emphatically a practical book, and bears the mark that it has resulted from tha •uthor's own experience in teaching. I shall take pleasure in soon giving it the test pf a trial in my own Institute."— Oswald Seidenstickeb, Principal of the Commer'^ cial and Clasbdcal Institute, Philadelphia. ** I have examined several books designed for pupils studying the French language, and among them Keetels' 'New Method of the French.' Tlie last work I consider superior to any other which I have examined, and shall use it in my classes as tka bebt text-book upon the subject."— S. A. Faueand, Trenton, N. J. PEISSNES'S GERMAN GRAMMAE. ^ Coinpaviitive English-German Grammar. Based on the affinity of the two languages. By Prof. ELLiS Peissner, late of the University of Munich, and of Union College, Schenectady. New edition. 316 pp., . <^ Prof. Peissner's German Grammar has been, from its first publication, and \t now, used as a text-book in this College, and has by the teachers here, as in many other Institutions, been esteemed a superior work for the end to be subserved by it, in attaining a knowledge of the elements of the German language. I cordially rec rmmend it to the attention and use of such American Academies and Colleges as ara designed to give instruction tn the German language."— L. P. IIickok, Pr&sideivi r^ion College, 2i, Y, COMSTOCK'S SEEIES. Slt*^fnn of Xafnral FhilosopJiy. Re-written and enlarged, including latest diseovenes. Fully illustrated, . Elements of Chemistry. Re- written 1861, and adapted to the present state of tho .Science, »*•...•,...•... ♦ .* OLNET'S GEOGPuAPHY. Mney^s Geography and Atlas. Revised and improved, by the addition on the Maps ot the latest information and discoveries. New Plates and Woodcuts, Atlas, 23 Maps. Geography, 18mo, 304 pages, These favorite text-books, of which more than a million have been idld, are kept up to the times by the publishers, who add the latest gt^ographical information on the large and beautiful Maps and in tha Ti'sxt-Books, so as to make them worthy of the claim that they aj-i^ the best works for the study of Geography now published. PALMEE^S BOOK-KEEPING. Palmer^s Fractlcal Book-Keeping. By Joseph H, Palmer, A.M., Instructor in New York Free Academy. 12mo. 167 pages, ........ ., Blanks to Do. (2 numbers, Journal and Ledger), each , \ Key to Do • • This work is adopted by the Boards of Education of the cities of New York and Brooklyn, where it is generally used in schools and recommended by teachers. It is also recommended by accountants of TDrominent commercial firms, and the Press. Wliatehfs Elements of Logic. By Richard Whately, D.D,, Archbishop of Dublin. New revised edition, with the Author's last Additions. Large 12mo. 484 pages, 'This work (Elements of Logic:> has long been our text-book here. The style In which you have published this new edition of so valuable a work, leaves nothing to M desired in regard of elegance and convenience."— Pro/ Dunn, Brown Universiti/. •* Its merits are now too widely known to require an enumeration of them. Th« present American edition of it is conformed to the ninth English edition, which waa revised by the author, and which contains several improvement;* oa tho lorj«e| issues."— A^or^ Americcin Revi&iD Jlliatelifs Elements of Rhetoric. Comprising an Analysis of the Laws of Moral Evidenco . And of Persuasion, with Rules for Argumentative Com- position and Elocution. New edition, revised by tho 1 utb.or. Large 12mo, 546 pages, £HEL1>0N