ment. As it reads now, Everett S. Treat must apply in person to N. D. Thompson.

45. Banks are Corporations for receiving deposits, loaning money, and furnishing a paper circulation represented by specie.

46. Bank Notes are the notes made by a bank to circulate as money, but redeemable in specie on presentation to the bank.

47. State Banks are organized under the statutes of the several States, and their circulation is secured by a paid-up capital, a certain percentage of which is held as a reserve fund. National Banks are organized under the National Banking Law, and their circulation is secured by a deposit of United States Bonds in the national treasury.

48. Bank discount is the interest deducted by a Bank from the face of a note due at a future time.

49. A Protest is a formal declaration in writing, made by a Notary Public, at the request of the holder of a note, notifying the maker and the indorsers of its non-payment.

50. A Corporation is two or more persons authorized by law to do business together. Their legal authorization is called a Charter.

51. Partnership is a relation established by two or more persons in trade, who are called partners.

52. Duties are taxes levied on goods imported, exported, or consumed. 53. Duties are of two kinds, namely, Specific and Ad valorem. 54. Specific duty is reckoned on the weight or measure of goods. 55. An Ad valorem duty is estimated on the value or cost of an article.

56. Yes; the clerk acts as an agent.

57. The wife is regarded as the agent for the husband, and he is held liable for the debt.

58. A minor cannot make a Contract for himself, but may do so for an employer, in the capacity of agent.

59. Not unless he has specially authorized the agent or employee to do so.

60. It is a rule of law that ignorance of it excuses no one. This rule presupposes a knowledge of the law on the part of every citizen.

TARIFF ADJUSTMENT OF 1773. 342 chests of tea broken and thrown cverboard at Griffin's Wharf, Dec. 16, known as "The Boston Tea Party." The first overt act of the Colon sts against British rule.

SOCIAL HOURS

POLITICAL ECONOMY.

GIVET UP

HOME GUITURE

TEST EXERCISES.

1. What is Political Economy?

2. Explain the terms "political" and "economy."

3. Why is Political Economy regarded an important study?

4. What is meant by the term wealth?

5. What is meant by value?

6. Is value fixed and certain, or relative and varying?

7. What is the chief element in value?

8. What is labor?

9. What is utility?

20. Can there be utility without value, or value without utility?

11. When may utility predominate, as an element in value, over the cost

of production?

12. What is capital?

13. What is production?

14. What three things are necessary in order to production?

15. What striking fact is noticed in connection with production?

16. How may the application of labor in production be classified? 17. What are the direct changes effected by labor?

18. Mention some kinds of indirect labor.

19. How may capital be divided?

20. Name some forms of fixed capital?

21. Of what does circulating capital consist?

22. What are the relations of capital to labor?

[and labor?

23. What occasions the apparent antagonism of interests between capital 24. What principles of Political Economy have been applied in reaching

the highest production?

25. To what does the principle of the division of labor give rise?

26. What has been found highly practical in complicated trades?

27. Give an illustration of this principle.

[production?

28. What conditions besides capital and labor are necessary to the highest

29. What is consumption, as applied to Political Economy?

30. What are voluntary, involuntary, and accidental consumption? 31. Is all voluntary consumption productive?

32. What is public consumption?

33. What is exchange?

34. What is implied in every exchange?

35. What is meant by commerce ?

36. What gives rise to commerce?

37. In commerce, who are the real exchangers? 38. What is a trader?

39. Explain the terms supply and demand?

40. What is money?

41. What are the essential qualities of money?

42. What, besides money, is largely used as an instrument of exchange?

43. What are some of the forms of credit?

44. What are Banks?

45. What is a Protective Tariff?

46. What is Free Trade?

47. What is distribution, as used in Political Economy?

48. What are the main channels of distribution?

49. What is the only just and proper rule in estimating wages?

50. How can we account for the difference in the efficiency of laborers?

51. What leading considerations determine the rate of wages?

52. What is the main consideration now in practice in determining wages? 53. What is competition?

54. To what does strong competition often lead?

55. What two forms do combinations of employees take?

56. What is a strike?

57. Upon what do workmen base their action in a strike?

58. What has generally attended labor strikes?

59. What is a Trade-Union?

60. What are the commendable features about Trade-Unions?

61. In what respects are Trade-Unions open to objection?

62. What rule can be safely and profitably followed by both employer

and employee?