,emily ,ratliff1 ,juliet ,sutherland1 ,charles ,franks and the ,online ,distributed ,proofreading ,team4 ,,business ,,hints ,,for ,,men ,,and ,,women ,by ,a4 ,r4 ,,calhoun ,,contents ,,chapter ,i ,,common ,,sense ,,farming #a4 ,wealth1 ,land and ,labor4 #b4 ,money4 #c4 ,sources of ,wealth4 #d4 ,the ,farmer1 a ,producer1 and ,seller4 #e4 ,business ,methods ,essential4 ,,chapter ,,ii ,,documents ,,you ,,should ,,understand #a4 ,deeds4 #b4 ,abstracts of ,title4 #c4 ,parties to a deed4 #d4 ,different deeds4 #e4 ,making a deed4 #f4 ,recording deeds4 ,,chapter ,,iii ,,forms ,,of ,,deeds ,,and ,,mortgages #a4 ,trust deeds4 #b4 ,as to mortgages4 #c4 ,mortgage forms4 #d4 ,payments4 #e4 ,assignments4 #f4 ,redemption of mortgages4 #g4 ,equity of redemption4 ,,chapter ,,iv ,,wills #a4 ,two kinds4 #b4 ,limitations of wills4 #c4 ,how to make a will4 #d4 ,on executive duties4 #e4 ,administrators4 #f4 ,debts4 #g4 ,final settlement4 ,,chapter ,v ,,letter ,,writing #a4 ,business letters4 #b4 ,the heading4 #c4 ,forms4 #d4 ,the greeting4 #e4 ,body of letter4 #f4 ,ending a letter4 #g4 ,materials4 #h4 ,letters of introduction1 etc4 ,,chapter ,,vi ,,bills1 ,,receipts ,,and ,,accounts #a4 ,bills for goods4 #b4 ,bills for labor4 #c4 ,discounting bills4 #d4 ,forms of receipts4 #e4 ,what is an order8 ,,chapter ,,vii ,,who ,,should ,,keep ,,accounts8 #a4 ,an account with crops4 #b4 ,workingman's account4 #c4 ,other records4 #d4 ,copies4 ,,chapter ,,viii ,,as ,,to ,,banks #a4 ,national banks4 #b4 ,banks as lenders4 #c4 ,interest on deposits4 #d4 ,check and deposit banks4 #e4 ,how to draw a check4 #f4 ,certificates of deposit4 #g4 ,use of checks4 ,,chapter ,,ix ,,savings ,,banks #a4 ,how business is conducted4 #b4 ,how to deposit4 #c4 ,how account grows4 #d4 ,limit of deposit4 #e4 ,how to draw money4 #f4 ,savings bank revenues4 ,,chapter ,x ,,notes--,,drafts #a4 ,definition and illustration4 #b4 ,days of grace4 #c4 ,indorsing notes4 #d4 ,negotiable notes4 #e4 ,joint notes4 #f4 ,discounting notes4 #g4 ,interest on notes4 #h4 ,protests4 #i4 ,notices4 #aj4 ,accommodations4 #aa4 ,lost notes4 #ab4 ,notes about notes4 ,,chapter ,,xi ,a ,,draft #a4 ,to make a draft4 #b4 ,forms4 #c4 ,for collection4 #d4 ,dishonor4 #e4 ,protests4 #f4 ,buying drafts4 #g4 ,a good plan4 #h4 ,good as cash4 ,,chapter ,,xii ,,just ,,money #a4 ,what is money8 #b4 ,united ,states money4 #c4 ,metal money4 #d4 ,paper money4 #e4 ,bank notes4 #f4 ,greenbacks4 #g4 ,treasury certificates4 #h4 ,worn-out notes4 ,,chapter ,,xiii ,,our ,,postal ,,business #a4 ,the department4 #b4 ,rural free delivery4 #c4 ,classified mail matter4 #d4 ,postal rules4 #e4 ,foreign rates4 #f4 ,stamps4 #g4 ,postal cards4 #h4 ,registering letters4 #i4 ,special delivery4 #aj4 ,money orders4 #aa4 ,cashing ,p4,o4 orders4 #ab4 ,advice4 ,,chapter ,,xiv ,,telegrams--,,the ,,telephone #a4 ,description4 #b4 ,directions4 #c4 ,charges4 #d4 ,telegraphing money4 #e4 ,the method4 #f4 ,the telephone4 ,,chapter ,,xv ,,business ,,by ,,express #a4 ,two kinds4 #b4 ,instructions4 #c4 ,the company's duty4 #d4 ,collections by express4 #e4 ,c4 #j4 ,d4 by express4 #f4 ,money by express4 #g4 ,money orders4 ,,chapter ,,xvi ,,about ,,railroads #a4 ,bills of lading4 #b4 ,express bills4 #c4 ,a bill and a draft4 #d4 ,some forms4 ,,chapter ,,xvii ,,taxes #a4 ,definition4 #b4 ,kinds of taxes4 #c4 ,customs duty4 #d4 ,internal revenue4 #e4 ,stamps4 #f4 ,state taxes4 #g4 ,exempt from taxes4 #h4 ,insufficient taxes4 #i4 ,personal property4 #aj4 ,town taxes4 #aa4 ,payments4 #ab4 ,corporation taxes4 #ac4 ,taxes in general4 #ac4 ,the returns4 ,,chapter ,,xviii ,,contracts--,,leases--,,guarantees #a4 ,requisites to a contract4 #b4 ,the consideration4 #c4 ,written and verbal contracts4 #d4 ,forms of contract4 #e4 ,kinds of contract4 #f4 ,a lease4 #g4 ,as to repairs4 #h4 ,sub-letting4 #i4 ,what is a guaranty8 #aj4 ,a bill of sale #aa4 ,obligations4 ,,chapter ,,xix ,,life ,,insurance #a4 ,a definition4 #b4 ,how it is done4 #c4 ,as an investment4 #d4 ,forms of life insurance4 #e4 ,mutual insurance4 #f4 ,amount of policies4 #g4 ,policies as security4 #h4 ,lapses4 #i4 ,proprietary companies4 ,,chapter ,,xx ,,insurance--,,fire--,,accident #a4 ,like a gambling risk4 #b4 ,what is fire insurance8 #c4 ,premiums4 #d4 ,collecting4 #e4 ,insurable property4 #f4 ,mutual companies4 #g4 ,stock companies4 #h4 ,accident insurance4 ,,chapter ,,xxi ,,partnerships #a4 ,defined4 #b4 ,prepare and sign4 #c4 ,silent partners4 #d4 ,nominal partners4 #e4 ,liability4 #f4 ,how to dissolve4 #g4 ,notice necessary4 #h4 ,a form4 ,,chapter ,,xxii ,,investments #a4 ,what is an investment8 #b4 ,savings4 #c4 ,capitalists4 #d4 ,stockholders4 #e4 ,kinds of stocks4 ,,chapter ,,xxiii ,,bonds ,,as ,,investments #a4 ,as to bonds4 #b4 ,sorts of bonds4 #c4 ,railroad bonds4 #d4 ,buying bonds4 #e4 ,requisite in a bond4 ,,chapter ,,xxiv ,,things ,,to ,,remember #a4 ,don't deceive yourself4 #b4 ,be sure you are not losing4 #c4 ,weeding out old stock4 #d4 ,dropping worthless accounts4 #e4 ,let your wife know4 #f4 ,children and business4 #g4 ,farmers' sons4 ,,chapter ,,xxv ,,worth ,,knowing #a4 ,how title is acquired4 #b4 ,over-generosity4 #c4 ,care of wills4 #d4 ,care of all papers4 #e4 ,checks and stubs4 #f4 ,sending away money4 #g4 ,lost in mails4 #h4 ,more about notes4 ,,chapter ,,xxvi ,,look ,,before ,,you ,,leap #a4 ,as to receipts4 #b4 ,notes in bank4 #c4 ,well to know4 #d4 ,discharging liens4 #e4 ,prompt but not too prompt4 #f4 ,be in no haste to invest4 #g4 ,meet dues promptly4 #h4 ,counting money4 #i4 ,ready money4 #aj4 ,in traveling4 ,,chapter ,,xxvii ,,contractions ,,and ,,signs #a4 ,an alphabetical arrangement4 ,,chapter ,,xxviii ,,words ,,and ,,phrases ,,used #a4 ,defined and alphabetically arranged4 ,,introduction ,what is a good business man8 ,the rich man1 you may answer4 ,no1 the good business man is the man who knows business4 ,are you a good business man8 ,up to the average1 you say4 ,well1 what do you know of business laws and rules1 outside your present circle of routine work8 ,now1 this handy little volume is a condensation of the rules and the laws which every man1 from the day laborer to the banker1 should be familiar with4 ,we have not put in everything about business1 for that would require a library1 instead of a book that can be read in a short day1 and be consulted for its special information at any time4 ,it isn't a question of the price of the book to you1 or of the profit to the publisher4 ,is it good8 ,many a man has failed because he did not know the rules and laws herein given4 ,never a man has won honestly who did not carry out these rules and laws4 ,,chapter ,i ,,common ,,sense ,,farming ,the three things essential to all wealth production are land1 labor1 and capital4 ,the dry land was created before there appeared the man1 the laborer1 to work it4 ,with his bare hands the worker could have done nothing with the land either as a grazer1 a farmer or a miner4 ,from the very first he needed capital1 that is1 the tools to work the land4 ,the first tool may have been a pole1 one end hardened in the fire1 or a combined hoe and axe1 made by fastening with wythes1 a suitable stone to the end of a stick2 but no matter the kind of tool1 or the means of producing it1 it represented capital1 and the man who owned this tool was a capitalist as compared with the man without any such appliance4 ,from the land1 with the aid of labor and capital1 comes wealth1 which in a broad way may be defined as something having an exchangeable value4 ,before the appearance of money all wealth changed hands through barter4 ,the wealth in the world to-day is immeasurably greater than all the money in it4 ,the business of the world1 particularly between nations1 is still carried on through exchange1 the balances being settled by money4 ,money is a medium of exchange1 and should not be confounded with wealth or capital2 the latter is that form of wealth which is used with labor in all production4 ,broadly speaking1 wealth is of two kinds1 dormant and active4 ,the former awaits the development of labor and capital1 the latter is the product of both4 ,labor is human effort1 in any form1 used for the production of wealth4 ,it is of two kinds--skilled and unskilled4 ,the former may be wholly mental1 the latter may be wholly manual4 ,the successful farmer must be a skilled laborer1 no matter the amount of his manual work4 ,the unskilled farmer can never succeed largely1 no matter how hard he works4 ,trained hands with trained brains are irresistible4 ,too many farmers live in the ruts cut by their great-great- grandfathers4 ,they still balance the corn in the sack with a stone4 ,farming is the world's greatest industry4 ,all the ships might be docked1 all the factory wheels stopped1 and all the railroads turned to streaks of rust1 and still the race would survive1 but let the plow lie idle for a year and man would perish as when the deluge swept the mountain tops4 ,the next census will show considerably over #f1jjj1jjj farms in the ,united ,states4 ,farming is the greatest of all industries1 as it is the most essential4 ,our ,government has wisely made the head of the ,department of ,agriculture a cabinet officer1 and the effect on our farming interest is shown in improved methods and a larger output of better quality4 ,the hap-hazard1 unskilled methods of the past are disappearing4 ,science is lending her aid to the tiller of the soil1 and the wise ones are reaching out their hands in welcome4 ,,business ,,methods ,,needed ,as farming is our principal business1 it follows that those who conduct this vast and varied enterprise should be business men4 ,the farmer is a producer of goods1 and so might be regarded as a manufacturer1--the original meaning of the word is one who makes things by hand4 ,he is also a seller of his own products1 and a purchaser of the products of others1 so that1 to some extent1 he may also be regarded as a trader or merchant4 ,enterprise and business skill are the requisites of the manufacturer and merchant4 ,can the farmer succeed without them8 ,no business can prosper without method1 economy1 and industry intelligently applied4 ,no man works harder the year round than does the ,american farmer1 yet too many are going back instead of advancing4 ,in such cases it will be found that there is enough hard work for better results1 and that the cause of failure is that the industry has not been properly applied1 and that economy has had no consideration4 ,economy does not mean niggardliness1 or a determination to get along without tools that your neighbor has purchased4 ,a neglect to secure the best tool needed might be classed as an extravagance1 a waste1 if the tool in question could have added to the quality and quantity of the output1 without the expenditure of more labor4 ,business common-sense is taking the place of old-fashioned conservatism and scientific methods are no longer sneered at as book-farming4 ,,chapter ,,ii ,,documents ,,every ,,farmer ,,should ,,understand ,all property implies an owner4 ,property is of two kinds1 real and personal4 ,the former is permanent and fixed1 the latter can be moved4 ,every occupant of realty holds it through a deed1 which carries with it sole ownership1 or through a lease which carries with it the right to occupation and use in accordance with the conditions as to time and the amount to be paid1 set forth in the written instrument4 ,a deed carries with it sole ownership1 a lease covers the right of use for a fixed period4 ,,as ,,to ,,deeds ,the purchaser of real estate1 say a farm1 should receive1 from the person selling the property1 a written instrument1 or conveyance known as a deed4 ,the deed must show clearly that the title to or interest in the property has been transferred from the seller to the buyer4 ,before the deed is signed and delivered1 the buyer should know that he is getting a clear title to the property described in the conveyance4 ,in order to insure the accuracy of the title and thus avoid subsequent complications and perhaps lawsuits1 the paper should be submitted to some good lawyer1 or other person acquainted with real estate law and the methods by which titles are traced from the first owner to the present possessor4 ,,title ,,abstracts ,in all the great business centers of the ,united ,states there are ,title ,guarantee ,companies1 who for a consideration--to be paid by the seller--furnish an abstract of title1 and insure its validity4 ,in smaller places the local lawyers know how to make up an abstract and one should be employed4 ,never trust the search of the inexperienced4 ,an abstract of title is a memorandum taken from the records of the office where deeds are recorded1 and showing the history of the title from the ,government up to the present time4 ,the seller should furnish the buyer with a certificate from the proper county officer1 showing whether or not all taxes have been paid up to the last assessment4 ,in addition to this1 before the money is paid and the deed accepted1 the purchaser should be satisfied that there are no mortgages1 liens1 attachments or other claims against the property4 ,if such claims exist and are known to the buyer1 he may assume them as a condition of the sale4 ,,parties ,,to ,a ,,deed ,the person selling the land and making the deed is known in law as the ,grantor4 ,the person buying the property is known as the ,grantee4 ,a deed is a form of contract1 and in order to have its terms and statements binding on the maker1 he must be twenty-one years of age1 or over1 and he must be of sound mind4 ,the grantee need not be twenty-one1 nor of sound mind in order to make the terms of the deed binding on the grantor4 ,in some states1 if the grantor be a married man1 his wife must sign the deed with him4 ,this should be seen to1 for without the wife's signature the grantee will not have a clear title1 for the woman could still claim an interest in the property equal to her dower right4 ,also1 if the grantor is a woman1 her husband1 for the reasons given1 should join with her in the execution of the deed4 ,the preparation of a deed should not be left to the unskilled4 ,,different ,,deeds ,there are three kinds of deeds1 viz43 ,general warranty deeds1 special warranty deeds1 and quit-claim deeds4 ,the general warranty deed1 if it can be had1 is the one every purchaser should get4 ,in the general warranty deed the grantor agrees for himself1 his heirs1 executors1 administrators1 and assigns1 that at the time of making the deed he is lawfully in possession1 seized is the legal term1 of the estate described in the deed1 that it is free from all incumbrance1 and that he will warrant and defend the grantee and his heirs and assigns against all claims whatsoever4 ,in the quit-claim deed the grantor conveys to the purchaser his interest in or right to the property under consideration4 ,the quit-claim grantor does not guarantee the title to the property1 nor warrant the grantee against any other claims4 ,he simply1 by the deed1 quits his claim to the property4 ,the special warranty deed covenants and warrants only against the acts of the grantor and those claiming title under him4 ,,making ,a ,,deed ,after a deed is properly drawn1 it is ready to be signed1 sealed1 and delivered to the grantee4 ,if the wife of the grantor is to sign1 her name should follow that of her husband4 ,if one or both cannot write1 the signature can be made in this way3 ,his ,george ,x ,jones4 ,mark4 ,witness44444444444444 ,in some states one or more witnesses are required to the signature of the grantor2 in others1 witnesses are not necessary1 except where a mark is made4 ,an important part of a deed is the ,acknowledgment4 ,this is the act of acknowledging before a notary public1 justice or other official properly qualified to administer an oath1 that the signatures are genuine and made voluntarily4 ,the acknowledgment having been taken1 the official stamps the paper with his seal and signs it4 ,in some states the law requires that a wax or paper seal be attached to the paper1 while in others a circular scroll1 made with the pen1 with the letters ,l4,s4 in the center answer the purpose4 ,when the foregoing essentials are complied with the deed must be delivered to the grantee4 ,the delivery is essential1 for without it the deed is of no value1 even though every other requisite be complied with4 ,a deed may be made for land on which full payment has already been acknowledged1 but if the grantor dies before the deed is delivered1 then the deed has no legal value4 ,a deed obtained by fraud1 deceit or compulsion is void4 ,,recording ,,deeds ,as soon as possible after the grantee has received the deed1 he should have it recorded4 ,in every county in the different states there is an officer1 known as register or recorder1 whose duty it is to enter in regular folios1 or books1 a copy of every deed or mortgage presented to him4 ,the document then becomes a part of the county records4 ,the grantee must pay the recording fees4 ,anyone1 on paying the fee for copying and certifying1 can obtain a copy of any document that has been recorded in a register's office4 ,if an original deed is lost1 the certified copy of the register has all the legality of the original4 ,all deeds and other papers of value should be carefully kept1 so that they may be available1 if needed4 ,a small safe deposit box with a company that keeps such spaces for rent1 is often a wise investment4 ,keep all related papers in one package or envelope4 ,if there is one lawyer who attends to all your legal business1 he will be a good custodian of all papers of record1 for he usually has a fireproof safe4 ,,chapter ,,iii ,,other ,,forms ,,of ,,deeds--,,mortgages ,there is one condition under which the grantor does not turn over or deliver the deed to the grantee after it is made4 ,this is known as a ,deed in ,escrow4 ,a deed delivered in escrow is when the document is placed with a third party to be by him delivered to the grantee when a certain time has elapsed or certain conditions have been fulfilled4 ,when the conditions have been complied with1 the deed is given by its custodian to the grantee1 which is as legal as if it were given by the grantor in person4 ,,trust ,,deeds ,a trust deed is the form used to convey property to some person who is entitled to its proceeds or profits4 ,this form of deed is often used to secure the payment of a debt4 ,in some states they take the place of mortgages4 ,where the trust deed is meant to take the place of a mortgage to secure a debt payment1 the property is deeded to a third party known as a trustee4 ,the trustee in this case is the agent for debtor and creditor1 and he must act impartially4 ,the trust deed specifies the character of the debt to be secured4 ,in case of failure to pay the debt as agreed on1 the trustee may1 if so warranted1 sell the property1 and pay the obligation from the proceeds4 ,the grantor in a trust deed1 if not stipulated to the contrary1 is entitled to all the rents and profits of the property2 for it remains virtually his1 until he has failed to fill his contract4 ,when the indebtedness secured by the trust deed has been paid1 the trustee must at once execute a paper known to law as a ,release ,deed4 ,when recorded this instrument discharges the lien4 ,,as ,,to ,,mortgages ,mortgages are of two kinds1 real and chattel4 ,the first is a lien on real estate1 the second on personal property4 ,a mortgage may be defined as a conveyance of property1 personal or real1 as security for the payment of a debt1 or it may be given as a guarantee for the performance of some particular duty4 ,,mortgage ,,forms ,when a mortgage is given as security for the payment of a debt1 the rule is to give a note for the payment of the amount involved4 ,the mortgage becomes in this case the security for the note's payment4 ,in the body of the note it must be stated that it is secured by mortgage4 ,the date of the note and mortgage should be the same4 ,the man who mortgages his property is the mortgagor4 ,the man to whom the mortgage is given is the mortgagee4 ,the form of the mortgage is the same as that of a deed1 except that it contains a clause called the ,defeasance1 which states that when the obligation has been met the document shall be void4 ,,mortgages ,,must ,,be ,,recorded ,the forms for signing1 sealing and delivering a mortgage1 are the same as with a deed4 ,a mortgage must be recorded the same as a deed1 the mortgagee paying the fees4 ,chattel mortgages are filed and recorded in the same way1 except that it is not usual to make copies of the instrument4 ,they are described in books prepared for the purpose4 ,a wife need not join her husband in making the note secured by a mortgage1 but if she agrees to the transaction it is necessary for her to sign the mortgage2 however1 some states do not require this4 ,,payments ,often a life insurance policy is used as security for the payment of a mortgage4 ,the mortgagee1 if there be buildings on the property1 should see that the buildings are insured and that the policy or policies are made out in his name4 ,if the insurance policy is in the mortgagor's name he may collect and keep the insurance money4 ,the mortgagor must meet1 as stipulated1 every payment of the principal and interest4 ,failure to meet one payment can result in a legal foreclosure4 ,when a payment is made1 the date and the amount must be entered on the back of the note4 ,this should be done in the presence of the mortgagor4 ,if possible always pay the obligation by check4 ,if a payment is accepted on a mortgage and the amount is not sufficient to meet the sum required1 the interest is first settled in full1 the rest is credited to the principal4 ,when the full amount1 with interest1 is paid in1 it becomes the duty of the mortgagee to have the mortgage discharged4 ,a complete settlement is when1 all payments being made1 the mortgagee surrenders the note and its security1 and causes to be written by the register1 on the margin of the copy in his books1 the words1 discharged1 or satisfied1 affixing thereto his official signature and the date4 ,,assignments ,a mortgage is regarded in law as personal property4 ,a mortgage need not remain in the hands of the mortgagee in order to be valid4 ,it can be sold like bonds1 stocks or other property1 and there are men who deal only in that form of security4 ,in order to sell a mortgage1 the owner must make1 to the purchaser1 what is known as an assignment of mortgage4 ,the assignment should be recorded in the same way as the original mortgage1 the assignee paying the fee4 ,,redemption ,,of ,,mortgages ,while the rule as to the redemption of mortgages remains the same in some localities that it formerly was1 the law in most places is now more lenient4 ,now the mortgagor who has failed is usually given by law an extension of time in which to make good the payment of principal and interest4 ,lenders1 when the interest is met1 are content to let the mortgage run on as an investment1 though it will often be found1 in such cases1 that it is better to make a new mortgage4 ,,equity ,,of ,,redemption ,where the payments on a mortgage have not been met and the instrument has not been foreclosed1 the mortgagor has still what is known as an equity of redemption4 ,in some states after the foreclosure of the mortgage and the sale of the property there is still a period of redemption of from sixty days to six years4 ,the mode of foreclosure differs in some states4 ,the usual method is to foreclose on an order from the court1 and to have the sale conducted by a court officer4 ,the proceeds from the sale are used to pay the principal1 interests and costs4 ,if there is money left over it is paid to the mortgagor1 whose interests in the property are then at an end4 ,many people1 not familiar with business methods1 are inclined to regard a mortgage as something of a disgrace1 when1 as a matter of fact it is a most usual and honorable means of raising money for the securing of a home or the conducting of a business4 ,nearly all of the great railroads of the country have been built by the sale of the mortgage bonds1 which are usually renewed when due1 and are sought out as a safe and sane form of investment4 ,the fact that a mortgage payment has to be met on a farm is often in itself the strongest inducement to industry and economy4 ,,chapter ,,iv ,,wills ,whether farmer1 manufacturer1 merchant or professional man1 and whether in youth1 mid-age or declining years1 every owner of personal or real property1 or both1 should make a will4 ,if you have not made a will1 get over the foolish notion that it is a premonition of death1 and do so at once4 ,a will is a written and signed declaration of the disposition one wishes to have made of his property in the event of his death4 ,the maker of a valid will must be of sound mind and not less than twenty-one years of age4 ,women1 whether married or single1 if of proper age1 are competent to make a will4 ,,of ,,two ,,kinds ,a will may be written or unwritten4 ,unwritten wills are known as nun-cupative4 ,nun-cupative wills are employed only when through accident1 or sudden seizure by a fatal disease1 the time necessary to write and sign a will cannot be had4 ,the unwritten will must be authenticated by reliable and unprejudiced witnesses1 and generally it can dispose of personal property only4 ,in the written will no precise form is necessary1 though when drawn by a lawyer it usually begins with some such form as3 ,i1 ,george ,brown1 being of sound mind and good understanding1 do make and declare this to be my last will and testament1 etc4 ,a will is not necessarily permanent4 ,it may be cancelled or changed in any way by the maker before his death1 or a new will can be made4 ,the last will cancels all preceding wills4 ,an addition to an existing will is known as a codicil4 ,a man making a will is called a testator4 ,a woman making a will is called a testatrix4 ,,limitations ,,of ,,wills ,a man has a right to dispose of his property by will or gift as he chooses1 but if he is married the law compels him to consider the rights of another4 ,the husband cannot1 by will or otherwise1 deprive his wife of her right of dower in his real estate and appurtenances4 ,unless she chooses to accept1 the wife need not accept other property that is bequeathed her in lieu of dower4 ,the wife's dower interest in her husband's estate is a life interest only4 ,on her death it goes to the husband's heirs1 as if there had been no widow4 ,in some states there is no right of dower4 ,,how ,,to ,,make ,a ,,will ,the will not only shows the purpose of the testator1 but it serves as a bar to litigation among the natural heirs4 ,any man or woman can write out his or her will1 but unless quite familiar with such work it is better to employ a lawyer for the purpose4 ,the person named in the will to carry out the purpose of the testator is known as the executor4 ,no person1 not twenty-one at the time the will is proved can act as an executor4 ,neither a convict1 an imbecile1 nor one known to be a drug fiend or an habitual drunkard1 is eligible for the post of an executor4 ,if an executor be appointed against his will1 the law does not compel him to serve4 ,there must be at least two witnesses to a will1 some states require three4 ,the witnesses need not know the contents of the will1 but they must understand before signing that it is a will1 and they must see it signed by the testator4 ,under the common law the will is void if the witnesses are beneficiaries4 ,in some states a will so witnessed is valid1 except that the witnesses cannot receive their legacies4 ,all the witnesses should sign at the same time and add their addresses4 ,if an heir at law1 say a child1 is not mentioned in the will1 the law assumes that he was forgotten by the testator and generally gives the share the heir would be entitled to if there were no will4 ,at the end of the will the testator1 in the presence of the witnesses1 should write his name in full4 ,,an ,,executor',s ,,duties ,an executor is the legal representative of the testator4 ,it is his duty to see that the provisions of the will are carried out4 ,no man is qualified to act as executor who is not competent to make a will4 ,executors1 unless relieved by the provisions of the will1 are required to file bonds1 proportioned to the value of the estate1 for the faithful performance of their duties4 ,should there be no executor named in the will1 or if the person so named refuses to act1 or if he dies or resigns1 the court will appoint a person to act in his place4 ,the executor appointed by the court is known or called an administrator with the will annexed4 ,in some states the court having jurisdiction of wills and estates of deceased is known as the probate1 in others it is called the ,surrogate's ,court1 and in still others1 ,the ,orphan's4 ,,administrators ,,and ,,their ,,duties ,if a man1 owning property1 dies without making a will1 the judge of the proper court will appoint an administrator to settle the estate4 ,this is the method of procedure3 #a4 ,a person1 interested in getting the estate settled1 goes before the proper judge and asks him to appoint an administrator4 #b4 ,the administrator must give the same bond as an executor4 ,their duties are the same4 #c4 ,in settling the estate the administrator is governed by the law1 and by the special directions of the officer having jurisdiction in such matters4 #d4 ,he must make a careful list of all the property belonging to the estate4 ,the value of the personal property is estimated by men specially appointed by the court for the purpose and known as appraisers4 #e4 ,the administrator must account for every item of property that comes into his possession4 #f4 ,all debts of deceased must be first paid1 including funeral expenses4 ,if the proceeds of the personal property are not sufficient for this purpose1 the administrator may1 if there be real estate1 sell the whole or part of it1 on an order from the court4 ,,debts ,debts must be paid in an order prescribed by law4 ,the following is the usual order3 #a4 ,funeral expenses and expenses of last illness4 #b4 ,the widow's allowance or award4 #c4 ,debts due the state or municipality4 #d4 ,claims of other creditors4 ,whatever property is left1 after paying these obligatory sums1 is divided among the rightful heirs under the direction of the court1 and in the manner provided by law4 ,the administrator must advertise1 in one or more county papers the fact that he has been appointed to settle the estate of the deceased1 whose name is given1 and he must ask that all claims be presented within a given period1 usually fixed at six months4 ,when the estate is settled to the satisfaction of the court1 the same authority releases the administrator and his bondsmen4 ,all the fees connected with the settlement are regarded as debts and must be paid from the proceeds of the estate before closing4 ,,the ,,final ,,settlement ,when the debts are paid and the residue divided among the heirs1 the administrator files his account4 ,if it is allowed the case ends4 ,the parties of interest in an estate may agree to settle it out of court4 ,this saves expense1 but it is not the safest way4 ,,chapter ,v ,,letter ,,writing ,what has been said about deeds and mortgages applies not only to the farmer1 but also to every owner of a building lot4 ,the same may be said of wills4 ,they have a business interest for the town as well as for the country dweller4 ,,business ,,letters ,the purpose of this book being strictly business1 no attempt will be made to instruct the reader in anything not connected with the subject under consideration4 ,social1 friendly1 and such letters are matters for individual time and taste1 and no rule can be laid down for their writing1 but the business letter is a different matter1 and one which deserves special consideration from every man or woman who receives an order by mail1 or who sends one4 ,to write a good business letter is no mean accomplishment1 and although a gift with some1 it can be acquired by all4 ,a letter is1 in a way1 a testimonial of the character and ability of the writer4 ,the purpose of a business letter is to express just what you want and no more4 ,any man with a good common school education1 and a little patient practice1 can soon learn to write as good a business letter as the college graduate4 ,correct spelling may not be general1 but it is certainly desirable4 ,letter writing1 as in the preparation of other papers1 has its own well-recognized forms1 and these may be easily learned4 ,every properly constructed business letter should consist of the following parts3 #a4 ,where written from4 #b4 ,when written4 #c4 ,to whom written4 #d4 ,address4 #e4 ,salutation4 #f4 ,introduction4 #g4 ,purpose of letter4 #h4 ,complimentary ending4 #i4 ,signature4 ,,the ,,heading ,the letter should begin by giving the address of the writer1 followed by the date on which it was written4 ,this will enable the recipient to direct his reply4 ,if from a city1 the street and number should be given4 ,if many letters are written it will be convenient to have the permanent address of the writer printed4 ,the writing should be plain1 and there should be no doubt in the mind of the reader as to the proper spelling of the address and signature4 ,avoid the hieroglyphics which some vain men adopt in signing their names4 ,it may be fanciful1 but it does not imply consideration for the time and patience of strangers4 ,the following forms will serve to illustrate the type of heading used in ordinary business letters3 #a #abd ,smith ,st41 ,brownsville1 ,mass4 ,september #d1 #aiaj4 ,mr4 ,john ,smith1 ,doylestown1 ,penna4 ,dear ,sir3 #b ,leroy1 ,mass41 ,september #e1 #aiaj4 ,messrs4 ,brown and ,jones1 ,denver1 ,col4 ,gentlemen3 #c #d ,seminole ,st41 ,fort ,smith1 ,ark4 ,september #f1 #aiaj4 ,mrs4 ,mary ,j4 ,robinson1 ,lansing1 ,cal4 ,dear ,madam3 ,the ,mr41 ,mrs41 ,madam1 and ,miss are titles of courtesy and should not be omitted4 ,the abbreviation ,esq4 for ,esquire is sometimes used2 but the two titles ,mr4 and ,esq4 should never be used with one name1 as ,mr4 ,john ,smith1 ,esq4 ,if a man is known by a military or other title1 always use it1 but never precede it with ,mr4 nor follow it with ,esq4 ,clergymen should always be addressed as ,rev41 the abbreviation for ,reverend4 ,if he is a doctor of divinity1 add ,d4,d4 to the name1 as ,rev4 ,john ,smith1 ,d4,d4 ,medical doctors may be addressed as ,dr4 ,john ,smith1 or ,john ,smith1 ,m4,d4 ,,the ,,greeting ,the greeting or salutation is a term of courtesy or esteem used in addressing the one to whom the letter is sent4 ,sir is the formal greeting1 and is used in addressing officials1 or any strange male person4 ,sirs1 or ,gentlemen may be used in the plural4 ,dear ,sir1 or ,my ,dear ,sir1 is the usual form of greeting when a business letter is addressed to an individual4 ,where the writer is acquainted with the person addressed1 the usual form of greeting is ,dear ,mr4 ,smith4 ,,the ,,letter ,,itself ,if writing in response to a letter received1 the writer should begin in some such way as this3 ,mr4 ,thomas ,brown1 ,newburg1 ,n4 ,y4 ,my ,dear ,sir3 ,your favor of the second inst4 is just to hand4 ,in reply permit me to state1 etc41 etc4 ,this should be followed by the necessary statement1 set forth in clear1 simple words4 ,be sure of yourself4 ,the secret of good writing is clear thinking4 ,,ending ,,the ,,letter ,there is much in the proper ending of a letter4 ,in the ordinary business letter the usual ending may be1 ,yours truly1 ,yours very truly1 or ,yours respectfully4 ,other endings used in writing to business acquaintances are1 ,yours sincerely1 or ,very sincerely yours1 or you may substitute the words ,cordially or ,heartily for sincerely4 ,,signing ,,the ,,letter ,the name of the writer should be so clear and distinct as to leave no doubt as to the spelling4 ,the name should always be written in the same way4 ,if your name is ,george ,w4 ,brown1 do not write it at one time as here given1 and again as ,g4 ,washington ,brown1 or ,g4 ,w4 ,brown4 ,adopt one form and stick to it4 ,if you are writing for a firm or for another as clerk or secretary1 always sign the firm name1 and below it your own name preceded by the word per1 meaning by or through4 ,,the ,,materials ,never use scraps of paper or soiled paper to write on if better can be had4 ,the materials of a letter affect the receiver1 particularly if a stranger1 just as one is affected by the garb of a stranger before he speaks4 ,use a good pen and black ink4 ,fold your paper so that it will fit the envelope4 ,avoid blots and erasures2 they indicate carelessness or unbecoming haste4 ,address your letter distinctly4 ,here is a good form3 ,mr4 ,george ,w4 ,white1 ,boston1 #aaja ,sioux ,st4 ,mass4 ,,letters ,,of ,,introduction ,at some time or another one has to write a letter of introduction1 and sometimes he has had to pay for it4 ,if you should give such a letter to a man to introduce him to another with whom you trade1 the law has held that the introducer is responsible for any reasonable bills the introduced may contract with the receiver of the letter4 ,never give a letter of introduction to a man you are not sure of4 ,in addressing a letter of introduction which is to be handed in person1 do it in this way3 ,mr4 ,george ,w4 ,brown1 ,washington1 ,d4 ,c4 ,introducing ,mr4 ,henry ,wilson4 ,this shows on its face the nature of the communication4 ,here is a good form3 #aaa ,payne ,ave41 ,montrose1 ,ill4 ,september #bg1 #aiaj4 ,mr4 ,norman ,r4 ,lloyd1 ,chicago1 ,ill4 ,dear ,mr4 ,lloyd3 ,this will introduce my esteemed friend ,mr4 ,thomas ,t4 ,fletcher1 of this town4 ,mr4 ,fletcher contemplates opening a drug store in ,chicago4 ,should he do so he will prove an acquisition to your ,city4 ,any favor you can render him will be much appreciated by1 ,yours faithfully1 ,george ,w4 ,brown4 ,,recommendations ,every man of standing and every employer of labor is at times called on to certify to the character1 or to give a testimonial to some esteemed employee who is about to seek his fortune in another place4 ,if you are about to hire a stranger1 it adds to your confidence and to his chances if he have a testimonial as to character and fitness from his last employer1 or from some man whose word you value4 ,the letter of recommendation is usually of a general character and not addressed to any particular4 ,it should open in this way3 ,to whom it may concern4 ,follow this with your testimonial and sign it4 ,,titles ,the ,president of the ,united ,states is addressed as3 ,his ,excellency1 ,william ,h4 ,taft1 ,executive ,mansion1 ,washington1 ,d4 ,c4 ,cabinet officers1 ,senators1 ,congressmen1 members of the ,legislature1 and ,mayors of cities are usually addressed as ,hon41 the abbreviation of honorable4 ,the title ,hon4 like ,esq4 is often misused4 ,after all titles of courtesy are not obligatory1 unless we regard the unwritten law of custom in such matters as binding4 ,the very best kind of a letter1 and perhaps the hardest to write1 is that in which the writer appears to be talking to us face to face4 ,,chapter ,,vi ,,bills1 ,,receipts ,,and ,,accounts ,try to understand clearly the meaning of all the business terms you have to use4 ,the terms bill and invoice usually mean the same thing1 that is1 a bill of sale4 ,this applies to goods sold1 or services rendered4 ,the merchant sends you an itemized invoice of the goods you ordered and he has shipped4 ,the carpenter sends you an itemized bill of the work done by your order4 ,such a document should be regarded not as a dun1 but rather as a record of the contract or transaction4 ,in the foregoing case the merchant and the carpenter are the creditors1 the recipient of the goods or work is the debtor4 ,,bills ,,for ,,goods ,in writing out a bill the date is the first thing to be considered4 ,this should be the same in form as a business letter4 ,this form will serve as an illustration3 ,glenwood1 ,n4 ,j4 ,october #a1 #aiaj4 ,robert ,brown ,to ,george ,l4 ,white1 ,dr4 ,sept #b4 ,for #be lbs4 sugar1 at 4#jf 4 4 4#a4ej #f4 #cj lbs4 ham1 at 4#bj 4 4 4 4 #f4jj #ad4 #ajj lbs4 flour1 at 4#jc-a_/b 4 #c4ej ---- ,received payment1 #aa4jj ,,signature ,,on ,,payment ,wholesale houses send such bills as soon as the goods are shipped or delivered1 though the payment1 as per agreement1 is not to be made for thirty1 sixty or ninety days4 ,where there is a running account1 that is1 frequent orders1 with total payments never completed1 it is customary for the seller1 at the beginning of a calendar month to send to the creditor a statement4 ,this statement does not repeat the items of the bills rendered1 its purpose being to show the balance due to date4 ,,bills ,,for ,,labor ,where a mechanic or laborer is employed by the day at a fixed wage1 the length of time and dates should be given4 ,richmond1 ,va4 ,november #c1 #aiaj4 ,charles ,m4 ,pratt1 ,to ,john ,smith1 ,dr4 ,to #d days1 from ,oct4 #ast to #dth inclusive1 at #b4jj4444444444h4jj ,to #b #a_/b days1 ,oct4 #ajth1 #aath and #abth44444444444444444444 #e4jj ,to #c days1 ,oct4 #agth1 #ahth and #aith 44444444444444444444444 #f4jj ------ ,received payment1 #ai4jj ,signature4 ,this bill is just as transferable as a mortgage4 ,if for any reason ,mr4 ,smith should decide to sell it1 say to ,robert ,brown1 he should make the following endorsement across the back3 ,in consideration of ------ dollars1 the receipt of which is hereby acknowledged1 ,i do hereby sell and assign to ,robert ,brown1 the written account1 which is justly due from the within named ,charles ,w4 ,pratt1 and ,i hereby authorize the said ,robert ,brown to collect the same4 ,john ,smith4 ,newburg1 ,n4 ,y4 ,november #a1 #aiaj4 ,regarded simply from a business viewpoint and without considering ethics1 ,honesty is the best policy4 ,bills1 where possible1 should be promptly paid4 ,prompt payment is a guarantee of credit and credit is the heart if not the soul of business4 ,never1 if it can be avoided1 buy goods on the installment plan4 ,be sure to get a receipt for all payments you make1 and be equally sure to keep the receipt where you can find it4 ,examine all bills and invoices2 compare them with the goods received1 and no matter what your faith in the seller's care and honesty1 calculate for yourself the price of each item1 and be sure that the total is correct4 ,,discount ,,in ,,trade ,it is a business custom1 when a bill is paid before it is due1 to allow a discount4 ,this may be the legal rate of interest1 or any percentage agreed on in advance4 ,sometimes wholesale merchants or manufacturers grant esteemed customers1 in consideration of prompt payments1 a discount from the regular prices4 ,this is known as trade discount4 ,we often read of two or more discounts4 ,a store keeper buys a bill of goods for #cej and is granted #bj and #e from the selling price4 ,this does not mean a discount of #be as the uninitiated might think4 ,the #bj is deducted from the #cej1 that is1 #gj1 leaving #bhj4 ,then the #e1 #ad1 is deducted from this1 leaving #bfj4 ,partial payments are not endorsed on the bill4 ,the receipt is written on a separate piece of paper4 ,it differs from the usual receipt in that the one is in full payment and the other on account4 ,receipt no bill before it is actually paid4 ,some one has translated the letters ,c4 ,o4 ,d4 into ,come omejitly ,down4 ,the ,collect on ,delivery usually accompanies goods sent by express4 ,,forms ,,of ,,receipts ,a receipt for a partial payment3 ,leavenworth1 ,kansas4 ,december #g1 #aiaj4 #ge4jj ,received from ,charles ,long seventy-five dollars on account4 ,henry ,s4 ,somers4 ,a receipt in full3 ,san ,diego1 ,cal4 ,july #bg1 #aiaj4 #bfj4ge ,received from ,n4 ,o4 ,taylor1 two hundred and sixty #ge-ajj dollars1 in full payment to date4 ,samuel ,g4 ,novris4 ,another form3 ,portland1 ,me4 ,october #bj1 #aiaj4 #dj4jj ,received from ,thomas ,moore1 ten cords of hardwood1 at #d4jj a cord1 the sum to be applied to his account4 ,daniel ,forman4 ,in payment of rent3 #ag4jj ,received from ,william ,forbes seventeen dollars in full payment of rent of premises ,no4 #bd ,west ,street1 for the month ending ,october #ca1 #aiaj4 ,philip ,f4 ,ross4 ,where one person pays for another3 ,wilmington1 ,del4 ,august #ag1 #aiaj4 #hj4jj ,received from ,alfred ,thompson eighty dollars to apply to the account of ,hiram ,o4 ,wells4 ,baker ,jones ,co41 per1 ,s4 ,n4 ,thorp4 ,receipts and other documents signed with a mark ,x should be witnessed4 ,payment on a note3 ,bridgeport1 ,conn4 ,july #a1 #aiaj4 #aej4jj ,received from ,casper ,n4 ,work one hundred and fifty dollars to apply on the payment of his note to me for six hundred dollars1 dated ,march #h1 #aiaj4 ,ruben ,hoyt4 ,the maker of the note should1 in addition to getting his receipt1 have the amount of his payment endorsed on the back of the note by the holder4 ,where a receipt is given to the administrator of an estate his position should be named as ,robert ,fields1 administrator of the estate of ,john ,jones1 deceased4 ,,what ,,is ,,an ,,order8 ,an order is a command or instruction by one person to another to do a stated thing4 ,an order may be given for the delivery of goods or the payment of cash4 ,this is the usual form3 ,dayton1 ,ohio4 ,august #c1 #aiaj4 ,mr4 ,g4 ,w4 ,mc,bride3 ,please deliver to ,edward ,lott goods from your store to the amount of ten dollars1 and charge to my account4 ,f4 ,t4 ,leroy4 ,this would be an order for cash3 ,holden1 ,ind4 ,june #ah1 #aiaj4 #cj4jj ,mr4 ,p4 ,t4 ,mayhew4 ,please pay to ,thomas ,jackson thirty dollars and charge same to my account4 ,f4 ,r4 ,wilson4 ,a ,,due ,,bill ,the customary form of a due bill is3 ,durham1 ,n4 ,c4 ,may #a1 #aiaj4 #aj4jj ,due ,george ,smith ten dollars1 payable in merchandise from my store4 ,s4 ,t4 ,long4 ,,chapter ,,vii ,,who ,,should ,,keep ,,accounts ,to have any value1 business accounts1 whether of a great or a small concern1 must be accurately kept4 ,every man and woman1 having unsettled dealings with others1 should keep some sort of book accounts4 ,storekeepers must keep accounts1 and every farmer and mechanic1 who would know just what he owns and what he has spent during the past month and year1 should keep an exact account of every cent received and paid out4 ,lawyers and doctors know how to keep accounts1 or if they do not they are neglecting their own side of their professional duties4 ,workers1 skilled and unskilled1 and even the hired girl who is paid by the month1 should keep a record of the compensation received1 and how the whole or the part has been expended4 ,no woman can be called a really good housekeeper who does not know to a penny what has become of the money she has received for the upkeep of her establishment1 whether she have a score of servants or does all her own work4 ,in order to keep such accounts1 as have just been indicated1 it is not necessary to be a trained bookkeeper1 or to know anything more about the art than a good common school education gives4 ,another word as to the farmer4 ,i am not thinking in this connection of the old-time1 deep-in-the-ruts farmer1 who never learns and knows nothing to forget1 but of that wide-awake producer who tries to keep up with the times4 ,not only should the farmer keep cash accounts1 the form may be quite simple1 but all his business affairs should be kept in the best possible trim4 ,personal agreements without some kind of writing to back them up1 are dangerous4 ,verbal contracts feed the lawyers4 ,all transactions involving labor or money should be recorded in black and white4 ,don't trust to your memory4 ,don't rely on the memory of another4 ,,an ,,account ,,with ,,crops ,every farmer should keep an account with each crop he raises and even with every field he cultivates4 ,against the farm should be charged-- #a4 ,its annual rental value4 #b4 ,what all the labor would cost if hired4 #c4 ,new machinery4 #d4 ,wear1 tear and repair of old machinery4 #e4 ,taxes4 #f4 ,insurance4 #g4 ,doctor's bills4 #h4 ,interest on mortgage if any4 #i4 ,the cost of fodder1 fuel1 etc41 consumed4 ,the farm should be credited with-- #a4 ,the rent4 #b4 ,the cost of everything produced and consumed on place4 #c4 ,the farm products sold4 #d4 ,the stock sold4 #e4 ,increased value of stock4 #f4 ,increased value of property1 if any4 ,such accounts you say will cause trouble2 well1 you cannot do anything of value without trouble4 ,the question is will the effort pay8 ,those who keep such accounts say it does1 and they are usually the successful1 progressive farmers4 ,,working-,,men',s ,,accounts ,the working man1 skilled or unskilled1 and the working man's wife as well1 should keep some form of cash book that will show from week to week the receipts and expenditures4 ,one can be thrifty without being miserly4 ,where did the money go8 ,look at your book1 where every cent expended has been set down1 and you will be surprised to find how the little sums total up4 ,look over the list of little things bought and you will be surprised to see how many were not needed4 ,here is a simple form for a home record3 ,cash ,received #aiaj4 ,jan4 #b4 ,balance on hand444444444#de4ej #c4 ,work for ,mr4 ,jones4444444 #a4ge #c4 ,smith paid bill444444444 #ac4ge #i4 ,work for ,mr4 ,brown4444444 #g4ej ,cash ,paid #aiaj4 ,jan4 #b4 ,two shirts444444444444444#a4ej #c4 ,to wife for house44444444 #h4ej #d4 ,doctor ,c's4 bill444444444 #f4jj #e4 ,fare to ,troy4444444444444 #b4be #f4 ,horse car4444444444444444 4#bj #f4 ,postage444444444444444444 4#jf #g4 ,church ,contribution444444 #a4jj #h4 ,shoes mended4444444444444 #j4fj #i4 ,newspaper bill44444444444 #a4jj ,never lump what you receive or what you spend4 ,set down each item separately1 even to one cent4 ,when you have filled out each page of received and paid foot it up and carry it to the next page set apart for the purpose4 ,an account book will cost but a few cents4 ,use the left-hand side for receipts and the right for expenditures4 ,at any time the excess of the left hand over the right should show the amount on hand4 ,strike a balance at least once a month4 ,,other ,,records ,never mix up another's accounts with your own4 ,john ,smith1 treasurer of some church1 society1 or club1 is a different person before the law from ,john ,smith1 the trader or mechanic4 ,funds not your own1 and which may be added to or decreased from time to time1 as in the case of a society1 say like the ,odd ,fellows1 should be kept in the bank not as ,john ,smith's but as the funds of ,john ,smith1 ,treasurer of ,washington ,lodge #aaj1 ,independent ,order of ,odd ,fellows1 or whatever the name of the society1 club1 or church may be4 ,in the same way1 a treasurer's book should be kept and all the receipts and expenditures carefully recorded4 ,,copies ,if a business proposition is made to another by mail1 or if you hand another in writing your proposition as to a certain contract you are willing to undertake1 for the consideration named1 be sure to keep a copy of the letter or contract2 such a precaution may save trouble4 ,,chapter ,,viii ,,as ,,to ,,banks ,no instrument of trade has done so much or is more essential to the safe and progressive business of the world today than the bank4 ,every department of business1 in our modern civilization1 must keep in touch with the bank4 ,money is the blood of trade and the banking system is its heart4 ,the bank is as necessary to the thrifty farmer as it is to the greatest railroad or the most wide-spread trust4 ,banks are depositories for money not in circulation4 ,banks have facilities for the safe-guarding of money which the ordinary business man could not provide for himself4 ,instead of running the risk of paying bills with money carried about on his person1 the business man1 and every man with ready money should follow his example1 deposits his money in a convenient bank1 for which he receives a proper voucher in the shape of a credit in a deposit book4 ,when he pays a bill1 he draws a check for the amount1 payable to the order of his creditor4 ,this check1 when endorsed by the receiver and paid by the bank1 is in itself a receipt for the money4 ,,national ,,banks ,as ,i propose to say something about savings banks in another chapter1 the present will be devoted to what are known as banks of deposit4 ,banks of deposit are either ,national1 ,state1 or private4 ,a ,national bank is1 as the name implies1 chartered and incorporated by the ,government1 with special privileges and restrictions4 ,the ,government in the organizing of ,national banks had in mind the protection of the public without unduly limiting the profit of the stockholders4 ,the sum the stockholders must contribute to the establishment of a ,national bank varies according to the population and the business importance of the place in which the bank is to be located4 ,the capital must exist in a prescribed form4 ,certain forms of investment are prohibited1 as for instance the ownership of real estate1 except under certain restrictions4 ,this is done that the ,national bank may be able to convert its securities into cash in the shortest order4 ,in consideration of a prescribed amount of ,united ,states bonds1 deposited with the ,treasury in ,washington1 the ,government issues to the ,national bank a prescribed sum in printed bank notes of varying denominations4 ,if the bank should close for any reason1 the bank notes or their equivalent must be returned1 when the bonds deposited as security are released4 ,every bank must have a board of directors1 a president and a cashier4 ,receiving and paying tellers1 with bookkeepers1 and many clerks are necessary to carry on the business of a large bank4 ,in addition1 the ,national banks are under the supervision of regularly appointed ,government inspectors4 ,a ,national bank may fail1 but its notes are still as good as gold4 ,,banks ,,as ,,lenders ,the bank not only receives money on deposit1 but it loans money under certain conditions4 ,many merchants1 builders1 contractors and others often find it necessary to borrow money in order to carry on their business successfully4 ,if a man's business reputation is good1 and the banks keep well posted in such matters1 he may secure a loan on his own note1 though even in such cases the name of a good endorser is required4 ,if in addition to his note the borrower can offer security in the way of bonds of good character1 or other reliable collateral1 he can usually be accommodated4 ,of course1 the banks charge interest for loans4 ,they also make collections on notes and other commercial paper and they issue foreign and domestic bills of exchange4 ,every man with a sum large or small in excess of his expenditures1 should open a bank account4 ,even if not in business this will encourage thrift and lead to good business habits4 ,,interest ,,on ,,deposits ,some banks1 particularly those known as state or private1 and ,national banks in smaller communities1 allow interest on deposits4 ,this interest varies with the demand for money1 but in the eastern states it seldom goes over four per cent4 ,it is well to know when interest begins and ends4 ,if the dates set by the bank for reckoning interest are the first day of ,january1 ,april1 ,july and ,october1 money deposited ,march #cast will begin to draw interest next day1 but if deposited ,april #bnd1 it would not begin to draw interest till ,july #ast4 ,but if you have the money and would insure its safety1 deposit it at once regardless of time or interest4 ,if a depositor withdraws his money before the day when interest is due1 he forfeits the interest4 ,but banks vary as to that4 ,,check ,,and ,,deposit ,,books ,every depositor is given a book in which the teller or cashier credits him on the left-hand side with the amount deposited4 ,other deposits are treated in the same way1 and at proper times1 if interest is allowed1 it is added as a deposit4 ,the depositor can provide his own check book1 and have it printed in any color he pleases1 with the name of himself and business on the margin4 ,the bank1 however1 will supply loose bank checks of its own1 or it may provide them in book form1 with stubs1 or a space on which the number1 amount and purpose of the check may be noted for the drawer's information4 ,writing up of the deposit book is leaving it with the proper officer at the bank--a receipt for the book is never taken4 ,it is returned with all the checks received1 and their amount footed up on the right hand or debit page1 and the balance on hand shown4 ,every depositor should know from the record on the check stubs exactly how his account stands with the bank4 ,take care that you do not overdraw4 ,keep your own record of your own money4 ,,commercial ,,deposit ,,banks ,in the ,commercial banks of our large cities no interest is allowed1 nor could it be easily calculated where a score of deposits may be made in a week and a hundred checks drawn in a day4 ,the depositor in such a bank is free to check out his funds as he pleases4 ,before opening an account there is more than money needed from the depositor4 ,if unknown1 he must satisfy the bank of his character1 which is best done through the introduction of one known to both4 ,some banks make a charge for deposits1 where a man makes a convenience of them by depositing money which he checks out in a short time4 ,a depositor1 when opening an account with a bank is required to place his signature in a book kept for the purpose4 ,until the bank officer1 the paying teller1 becomes familiar with the signature on the check1 he verifies it by comparing it with that in the book4 ,,how ,,to ,,prepare ,a ,,check ,a check may be defined to be a written order on a bank directing it to pay a certain sum of money to the person named in the check or to his order1 and signed by a depositor4 ,so long as the purpose is clearly conveyed in the writing no particular form of words is necessary1 nor need the paper on which the check is written be the regular printed form properly filled in4 ,the drawer is the one who makes the check4 ,the payee is the one for whom the check is made4 ,in making a check1 the best plan is to fill out the stub first1 and from the data on it make out the check4 ,this tends to accuracy4 ,be sure to number your check1 beginning with ,i4 ,be sure that the number on the stub is the same as on the check4 ,a person having money in bank and wishing to draw for his own use1 makes his check payable to self or to cash4 ,usual form of check3 ,first ,national ,bank4 ,no4 #bg ,kingston1 ,vt41 ,oct4 #ac1 #aiaj4 ,pay to order of ,john ,smith ,seventy-five #ge_/ajj ------ dollars4 #ge4ge ,george ,f4 ,brown4 ,it is proper form to specify on the face of the check the purpose for which it is given1 but while this is permissible it is not usual4 ,write the amount of the check first in words then in figures4 ,this makes more certain the amount4 ,always begin first word of amount close to left-hand side of check2 when the whole sum is written down draw a heavy stroke along the line to the word dollars4 ,when a check is made payable to ,john ,smith or order1 ,john ,smith must sign his name on the back of the check--left-hand end and about an inch from the top4 ,never sign a check until you are ready to collect1 or to bank it4 ,the payee can endorse the check to another by writing on the back as follows3 ,pay to the order of ,thomas ,brown4 ,john ,smith4 ,a check payable to bearer may be negotiated by any one4 ,when such checks are presented by a stranger1 at the bank of the maker1 the paying teller always insists that the stranger be identified4 ,never make a check payable to bearer if it can be avoided4 ,sometimes checks are dated ahead1 for reasons satisfactory to the maker and payee4 ,a check drawn on ,august #eth1 but dated ,august #bjth cannot be collected till the latter date4 ,never date a check ahead unless you are positive that you will have the money in bank to meet it on the day named4 ,never1 if you can avoid it in trade1 receive a post-dated check4 ,cash or deposit your checks as soon as possible after they are received4 ,if the bank should fail1 while you are holding the check1 the maker cannot be held for the loss4 ,,certificates ,,of ,,deposit ,often when a depositor is travelling1 he finds it convenient to carry with him a form of paper that is as good as cash1 and much better in the event of loss4 ,banks will issue certified checks to depositors4 ,these checks are stamped by the bank certified with the date and officer's signature attached4 ,on issuing such a check1 the bank debits the receiver's account with the amount1 and so can guarantee the payment whenever or wherever presented4 ,such a check may be received with as much certainty of its value as if it were a bank bill4 ,when a person places money in a bank with no intention of checking it out for some time to come1 he may have issued to him a ,certificate of deposit4 ,while holding this certificate he cannot check against the money in the bank4 ,the holder of a certificate of deposit may transfer it4 ,the money may be paid in part by the bank1 if the certificate is presented1 and the amount is endorsed on the back4 ,to withdraw all the money the certificate must be surrendered4 ,,use ,,of ,,checks ,there is no form of commercial paper in such general use as the check4 ,the total of all the checks in use at some seasons is far more than the total of all the money in all the banks4 ,checks are balanced in the money centers through what are known as clearing houses4 ,in these a bank is charged with checks against it and credited with those in its favor4 ,the differences are settled by cash4 ,often a few thousand dollars will settle check accounts amounting to millions4 ,if by any chance you should receive a check in which your name is misspelled1 or not given as you write it1 endorse the check exactly as the name is written on the face1 then add your name in the regular way4 ,,chapter ,,ix ,,savings ,,banks ,while of ,national importance1 savings banks are chartered by the respective states in which they exist1 and as such are distinctly local institutions4 ,unlike the ,national1 the savings bank is not established as a money-making corporation4 ,the ostensible and actual purpose of the savings bank is to encourage people of small means to save4 ,the savings bank provides a safe place for the care of such deposits1 and it pays such rates of interest on such deposits as are warranted by the earnings of its investments after paying the expenses incident to the proper conduct of its officers4 ,when a savings bank receives authorization to act1 through a charter from the state1 the organizers choose a board of directors and the proper officers4 ,usually the officers occupying positions of trust and responsibility are required to give bonds for the proper discharge of their duties4 ,,how ,,business ,,is ,,conducted ,with all the legal conditions complied with1 and a suitable office provided1 the savings bank is ready for business4 ,some savings banks will receive on deposit any sum from five cents to five thousand dollars4 ,other banks will not receive less than one dollar at a time1 nor more than a thousand4 ,we have heard of penny savings banks1 but they are rarely chartered1 and are organized1 only to encourage thrift among children4 ,fractional parts of a dollar are not usually reckoned as drawing interest4 ,some banks require as much as three1 four or five dollars before allowing interest4 ,savings banks in the eastern states pay from three to four per cent4 ,in the west it is sometimes as high as six4 ,each bank has certain dates at which calculation of interest begins4 ,as a rule this is ,january #ast1 ,april #ast1 ,july #ast1 and ,october #ast4 ,money deposited at any time between these dates does not draw interest till the beginning of the next quarter4 ,but never mind the interest4 ,the best time to make a deposit is when you have the money4 ,the bank is safer than your pocket4 ,,how ,,to ,,deposit ,count your money carefully and make a memorandum of the amount before giving to the savings bank to deposit4 ,hand the money to the officer--usually the receiving teller-- authorized to receive it4 ,the teller writes down the name1 age1 occupation and residence of the depositor4 ,if money is deposited in the name of one under legal age1 the names of the parents and the birthplace of the minor are also recorded4 ,the adult depositor must write his name in a book provided by the bank for the signature of clients4 ,when these conditions are complied with1 the depositor receives a memorandum book1 known as a deposit book1 in which1 with his name and date1 is written the amount of his first deposit4 ,the deposit book must be carefully guarded1 for without its presentation at the savings bank money cannot be drawn4 ,you cannot check against your savings bank account1 as with a commercial bank4 ,,how ,,the ,,account ,,grows ,after the first account is opened the rest is easy4 ,on the second1 as on all subsequent visits1 the deposit book1 with the amount to be entered1 is handed to the receiving teller4 ,he counts the money1 makes a record of it for his own use1 enters it on your book as a deposit1 and hands the book back4 ,that is all4 ,whenever interest is due it is written down in the book as if it were a cash deposit4 ,the interest1 if desired1 will be paid in cash1 but if allowed to remain1 it begins at once to earn interest for itself4 ,interest grows like a rolling snow ball4 ,on such small beginnings great fortunes have been built4 ,savings banks keep a reserve1 made up of earnings in excess of interest and all expenses4 ,this reserve earns money4 ,the money so earned is reckoned as a net profit1 and it may be distributed1 and usually is1 among its depositors as a dividend4 ,,the ,,limit ,,of ,,deposit ,different banks have different limits of deposit1 that is fixed sums beyond which they will not receive4 ,the limit is from one thousand to five thousand dollars4 ,when the fortunate depositor has reached the limit with one savings bank1 there is no law to prevent his opening another account with another1 or with any number of similar banks4 ,remember the savings banks are not meant for capitalists1 but for small depositors4 ,after deposits and interests have reached a total of #a1fjj1 the interest will not go on earning interest1 but will be regarded simply as a deposit4 ,this is in compliance with law4 ,depositors1 posted as to the law1 open another account with another bank1 and keep on till the interest limit is reached4 ,,how ,,to ,,draw ,,money ,a savings bank depositor may either draw money himself or through some properly authorized person4 ,this is the method3 ,the deposit book is presented to the paying teller4 ,the owner states the sum he wants to draw4 ,having assured himself that the bearer of the book is the right person1 the teller takes a receipt in a book kept for the purpose1 for the amount1 enters the same on the right hand or debit side of the book1 and hands out the money4 ,there is a form of authorization for another to draw1 printed on the deposit book4 ,this must be copied and its directions complied with4 ,most banks will not allow depositors to draw out less than a fixed sum1 say #e4jj4 ,this saves trouble1 and prevents thoughtless depositors from going to the bank every time they want a dollar4 ,before a depositor can draw a large sum from a savings bank he may be compelled1 under the law1 to give from one week to six weeks' notice of his intention4 ,this provision may not prevent a run on the bank1 but it gives the managers time to provide for it4 ,read the rules in the deposit book4 ,,how ,,savings ,,banks ,,earn ,how can a bank that does not discount notes or deal in loans and commercial paper earn money8 ,how can it pay interest8 ,while they may be individually small1 the aggregate of all the deposits in a savings bank may1 and often do1 amount to many millions4 ,this money is not allowed to lie idle4 ,under the skilled direction of the bank officers1 the money1 instead of lying idle in the vaults1 is invested in many ways1 but always in accordance with the laws of the state under which the bank is chartered4 ,much of the money is invested in mortgages on real estate1 never on personal property4 ,national bank stocks1 sound railroad bonds1 and other forms of reliable interest security are fields for the investment of savings bank funds4 ,savings banks are subject to the periodic inspection of state officers appointed for the purpose4 ,the failure of a savings bank through bad investments or the dishonesty of officials is very rare4 ,avoid all banks that promise more than the regular rate of interest4 ,private banks may be1 and usually are1 honestly conducted1 but to be safe1 deposit only with a bank that is regularly chartered and is subject to the inspection of the law4 ,the savings bank is the best for the wage earner4 ,,chapter ,x ,,notes--,,drafts ,the promissory note is a most useful kind of commercial paper1 and it is in general use in business4 ,if a man has not sufficient ready cash to pay for the real estate he is about to purchase1 he makes up the difference by a note1 which note is secured by a mortgage on the property4 ,remember the mortgage must always be regarded as security4 ,the note represents the debt4 ,often wholesalers take a note as part or even full payment for a bill of goods to a retailer4 ,if the wholesaler needs money1 he endorses these notes and putting them in his bank draws against them1 less the discount he has to pay for the accommodation4 ,as has been shown1 an account may be transferred and sold1 but a note is more convenient for that purpose4 ,,an ,,illustration ,as with a check the maker of a note is known as a drawer1 the person in whose favor it is drawn is the payee4 ,notes may be written in pencil1 but it is better and safer to write with ink on good paper4 ,supposing you buy a team of horses1 or it may be a bill of goods1 from ,john ,brown1 for #cej4 ,now you have only #ajj in cash4 ,what are you to do8 ,mr4 ,brown1 knowing you to be reliable1 says3 ,that's all right1 friend ,jones4 ,you pay me the #ajj cash for which ,i will give you a receipt1 then ,i will take your note for six months1 payable at my bank4 ,you agree to this2 pay out the money1 make and deliver the note and take the property in question1 which is now yours as much as it had been his before the transfer4 ,the following would be a legal form in which to make the note3 #bej4 ,summit1 ,n4 ,j4 ,october #aj1 #aiaj4 ,six months after date ,i promise to pay to the order of ,john ,brown44444444444444 ,two hundred and fifty 444444 dollars14444 ,at the ,lincoln ,national ,bank of ,summit 4444444444 ,value received4 ,george ,jones4 ,no4 #a4 ,due ,april #ad1 #aiaa4 ,now1 if before the expiration of this note1 you want to make a payment on it of1 say1 #ge1 you take the money to ,mr4 ,brown1 who endorses on the back of the note1 ,received on the within note #ge1 ,january #crd41 if that be the date1 and signs1 ,john ,brown4 ,it may be well to remember that while a running account may be collected at any time1 the law cannot prevent the maker of a promissory note from selling all his belongings and leaving the country before the note is due4 ,,days ,,of ,,grace ,notes may be time notes1 that is where there is a specified time for payment1 or demand notes4 ,the latter are collectable on presentation4 ,with the time notes three days grace are allowed after the expiration of the date for payment4 ,no such favor is allowed in the case of demand notes4 ,these grace days do not seem businesslike4 ,why not add them to the date in the note8 ,well1 it is a custom1 quite as old as the greater part of our laws1 and so it must be observed4 ,under the law a note is payable at the home or business place of the drawer1 unless otherwise specified4 ,,indorsing ,,notes ,a note secured by a mortgage has its payment guaranteed4 ,the usual way of securing the payment of a note given in business is to have it endorsed with a good name across the back1 as in endorsing a check4 ,by writing your name across the back of another man's note you announce to all the holders of that note that you know the maker and that if he does not pay it you will4 ,in most states the indorser of a note cannot be held responsible for payment1 unless the holder notifies him1 within twenty-four hours after the note comes due1 that the maker cannot or will not pay4 ,if an indorsed note changes hands1 each indorser is responsible to all endorsers who follow him and also to the last holder of the note4 ,if an indorser1 that is1 one into whose hands the note has come after the first endorsement1 should not wish to guarantee payment1 he writes before his name1 ,without recourse to me4 ,this is known as a qualified endorsement4 ,a ,,negotiable ,,note ,most notes are negotiable2 that is because they may be sold1 like any other personal property1 or the ownership may be transferred from one person to another4 ,no note is negotiable that does not bear on its face1 the words1 ,pay to bearer1 or ,pay to the order of1 followed by the payee's name4 ,,joint ,,notes ,when two persons sign a note they become jointly and individually responsible for its payment4 ,such persons are known as joint makers4 ,if one signs his name on the back of a note before it has been handed to the payee1 he makes himself not only an endorser1 but a joint maker4 ,if the maker of such a note refuses to pay on the expiration of time stated1 he is liable for the amount without any notification4 ,,discounting ,,notes ,if a business man borrows from a bank on his note1 he must pay for the privilege4 ,interest is a sum paid for the use of money4 ,interest is reckoned as a certain percentage yearly on the principal4 ,interest on interest is called compound interest and is unused in ordinary business transactions4 ,instead of collecting interest when the amount borrowed on a note is due1 or deducting it from the principal in advance1 it discounts the note at the rate agreed on and pays the rest4 ,this is called bank discount and its rate is variable1 depending on the abundance or scarcity of money4 ,money is a marketable article1 and the price1 like that of wheat or cotton1 is governed by supply and demand4 ,,interest ,,on ,,notes ,a note may be made payable with interest1 or not1 as the parties concerned may agree4 ,if nothing is said about interest in the note1 no interest can be collected4 ,again a note may go into details and specify that the interest shall be ten per cent1 payable semi-annually1 provided always that the rate shall not be higher than the legal interest of the state4 ,excessive interest is known as usury4 ,it invalidates all the interest1 and in some places the principal is forfeited4 ,when the holder of an interest note receives interest payment he must record the date and sum on the back of the note4 ,,protests ,if a note comes due on ,sunday or on a legal holiday1 payment must be made on the following day4 ,holidays are appointed by the separate states4 ,the ,united ,states recognizes no day as a holiday1 except ,sunday1 and that is acknowledged through custom4 ,it is customary for banks to notify makers of notes held by them a few days before time set for payment2 but this is not required by law4 ,if a note lies unpaid in bank the day set for payment1 as soon as the office closes for regular business the note is protested4 ,the protest is made before a notary public2 he is usually an employee of the bank4 ,in the protest formal objection is made against the breaking of the promise1 and demanding that the matter be set right by the maker1 or on his failure1 by the indorser4 ,the indorser1 who has to pay1 has a claim for the amount on the maker of the note1 as he would have for money loaned or goods sold1 and he can sue to collect4 ,a note that is not paid within a fixed time is said to be outlawed4 ,remember the indorser of a note must be notified within twenty- four hours of the failure of the drawer to make good4 ,,notices ,the object in protesting a note is to fix the liability on the endorser4 ,if there be more than one endorser notice of protest must be sent to all at the same time4 ,it is better1 where possible1 to serve the notices on the indorsers in person4 ,the payee must also be notified4 ,,accommodations ,there is a form of note sometimes used in business which is given without any consideration on the part of the maker4 ,this is known as an accommodation note4 ,the maker of such a note does not expect to pay it1 nor does the man in whose favor it is drawn expect to do so4 ,an accommodation note is an instrument by the sale of which1 or through a bank1 money may be raised for immediate use4 ,the maker in this case is a friend who loans his name4 ,as there was no value received such a note could not be collected by the payee4 ,but if it passes into the hands of a third party1 who endorses it1 then the maker of the note can be compelled to pay4 ,a ,,lost ,,note ,a note may be lost or stolen4 ,the losing of a note does not release the maker from payment of the full amount on the date and at the place named4 ,the loser should at once notify the maker of his loss4 ,a man who buys1 before its maturity1 a lost or stolen note1 may collect the full amount from the maker1 provided the note is payable to bearer and no notice of the loss has been published4 ,when the maker of a lost note pays the amount to the original owner1 he should receive from him what is known as a bond of indemnity4 ,this bond is to secure him against paying a second time4 ,,notes ,,about ,,notes ,there are some things worth remembering about promissory notes4 #a4 ,never give one if you can pay cash4 #b4 ,a note made on ,sunday is worthless in some states4 #c4 ,a note given under compulsion is worthless4 #d4 ,notes made by a drunken person1 or obtained by any form of fraud cannot be collected under law4 #e4 ,notes bear interest only when so stated in body of note4 #f4 ,the holder of a note has a legal claim against every indorser4 #g4 ,each indorser is responsible to every indorser who follows him4 #h4 ,notes are valid without reference to the kind of paper1 or whether they are written with pen or pencil4 #i4 ,losing a note does not release the maker from payment4 #aj4 ,if no time is set in a note for payment1 it becomes due as soon as it is made4 #aa4 ,where a note is made in one state and is payable in another1 it is governed by the laws of the state in which it is to be paid4 #ab4 ,notes payable on demand draw no interest until after they have been presented for payment4 #ac4 ,if a note reads with interest and no rate is specified then it draws the legal interest in the state in which it was made4 #ad4 ,demand notes are not entitled to days of grace4 #ae4 ,if no place of payment is named in a note1 it should be presented to the maker personally in business hours4 #af4 ,the misspelling of a word or words in no way invalidates a note4 #ag4 ,if a person who cannot write makes a note his mark should be properly witnessed4 #ah4 ,the makers of a joint note must be sued jointly4 #ai4 ,if the words and the figures in a note disagree1 the words take precedence4 #bj4 ,a note signed by a firm may be collected from either of the partners4 #ba4 ,when a payment is made on a note secured by a mortgage1 the amount is endorsed on the note1 never on the mortgage4 #bb4 ,a note given by a minor is void1 unless given for actual necessities1 like food and clothing4 #bc4 ,if a note made by a minor is acknowledged when he comes of age it is binding and collectible4 ,,chapter ,,xi ,a ,,draft ,a draft is a written order from the first party to the second party to pay to the third party a certain sum of money at a certain time4 ,the first party is called the drawer4 ,the second party is the drawee4 ,the third party is the payee4 ,there are two kinds of draft4 ,the first is usually where the cashier of one bank1 through his own check1 draws on another bank for the cash difference in their accounts with each other4 ,the second form of draft is the most usual and is the one we shall here consider4 ,the cashier's draft is always for cash and the demand is always honored4 ,the ordinary business draft may be for cash or for goods4 ,the business draft is usually honored1 but there are circumstances under which it may be ignored4 ,,to ,,make ,a ,,draft ,but let us suppose that the draft is all right and that a merchant1 let us call him ,henry ,thomas1 and suppose him a resident of ,philadelphia1 has a bill against ,james ,taylor1 of ,cleveland1 and he wants to collect it1 without recourse to law4 ,how will he go about it8 ,the bill is for #ajj4 ,mr4 ,thomas writes this draft3 ,philadelphia1 ,pa41 ,sept4 #e1 #aiaj4 ,at sight pay to the order of ,johnson ,national ,bank of ,philadelphia ,one hundred4444444444444444444 dollars4 ,with exchange and charge same to ,henry ,thomas4 ,to ,james ,taylor1 ,cleveland1 ,ohio4 ,having drawn his draft1 ,mr4 ,thomas takes it to the ,johnson ,national ,bank for collection4 ,the collection is actually made by some bank in ,cleveland to which the ,johnson has endorsed it over4 ,if ,mr4 ,thomas wished he might have sent his draft direct to the ,cleveland bank1 but he no doubt thought it better to transact such matters through his own bank4 ,or if ,mr4 ,thomas lived where he was not in touch with a bank1 he might have drawn through any person whom he knew in ,cleveland4 ,on receiving the draft for collection1 the ,cleveland bank would at once give it to a clerk who would without delay present it to ,mr4 ,taylor4 ,mr4 ,taylor1 having written his acceptance of the draft1 is given three days grace in which to make payment4 ,in states where days of grace are not allowed1 he would have to pay at once4 ,mr4 ,taylor writes the word accepted1 with the date and his name across the face of the draft1 and if he does not pay cash1 he states in the writing where payment will be made4 ,of course1 ,mr4 ,taylor cannot be compelled to accept a draft4 ,there may be good and honest reasons for his not doing so1 but having accepted it1 in business honor he is bound to pay it4 ,the term ,sight draft explains itself1 but the order to pay a draft may indicate1 and often does1 the number of days allowed for payment1 after presentation4 ,,for ,,collection ,what should be done by the man to whom a bill or a note is due1 when the debtor lives in a place where there is no bank8 ,in that case he must learn in some way the name of a promising person to make the collection for him4 ,in this case he makes out the draft as before1 and adds the words for collection4 ,this acts as a bar to any transfer of the paper4 ,most banks refuse to handle a draft marked for collection4 ,,dishonor ,drafts are not necessarily duns4 ,some country merchants prefer to pay their bills to wholesalers in that way1 so that collecting drafts is no small part of the business of the ordinary bank4 ,while men are not compelled to meet drafts when presented1 if the amount is due and he defaults or refuses to pay he injures his own credit4 ,in refusing a just draft he is said to dishonor it4 ,so sure are wholesalers that their drafts will be met by their distant debtors that they do not hesitate to draw against them when deposited for collection1 regarding them as cash to their credit in bank4 ,,protests ,when a draft is not accepted or paid when due1 if it be a time draft1 it is protested in the same way as a note4 ,the protest of a draft serves as a notice to the drawer of its non-acceptance4 ,like notes and checks1 drafts may be transferred by a similar endorsement4 ,,buying ,,drafts ,if ,i wanted to pay a bill for #aej to ,albert ,holt1 living at ,wallace1 ,kansas1 and did not wish to trouble him with a check1 how would ,i go about it8 #a4 ,i might express the cash1 which would be expensive4 #b4 ,i might send it in postal order1 not always certain4 #c4 ,i might send it by a trusted hand1 but might have long to wait before ,i found a friend going out to ,wallace4 ,i am living in ,new ,york ,city1 and am familiar enough with banking to know that ,new ,york is a great financial center and is in constant communication with nearly all the outside banks4 ,the outside banks keep money in deposit here1 and the ,new ,york banks1 particularly in the spring and autumn1 keep deposits with their correspondents4 ,with my #aej and a small extra sum to pay my bank for drawing the draft1 ,i go thither and buy a draft for the sum ,i owe ,mr4 ,holt4 ,i mail this draft to my creditor and he can cash it without loss in his home bank4 ,here is the form3 ,no4 #aja4 ,madison ,national ,bank of ,new ,york4 ,pay to the order of ,albert ,holt1 ,one hundred and fifty dollars 7#aej47444 4444444444 ,l4 ,n4 ,jones1 ,cashier4 ,to ,prairie ,national ,bank1 ,wallace1 ,kansas4 ,a ,,good ,,plan ,when you buy a draft which you mean to send off in payment of a debt1 a good plan is to have it made payable to yourself4 ,let us suppose it is the case of ,albert ,holt4 ,you transfer the draft to him by writing across the back1 ,pay to the order of ,albert ,holt1 and add your signature4 ,now as all drafts are returned1 as payment vouchers1 to the banks from which they were issued1 and as ,mr4 ,holt must have signed the draft to get his money1 it follows that there is a record of his having received it1 and this has all the force of a receipt4 ,do not endorse a draft with just your name1 for in that case1 anyone into whose hands it falls may collect4 ,first write ,pay to the order of the person for whom it is intended4 ,,good ,,as ,,cash ,a draft made payable to yourself is as good as cash1 and far safer to carry4 ,if you are identified at any bank between the ,atlantic and ,pacific1 you can have your draft cashed4 ,all banks furnish blank drafts4 ,never endorse a draft made payable to yourself1 and this applies to a check1 until you are about to use it4 ,it is a good plan never to sign your name until it is actually necessary4 ,some people have the foolish habit of signing their names on stray bits of paper4 ,do not get into this habit1 even if there is no space to fill out a note or order above the signature4 ,,chapter ,,xii ,,just ,,money ,as has been before stated1 money in its broadest meaning is a medium of exchange4 ,anything that can pay a debt or purchase property1 in any part of a country1 is the money of that country4 ,every civilized country has its own minted or printed money4 ,the usual mediums of circulation are gold1 silver1 nickel and copper1 the latter alloyed more or less in the ,united ,states with nickel4 ,government and bank bills1 while having all the purchasing power of gold1 are simply promises to pay in gold1 or other coin of redemption1 the amounts they represent4 ,the money of one country cannot legally be made to pay a debt in another country1 unless both parties to the payment agree to it4 ,when gold is exchanged to settle the balances of trade between two countries1 it is not reckoned1 if coined1 at its face value1 but at its bullion value4 ,the word pecunia meant in ancient ,greece and ,rome a flock or herd4 ,in those days live stock were used as a medium of exchange1 or money4 ,we keep the word and often use it as in pecuniary affairs1 and when we call a moneyless man1 impecunious4 ,,united ,,states ,,money ,the ,united ,states ,government reserves to itself the right under the constitution1 to coin and issue the money to be used by its own people4 ,formerly we had two standards of value1 gold and silver1 or bimetalism4 ,if gold and silver were produced in relatively equal quantities1 the world would go on trading with money of both kinds1 but the proportions are not the same4 ,among the ,aztecs and ,peruvians silver ranked with gold as two to one1 that is1 two pounds of silver would purchase as much as one pound of gold4 ,but when great silver mines were discovered and new methods were discovered for extracting the metal1 it became more and more abundant1 till it depreciated far below the former value it had in its relation to gold4 ,most of the commercial nations decided to have but one standard of value1 and that gold1 long before the ,united ,states fell into line4 ,our money measure is known as the decimal1 or metric4 ,it would be convenient1 if we could follow the example of nearly all the other commercial nations1 and use the metric system for all our weights and measures4 ,,our ,,metal ,,money ,in the ,united ,states ,treasury at ,washington1 there are many million dollars in silver coins and bullion4 ,the gold standard has not driven silver out of circulation1 for it is still found convenient to use it in settling immediately our smaller business transactions4 ,when the silver dollar was first coined1 and indeed up to the present date1 the intention was that it should contain about a dollar's worth of silver1 or #cgd #a_/d ,troy grains of the pure metal4 ,this amount of silver was supposed to represent permanently #bd #c_/d grains of pure gold1 and it did so represent its value at one time1 and would have continued to do so1 had the relative output of both metals been the same4 ,our chief mint is in ,philadelphia1 where is coined all the copper1 nickel1 silver1 and gold money in use4 ,to imitate these metals1 even where the full value is given1 constitutes the criminal offence called counterfeiting4 ,in former times1 some of our older readers will remember them1 the ,government meant to have the metal in each coin of about its unstamped value in the market4 ,in those days the cent was as large as our present silver half dollar1 and the copper two-cent piece was a monster in the way of coinage4 ,now our copper and nickel coins are small and can be carried without testing strength of pockets4 ,they are regarded as money tokens4 ,silver coins that are punched can be refused in the settlement of a debt4 ,punched gold coins should always be refused1 for they are never of their face value4 ,silver coins may be used in the settlement of bills up to #e4jj4 ,gold coins are1 of course1 legal tender up to any amount4 ,,paper ,,money ,we usually class all paper money as bills4 ,there are three classes of bills1 all quite different in their inception and meaning4 ,these are-- #a4 ,national bank notes4 #b4 ,treasury notes or greenbacks4 #c4 ,treasury certificates4 ,,bank ,,notes ,a national bank note is the guaranteed promise of some national bank to pay coin or its equivalent to any one presenting the note at the bank and asking to have the exchange made4 ,this exchange is called redeeming4 ,if you examine a bank bill you will notice that it is drawn much like an ordinary business demand note1 made payable to bearer1 and signed by the bank president and cashier4 ,for every dollar of its own sent out in the form of a bill by a national bank1 the ,government holds a dollar of the bank's collateral to guarantee the redemption of the note if the bank should fail4 ,national bank notes are received in all business transactions1 because they are secured by the ,government1 yet there are cases in which even the ,government will not receive them in payment of a claim1 nor pay them out itself4 #a4 ,all import duties must be paid in gold4 #b4 ,the ,government pays the interest on its own bonds in gold4 ,the ,bureau of ,engraving and ,printing--a department of the ,united ,states ,treasury--makes and prints all the national bank notes4 ,on all these notes the names of the ,united ,states ,treasurer and the ,united ,states ,register appear4 ,the names look like signatures1 but they are facsimilies and are printed with the note4 ,the notes are printed on specially prepared paper1 to imitate which is regarded as a counterfeit4 ,soiled and worn out bank notes may be exchanged for fresh ones at the ,treasury ,department4 ,,greenbacks ,greenbacks are treasury notes4 ,the name comes from the color in which they first appeared in the years of our ,civil ,war4 ,the treasury note is really an engraved promissory note of the ,united ,states ,government made payable to the bearer1 and bearing the signatures of the ,treasurer and ,register of the ,treasury4 ,these notes are issued in denominations of from five to ten thousand dollars4 ,formerly there were one and two-dollar treasury notes issued1 and we still find some of these old-timers in circulation4 ,there are so many treasury notes in circulation that the ,government1 vast though its bullion and coin reserves are1 could not redeem them if presented at once4 ,the treasury note is a legal tender for any amount of indebtedness4 ,the ,government prints the following guarantee on every treasury note3 ,this note is1 by law1 to be considered as good as coin4 ,any one to whom you pay it must reckon it as equivalent to a dollar 7or face value in dollars7 in value4 ,,treasury ,,certificates ,the treasury certificate is1 in form1 very much like the treasury note1 and it bears the signatures of the same officers4 ,treasury certificates are of two kinds1 gold and silver4 ,the gold certificates are printed in yellow4 ,the silver certificates are light black and white4 ,these certificates are issued against the great reserves of gold and silver that are kept to redeem them4 ,the use of the gold certificate saves the loss of the gold that comes through abrasion when handled4 ,a five-dollar silver certificate is much more convenient to carry than five silver dollars4 ,these certificates1 as may be seen1 are issued for the convenience of the public4 ,certificates of either character will be redeemed to any amount1 in the metals for which they call1 if presented at the ,united ,states ,treasury at ,washington1 or at any of the sub-treasuries to be found in our larger cities4 ,,worn-,,out ,,notes ,only those familiar with the work can realize the great quantities of bank bills1 treasury notes1 and certificates continually being made and sent out from ,washington4 ,while a stream of clean1 fresh paper of enormous value is going out to be spread all over the country1 another stream of soiled1 torn and altogether disreputable-looking paper is flowing back to the ,treasury4 ,the filthy paper is quite as valuable as the clean1 so it is properly checked1 recorded1 and credited before new paper is sent out in its place4 ,they are now trying to make old bills presentable by washing them at the ,department4 ,meanwhile1 most of them are ground again into pulp1 made into new paper1 and all the first processes gone through with to make the paper into money4 ,,chapter ,,xiii ,,our ,,postal ,,business ,up to a few years ago1 it was the city1 town and village dweller who reaped the greatest benefit from the post office4 ,in dense communities carriers leave the mail at the place to which it is addressed4 ,where this is not done the walk for the mail is not far4 ,now the purpose of our ,government1 which is of the people and by the people1 is to treat all the people alike4 ,however1 up to a few years ago the farmer1 our most essential producer1 had not a fair deal4 ,fortunately things have changed and are still changing for the better4 ,rural ,free ,delivery was an idea as just as it was grand1 and as welcome as it was necessary4 ,the good work began ,october #a1 #ahif4 ,the purpose of rural free delivery is to accommodate dwellers in the country1 whether farmers or not4 ,through this branch of the service mails are carried daily1 on fixed lines of travel1 to people who otherwise would have to go long distances to reach a post office4 ,the ,government requires that the states or counties shall keep in good condition the roads traversed by the mail carriers4 ,gates must not obstruct1 and it is required that every unfordable stream shall be bridged4 ,it is further required1 as a condition for establishing a line for rural free delivery1 that each route of twenty-four or more miles in length shall have at least one hundred families resident on either side4 ,,classified ,,mail ,,matter ,mail matter is divided into four classes4 ,for each class a different rate is charged4 ,first ,class3--,all letters1 and all other written matter1 with a few exceptions1 pay two cents for each ounce1 or fraction of an ounce4 ,second ,class3--,newspapers1 magazines1 and other periodicals1 one cent for each four ounces or fraction of four ounces4 ,publishers of periodicals1 sending direct from place of publication1 get a lower rate1--one cent a pound4 ,third ,class3--,books1 circulars1 and other printed matter1 one cent for two ounces or fraction of two ounces4 ,fourth ,class3--,merchandise and miscellaneous articles1 weighing not over four pounds1 one cent for each ounce or fraction of an ounce4 ,,postal ,,rules #a4 ,on a tag1 or the paper on which the address is written1 the sender of third class matter may write from and add his own name and address4 #b4 ,on the blank leaf of a book1 forwarded as third class matter1 the sender may write a dedication or inscription1 but it must not be in the form of a letter4 #c4 ,fourth class matter must be so wrapped that the postal authorities can examine the contents without much trouble4 #d4 ,such articles as glass1 nails1 needles or other matter that might work injury if it came loose1 must be enclosed in two separate wrappings1 or a double case4 #e4 ,poisons1 explosives1 inflammable substances1 and live animals are excluded from the mails4 #f4 ,firearms may only be sent in detached parts4 #g4 ,all alcoholic liquors are regarded as explosive4 ,,foreign ,,rates ,the rates to ,canada are the same for all classes of matter as in the ,united ,states1 except that seeds1 scions1 bulbs1 cuttings1 and roots are one cent per ounce4 ,to ,cuba all the rates are the same as for domestic matter4 ,rates with ,mexico are the same as if mailed between our own states4 ,packages are limited to #d pounds #f ounces1 except that single books may weigh more4 ,merchandise must be sent by parcel post4 ,to all other countries1 in what is known as the ,postal ,union1 the rates for letters are five cents for each half ounce or fraction thereof4 ,postal cards two cents each1 double four cents4 ,registration fees or letters or other articles1 four cents each4 ,ordinary letters for foreign countries1 except ,canada1 ,cuba and ,mexico1 must be forwarded1 whether any postage is paid on them or not4 ,all other mailable matter must be prepaid4 ,alaska1 ,hawaii1 ,guam1 ,tetuila1 the ,philippines and ,porto ,rico are regarded as insular or territorial possessions of the ,united ,states1 and are entitled to the same postal rates4 ,,stamps ,postage stamps may be purchased at any ,united ,states post office1 or at any place authorized to sell them4 ,anyone may sell postage stamps as he would any other personal asset4 ,if stamps are bought to be enclosed in a letter1 they should never be of a higher denomination than twos and ones1 as they are easily disposed of4 ,letters should always be stamped on the upper right-hand corner of the envelope4 ,packages should be stamped in the same way and on the addressed side4 ,the using of cancelled stamps is a felony4 ,foreign stamps have no value on letters or parcels mailed in the ,united ,states4 ,a domestic1 unstamped letter will not be forwarded4 ,if a stamped letter is found to require more postage1 the amount lacking is stamped on the letter1 and must be paid by the receiver4 ,stamped envelopes and stamped wrappers are sold by the post office at the usual rates of postage1 with the cost of the paper added4 ,if a stamped envelope or wrapper is spoiled1 the stamp must not be cut off and used by pasting on another envelope or wrapper1 for it will be treated as if no postage were paid4 ,such spoiled wrappers or envelopes will be exchanged1 without charge1 by the postmaster1 for stamps of the same value4 ,,postal ,,cards ,never use a postal card to dun a debtor4 ,never send a confidential message on a postal card4 ,foreign postal cards1 that is those bearing a foreign stamp1 cannot be used in the ,united ,states4 ,an international postal card can be bought4 ,postal cards and letters may be redirected and forwarded without extra charge1 where the address of the receiver has been changed4 ,packages require a renewal of payment in such cases4 ,,registering ,,letters ,a letter or a parcel may be registered to further insure its safe delivery4 ,when a letter or parcel is registered1 it must have the sender's name and address written across the left-hand end of the envelope and on the reverse side4 ,in addition to the stamps required ordinarily1 eight cents in stamps or in a regularly prepared stamp1 is the registration fee4 ,the clerk1 receiving a registered parcel1 gives the sender a receipt for the same4 ,after the letter has reached its destination1 the sender gets a second receipt1 through the post office1 signed with the receiver's name4 ,the receiver of a registered parcel signs two receipts1 one for the post office and the other for the sender4 ,,special ,,delivery ,the purpose of what is known1 in connection with the post office1 as the ,special ,delivery ,system1 is to insure the delivery of any letter or package to the person1 to whom it is addressed1 as soon as it reaches his post office4 ,in addition to the regular post charge1 a fee of #aj cents is added for special delivery4 ,this is in the form of a special stamp1 though when this cannot be had1 the same amount in ordinary stamps may be attached4 ,in the case noted1 the sender should write in line with the stamps1 special delivery4 ,special delivery messages are delivered1 not by ordinary carriers1 but by special delivery messengers4 ,the special delivery letter is used when immediate knowledge is necessary4 ,it saves a long telegram4 ,,money ,,orders ,money1 in limited sums1 may be sent through the post office4 ,one advantage of sending money in this way is that it practically insures the sender against loss4 ,all post offices are not money order offices4 ,a post office money order may only be sent to those places where there are such offices4 ,at all post offices1 authorized to send money orders1 proper blanks can be had on which the sender can write his order4 ,any sum may be sent by postal order1 from one cent to one hundred dollars4 ,the fee is from three to thirty cents4 ,read the blank carefully2 it is simple1 but be sure you understand it before filling out the order4 ,if in doubt1 ask the clerk4 ,having filled out the order1 hand it to the clerk with the sum required1 and the additional fee4 ,the clerk then prepares and hands out an order for the amount1 on the postmaster of the town to which you are sending your letter1 and this you enclose to your correspondent4 ,,cashing ,,post ,,office ,,orders ,the money order never contains the name of the sender2 this the postmaster of the office from which it is sent supplies in a separate communication to the postmaster who is to pay4 ,no money passes from one office to the other4 ,a post office order is like a draft drawn by one postmaster on another4 ,the one credits the sum1 the other debits it4 ,the holder of an order will not get his money unless he is known to the paying postmaster or is identified4 ,before paying an order the postmaster requires the holder to receipt it4 ,a post office money order1 like a check or draft1 may be transferred to another for collection4 ,banks receive transferred money orders as if they were cash deposits4 ,the party to whom orders are transferred must go through the same forms at the office1 where payment is made1 as if he was the original payee4 ,,advice ,it is not necessary to register letters containing checks4 ,never write personal on a business letter4 ,always enclose a stamp for reply when writing to a stranger4 ,see that the addresses on your letters are distinctly legible4 ,,chapter ,,xiv ,,telegrams--,,the ,,telephone ,to send a telegram1 you or your messenger must take what you have written to the nearest telegraph office4 ,you may write a telegram on any kind of paper1 provided always that the writing is plain4 ,all telegraph offices are provided with regular blank forms1 which may be had without cost1 and it is better to use these when they are available4 ,the blank is properly ruled1 with lines for the date1 for the address of the one to whom it is to be sent1 and for the message4 ,,charges ,the telegraph company charges a fixed sum for a message of1 say1 ten words4 ,these words do not include the name and address of the sender4 ,the amount of the charge is always dependent on the distance between the office from which the message is sent and the one at which it is received4 ,every word over ten1 in the message1 pays an extra fee1 dependent again on the distance4 ,getting just what you mean into ten words may seem difficult when you have a lot to say1 but it is surprising how you can boil the message down when each additional word costs five or more cents4 ,it may pay to practice this4 ,if it is actually necessary to make your meaning clear by the addition of more words1 do not hesitate at the cost4 ,if you are known at the telegraph office1 you can send a message to be collected from the receiver4 ,never permit the receiver to pay for a message that is exclusively on your own business4 ,always make and keep a copy of every important telegram you send away4 ,do not neglect this4 ,if you have neglected to keep a copy of a telegram1 or having made one have lost it1 you may get a copy from the telegraph office1 provided the application be made within six months of the sending of the message4 ,telegrams are delivered by the company's messengers4 ,you must give receipt to the messenger on the delivery of a telegram4 ,where the receiver lives a long distance from the telegraph office1 it is customary to pay the messenger an additional fee1 depending on the distance4 ,the charges for telegrams to be sent at night and delivered in the morning1 are much lower than for day messages4 ,for an additional charge1 less than the original1 messages may be repeated back to insure their accuracy4 ,read over to the official1 or still better1 have him read your message over in your presence1 that you may be sure he understands it as written4 ,you cannot hold others responsible for your own mistakes4 ,,telegraphing ,,money ,you can telegraph money with as much safety as you can send it through a bank4 ,in handling money in this way1 the telegraph company does not act as a banker but as a carrier4 ,telegraph money orders are a great convenience1 when one wants to send cash to a distant point in a hurry4 ,country telegraph offices do not1 as a rule1 transmit money2 that function is left to the offices in the larger centers4 ,,the ,,method ,one wishing to wire money will find at the telegraph office suitable blanks2 they are furnished gratis4 ,on lines provided for the purpose and properly indicated1 as in a postal order form1 write the name and address of the person to receive the money1 with the amount4 ,this paper1 properly signed1 is handed to the clerk with the money to be sent and the fee for transmission4 ,the fee is double that charged for an ordinary message of the same length4 ,if1 for any reason1 the person to whom the money is sent cannot be found within forty-eight hours1 the money is returned to the sender1 but the fees are retained1 as the company is not to blame for failure4 ,the receiver of a money order1 if unknown1 must identify himself as he would at a bank1 and he must receipt for the money4 ,if the person to receive the money is an entire stranger in the place to which the money is sent1 the sender knows it1 and he provides for the situation by signing1 on the reverse of the application1 an order to the distant operator to pay the money to the person named within1 without further identification4 ,when a telegraph operator receives a money order1 he at once seeks out the person to whom it is sent1 and pays the money in accordance with his instructions as to identification4 ,,the ,,telephone ,the telephone1 local and long distance1 is fast superceding the telegraph as a medium for speedy business communications4 ,its use is not confined to large cities as at first4 ,nearly every village is now in communication with the outer world through the telephone4 ,the world has just awakened to the needs of its food producer1 the farmer4 ,in ,norway1 which is not a rich country1 the telephone has been introduced on the farms4 ,the rates are low and the benefits are inestimable4 ,on our large farms1 in the ,west1 telephones have been in use for some time as an essential part of the machinery4 ,now1 there is a move on foot to make them available for every farmer in the more settled regions4 ,while business can be conducted over the telephone1 as if the speakers stood face to face1 yet such transactions not being recorded1 will not stand in law1 if one of the parties should dispute the other's word4 ,,chapter ,,xv ,,business ,,by ,,express ,there are two kinds of expresses1 viz43 local and general4 ,the names describe the provinces of each1 though a general express may do a local business4 ,all express companies are common carriers4 ,the carrying business done by our express companies is enormous4 ,they have their own special cars attached to passenger and fast freight trains1 and their goods are given special departments in water transportation4 ,if living between two towns1 it is always better to have your letters and express business done through one office4 ,,instructions ,when ordering material by express1 make sure that you give the address1 to which you wish it sent1 in such a way that a mistake on the part of the forwarder will be out of the question4 ,if you send away goods by express1 make sure that they are securely packed1 and be equally sure that the address is clearly written and in a large hand4 ,it would be better if the address could be painted on with a brush4 ,if you should send perishable stuff1 like meat1 flowers1 glass1 or fruit1 be sure to label the package perishable or ,handle with care1 glass4 ,on long distance transportation prepayment is required2 on short distances it is optional4 ,it is always better to get from the express agent a receipt for the matter taken in charge4 ,take care to put your own address on the lower left-hand corner of the package to be sent4 ,if the person to whom the parcel is sent cannot be found1 the address will enable the express company to notify the sender at once of the fact4 ,when sending any goods by express1 it is always prudent to notify the person for whom they are intended of the fact by mail1 and also to state the company by which the matter was sent and the date of shipment4 ,,the ,,company',s ,,duty ,the express company must always require1 on delivering goods1 a receipt from the receiver4 ,if the goods should be received by a second person1 on behalf of the consignee1 he must sign the consignee's name1 and under that his own4 ,if a package appears to be damaged in transmission1 the express company must permit the receiver to examine it before signing4 ,he may refuse to sign or to accept in any way1 if the goods are injured1 or not as he ordered4 ,express companies are responsible for all damages sustained by goods while in their charge4 ,,collections ,,by ,,express ,all the large express companies have the machinery for collecting accounts and notes whenever they have branch offices4 ,such companies are reliable collectors4 ,their services are prompt and their charges reasonable4 ,where an express company fails to collect1 notice is promptly given with the reasons for failure4 ,when you wish an express company to collect1 it will be necessary for you to make out a statement of the account4 ,this is placed in a special envelope1 provided by the company4 ,it is properly indorsed and handed to the company's representative4 ,the company charges a small fee for collection1 whether it succeeds or not4 ,in any case the fee is not much above a fourth of one per cent1 unless there should be unusual trouble4 ,c4 ,o4 ,d4 ,,by ,,express ,as you know1 ,c4,o4,d4 means cash on delivery4 ,cash on delivery orders constitute no small part of every express company's business4 ,when goods are forwarded in this way1 the sender furnishes with the goods an itemized bill duly receipted4 ,the express company's charges should be included in the bill4 ,the express agent is sure to collect the bill before he lets the goods leave his keeping4 ,,money ,,by ,,express ,should you desire to send money by express1 it will be well to go to the company's office before you pack it up4 ,express companies have special receptacles or envelopes in which to store coin or bills4 ,there is no charge for these4 ,the sender must himself seal the packages containing the money1 and write on them the address of the consignee1 also the amount enclosed4 ,having received the packages1 the express agent ties them up1 affixes his official seal1 which is so arranged that the package cannot be opened or tampered with1 without breaking4 ,this done1 he gives the sender a receipt4 ,this should be cared for as a vital part of the record4 ,the charges for sending money by express may or may not be paid in advance4 ,they vary with the amount to be carried and the distance4 ,packages of money are receipted for in the usual way4 ,they are delivered only to the legal consignee1 unless a second person should appear with an order1 amounting to a power of attorney1 and which the company cannot reject4 ,,money ,,orders ,the foregoing by no means limits the express company's usefulness or field of opportunities4 ,express companies issue money orders much as does the ,post ,office ,department4 ,as with the post office1 the fees for orders vary1 but no order is issued for more than fifty dollars4 ,if you want to send such an order1 the express company will furnish the proper blank for you to fill out4 ,on this form must be written out very plainly the name and address of the person to whom the order is to be sent1 with the amount1 in words and in figures4 ,on receiving the money the express agent gives to his customer two papers2 one is the company's receipt for the money1 the other is the order itself4 ,the order instructs the agent at the point to which it is to be sent to pay the sum named to the person named4 ,to complete the order the sender should sign his name in a place indicated for the purpose on the back of the paper4 ,this done1 the order can be sent to the person for whom it is intended1 in an ordinary envelope4 ,the receiver of an express money order can have it cashed at the express office in his town1 or sign it and place it in his own bank as if it were cash4 ,,chapter ,,xvi ,,about ,,railroads ,not everything about railroads1 that would be a tremendous undertaking1 but just enough to show what everyone should know about them as carriers of goods4 ,the express companies have practically a monopoly of the transportation of the smaller packages of goods requiring quick transit and immediate delivery1 but the longer1 heavier1 and slower freight are in the hands of the railroads1 and where it can be done1 and time is not a first factor1 the steamboat takes the place of the train4 ,,bills ,,of ,,lading ,as most of the goods in changing hands are carried by steamboat or railroad1 the method of shipment should be understood by everyone who may be called on to use one or the other means of transportation4 ,the person shipping goods in this way is the consignor4 ,the person to whom the goods are shipped is the consignee4 ,the goods shipped are described in a paper called a bill of lading4 ,a bill of lading is a written contract1 or statement of the goods shipped1 their condition1 and the time of shipment4 ,bills of lading and receipt blanks are furnished at the offices of the transportation companies4 ,two copies of the bill of lading should be made out4 ,one of these is signed by the consignor and the other by the transportation agent4 ,the copy signed by the consignor is kept by the agent1 and the copy signed by the agent is retained by the consignor1 as a voucher for the goods shipped4 ,this receipt should be mailed to the consignee4 ,when the consignee gets this bill of lading1 it is a voucher to the freight agent1 where the goods are to be delivered1 as to the ownership4 ,it is usual for the agent at the point of shipment to send a copy of the bill of lading to the agent where the goods are received4 ,in this way he can compare the consignment with the consignee's bill4 ,,expense ,,bills ,it is not usual to pay freight bills at the point of shipment1 that being left till the goods reach their destination4 ,the agent at the place of delivery makes out an expense bill1 which is an itemized statement of the freight charges1 and must be paid by the consignee before delivery4 ,this done1 the consignee must sign a receipt for the goods delivered1 and the affair is closed4 ,a ,,bill ,,and ,a ,,draft ,before wholesale houses or manufacturers ship goods1 they are either paid for or they have a business understanding with the consignee as to when and how the payment is to be made4 ,there are occasions1 however1 when no such arrangement has been made1 and a man not well known to the merchant orders goods shipped by freight4 ,in a case like this1 the merchant may ascertain through a commercial agency--the agencies make it their business to keep posted in such matters--the standing of the man giving the order4 ,trade has its risks and the merchant1 even where the information is not quite assuring1 may decide to fill the order and ship it4 ,as with express companies1 goods may be sent as freight1 ,c4 ,o4 ,d4 ,this is done by means of a bill of lading1 to which is attached a draft4 ,the shipper bills the goods to himself at the point to which they were ordered4 ,to the bill of lading he attaches a draft for the sum involved1 but this1 instead of being forwarded to the consignee by mail1 is sent to him through a bank for collection4 ,now before the consignee can get the bill of lading1 which authorizes him to receive the goods1 he must pay the draft4 ,the bill1 which is in the shipper's name1 is then endorsed over to the payer of the draft4 ,country merchants and sometimes farmers send produce by freight to be sold on commission in the city4 ,,an ,,invoice ,delhi1 ,n4 ,y41 ,sept4 #i1 #aiaj4 ,invoice of ,merchandise shipped by ,harry ,t4 ,jackson and consigned to ,brown1 ,smith ,co41 ,newburg1 ,n4 ,y4 to be sold on commission4 #abj bbls4 ,potatoes #gj green apples #dj ,crates tomatoes4 ,mark plainly all goods shipped4 ,,chapter ,,xvii ,,taxes ,generally speaking1 tax bills are paid with reluctance4 ,this is no doubt due to the fact that with every other form of payment one has something tangible to show for the expenditure4 ,if every good citizen could be brought to see that his private interests are closely linked with public affairs1 he would take more interest in the local politics of his town and county1 and so have a voice in the expenditure of taxes by selecting the best men to do the work for him4 ,taxes are forced contributions levied on citizens to provide money for public expenses1 such as law and order1 schools1 charities and public institutions4 ,all tax laws are made by the men who pay the taxes4 ,you say ,no to this4 ,the tax laws are made by the legislators up at the state capital4 ,very true2 but who nominates and elects the legislators8 ,did you not put them into office8 ,no1 the bosses did that1 you reply4 ,true again1 but good men are in the majority and if they did their duty to their country and themselves1 there would be no bosses and taxes would be honestly spent4 ,,kinds ,,of ,,taxes ,tax laws are enacted by ,congress1 and by the legislatures of our many states4 ,taxes cannot be collected without this authority4 ,state taxes are collected for the state use only4 ,united ,states taxes are expended for the benefit of all the people of all the states4 ,taxes may be further divided into direct and indirect4 ,direct taxes are1 at present1 only employed by the states4 ,they are levied on realty and personal property1 and are paid by the particular person named in the tax bill presented by the authorized collector4 ,the amount of these taxes vary each year1 depending on the public requirements4 ,they are based on assessments made by officers appointed for the purpose and generally known as assessors4 ,,customs ,,duty ,though there is no demand made on each individual to pay the indirect taxes required by the ,government1 yet indirectly every person who spends little or much money is paying them4 ,the ,government's chief means of raising the great sums of money needed yearly to carry on its machinery is by customs duties and internal revenue collections4 ,the customs revenue is obtained from a tax levied on certain articles imported from foreign countries4 ,this customs tax is called a tariff4 ,the question as to the goods that shall be subject to a tariff and the amount to be levied on the same1 is one that has long perplexed statesmen and been a leading party issue4 ,the merchant1 to whom the goods are assigned from a foreign port1 must pay the duty levied on them by a ,government ,appraiser before he can take them away4 ,private parties1 landing from abroad at any of our ports of entry1 are required1 before getting their baggage1 to write out a declaration of the things contained in their trunks4 ,but this declaration does not prevent the customs inspectors from making a careful personal examination4 ,all things found dutiable1 whether declared or not1 are set apart and held until the assessment or duty is paid4 ,the evasion of a customs duty is called smuggling and is punished by the confiscation of the goods1 and penalties in the way of fine and imprisonment4 ,there are people who would consider it a sin to cheat their butcher1 but see no wrong in cheating the ,government4 ,to the merchant who pays tariff duties the amount involved is a direct tax4 ,when the merchant sells his goods to the retailer or consumer1 he adds the tariff to his freight1 insurance1 interest1 etc41 as direct purchase cost4 ,this is strict business1 but the consumer pays all the bills with the profit added4 ,,internal ,,revenue ,the second great source of ,government revenue is derived from the internal revenue tax1 or excise duties4 ,manufacturers of alcohol1 whether as wine1 whiskey1 or beer1 and the producers of tobacco1 in its manufactured forms1 have to pay an excise tax in proportion to the amount and character of their products4 ,as with the customs tax1 the excise tax is added by the manufacturer to the cost of production1 so that at last it is the consumer who pays it4 ,,stamps ,while the manufacturers of alcohol pay the excise tax in bulk1 that is on the number of gallons produced1 the manufacturers of cigars and tobacco have to attach to each separate package a distinct internal revenue stamp4 ,these stamps are purchased from the internal revenue collectors1 appointed by the ,government to certain districts4 ,the stamps show at a glance that the proper tax has been paid1 just as the postage stamp affixed to a letter proves that the price for carrying it and delivering it has been paid4 ,as it is a penal offence to use a postage stamp a second time1 so it is a punishable offence to attempt the use of a cancelled or torn internal revenue stamp4 ,if demanded1 the ,government will give a receipt for the sum received from any one for considerable sales of postal or revenue stamps4 ,,state ,,taxes ,state taxes1 as has been stated1 are levied on real and personal property4 ,some states have in addition a poll tax4 ,this is levied on the individual without any regard to his property1 and a receipt for it may be a requirement before a citizen is permitted to vote4 ,of course the real estate and personal property taxes are not the same in all the states1 for each state must raise every year the sum necessary to meet its own special requirements4 ,the intention of all tax laws is to have every citizen's contribution bear the same proportion to the whole amount to be raised that his possessions bear to the aggregate property of all the owners in the commonwealth4 ,,exempt ,,from ,,taxes ,all our state laws exempt from taxation certain kinds of property4 ,the state cannot tax the property held by itself for the common use4 ,the buildings and related properties of religious bodies and societies are not taxable4 ,such educational institutions as colleges1 seminaries1 and private charities are not taxed4 ,cemeteries and other places where the dead are disposed of are not taxed4 ,county buildings1 city parks1 public schools1 penal institutions1 fair grounds for public use and similar property is never taxed4 ,,insufficient ,,taxes ,there have been times in the life of the ,government1 and in the building up of the states1 when the funds necessary for maintenance from taxes1 heavy though these have been at times1 have not been sufficient to meet the essential expenditures4 ,this was particularly the case with our ,government during the trying days of our ,civil ,war4 ,states entering on great public works1 for the benefit of the commonwealth1 frequently cannot raise the necessary money by the usual forms of taxation4 ,in these cases loans have to be made1 that is the ,government and the state go out and borrow from those who have it to spare1 the necessary money4 ,the ,government1 the state1 and it may be the city or county1 gives to the party providing the money what is known as bond or bonds1 each of a fixed amount and bearing a fixed rate of interest1 payable as a rule semi-annually4 ,,personal ,,property ,there is no form of property so easy to assess for the purpose of taxation as real estate1 that is the land and the buildings1 for the last selling value of this property is a matter of public record1 and then the assessors1 who should be men of honesty and good judgment1 are generally posted as to the value of the property under consideration4 ,when1 however1 it comes to the taxation of personal property1 which means any kind of property that can be detached and carried about1 it is a different matter4 ,just as many people1 otherwise regarded as honest1 do not think it a great wrong to get the better of the ,custom ,house1 so many reputable people are inclined to revolt against the tax on personal property and to conceal their actual possessions from the assessor1 nor is this peculiarity confined to the poor4 ,any man may be legally compelled to swear to the accuracy of his statement1 and if it is found that he has knowingly sworn to a false statement1 he may be brought to task for perjury4 ,what is known as personal property varies in many of the states4 ,personal property generally includes1 merchandise in possession2 all fixtures1 all furniture in home1 offices1 and factories2 all live stock1 all money on hand and in banks2 other men's notes1 not transferred2 all stocks and bonds and other forms of security4 ,,town ,,taxes ,townships or counties1 if properly authorized by charter or the votes of the people1 may levy special taxes for special purposes within the limits of their own jurisdictions1 or they may in the same way sell bonds to carry out some work that has been decided on for the common weal4 ,two or more towns1 or counties1 may join in the same way to carry out a project of benefit to both1 provided that the burden of the undertaking be equitably assessed4 ,,payments ,all tax bills are due and collectable on presentation1 but this is never enforced4 ,a time is1 however1 fixed beyond which payment cannot be deferred4 ,a sufficient amount of any property may be sold at auction to satisfy a tax bill4 ,of old1 and still in some places1 the road taxes were paid in cash1 but more frequently by work on the roads1 either by the individual man1 or in connection with his team1 each day's work of one or both being fixed at a regular rate4 ,,taxing ,,corporations ,the state does not tax the individual members of a corporation for property held in common4 ,the same result is secured better by taxing the corporation as a body4 ,this applies to banks1 railroads1 and incorporated manufacturing establishments4 ,savings banks are taxed lightly4 ,every depositor is liable for a personal property tax proportioned to the amount of his credit4 ,to make collection easy the savings bank always pays the amount of this tax in bulk1 and then charges it to the expense account of the establishment1 so that indirectly the depositors pay after all1 as their dividends are reduced by just the amount of the tax4 ,,taxes ,,in ,,general ,when a man owns property in different towns1 counties1 or states1 he is regarded as so many individuals1 and must pay each as the local demands require4 ,no matter where a man's personal property is placed1 the rule is to tax him for the whole at the place of his usual residence4 ,the landlord and the merchant each pays a direct tax to the collector1 but it would be a business error to think that in so doing either or both is carrying more than his share of the total taxation4 ,the landlord keeps in mind the added expense when he comes to adjust leases with his tenants4 ,the merchant1 who pays taxes on his stock and so adds to his expense account1 should not be blamed if he keeps this in mind when he fixes the selling prices of his goods4 ,,the ,,returns ,taxes duly paid1 honestly collected1 and properly expended should never be regarded as a burden4 ,from no equal expenditure of money do the people get so much good4 ,the public schools1 the public highways1 the protection of life and property1 public hospitals1 public libraries1 residences for the old1 the blind1 the orphaned and the insane1 as well as secure places for the lawless1 are built and maintained by the taxpayer4 ,as a rule all these things are done honestly and well1 notwithstanding the outcry to the contrary4 ,if there be dishonesty in places1 it is the fault quite as much of the voter who selected him as of the official culprit himself4 ,we must take all the responsibility of our agents1 whether they be public or private4 ,every good citizen should feel that his public duty is an important private business4 ,,chapter ,,xviii ,,contracts1 ,,leases1 ,,and ,,guarantees ,the law books define a contract to be ,an agreement between two or more persons to do or not to do a certain stated thing or things1 for a consideration4 ,the consideration is a vital part of every contract4 ,there can be no binding contract without a consideration4 ,the other requisites of a contract are-- #a4 ,it must be possible of accomplishment4 #b4 ,it must be in accordance with law4 #c4 ,its performance must not injure the public4 #d4 ,the parties to a contract must be competent to do the things to which they pledge themselves4 #e4 ,a drunken or an insane man cannot make a contract4 #f4 ,all parties to a contract must be agreed4 ,,the ,,consideration ,no contract can be held as binding where the consideration is not named4 ,a promise1 verbal or in writing1 to do something for a certain party1 cannot be enforced4 ,a promise to do the same thing for a stipulation named is a contract and may be enforced4 ,a gift is not a form of contract4 ,once made it cannot be legally taken back4 ,,written ,,and ,,verbal ,,contracts ,there are certain forms of contract which cannot be legally enforced1 unless they are in writing4 #a4 ,all contracts for the sale of real estate4 #b4 ,contracts that are not to be performed for a year or more4 #c4 ,all contracts1 to answer for the debt and obligations of another1 must be in writing4 ,if the contracting parties put but a part of their agreement in writing the law will recognize only the written part4 ,the whole must be in writing1 or the agreement will not hold4 ,verbal contracts are not safe4 ,although the law does not require even contract to be in writing1 yet1 as it never declares that a contract must be verbal1 it is the part of prudence1 wherever possible1 to put every contract in writing4 ,owing to defects of memory even honest men may1 and frequently do1 disagree as to the terms of a verbal contract4 ,because the party with whom the contract is made is a close friend1 one is apt to depend on a verbal agreement1 but the closer the friend or relative1 the more reason there is for an exact written contract1 if we would keep the friend4 ,,forms ,,of ,,contract ,the law is never specific as to the form of contract that may be used4 ,it is not necessary to draw up the contract with the formal accuracy of a real estate deed4 ,any one with good sense and a fair common school education can draw up a contract that will hold4 ,know what is required1 then state the facts simply4 ,contracts need not be sworn to or even witnessed4 ,,kinds ,,of ,,contract ,every note1 mortgage and other form of obligation is a specific contract4 ,a lease is a form of contract between two people1 known as landlord and tenant1 for the use of real estate for a period and at a rental specified in the document4 ,a verbal lease may be made for a short period1 but if for a year or more1 it must be in writing4 ,a lease should state when1 where and to whom the rent is to be paid4 ,each party to a lease1 or other form contract should have a copy4 ,if the premises rented should become unusable by fire or any action of the elements the tenant is still liable for rent1 unless there is a special clause in the lease providing for such a contingency4 ,a tenant cannot1 without the written consent of the landlord1 use the rented premises for any other purpose than that stated in the lease4 ,,as ,,to ,,repairs ,in some states the law compels the landlord to keep the premises in habitable repair1 but this does not seem to be the rule4 ,it should be decided1 where there is doubt1 before signing the lease4 ,where it is agreed that the landlord shall keep the premises in repair1 and1 after due notice of the fact1 he fails to do so1 the tenant may himself make the repairs and deduct the amount from the rent4 ,,subletting ,if there is no contract to the contrary1 the tenant may sublet the whole or any part of the premises1 but this does not release him from liability for rent4 ,if the tenant fails to leave the property when his lease has expired1 the owner may make his demand through what is known as a notice to quit1 which must be served on the tenant in person4 ,,what ,,is ,a ,,guaranty8 ,a guaranty is sometimes required to insure the payment of rent4 ,plainly1 a guaranty is an agreement to assume1 under certain conditions1 the liabilities of another4 ,if a man makes a contract1 a lease1 or a note1 and his personal resources are not deemed sufficient to secure his performance of the things agreed to1 the other may require that some one1 in whom he has more faith1 shall give him a guaranty1 or personal security in writing4 ,the following might be used as the form for a guaranty for a lease1 contract1 note or other obligation of contract3 ,for value received1 ,i hereby guarantee the payment of the within lease 7bond or contract74 ,george ,l4 ,roberts4 ,short ,hills1 ,n4 ,j4 ,october #a1 #aiaj4 ,a ,,bill ,,of ,,sale ,this is a written agreement by which one person transfers to another his interest in certain personal property4 ,the law lays down no rule as to the form4 ,a bill of sale usually passes where the property paid for is not immediately removed from the possession of the seller4 ,this form would answer in any state3 ,bridgeport1 ,conn41 ,aug4 #b1 #aiaj4 ,i have this day sold to ,calvin ,e4 ,platt1 of ,new ,haven1 in this state1 my team of bay horses1 with their harness1 one family carriage1 and a two-seated cutter4 ,thomas ,p4 ,fletcher4 ,be sure1 where the bill of sale includes many articles1 to name every one of them in the bill4 ,if paid for1 whether by cash or a note1 be sure to get a receipt for the same4 ,,obligations ,a bond is a form of obligation4 ,every enforcible bond must be in writing and under seal4 ,the maker of a bond by the act acknowledges a liability in the form of a debt or a duty4 ,the maker of a bond is the obligor4 ,the party to whom it is made is the obligee4 ,the bond names the liability or indebtedness2 then follows the condition wherein it is stated the particular thing that the obligor is to do1 or not to do4 ,the penalty for the non-compliance with a bond is twice the amount of the money involved4 ,it is often required that the bond shall be further guaranteed by one or more sureties4 ,these sureties may be required to certify that they are worth a certain sum1 free and clear of all indebtedness4 ,persons holding positions of financial trust1 whether public or private1 may be1 and most of them are1 required to furnish bonds for the faithful performance of their duties4 ,in the larger cities there are casualty and liability companies1 which1 for a fixed or annual consideration1 act as sponsors on official and other forms of bond4 ,where there are no such companies1 as those just named1 then private citizens of known responsibility must be secured to go on the bond4 ,in every case the amount of the bond or security is measured by the responsibilities of the man from whom it is required4 ,,chapter ,,xix ,,life ,,insurance ,life insurance may be defined to be ,a contract for the future payment of a certain sum of money to a person specified in the body of the policy1 on conditions dependent on the length of some particular person's life4 ,there are two parties to this contract--the insured and the insurer4 ,the purpose of the insurer1 if he take out the policy in his own name1 is to provide in a measure for the care of his family1 or other dependents1 in the event of his death4 ,after a long experience with the death rates in all lands that keep mortuary statistics1 the actuaries of insurance companies can now estimate with surprising accuracy the probable length of life before any man of any age4 ,the methods of insurance companies mean to be scientific1 but be that as it may1 they are certainly interesting4 ,,how ,,it ,,is ,,done ,let us take a young man of thirty1 married1 with one child1 in good health1 and in receipt of a fair salary1 but with no property to leave his wife and little one in the event of his death4 ,to secure his dear ones1 he decides to insure his life for1 let us say1 #c1jjj4 ,he fills out the blank1 in which his age and all the other required information is given2 then the insurance company's doctor examines him and he is accepted as what is called a good risk4 ,now1 from its actuary tables1 the company knows1 with reasonable accuracy1 the number of years this young man should live1 barring accidents4 ,already they have their tables of calculations for such cases4 ,they know what expense will be required in the way of rent1 clerks1 advertising1 etc41 to care for this case till the prospective1 the inevitable end is reached4 ,on these calculations the immediate and all subsequent premiums or payments are based4 ,the insurance company invests and reinvests the premiums1 and the total of these1 it is estimated1 will meet the expenses and the amount of the policy at the time of its calculated expiration4 ,,as ,,an ,,investment ,if the young man in question had the money1 he would find it to his advantage to buy a paid up policy1 that is one on which no further premiums would be required4 ,but1 having the money for a paid up policy1 could not the young man1 without any expense for clerk hire or rent1 invest it1 and reinvest it with the interest1 as long as he lived1 and thus make by insuring himself8 ,there can be no question as to that1 provided always that the young man lived out the calculated time1 invested his insurance money at once1 and kept on investing it in safe things as long as he lived4 ,but how many young men are there who could or would take this course8 ,it is much easier to save from our earnings than it is to invest those earnings wisely4 ,,forms ,,of ,,life ,,insurance ,the straight life policy1 payable to the heirs at death1 is the form in general use1 but there are others4 ,there is yet another form1 known as the endowment1 which in itself combines the usual life insurance with some of the privileges of a savings bank4 ,the endowment policy1 while payable if death should occur before a fixed time1 specifies the date when it shall be payable to the insured himself1 if he should live till that time4 ,in this case the family is secured1 in the event of death1 and the insured has a guarantee for himself when he reaches life's unproductive years4 ,the premiums on an endowment policy are necessarily greater than those on a regular life1 and the premiums increase with the shortness of the time4 ,,mutual ,,insurance ,,societies ,seeing the vast sums accumulated by what are known as the old line companies1 despite their high salaries and great expenses1 working men throughout the world1 but more particularly in the ,united ,states1 have banded together and formed mutual insurance companies4 ,these companies1 there are many of them1 are known as societies1 and their local branches are called lodges1 councils or a similar name4 ,properly conducted1 these mutual societies should be able to furnish insurance at about actual cost1 for the expenses of management and collections are small4 ,it can be said that some of them have been and are being well managed1 but others1 like their predecessors1 the old line companies1 have unfortunately been conducted for the enrichment of their promoters4 ,the mutual insurance companies1 like their more pretentious prototypes1 are now placed under the supervision of inspectors in nearly all the states4 ,,amounts ,,of ,,policies ,in the society companies1 there is a limit to the amount1 usually #c1jjj1 for which one can be insured1 but the regular companies have no such limitation4 ,in the mutual insurance companies1 the insured cannot leave his insurance to his creditors1 or to any one not within a certain degree of kinship4 ,in the regular companies a man may insure for any amount he thinks he can carry1 and he can insure in the same way in any number of companies1 and he can leave the money to any one he may select1 or for any purpose he may choose4 ,sometimes the policy is made payable to unnamed executors4 ,these may be named in a will made after he has taken out his policy4 ,,policies ,,as ,,security ,sometimes a man1 without real estate or other personal assets1 desires to raise a loan on his life insurance1 which1 it should be said1 is a form of personal property4 ,in this case he may assign his life policy1 or his endowment policy1 as security for the loan4 ,again1 if he is not insured and has no shadow of an asset1 he may have his life insured for the benefit of another1 in consideration for a loan4 ,,lapses ,when there is a failure to meet premiums1 the policy is said to lapse or default4 ,even in this case the insured has an equity4 ,every policy1 depending on the amount paid1 has what is known as a surrender value1 and by proper process this may be collected from the company4 ,in some states1 if the insured fails to meet his premiums1 the company is compelled to pay on the policy at his death a sum equivalent to that which he paid before default4 ,some insurance policies have a clause stating that the contract will be void in the event of the suicide of the holder4 ,the highest courts have set this clause aside4 ,the ruling is that a suicide is an insane man1 and that his heirs should not be made to suffer for his misfortune4 ,,proprietary ,,and ,,mutual ,,companies ,the larger insurance companies may be either proprietary or mutual1 some are a combination of both4 ,the proprietary companies are corporations organized by a number of men to conduct life insurance as a business enterprise4 ,such a company must be regularly chartered1 and is under the supervision of the state department of insurance4 ,mutual companies1 as the name implies1 are organized and are meant to be managed for the benefit of the policy holders1 who are also regarded as stock holders1 with the right to vote in the election of officers and other company affairs4 ,aiming to create a strong reserve fund to secure the policy holders1 the mutual life insurance companies usually charge a little more in the way of premiums4 ,many rich men have their lives insured for great amounts4 ,this is done that their heirs may not be forced to break up the estate1 at death1 in order to settle the ordinary liabilities4 ,if it can be afforded1 it is always well to carry some life insurance4 ,,chapter ,,xx ,,fire ,,and ,,accident ,,insurance ,we hear and know much about life insurance because1 no doubt1 it has to do directly with the individual1 and so has a personal appeal2 but there are other forms of insurance1 forms that have to do with things material1 that play an important part in the world's business4 ,,like ,,gambling ,the gambling spirit1 like the desire for stimulants and the tobacco habit1 seems to be well nigh universal4 ,men bet on the turn of dice1 the cutting of cards1 or the tossing of a coin1 and we very properly denounce it as gambling4 ,we take money without giving an equivalent1 or we part with it and have nothing to show for the transfer4 ,there are insurance companies in ,england and in other parts of ,europe where they insure risks from life to fire1 from ships to crops1 and from the turning of a card to the tossing of a coin4 ,the ,english company1 known the world over as ,lloyd's1 is ready to insure an ocean liner1 or to guarantee that the next child born into your family will be a boy or a girl2 it will even insure that there will or will not be twins1 and that1 if twins1 they will be boys or girls1 or one of each4 ,now1 this looks like gambling1 and you would be quite right in so classing it1 yet it is founded on the well considered law of chance1 and the premiums--call them bets--are calculated with a mathematical precision surprising to one who has not studied the matter4 ,,what ,,is ,,fire ,,insurance8 ,fire insurance is a contract between the insured and the company taking the risk1 in which for a consideration called a premium1 the company agrees to pay to the insured a stated sum1 should the property1 named in the policy1 be destroyed by fire4 ,if there should be a fire1 during the life of the policy1 and the damage is not total1 the company pays only enough to cover the loss4 ,should the property be totally destroyed the company pays up to the amount named in the policy4 ,no company cares to insure for the full amount of the property2 that might be an incentive to incendiarism4 ,in taking a fire risk1 the companies base their estimates on tables as carefully worked out and from experiences quite as well studied as those of the actuaries of life companies4 ,fire companies are purely business corporations1 and their conduct is subject to the inspection of the officials of the state from which they receive their charters4 ,,premiums ,as life companies have rates dependent on the age of the insured1 so fire companies regulate their premiums by the location and other circumstances of the buildings2 in other words1 they calculate the probabilities1 and charge accordingly4 ,there are buildings particularly subject to combustion on which ,american companies will not take a risk4 ,among these may be classed kerosene and turpentine stills1 sulphur and powder mills1 and the buildings in which these products are stored4 ,buildings not used for the purposes named1 but in close proximity to them1 are often considered too dangerous to warrant the issuance of a policy4 ,in all cases1 the company makes a careful survey of the property to be insured1 and on this report the amount of the premium is based4 ,premiums on fire policies must be paid in bulk and in advance4 ,policies should be renewed some days before the expiration of the old ones4 ,fire premiums1 taking into consideration the amount to be paid1 are much lower than life premiums4 ,we know that a man must die1 but a building may never burn down1 therefore the risk is less4 ,,collecting ,a man may insure in a dozen life insurance companies1 and each must pay the amount of the policy on his death1 but not so with fire companies4 ,a man owning a house worth1 say ten thousand dollars1 can insure it in ten companies1 each taking a risk of eight thousand dollars4 ,if this house burns down the man does not receive eighty thousand dollars4 ,the actual loss is calculated and the companies divide it up1 each paying its part4 ,fire companies1 while anxious to issue policies on every insurable house1 are more than willing that their business rivals should do the same1 as in the event of fire the burden of loss will not be borne by one4 ,after every fire the company's agent examines the damage and estimates what is saved4 ,on this the payment is based4 ,,insurable ,,property ,a building is classed as real estate1 but personal property is just as liable to be destroyed by fire4 ,fire policies can be secured on goods1 furniture1 machinery1 live stock and other things1 and the method is about the same as where buildings are insured1 but as a rule the premiums are higher1 for such things are apt to be ruined by smoke and water1 when the building in which they are stored may not be much injured4 ,,mutual ,,companies ,men can associate for any legal purpose1 and mutual protection against loss by fire is one of these4 ,in many neighborhoods throughout the country1 but particularly in the eastern states1 there are mutual insurance companies1 usually composed of a number of men who know each other and who agree to share the losses of a member1 in proportions agreed to in advance4 ,this form of insurance is cheap and effective1 but the field of its operations is necessarily limited4 ,,stock ,,companies ,the stock companies start with a fixed capital1 each member receiving stock in proportion to the amount contributed4 ,the capital and the interest from it1 after paying the necessary expenses1 is invested1 and reinvested1 till it often reaches a large sum4 ,at the end of every fiscal year1 usually ,june #cjth1 the expenses and the losses paid are deducted from the earnings and the net gain may be divided as dividends4 ,often there are not only no dividends1 but a great conflagration1 like that of ,san ,francisco1 may wipe out all the earnings1 all the reserve and even the capital itself1 leaving the company bankrupt and heavily in debt4 ,great calamities cannot be foreseen4 ,no actuary has yet appeared to forecast the acts of ,providence1 but on the whole our fire insurance companies are well managed and prosperous4 ,,accident ,,insurance ,we have insurance against storms1 against the breaking of plate glass and even against loss from burglars1 but the best known of the minor insurance societies are those known as accident companies4 ,accident policies are of many kinds1 and there is no reason why the companies1 under their charters1 should not extend their risks indefinitely4 ,accidents against property are insured much as is destruction from fire1 but the nature of the accident as hail1 explosions1 tornadoes and insect destruction must be specified in the policy4 ,the most popular form of accident policy is that which is sold to travellers1 and which can usually be had at the office where one buys his ticket4 ,the method here is simple1 and the purchase may be made in a minute4 ,i want a policy for #a1jjj for ten days1 you say to the clerk4 ,he tells you the amount1 you pay and get your ticket1 and there you are4 ,prudent men have a stamped and addressed envelope ready4 ,into this they push the policy1 and the wife gets it4 ,no1 it does not startle her4 ,it is just ,harry's prudence and she is used to that4 ,,chapter ,,xxi ,,partnerships ,if properly conducted1 there is much to commend the management of a business through partners4 ,never go into a partnership with a man who puts in his experience against your capital1 unless you know him like a brother4 ,it lasted about a year1 said a man who had done this4 ,now the fellow1 who has cleared out1 has the capital and ,i have the experience4 ,a partnership is an agreement between two or more persons to associate for the purpose of carrying on a certain form of business4 ,each member of a copartnership must contribute a stated contribution to the establishment of the enterprise1 but each need not give the same amount4 ,neither is it necessary that the contributions of each to the firm shall be of the same character4 ,one may contribute a building1 another machinery1 or material1 and still another money4 ,the shares in the profits are based on the cash values of the different contributions4 ,the work of the different parties may be estimated as contributions1 but in such cases it is better to pay the worker a fixed compensation1 and charge this to the expense account4 ,,prepare ,,and ,,sign ,never go into a partnership based on a verbal agreement1 unless it be for the distribution of fish1 game or nuts1 when out with a friend for a holiday4 ,have the copartnership articles carefully drawn up and signed before you put a cent into the undertaking4 ,a document like this can be appealed to should disputes arise2 and should a partner die1 his heirs may find it of the greatest value4 ,the articles should contain3 #a4 ,the amount to be contributed by each4 #b4 ,the nature of the business4 #c4 ,the time which the partnership is to last4 ,if the time is not specified1 a partner may withdraw whenever he pleases4 ,if the profits are to be equally divided1 this should be stated and provided for4 ,,silent ,,partners ,when a man invests money in a business in the management of which he takes no active part1 he is said to be a silent partner4 ,such a partner has a share in the gains and he is responsible as the others for the firm's liabilities4 ,again1 a man may not give money or time to a firm1 but is willing1 for business reasons1 that his name shall appear as if he were in the association4 ,in this case the man is known as a nominal partner4 ,although this man is not entitled to a share in the profits and has no money invested1 yet he can be held liable for the debts and other obligations4 ,the reason for this is very plain4 ,,liability ,in all matters rightly belonging to the business of a firm1 any member has the right to act1 and his acts will be held binding in law4 ,it is usual for partners active in a business to have each his separate duties1 but even if these duties be designated in the articles of agreement1 the outside business world is not supposed to know anything about the relative duties of the members of a firm as decided among themselves1 so it is decided that each is empowered to act for his partners4 ,under the usual articles1 it is stipulated that while a dual partnership lasts1 neither of the members shall make a note1 sign a bond1 or enter on any outside obligation as an individual without having secured the written consent of his business associates4 ,each partner in a firm is liable with the others for all the business indebtedness4 ,if a firm fails1 and the assets are found not sufficient to satisfy the creditors1 they can levy for satisfaction on the private property of one or all of the partners4 ,if a member of a firm should become so far indebted1 as an individual1 that he cannot comply with his obligations1 the interest he holds in the firm may be disposed of and applied to the payment of his debts4 ,this does not mean that the creditors may take or seize on any particular thing which the firm holds jointly1 but that the debtor's interest in the concern may be so disposed of4 ,all this the law has provided for4 ,a new partner admitted into a firm cannot be held responsible for the debts of the old concern4 ,,how ,,to ,,dissolve ,every partnership agreement must provide for and distinctly state the period for which it is to continue4 ,at the end of the period named1 the partnership is dissolved by limitation4 ,if the partnership is to continue1 a new agreement must be made and signed4 ,on proper application1 a partnership may be dissolved by an order of the court4 ,if a member who has become objectionable to his partners should not agree to a dissolution of the firm1 the partners may apply to a court of competent jurisdiction for a decree of dissolution4 ,no member of a firm can withdraw at his own option4 ,the consent of the other partners is necessary1 and before he is released he must provide for his share of the obligations4 ,notice of dissolution should be published1 and notices sent to agents and others interested4 ,the following is the customary form of notice3 ,the copartnership heretofore existing between ,john ,smith1 ,harry ,roberts and ,thomas ,allen1 under the firm name of ,smith1 ,roberts ,co41 is this day dissolved by mutual consent4 ,john ,smith4 ,harry ,roberts4 ,thomas ,allen4 ,june #cj1 #aiaj4 ,,special ,,partnerships ,limited or special partners are not recognized in some states4 ,this is a method of association whereby a person joins a partnership1 putting in a sum agreed on1 and which he may stand to lose as an investment4 ,he is entitled to a pro rata in the profits1 but he cannot be held for the debts4 ,in some countries marriage is regarded as a civil contract or form of partnership1 subject to dissolution by the courts4 ,,chapter ,,xxii ,,investments ,it is a remarkable fact that many men who have shown remarkable shrewdness in conducting a business in which a fortune may have been accumulated1 exhibit the judgment of children when it comes to making investments4 ,there are able lawyers who have made fortunes in the practice of the profession which they understood1 only to lose them by investments in mines or other ventures1 about which they knew absolutely nothing but what was told them by the scheming speculator and smooth-tongued promoter4 ,as has been intimated before in these pages1 there is a great difference between saving through and hoarding through a spirit of miserliness4 ,,savings ,every wage or salary earner1 no matter how small his compensation1 should try to lay by something of that little as a provision against the unproductive days4 ,no matter how small the amount a man has set aside1 after paying for life's necessities and meeting all just debts1 he is to that extent a capitalist4 ,the miser would hide his savings out of reach1 but the man with the foresight to save will usually have the judgment to place these savings where they will fructify and grow1 producing the fruitage known as interest4 ,the young man or the young woman1 or any one else who places his little accumulations in a savings bank1 has begun a form of investment that may1 if persisted in1 place him or her above want1 even if it does not entitle either to a place on the lists of great capitalists4 ,,capitalists ,the capitalist not only has money of his own to invest1 but he may and very often does need more money properly to exploit the enterprises in which he is engaged4 ,money loaned to such men1 after being assured of their ability and integrity1 is an advantage to the lender as it is to the user4 ,the lender's profit is assured if the enterprise does not fail1 and the added capital not only insures against failure1 but it may enable the manager to succeed beyond any expectations he could have if forced to carry on the work with only his own resources4 ,the capitalist may choose to buy land in the suburbs of a city and build thereon a house to be sold or rented4 ,this should always be made to secure the money borrowed4 ,a capitalist may establish a fund from which1 on good security1 the business men of the community may obtain loans1 for which they get a higher interest than that which they undertake to pay to those whose money they are using4 ,again a capitalist may undertake to loan to farmers1 who have not the means to carry on the work1 but who are anxious to make their lands more productive1 through drainage and crop rotation4 ,in this case the money loaned is secured by the usual bond and mortgage4 ,or it may be that another body of men is anxious to start a great manufacturing enterprise in the neighborhood1 but has not enough money to place the venture on a paying basis4 ,in the latter case it appeals to the capitalist1 and he1 though not bearing enough available means of his own1 undertakes the work with the knowledge that he can rely on the small investors1 whose contributions he has before managed successfully4 ,,stockholders ,or it may be that the manufacturing company does not ask the capitalist to assist1 but itself goes to the small investor with a prospectus of the enterprise1 and offers to sell stock in the concern at #ej or #ajj a share1 as the case may be4 ,this gives a chance to enjoy the profits1 be they great or small2 but with the chance for larger profits there comes the greater risk which must always be assumed in such cases4 ,sometimes1 when a company is starting1 its stock may be put below par4 ,this stock1 in the event of success1 may appreciate1 as with some bank and other corporation stocks1 many times above the par value4 ,when stocks sell in the open market for their face value1 they are said to be at par4 ,,kinds ,,of ,,stocks ,most companies1 organized on a stock basis1 issue stocks of two kinds4 ,one is known as common the other as preferred4 ,as the name implies1 preferred stock 7its rate of interest is always fixed7 is entitled to be paid out of the net dividends first4 ,whatever is left after paying the preferred stock interest is divided up equally among the shares of common stock1 each getting according to his holdings4 ,sometimes the dividends on common stock are far greater than those on the preferred4 ,the preferred stock dividends are regarded as a fixed charge1 but there can be no limit as to the payments on the common stock1 if the funds are available4 ,the stocks of railroads1 factories1 banks and other enterprises may be good forms of investment1 and for this they are often held for long periods by investors for revenue4 ,most stocks1 however1 particularly of railroads1 are continually changing hands4 ,the buying and selling of such securities has grown to be an enormous business1 managed largely by men known as stock brokers1 many of whom are strong factors in the financial world4 ,as a rule1 the buying and selling of stocks through brokers is a hazardous form of speculation1 which has in it all the elements of gambling1 and we cannot advise too strongly against it4 ,there is another kind of stock1 which some companies keep in their safes to meet an emergency4 ,this is known as treasury stock1 and1 like the preferred1 its rate of interest is fixed4 ,let us suppose that a company is capitalized and prints stock to the amount of #ajj1jjj4 ,this company sells #hj1jjj worth1 and the officers believe that they can force the enterprise to success with the money on hand4 ,now1 it follows that1 with the same amount of earnings1 the profits on #hj1jjj will be greater than on #ajj1jjj1 so the #bj1jjj unsold stock is held in reserve4 ,if to extend the business1 or for any other reason1 it is necessary to have more money1 the treasury stock may be sold to secure the extra capital4 ,if the business is placed on a basis where its success is beyond all question1 then the treasury stock may be divided pro rata between the holders of the other stock1 for1 till disposed of in some way1 it was an asset common to the whole company4 ,each stock certificate tells when dividends are declared2 they may be paid quarterly1 half yearly1 or annually4 ,,chapter ,,xxiii ,,bonds ,,as ,,investments ,the best way in which savings can be invested is to use them in the extension of the business in which they were made4 ,the wage earner and the man on a salary cannot1 of course1 do this1 but the farmer1 the small tradesman1 and the mechanic1 who is his own employer1 may be able to do so4 ,and so1 before looking for a field for investment outside1 such men should look about them and consider how best the money may be used right on the ground4 ,,as ,,to ,,bonds ,but after considering the points suggested1 the man who has some money may not be able to find a secure and profitable place for it in or near his own home4 ,one of the safest forms of investments is bonds1 though1 as with other forms of security1 the rate of interest declines as the margin of safety increases4 ,if a well-established stock company should wish for any reason to increase its available cash1 it may issue bonds1 or certificate of indebtedness1 bearing from four to five per cent interest1 payable semi-annually4 ,these bonds may be transferred the same as stock4 ,they are a good form of security when it is desired to borrow money from the bank1 and for many purposes they are as available as so much cash4 ,such bonds are issued for a specified number of years and have coupons attached1 which are cut off when interest is due1 and presented to the treasurer of the company for payment4 ,these bonds are secured by a mortgage or deed of trust on all the property of the corporation they represent4 ,to redeem these bonds1 when due1 the company annually sets apart a sum1 known as a ,sinking fund1 for their redemption4 ,such bonds are far safer than any form of the company's stock1 for they bear interest that must be met1 whether or not dividends are declared4 ,as with a real estate mortgage1 the property pledged in the bond should be defined4 ,,railroad ,,bonds ,every railroad in the country has been built and equipped by the sale of its bonds4 ,in such cases amounts of stock of the same1 or approximately the face value of the bond1 have been given to the purchaser as a bonus or inducement4 ,of course1 the controlling stock is always retained by the promoters2 and it is through the representation of this stock that all the business of the corporation is carried on4 ,the cases are few where any money was paid directly for the original issue of any railroad stock4 ,bonds sold to build a road are usually known as construction bonds4 ,there may be another bond issue for equipment--with a stock bonus--and still other bonds1 each series stating the property pledged and the purpose for which the money from sales is to be used4 ,the ,christian ,herald1 in one of its recent financial articles1 clearly defines this species of bonds1 as follows3 ,railroad bonds are usually pledged by the ,president and ,treasurer of the railroad and by the ,trustees1 to whom the bonds are made out1 and who must defend the rights of bondholders1 should the company fail to meet any of the obligations it undertook in the mortgage deed4 ,in other words1 a bond is the ,corporation's promissory note for the money originally paid by the investor1 with interest for the same1 to be paid to the investor in stated amounts at stated intervals2 and to guarantee its good faith in the matter1 the ,company pledges the bondholder an interest in certain property in its possession4 ,it follows that a bond has a first call upon the property rights of the corporation2 that it represents something tangible2 that it pays a definite amount of interest1 and that it may be reduced at its full value at a certain time4 ,,buying ,,bonds ,bonds1 like wheat1 have their selling prices quoted from day to day1 and they are equally a thing of purchase and sale4 ,there are banks and brokerage firms that make a specialty of bonds1 and most of these houses are entirely reliable2 still1 the novice in such things would do well to investigate for himself before investing in any bond recommended by any seller4 ,it is the purpose of the seller to sell2 it should be equally the purpose of the buyer not to be sold4 ,our government1 state and municipal bonds speak for themselves1 and in the main require no examination as to the security1 though there have been cities and even states that have defaulted in their payments4 ,bond houses and banks of established reputation cannot afford to deceive2 they receive their compensation in the way of commissions on sales1 and their characterization of the bonds may be accepted without question1 for they invariably investigate the bonds1 before they lend their names to them by offering them for sale4 ,if there is any doubt in the mind of the would be purchaser as to the character of the seller1 that should be the first thing investigated4 ,what the buyer must satisfy himself of is3 #a4 ,who is the seller8 #b4 ,what do the bonds represent8 #c4 ,are they negotiable8 and #d4 ,can they be sold again for about their face value8 ,every one who has saved money1 it is to be supposed1 has a bank account and is acquainted with the president of his local bank4 ,when in doubt1 the advice of such a man may be of great help4 ,,chapter ,,xxiv ,,things ,,to ,,remember ,if a man is making a living he should not change his business after he has passed middle life1 unless1 indeed1 he has a guarantee that the new venture will be greatly to his advantage4 ,the best business for the average man is that which affords him the most pleasure in carrying it on1 or at least with which he is most familiar4 ,happiness in one's work means far more than the accumulation of a fortune in discomfort4 ,,don',t ,,deceive ,,yourself ,having made your credit and business standing good1 keep them good by an adherence to the same course4 ,if you can avoid it1 do not loan your name to every needy friend that comes along4 ,your neighbors question your good judgment every time you have to meet a note which you were coaxed into endorsing4 ,you would have saved yourself by loaning the money outright4 ,do not deceive yourself into the belief that you are making money when1 as a matter of fact1 you may be losing4 ,you buy an article for two dollars and sell it for two and a half1 and you say to yourself3 ,there is fifty cents made4 ,but is it8 ,let us see4 ,before crediting your business with that fifty cents1 you should have considered these points4 #a4 ,the loss of interest on that two dollars4 #b4 ,your own time or other time paid for4 #c4 ,the capital invested in things not sold4 #d4 ,the rent4 #e4 ,the transportation1 insurance1 heat1 light1 bad accounts1 unsalable goods1 taxes1 public donations1 and the flood of items that go to swell the outlay of every merchant1 whether in the great city or at the country crossroads4 ,,weeding ,,out ,every man in trade should make an inventory of his stock at least once a year4 ,having done this1 he should give his stock a fresh appearance1 whether new goods be added or not1 by relegating to the scrap heap1 cellar or the garret all the dingy1 dirty1 disreputable stuff that he could not sell or give away1 and which has induced sore eyes whenever seen4 ,keep a stock book4 ,quite as important as keeping the stock in order is keeping the books in good shape4 ,at least once a year the books should be weeded out4 ,why carry as bills collectable accounts which you have been assured1 for years1 would never be paid8 ,wipe them out and charge them to profit and loss4 ,where machinery is used1 it is a good plan to charge off every year ten per cent of the cost2 this to make good the loss from wear and tear4 ,it is only by annual house cleanings and account clearings that you can tell about how you stand4 ,,let ,,your ,,wife ,,know ,it is usually wise for a woman1 married or single1 to keep her real estate and her money1 if she have any1 in her own name4 ,so also with property bought with her money4 ,in these cases the woman should deal with her husband1 or the members of her family1 the same as she would with strangers with whom she is transacting business4 ,some may say that this suggests a want of confidence and a lack of that affection that should exist between husband and wife or near kinsfolk4 ,such an objection is sheer sentimentality4 ,be as open handed and generous as you will with your loved ones1 but when it comes to business1 let the work be done in a strictly business way or not at all4 ,many a good business has gone to ruin after the death of the owner and manager because he had kept his wife in blank ignorance of his affairs and the way in which he conducted them4 ,many a business1 that just dragged along till the death of the manager1 has sprung into new life when the widow took charge4 ,this must in part be credited to natural ability and inborn pluck and energy1 but even these gifts could not have availed if the woman had been left in ignorance of business methods4 ,women1 like men1 are awkward in new positions1 not so much from a want of ability as a lack of experience4 ,put the average man suddenly in charge of a house1 and he will soon demonstrate his helplessness4 ,the woman's deftness comes from her experience4 ,as far as it is possible1 every husband should post his wife as to his methods of doing business4 ,he should not keep her ignorant of his financial affairs4 ,if he conceal from her the amount of his secure holdings1 it may be that he hopes to surprise her at his death1 or long before that event4 ,but if he have any regard for his family1 he should not hide from her the obligations which may spell ruin if the wife is not prepared in advance to meet them4 ,whether the husband lives or dies1 the wife must still care for the children and attend to her never-lessening household duties4 ,think of her as taking on the added burdens of a business of which she is ignorant4 ,there are many prosperous husbands to whom what has just been said will not apply1 but if you should ask them the secret of their success they will not hesitate to tell you that when they married they took their wives into full partnership1 business secrets and all4 ,,children ,,and ,,business ,when you send your children to school it is that the training there received may qualify them to fight the better the ceaseless life battle4 ,of course1 we should not regard all education from a business viewpoint4 ,money apart1 learning is its own greatest reward4 ,it widens the horizon at every step1 and lifts the soul into strength and a profounder worship4 ,but it will not do to overlook the business side of the training which the child should receive in school and out of it4 ,it is all very well to teach children the sources of the family revenue and the way to secure it4 ,it is right that they should be impressed with the dignity of labor and trained in the ways of earning money1 but it is far more important that they should be taught how to spend money1 so as to get the most good from it1 once it is earned4 ,the boy or girl is in a safe way to learn self-control and build up character when he or she1 with some nickels at command1 can pass a candy or a fruit shop without being compelled to spend their cash assets4 ,children1 wherever it is possible1 should be given opportunities for earning money1 which they can feel is really and truly their own4 ,they should not be made to feel that the money is not actually theirs1 to do with as they please1 but they should be taught self- denial1 and that they must not get rid of their earnings by the purchase of things not needed4 ,on the farm1 children unconsciously learn much through occasional work and constant observation1 but away from the farm1 boys and girls are apt to know little or nothing of the work in which the father1 the bread winner1 is engaged4 ,where it is possible1 the children should be made familiar by actual contact with the father's work4 ,this knowledge may never be used1 still it will have value as a factor in the child's training1 for in our modern life all business is inter-related4 ,let the youngsters know something about banks by entrusting them there when old enough4 ,teach them to keep accounts of their own little money affairs1 their earnings1 their expenditures1 and their balances4 ,if they should borrow1 even a cent1 see that they return it at the time agreed on4 ,impress on them the fact that debt is a burden which it is well to get rid of as soon as possible1 if one would stand erect and be entirely free4 ,all this can be quietly inculcated into the mind of the child without making him old-fashioned or miserly4 ,the more he knows of the world the more he can enjoy it in a wholesome way4 ,,chapter ,,xxv ,,worth ,,knowing ,if things are said in this chapter that seem like a repetition of things already told1 it is that their importance warrants a repetition in another form4 ,,over-,,generosity ,there are no pockets in a shroud1 it is said4 ,true it is that we cannot take material things with us to the other side of the grave1 and so before the end comes it is well to make preparations for their disposition4 ,there are three ways of getting possession of property3 #a4 ,to have it given4 #b4 ,to earn it4 #c4 ,to steal it4 ,we shall not consider the last method2 that is the business of the law1 but let us look at the first4 ,property is given in two ways3 #a4 ,by direct gift from one to another4 #b4 ,by will1 when the amount is payable on the death of the donor4 ,of course1 the widow and children1 if there be any1 are first to be considered in either of the cases named4 ,many people1 when the end is nearing1 think that it is better to make sure that their wealth will reach the right hands by giving it direct and at once4 ,now1 no matter the nobility of the motive that prompts such an act1 it is one which1 on the whole1 cannot be commended4 ,it is all very well to spend available means in order to set a son or daughter up in business1 but such sums1 if there are other heirs1 should be charged against the share of the probable donee1 with interest1 and a record made of the same4 ,under no circumstances should old people1 who1 after raising a family and living honorable lives1 have saved enough to own their home and secure an income for their declining years1 deed or give this property to their children1 or to any one else1 in consideration of their having all their subsequent wants met4 ,the better way for the farmer1 the merchant1 or the manufacturer1 when he feels the years pressing heavily and that he can no longer attend properly to the old demands on him1 is to shift by a properly drawn contract the business management of the enterprise to his children1 or to those whom he wishes to place in charge4 ,in this way the ownership is not changed1 and if the new management should prove to be inefficient1 it can be placed in more efficient hands4 ,,care ,,of ,,wills ,as has been said1 every person having property of any kind to dispose of should make a will4 ,already ways have been given as to how wills should be made and estates administered1 but to these it may be well to add another point4 ,do not imagine that the making of a will shortens life4 ,too often1 after the demise of a testator who it is known has made a will1 the heirs cannot find the document1 and the lawyer who drew it knows nothing more about it4 ,many men leave their wills with their lawyers4 ,if this should not be done1 then it would be well to keep it in the safe of the bank in which the testator has his account4 ,but whether in these places or another1 there should be no doubt as to the existence of a will1 or the place in which it may be found4 ,only the last will should be kept2 all preceding wills should be destroyed4 ,,care ,,of ,,papers ,while writing about the care of wills1 we are struck with the recollection that wills are not the only papers of value that are apt to be mislaid or lost4 ,never pay out money without taking a receipt1 and never receive money without giving one4 ,you are not responsible for the care of the receipts you give1 but you certainly are for the receipts you receive4 ,the trained business man has a place for everything1 but there is no reason why the man not so well trained should have to turn his shop or his home upside down every time he wants a paper that proves he has paid a bill1 which he must pay again if that receipt is lost4 ,everything may be regarded as lost that cannot be found1 even if you are sure it is about somewhere4 ,no valuable paper should be about4 ,the only place for it is just where you can lay your hand on it when wanted4 ,in addition to keeping your papers where they can be found the instant they are wanted1 see to it that every paper is self- explanatory and clear of meaning on the face of it4 ,,checks ,,and ,,stubs ,it has been advised that the stub be always filled out before the check1 and that the check be then copied from the stub4 ,this course will greatly lessen the chances of disagreement between the two4 ,when the last check in the book has been filled and torn out1 do not throw away the stubs4 ,they contain important data and may be of use in proving payment should a question arise4 ,in like manner1 never destroy the cancelled checks handed you by the cashier when your bank account has been balanced4 ,each of these checks1 if drawn to order as it should be1 is a receipt1 a voucher1 for some payment that may possibly be demanded again4 ,be on the safe side4 ,,sending ,,away ,,money ,it may be well to repeat again1 in more condensed form1 just how money may be safely sent to a distance4 #a4 ,by bank draft1 payable to your order and endorsed over to the person whom you wish to pay4 ,the party receiving the draft must endorse it before he can collect1 and this endorsement is a receipt for the money1 as the cancelled draft must eventually come into your possession4 #b4 ,you can buy an express order up to fifty dollars1 but you may send money in a package to any amount4 ,only banks or large dealers in money do this4 ,like the bank draft1 the express order must be endorsed by the receiver1 and the express company returns it to you1 when it becomes a receipt4 #c4 ,by post office orders1 up to one hundred dollars4 #d4 ,by postal notes1 in small amounts4 #e4 ,by telegraph4 #f4 ,by transmitting a personal check4 #g4 ,by a trusted messenger authorized to get a receipt4 ,the bank draft is the very best way of transmitting money4 ,as has been said1 drafts can be bought at any bank1 and they should always be made payable to your order4 ,you want to pay a bill of goods to ,lloyd1 ,smith and ,company1 ,new ,york1 so you sign on the back of your draft for the amount3 ,pay to the order of ,lloyd1 ,smith and ,company1 ,henry ,c4 ,robbins4 ,lloyd1 ,smith and ,company must endorse the draft before it can be cashed4 ,the draft1 after payment1 is returned to you1 and it becomes the best form of receipt4 ,,lost ,,in ,,mails ,were you ever at the ,dead ,letter ,office in ,washington8 ,if you have never paid such a visit1 you can form no conception of the tons1 the hundreds of thousands of letters and parcels that are lost every year in the mails4 ,unaccounted for drafts1 checks1 postal orders1 books1 jewelry1 medicine1 everything1 indeed1 that the mails will agree to carry1 may be found piled in that cemetery of lost communications1 the ,dead ,letter ,office4 ,have you added to the mortuary list8 ,all these deaths1 like many of living creatures1 are due to carelessness4 ,as a rule1 the sender is to blame4 ,he has misdirected4 ,he has placed papers not properly folded in the envelope and then neglected to seal it4 ,he has neglected to write any address at all1 and dropped the letter into the box4 ,again he has addressed the parcel1 but neither men nor angels can decipher the writing4 ,,more ,,about ,,notes ,the note1 as has been said1 is one of the most usual forms of obligation1 yet misunderstandings often arise as to its settlement4 ,here are the points that must be attended to1 nor shall we offer any excuse for repeating them collectively3 #a4 ,the date and amount must be so plainly written as to leave no doubt as to either4 #b4 ,the rate of interest1 if any1 must be clearly expressed4 #c4 ,the post office address of the signer or signees must be written opposite the name4 #d4 ,the note should be made payable at a definite place and on a definite date4 #e4 ,in taking a note or other obligation from a person who cannot write1 be sure to have his x mark witnessed4 ,should you receipt certificates of stock as security for the payment of a note1 or the payment of any other debt1 be sure to notify the company issuing them4 ,in giving this notice1 which should be done at once1 state clearly the number of shares you hold1 the number of the certificates and to whom issued4 ,the enforcement of this rule will depend altogether on the character of the person with whom you are dealing4 ,never1 if you can help it1 buy a past due note1 especially if it is not secured by a mortgage4 ,if a note1 which a third party has endorsed1 becomes due1 never agree to an extension of time without getting the written consent of the endorser4 ,many men have lost through their ignorance of this essential transaction4 ,,chapter ,,xxvi ,,look ,,before ,,you ,,leap ,we are not quite through with the note4 ,when making a payment of principal or interest on a note1 be sure to take a receipt for the amount1 stating specifically what the payment is to be credited to4 ,in addition1 if it be possible1 see that the sum paid be endorsed on the back of the note itself4 ,the endorsement of the sum paid on the back of the note bars its being negotiated for more than the amount actually due4 ,sometimes the owner and the maker of a note live at points some distance apart4 ,if you were the maker of the note1 and wanted to make a payment1 but wished to avoid the expense and annoyance of a trip1 what should be done8 ,in this case a good plan would be to write to the owner of the note1 asking him to send it by a certain bank in your neighborhood where you can pay4 ,the bank will receive the cash1 make the endorsement in your presence1 and then send its check for the amount with the note to the owner4 ,you must pay the cost of this transaction4 ,or you may send the amount to be credited on your note1 through a bank draft1 as already indicated4 ,never destroy a cancelled note4 ,,notes ,,in ,,bank ,if you have money at a bank your note will form the chief evidence of indebtedness and be the paper for which the security is pledged4 ,keep careful track of the date of payment and the amount4 ,there must be no neglect or carelessness4 ,never permit your note to go to protest4 ,if for any reason payment cannot be made at the time fixed1 then the better way is to go1 as soon as this is learned1 to the bank or other holder of the note1 and frankly explain the situation4 ,bankers are not shylocks4 ,they realize that good and responsible men are often disappointed in their collections1 or in the payment of a sum on which they depended for the settlement of their account with the bank1 and in such a case they are usually willing to grant an extension4 ,private individuals1 as note holders1 should be treated in just the same way4 ,,well ,,to ,,know ,when calling at a bank for your note1 always give the exact date on which the note falls due4 ,if the note belongs to another party1 and is held by the bank for collection1 then mention the name of the person to whom it was originally given4 ,if the bank has sent you a written notice about the note1 take the notice with you4 ,it will be found to contain all the desired facts4 ,banks keep their own notes in one place and those of their customers in another4 ,banks keep each date by itself1 and can so find required notes more readily if the owner's names and the dates are given4 ,,discharging ,,liens ,remember a mortgage is a lien or security given for the payment of a note4 ,if you get a mortgage1 have it recorded at once4 ,if you pay off a mortgage1 take it at once to the office of record and have the discharge of the instrument properly entered on the folio in which the mortgage is recorded4 ,many lawsuits have resulted from the temporary neglect of this important duty4 ,,be ,,prompt1 ,,but ,,not ,,too ,,prompt ,sometimes a man will give a number of notes and secure them by one mortgage4 ,the notes may pass into the hands of a number of people4 ,let us suppose that you hold one note and the mortgage1 and that the mortgagee comes to you and tenders the amount of your note1 should you then surrender the mortgage to him8 ,by no means1 until the last note is paid that mortgage remains as security1 and the holder of it is responsible for its safety to the holders of the other notes4 ,in such a case it is better to have the mortgage held by one party for the protection of all4 ,,be ,,in ,,no ,,haste ,,to ,,invest ,when a person not accustomed to managing money comes into the possession of a sum that it is not safe to carry about in the pocket1 what should he do with it8 ,obviously the first answer to this question must be ,he should put it in the bank4 ,we have already given hints as to investments1 and to these it is not necessary to refer again1 we are now considering another and not an unusual phase of such a case4 ,young men and women of all ages are very apt to be inexperienced in these matters4 ,as soon as it becomes known that such people have come into the possession of a goodly amount of cash1 which they are not considered competent to manage1 it is surprising how past acquaintances suddenly pose as old and unselfish friends1 each with a scheme for doubling the money while the owner is looking at it4 ,now1 there may be good1 honest friends who are eager to advise and help in a case of this kind1 but they are sure to be outnumbered by advisers who have their own little axes to grind4 ,our advice is ,don't be in a hurry to invest4 ,your cash is quite safe while in bank4 ,but no matter how promising1 do not invest your money in a business you know nothing about1 even if it does carry with it a position and a salary4 ,find a good honest lawyer1 despite sneers to the contrary1 we believe most men in the profession are of this character1 and ask his advice1 and pay for his help if papers are to be drawn4 ,buying rentable real estate is usually a good investment1 provided always that the price is reasonable1 the title clear1 and the chances of its advancement pretty certain4 ,,meet ,,your ,,dues ,,promptly ,it is estimated that every man and woman in the ,united ,states belongs to one or more societies of some character1 and this is not an overstatement4 ,every member of such an organization is such by reason of election and the payment of dues4 ,if you are a member of1 or a pledged contributor to1 a church1 lodge1 grange1 or other society1 you should regard the prompt payment of your dues as sacred as any other form of obligation4 ,the expenses of a properly conducted church are always considerable1 even in small communities4 ,it is a disgrace to the ,christian organization that1 after forcing down the pastor's compensation to the barest cost of life's necessities1 then force him to run into debt if he and his family would live1 or to be forced continually to remind the trustees that his salary is far in arrears4 ,if you belong to a lodge or other society1 leave it if you honestly feel that you cannot afford the dues4 ,neglect to do this and your name will be dropped from the rolls on which it never should have been placed4 ,,counting ,,money ,never receive money from any one without counting it4 ,count it at once and in the presence of the giver4 ,let it make no difference1 banker1 merchant1 kinsman or friend1 do not fear to give offence1 but right then and there1 count the money he gave you4 ,of course1 these people are honest1 but did it ever occur to you that honest people often make mistakes8 ,whenever you pay another money1 if he does not do so himself1 you should insist that he count it in your presence4 ,if you do this you won't lose a friend1 but if you do not do it you may make an enemy1 should the man come back to say you made a mistake and underpaid him1 and you very properly refuse to honor his claim4 ,,ready ,,money ,do not1 if you can possibly avoid it1 keep money around your house1 in your place of business1 or on your person4 ,the professional thief is ever on the watch for chances to take unto himself all the money in sight4 ,pickpockets reap their harvest from money carriers4 ,the burglar may steal or fire may destroy money left in the house4 ,a bank1 if not near one then a safe1 is the best place for money1 though safes have been broken into and robbed4 ,do not make a display of money at any time1 but particularly in a public place4 ,if you are drawing money from a bank1 count it quickly and quietly1 then secure it in an inside pocket that cannot be reached without unbuttoning4 ,never cash a check for a man whom you do not know to be square4 ,the same applies to the endorsement of checks4 ,,in ,,travelling ,always be courteous in travelling1 but never take the chance acquaintance of the steamboat or car into your confidence4 ,keep an eye on the man who fortunately is going just your way4 ,watch out for the fellow who knows the leading men of your town and is a cousin of ,judge ,smith4 ,do not respond if such men ask you to cash a small check or make a slight advance till his draft arrives4 ,do not accept the invitation of strangers to visit any place4 ,avoid the confidence of the over-dressed1 but slightly intoxicated young fellow who has been out with college chums4 ,he is not a college man1 nor has he been drinking4 ,,chapter ,,xxvii ,,contractions ,,and ,,signs ,,used ,,in ,,business ,italian ditto--,the same as above4 ,degrees4 ' ,primes1 ,minutes1 ,test4 ,seconds1 ,inches4 ,thus1 #g #bj' #aj in circular measure1 or #g' #bj #aj''' in duodecimal long measure4 ,i#a ,one and one-fourth4 ,i#b ,one and one-half4 ,i#c ,one and three-fourths4 ,latin plus1 more--,addition4 - ,latin minus1 less--,subtraction4 ,x ,by1 or into4 ,multiplication4 ,also area1 as #bj ,x #e1 read #bj by #e1 means #bj long and #e wide4 ,divided by--,division4 ,the 3 above is also a sign of division as used in ratio1 thus1 #d3g2 and the -- alone is a sign of division as used in writing fractions1 thus1 #d_/g4 ,equals4 ,the double 331 as used in proportion1 is also a sign of equality1 thus1 #d3g33ab3ba4 ,per centum4 ,by the hundred4 ,rate of interest4 ,p ,per1 by or through4 ,dollars2 said to be a contraction of ,u4 ,s4 for ,united ,states money4 ,means ,number1 if before a figure1 as #ij1 but pounds if written after1 as #ij4 ,latin ad41 meaning to or at4 ,a#a4 ,first ,class1 the best4 ,a4 or ,ans4 ,answer4 ,acc41 ,acct4 or a_/c1 ,account4 ,adv4 ,latin ad valorem1 according to value4 ,admr4 ,administrator4 ,admx4 ,administratrix4 ,adv4 or ,ad41 ,advertisement4 ,agt4 ,agent4 ,amt4 ,amount4 a_/o ,at sight or ,account ,sales4 ,ass'd4 ,assorted4 ,asst4 ,assistant4 ,bal4 ,balance4 ,b4,b4 ,bill ,book4 ,bbl4 ,barrel or ,barrels4 ,bdls4 ,bundles4 ,b_/,e ,bill of ,exchange4 ,bgs4 ,bags4 ,bk4 ,bank2 ,book4 ,bkts4 ,baskets4 ,b_/,l ,bill of ,lading4 ,blk4 ,black4 ,bls4 ,bales4 ,bot4 ,bought4 ,b4,p4 ,bills ,payable4 ,b4,rec4 ,bills ,receivable4 ,bro't4 ,brought4 ,bu4 ,bushel or ,bushels4 ,bx4 ,box or ,boxes4 ,cash4 ,cashier4 ,c4,b4 ,cash ,book4 ,chgs4 ,changes4 ,chts4 ,chests4 ,c4,h4 ,court ,house2 ,custom ,house4 ,c4,f4,s4 ,carriage and ,insurance ,free4 ,cks4 ,casks or ,checks4 ,clk4 ,clerk4 ,co4 ,company2 ,county4 ,c4,o4,d4 ,cash1 or ,collect1 on ,delivery4 ,col4 ,collection4 ,com4 ,commission4 ,const4 ,consignment4 ,cor4 ,sec4 ,corresponding ,secretary4 ,cr4 ,credit2 ,creditor4 ,c4,s4,b4 ,commission ,sales ,book4 ,ct4 or c4 ,cent1 ,latin ,centime1 a hundred4 ,cts4 ,cents4 ,cwt4 ,a hundred weight4 ,d4 ,b4 ,day ,book4 ,d_/d4 ,days after date4 ,dept4 ,department2 ,depment ,dft4 ,draft2 ,defendant4 ,disct4 ,discount4 ,div4 ,dividend1 ,division2 ,divide1 ,divisor4 ,do4 ,the same4 ,doz4 ,dozen4 ,dr4 ,debtor2 ,doctor4 ,d_/s or d4s4 ,days after sight4 ea4 ,each4 ,e4,e4 ,errors excepted2 ,ells ,english4 ,e4g4 ,latin ,exempli gratia4 ,for example4 ,encl4 ,enclosed4 ,e4,o4,e4 ,errors and omissions excepted4 et4 al4 ,latin et ,alii1 ,and others4 ,exch4 ,exchequer2 ,exchange4 ,ex'x4 ,executrix4 ,exp4 ,export2 ,exporter2 ,expense4 ,fahr4 ,fahrenheit4 ,fav4 ,favor4 ,fir4 ,firkin4 ,fo4 or ,fol41 ,folio4 ,f4,o4,b4 ,free on ,board4 ,fo'd4 ,forward4 fr4 ,from4 ,frt4 ,freight4 ,gal4 ,gallon2 ,gallons4 ,gr4 ,grain1 ,grains4 ,guar4 ,guarantee4 ,hdk'f4 ,handkerchief4 ,hf4 chts4 ,half ,chests4 ,hhd4 ,hogshead4 ,hon4 ,honorable4 ,hund4 ,hundred4 ,i4,b4 ,invoice ,book4 i4e4 ,latin id est4 ,that is4 ,incor4 ,incorporated4 ,ins4 ,insurance4 inst4 ,instant1 the present month4 ,int4 ,interest4 ,in trans4 ,latin1 ,in transito4 ,in the passage4 ,inv4 ,invoice4 ,inv4 ,inventory4 ,jr4 ,junior4 ,kg4 ,keg4 ,l or lb4 ,latin ,libra1 ,a pound in weight4 ,l_/,c ,letter of ,credit4 ,led4 ,ledger4 ,l4,f4 ,ledger ,folio4 ,l4,s4 ,left ,side1 or in ,latin1 ,locus ,sigilli1 ,place of the ,seal4 ,m4 ,one thousand4 ,manuf4 ,manufacture2 ,manufacturer4 ,mdse4 ,merchandise4 ,mem4 ,memorandum4 ,messrs4 ,french ,messieurs1 ,gentlemen1 ,sirs4 ,mf'd4 ,manufactured4 ,mfst4 ,manifest4 ,mme4 ,madame1 ,french4 ,mmes4 ,mesdames1 plural4 ,mo4 ,month4 ,mol4 ,molasses4 ,mr4 ,master or ,mister4 ,mrs4 ,mistress1 usually pronounced ,missis4 ,mtg4 ,mortgage4 ,n4,a4 ,north ,america4 ,nav4 ,navigation4 ,n4,b4 ,latin ,nota bene4 ,note well1 or ,take ,notice4 ,no4 or ,number4 ,n4,p4 ,notary ,public4 ,o4,b4 ,order ,book4 ,o4,k4 ,all ,correct4 ,oz4 ,ounce or ounces4 ,p4 ,page2 pint2 pile2 part4 ,payt4 ,payment4 ,pcs4 ,pieces4 ,pd4 ,paid4 ,per an1 or p4 a41 ,latin per annum4 ,by the year4 ,per cent4 ,by the hundred4 ,pk4 ,peck4 ,pkg4 ,package4 ,p4 ,l4 ,profit and ,loss4 ,p4,o4,d4 ,pay on ,delivery4 ,p4,o4,o4 ,post ,office ,order4 ,pp4 ,pages4 ,pr4 or per4 ,by4 ,prem4 ,premium4 ,prox4 ,latin ,proximo menve4 ,next month4 ,p4,s4 ,post ,script4 ,pub4 ,publisher2 ,public4 ,pwt4 ,pennyweight4 ,qr4 ,quire2 ,quarter1 #bh lbs4 ,qt4 ,quart2 ,quantity4 ,rec'd4 ,received4 ,ret'd4 ,returned4 ,r4 ,r4 ,railroad4 ,ry4 ,railway4 ,s4,b4 ,sales ,book4 ,sch4 ,schooner4 ,shipt4 ,shipment4 ,s4,o4 ,seller's ,option1 a stock phrase4 ,sig4 ,signature4 ,s4,s4 ,steamship4 ,st4 ,saint2 ,street2 ,sight4 ,st4 ,dft4 ,sight ,draft4 ,stor4 ,storage4 ,str4 ,steamer4 ,sunds4 ,sundries4 ,supt4 ,superintendent4 ,t4,b4 ,time ,book4 ,treas4 ,treasurer4 ,ult4 ,latin1 ,last ,month4 ,u4,s4,a4 ,united ,states of ,america4 ,united ,states ,army4 ,u4,s4,m4 ,united ,states ,mail4 ,u4,s4,n4 ,united ,states ,navy4 ,ves4 ,vessel4 ,via4 ,by way of4 ,latin4 ,v4-,pres4 ,vice-,president4 ,viz4 ,contraction from ,latin videlicet4 ,namely1 to wit4 ,vol4 ,volume4 ,vs4 ,latin versus4 ,against4 ,w4,b4 ,way ,bill4 ,wt4 ,weight4 ,x ,extra4 ,,xx ,doubly ,extra4 ,y4 or ,yr4 ,year4 ,yd4 ,yard4 ,,chapter ,,xxviii ,,words ,,and ,,phrases ,,used ,,in ,,business ,,account ,,current4 ,a running account between two persons or firms4 ,,account ,,sales4 ,a detailed statement of the sale of goods by a commission merchant1 showing also the charges and net proceeds4 ,,administrator4 ,a man appointed by the ,court to settle the estate of a deceased person4 ,,administratrix4 ,a woman appointed by the ,court to settle the estate of a deceased person4 ,,ad ,,valorem4 ,according to value4 ,a term used in the ,custom ,house in estimating the duties on imported goods4 ,,affidavit4 ,a written declaration under oath4 ,,annuity4 ,an annual allowance2 a sum to be paid yearly1 to continue for life or a fixed period4 ,,annul4 ,to cancel2 to make void4 ,,antedate4 ,to date before time of writing4 ,,appraised4 ,the act of placing a value on goods4 ,,appraiser4 ,a person appointed to value real or personal property4 ,,arbitration4 ,the settlement of a disputed question by a person chosen by the parties to the dispute4 ,,assets4 ,the total resources of a person in business4 ,,assignee4 ,a person to whom the property of a bankrupt1 or an insolvent debtor1 is transferred for adjustment for the benefit of ,auditors4 ,,assignment4 ,the act of transferring property to the ,assignee4 ,,attachment4 ,a warrant for the purpose of seizing a man's property4 ,,balance ,,sheet4 ,a statement in condensed form1 showing the condition of a business4 ,,bankable4 ,receivable at a bank at par or face value4 ,,bank ,,balance4 ,net amount on deposit in bank4 ,,bill ,,of ,,lading4 ,a written account of goods shipped1 and the condition of same1 having the signature of the carrier1 and given to shipper as a receipt4 ,,bill ,,of ,,sale4 ,a bill given by the seller to the buyer1 transferring the ownership of personal property4 ,,board ,,of ,,trade4 ,an association of business men for the regulation of commercial interests4 ,,bona ,,fide4 ,latin1 in good faith4 ,,bond4 ,an instrument under seal1 by which a person binds himself1 his heirs or assigns1 to do or not to do certain things4 ,,bonded ,,goods4 ,goods stored in a bonded warehouse or in bonded cars1 the owner having given bonds securing payment of import duties1 or of other sums due the ,government1 upon their arrival at some specified place at a specified time4 ,,bonded ,,warehouse4 ,is a building in which goods are stored until the duties or revenues on them are paid4 ,,bondsman4 ,one who goes security for the faithful performance of a contract4 ,,bonus4 ,a premium for a loan or other privileges4 ,,broker4 ,an agent or middleman between the buyer and the seller4 ,,bullion4 ,uncoined gold or silver4 ,,charter4 ,a written authority from the proper ,national or ,state authority defining the rights and privileges of corporations4 ,,charter ,,party4 ,a written contract for the hiring or chartering of a ship4 ,,chattel4 ,any kind of property except real estate4 ,,collateral4 ,pledges of stocks1 notes1 or chattels as security for the payment of a loan4 ,,commerce4 ,the business of exchanging commodities between different places4 ,,commission ,,agent4 ,one who does business on ,commission4 ,,common ,,law4 ,the unwritten law1 the law of ,custom4 ,it receives its force from universal usage4 ,,consignee4 ,the person to whom goods are sent to be sold on commission4 ,,consignor4 ,the one who consigns his goods to an agent4 ,,contra4 ,latin4 ,on the opposite side4 ,,copartnership4 ,the joining of two or more persons into one firm for the purpose of carrying on any business4 ,,coupon4 ,an interest note or certificate1 attached to a bond1 which is cut off for collection when interest is due4 ,,credentials4 ,testimonials of authority2 proofs of good character1 ,,demurrage4 ,money forfeited for detaining a vessel beyond the time named in her ,charter party4 ,,dishonor1 ,a failure to pay a note or other obligation when due4 ,a failure to accept a draft when presented for acceptance4 ,,dockage4 ,charge for the use of a dock4 ,,dower4 ,the right of a widow to a one-third interest in all the real estate owned by her husband at any time after their marriage4 ,,draft4 ,a written order for the payment of money at a fixed time4 ,,drawee4 ,the person on whom a draft is drawn4 ,,duress4 ,personal restraint of any kind4 ,,earnest4 ,part of purchase money paid to bind a bargain4 ,,effects4 ,goods1 or property1 of every kind4 ,,embargo4 ,an order of the ,government preventing ships from departing or landing4 ,,equity4 ,the principles of right and justice4 ,,equity ,,of ,,redemption4 ,the right allowed a mortgagor of a reasonable time to redeem mortgaged realty4 ,,execution4 ,a writ authorizing an officer to carry into execution the judgment of the ,court4 ,,fee ,,simple4 ,a title to real estate held without conditions by a person in his own right4 ,,forced ,,sale4 ,sale made under compulsion4 ,,forwarder4 ,one who attends to the shipping and reshipping of goods4 ,,gross ,,weight4 ,weight of goods1 including case or wrapping4 ,,guarantee4 ,a surety for the performance of a contract4 ,,honor4 ,to pay or accept a draft when due4 ,,import4 ,duty paid on goods by importer4 ,,indemnify4 ,to recompense for loss or injury4 ,,indemnity4 ,a guaranty against loss4 ,,indenture4 ,a writing containing a contract4 ,,indorse4 ,to write one's name on the back of a note1 draft1 or other document4 ,,injunction4 ,a writ of ,court1 by which a party is restrained from doing a certain act4 ,,inland ,,bill4 ,a draft between parties in the same country4 ,,insolvency4 ,inability to pay debts1 ,bankruptcy4 ,,intestate4 ,dying without having made a will4 ,,in ,,transitu4 ,in a state of going from one place to another4 ,latin4 ,,inventory4 ,an itemized list of goods1 or other property1 with their value as estimated at the time4 ,,invoice ,,book4 ,a book in which invoices are kept4 ,,jettison4 ,goods thrown overboard to lighten a ship in time of great danger4 ,,jobber4 ,one who buys from the producer to sell to the retailer4 ,,job ,,lot4 ,an irregular collection4 ,odds and ends unsold at the end of the season4 ,,judgment4 ,the decision of a ,court4 ,,lease4 ,a contract granting possession and use of property for a specified time4 ,,legacy4 ,a bequest2 a gift of property by will4 ,,lessee4 ,one to whom a lease is made4 ,,letter ,,of ,,credit4 ,an open letter authorizing the bearer to receive money on the credit of the writer4 ,,license4 ,a legal permit to carry on a certain business4 ,,lien4 ,a legal claim on property1 which must be settled before property can be sold4 ,,lighter4 ,a flat-bottom boat used in loading and unloading vessels at anchor4 ,,lighterage4 ,charges for use of lighter4 ,,manifest4 ,a list of articles comprising ,ship ,cargo4 ,,margin4 ,difference between buying and selling price4 ,,marine4 ,pertaining to the sea4 ,,maturity4 ,the date when a commercial paper becomes due4 ,,mercantile ,,agency4 ,a company that collects for the use of its patrons information as to the standing of all business men in the country4 ,,mercantile ,,law4 ,law pertaining to business4 ,,mortgagee4 ,the person in whose favor a mortgage is made4 ,,mortgagor4 ,the person who gives a mortgage4 ,,negotiable4 ,that which is transferable by delivery1 assignment or indorsement4 ,,net4 ,clear of all charges4 ,,net ,,proceeds4 ,the remainder after deducting charges from sales4 ,,net ,,weight4 ,weight after deducting all allowances4 ,,nominal4 ,existing in name only4 ,,notary ,,public4 ,an officer authorized to administer oaths and take acknowledgments4 ,,open ,,account4 ,an account unsettled4 ,,outlawed4 ,a debt which has run beyond the time when the law will enforce payment4 ,,par ,,value4 ,the expressed value of any commercial paper4 ,,parol4 ,verbal1 not written or sealed4 ,,pawn ,,broker4 ,one licensed to loan money on personal property4 ,,payee4 ,the person to whom money is to be paid4 ,,payer4 ,the person who promises to pay4 ,,plant4 ,the entire establishment necessary to carry on a manufacturing business4 ,,post ,,date4 ,to date after real time of writing4 ,,power ,,of ,,attorney4 ,a written authority from a principal to another1 authorizing him to act in his stead4 ,,price ,,current4 ,a list of articles with market values4 ,,primage4 ,a percentage allowed to the master of a vessel on the amount of cargo carried4 ,,prima ,,facie4 ,on the first look or view4 ,,pro ,,rata4 ,a proportional distribution4 ,latin4 ,,protecting ,a ,,draft4 ,accepting a draft to prevent its being protested4 ,,protest4 ,a formal declaration by a notary that a note was not paid at maturity1 or that any other monetary obligation was not met when due4 ,,receiver4 ,a person appointed by the ,court to take charge of a firm or corporation on its dissolution1 and to distribute its property according to law4 ,,rescind4 ,to revoke1 countermand or annul4 ,,resources4 ,every form of convertible asset4 ,,revocation4 ,the recall authority conferred on another4 ,,salvage4 ,the allowance made by law to persons who voluntarily assist in saving a ship or her cargo from destruction4 ,,shipping ,,clerk4 ,one who attends to shipping goods4 ,,silent ,,partner4 ,one who shares in the profits of a firm1 though his name does not appear1 nor does he take an active part in its affairs4 ,,sinking ,,fund4 ,a sum of money set apart for the liquidation of debts4 ,,stock4 ,capital invested in trade4 ,goods on hand4 ,,capital ,,stock4 ,the capital of a corporation as shown by its shares4 ,,common ,,stock4 ,that stock which entitles the owner to an equal proportionate dividend of the corporate profits and assets1 with one shareholder or class of shareholders having no advantage or preference over another4 ,,preferred ,,stock4 ,that stock which entitles the owner to dividends out of the net profits before or in preference to the holder of common stock4 ,,watered ,,stock4 ,stock which purports to represent1 but does not honestly represent1 money paid into the treasury of a corporation4 ,,stock ,,exchange4 ,a place where brokers and others meet to buy and sell stocks and bonds4 ,,stockholder4 ,one who owns shares in a joint stock company or corporation4 ,,stoppage ,,in ,,transit4 ,the right which the seller has to stop the goods he has shipped any time before they reach the buyer4 ,,syndicate4 ,a number of men who unite to conduct some commercial enterprise4 ,,tare4 ,an allowance made for the weight of boxes1 barrels1 etc41 in which goods are shipped4 ,,tenant4 ,one who holds real estate under lease4 ,,tender4 ,an offer2 a proposal for acceptance4 ,,tickler4 ,a book containing a memorandum of notes and other obligations in the order of their maturity4 ,,time ,,draft4 ,a draft maturing at a fixed future date4 ,,trade ,,discount4 ,a discount or series of discounts from the prices made to dealers1 or because of a change in prices4 ,,trustee4 ,one who holds any business or property in trust4 ,,underwriter4 ,one who insures4 ,,usury4 ,the taking of more than the legal interest4 ,,voucher4 ,papers and documents that prove the truth of accounts4 ,,waybill4 ,a paper containing a list of goods shipped4 ,,wharfage4 ,money paid for use of a wharf4 ,,wharfinger4 ,one in charge of a wharf2 the owner4 ,,wholesale4 ,to sell goods in large quantities1 in whole or unbroken packages4 ,,writ4 ,an order issued from a ,court to one of its officers2 or to one or more litigants where an injunction is issued4 ,,the ,,end