WHAT IT WOULD YIELD IN GREAT BRITAIN. 247 



The legal interest for money in the State of New 

 York is 7 per cent ; but 6 per cent, or sixteen and a half 

 years purchase, is the rate at which the value of incomes 

 is usually estimated. A tax of one dollar on 1110 dollars 

 of property is equal to 16 J dollars on 1110 dollars of 

 income or, it is equal to an income-tax of 1J per cent 

 on the entire community. 



Our income-tax of 3J per cent realises 5,600,000 ; a 

 similar tax of 1 T } per cent, on incomes above 150 

 a-year, would realise 2,400,000 so that the State of 

 New York is at this moment taxing itself as highly as 

 this sum yearly would be to us, in order that all its 

 children may obtain education free. 



It will, of course, be understood by the reader, that 

 this average tax of 1-J per cent on the whole property 

 of the State will fall heavier, or be more, on poorer locali 

 ties, and lighter, or be less, upon the richer as it is 

 levied, not by the general government, but in the form of 

 local taxes imposed by local authorities. Previous to the 

 passing of the general act making education free in the 

 whole State, the system of free-schools had already been 

 voluntarily adopted in twelve large townships, compris 

 ing a population of half a million, which taxed them 

 selves for the purpose of carrying out the plan. 



In these twelve towns, in 1848, the average school- 

 rate levied amounted to sixteen cents on the 100 dollars 

 of valuation, or 1 dollar on every 625 dollars of property. 

 The highest, lowest, and average rates were as follows : 



On 100 Dollars On 100 Dollars 

 Valuation. Income. 



Cents. Dollars. 



Lowest rate, at Brooklyn, . 67 10 1-07 



Highest rate, at Hudson, . 30 4-95 



Average of twelve townships, 16 2*64 



While in some districts, therefore, which are the scats 

 of much property, the rate was at that time, and will con- 



