He had ever admired and veneratedhe saidthe character of the beautiful and fascinating Judith O'Calligan, who had alone, and by her unassisted merits, removed from his character that tendency toward contempt and undervaluation of women, which, he was mortified to say, he had been induced to feel from an early disappointment in love.

[Undervaluation of galleon goods.]

To these abuses it may be added that illegal importations are openly made with advantage to the violators of the law, produced by undervaluations or other circumstances involved in the course of the judicial proceedings against them.

The numerous frauds which continue to be practiced upon the revenue by false invoices and undervaluations constitute an unanswerable reason for adopting specific instead of ad valorem duties in all cases where the nature of the commodity does not forbid it.

They present no temptations to the appraisers of foreign goods, who receive but small salaries, and might by undervaluation in a few cases render themselves independent.

[Sidenote: Undervaluation.]

Allowing for this undervaluation, we may say that a man worth $50,000 commonly pays not less than $500 for his yearly taxes, or about one fifth of the annual income of the property.

The principal value of analysis of the economic elements of the struggle is to protect from undervaluation the motives that actuated the opposition to Hamilton's measures.

Specific rates are more easily applied in administration, not offering the temptation to undervaluation and misrepresentation that ad valorem rates do; on the other hand, specific rates do not adjust themselves to price changes as ad valorem rates do.