Prize Essay.

Mr. Thomas B. Shearman of Brooklyn, N. Y., desiring to encourage the efforts of college and university students, and others, in economic studies, has offered through the American Economic Association the sum of two hundred and fifty dollars for the best essay on the subject of "State and local taxation on personal property in the United States."

Competitors will be expected to discuss the following points: Should personal property be taxed at all? Should some kinds of personal property be taxed and other kinds be exempt from taxation? The relation of personal property taxes, if any exist, to other taxes in a rational system of taxation. The changes in our laws needed to establish a better system of taxation. It is expected in brief that taxation of personal property will be taken as a starting point of the entire investigation, and that all inquiries will be made to centre in this; that defects in American state and local taxation will be pointed out; that improvements will be suggested; that the competitors will base all conclusions on a careful study of statistical and historical material: finally that the question will be treated with special, although not exclusive reference to the farmer.

The essay must not exceed twenty-five thousand (25,000) words, and must be in the hands of Mr. Richard T. Eley, secretary of the American Economic Association, Baltimore, Maryland, not later than December 1, 1890. Each paper must be type written, signed by a ficticious name and accompanied by a sealed envelope containing the name assumed as well as the address of the writer.