Samuel Nelson

“ The iron was shipped from Liverpool, and, on an appraisal at the custom-house in Baltimore, the invoice price was adopted as the minimum market value upon which to assess the duties. The plaintiffs claimed that the iron ought to be appraised at the actual cash market value, or cash wholesale price, instead of the actual market value or wholesale price at a credit of four months, the usual time in the purchase of iron. But the collector insisted upon the invoice price as the minimum valuation. ”

“ The only real change, therefore, in respect to this matter, under the law of 1851, from that of 1842 and 1946, would seem to be a change of the time when the valuation is to take place, without intending to interfere with any other of the regulations in the former laws. ”