The weekly Placer herald., 1852-12-18

BANKERS AND The
wonders worked by interest tables is ra-
ther surprising to person who has never
had his attention turned in that direction.
The rapidity with which money begets
money, shows how superior few well
invested bonds and mortgages are to hard
work and hod-carrylng. In late num-
Der of the Dutchman, we find q few figures
taken from Mr. KelIogg's very excellent
work entitled "Labor and other Capitai,' %
which exemplifies this fact so strongly
that we cannot resist the inclination to
place them before our readers. If, says
Mr.. K, a mechanic should save a dollar
a day for three hundred days of each year,
and live and labor for forty years and
four months, he would have sum of
money which would amount to just $12,-
100. This is an independence, still he
would not be considered rich. 1t is as
well, however, as any laborer can do even
if he be not sick a moment, has not a
cent of Doctors bill to pay for himself
and family, and loses no time. But not
one in twenty enjoys this luck. So that
the frequent remark, that no one can get
rich by labor alone, and consequently all
riches are made at the expense Of labor,
is here proved. Now, suppose that this
laborer, instead of ''laying up" his earn
ings, puts them out at seven per cent. in
terest, at the end of every six months,
and adds the interest to the principal sem
annually, how much will it come to in
forty years and four months? Deduct
from this sl2, 100 of actual earnings, and
there is left $50, ,275 as the amount of in
terest alone! Here we see that the in
terest during this time has amounted TO
four and One-third Ines more than his
individual labor. Thus man with a
small amount of money, can get more
while doing nothing, than the majority
Can procure by the severest toll Whence
comes this interest money? 1t comes
from the labor of others alone. Suppose
this man to live twenty years and two
months longer, keeping the money at in
terest. (The months are given because
the principal at seven per cent. doubles
in ten years and one month"; AT the end
ofrhis period it would amount to $257 sol,
from which deduct $7,50l, for his living,
and there remains $250,0OO. From this
deduct his earnings during the forty years
and four months, being, as above $12, 100,
and there remains S237, 900, which has
been derived from the labor of other peo-
pie. Such is the all-engrossing nature
of interest 1t would take the labor of
one man eight hundred and thirtythree
cHmulated by single person. One dollar
would, at six per cent. interest for three
hundred and sixty years, accumulate more
than double the assumed value of the
State of New York, or treble the assumed
value of Oho-or about 81, 100000, 900
One dollar loaned at seven per cent. for
three hundred and sixty years would ac-
cumuIate more than the vulue of the
whole United States. Should foreign
government loan to the United States
Si00, 900, at seven per cent, for three
hundred and sixty years, drawing the in
terest in bonds semi-annually, the debt
would amount to $6,70l ,947 ,G73, 600 600;
or six quadrillions, nine hundred and
seventy-one trillons, nine hundred and
forty-seven billions, six hundred and
seventy three millions, and six hundred
thousand dollars-more than the whole
property of all the people at that time,
with the greatest prosperity, could pay
With such facts, what wonder is there
that the poor become no richer very fast,
while the capitalist cannot become poor
though he endeavOred to- Queer world 4,
this. The men who earn ali the bread,
starve-whle those who eat all the bread
spend their lives in the midst of Incidence
and fine linen. Great invention these in
Unrest tables-well, they are.