Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-06-08

Three per Ceut. per Month. A necd0t,
o. Jas. O. kILg.

rom kOe NeW loIk HSSuSt'l
Three per Cest. pei Honth.-Anecdote
% Jas. q. kiLg.
havs eaid that Jsmes &. King was a
Great friend to Daniel Webster. SO he
Was to Nicholas BiddIe. At one time
such was the Influence of MIR. King that
he held Wal street in his hand, and
some protane persons named him 1.-THE
Ain lightly Of Wall street" He was
fond OF little fan occasionally, and
liked good joke OF a good story. He
held share in the celebrated "Tontine
stock" (By the way, ! mean to give
you l,st Of all the original members Of
the Ton,iuc, and OF such as are now
Lying. think all the Oracle family and
King family had stock in the Tontne.)
Mr.. King had horror Of the three
and four per cent. month operations.
On one occasion, q merchant who was
doing very extensive business, and for
whom Mr.. King felt sincere friendship,
came to hiM and said
"Mr. King, l keep four large bank &C
counts and l have offered heavily the
best paper for discount. 1t is flung out
as fast as | offer it. shall have to 90
on the street, and do 10 others do-get
heavily shaved. Money is worth now
three per cent. a month. have got to
pay it. l do not see Why should not
pay that to your house as we'll a. on the
street. know yon object to such
transactions, but cannot help myself.
| will bring down my portfolio 1t
contains 10 'i;llls Receivable over $780,
600 OF A No. / business paper. You
can take your selection. | must have
100, 900 in cash before another week"
"No business can stand such premi-
um for money any length OF time. 1t
will use mp million capital speedily"
said Mr.. King.
ooh, not at all. My business will
justify my paying any rate Of interest,
however exortitant."
"Why discount for short time
Why not make it for two or three
years! | will discount your good bust
ness paper. Pay your debts with it.
l why discount your note for $4,000, #
you MILL make it three"
"lhNnk you, Mr.. King. l will draw
it at onese. 1t is very kind in you, but
don't yo,iN want collateral z"
"No sir.\ Mr.. Miller, Cunning to his
sccountant,) Make off the discount at 3
per cent. md nth on 100000 for three
years, and dra@ check tor the balance
for Mr.. ID. Wait moment, Mr.. d., or
give me your ndtc for 100000" The
conversation became general, both were
seated, when Mr.. MNIer, the accountant,
handed the following memorandum to
Mr.. King: ),
Note Of Mr.. ID. for. Observation-Disclosures. $1O0, 600
Payable three years after date,
Discount at three FER cent month"; is
thirty-six per cent. per year, and To-,
thrco years los per cent, or. ........ nos 00C
Balance due to Prime, Ward / King. 50. ooO
81, have you blank check viii h
you r. pleasantly asked Mr.. King.
"a check. What for!"
"Why Miller has handed me a state
mcnt, and l find that if We discount or
shave your note for three years for
100000 at 3 per cent. a month, you
will have to pay us $4,000"
Why, that is absurd. give you my
note for 100000 ard get no cash in re-
turn, but have to give you 5000 cash.
Bah p
"Be cool, d., and listen. l have done
this purposcly to give lesson, to show
you where your mercantile career will
end, if you submit to such extortion.
Now, it you will pledge me your word
of honor that you will curtail your bust
ness and never pay more than seven per
cent. interest to carry on your trade, |
will tell you what wi do. You want
100000. Draw your note for that
sum at ninety days, leave with me
100000 of your best notes receivable,
and l will give you the money less the
ordinary discount of seven per cent"
MI. d. was grateful. He appreciated
the lesson taught by Mr.. King, and he is
at the present moment one of the
wcalthiest men in the city of New York.
SPAIN AND THE UNITED STArEs.-