Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-11-11
From the New York Leader.
Three Per Cent. Per NIOuth-AnecdOte q



! Three Per Cent. Per EIOnth-AnecdOte OF
Jas. &c King
Ihaye said that James G. King was great friend
| TO Daniel Webster. So he was to Nicholas Biddle
At one time such the influence of Mr., King that
he held Wall street in his hand, and some profane
persons named him ''the Almighty of Wall Street"
He fond of little fun occasionally, and liked
| a good joke or good story. He held a share in
| the celebrated "Tontine Stock" by the way
mean to give you list of all the original members
of the Tontine, and of such as are now living. j
think all the Oracle family and King family had
stock in the Tontine)
Mr.. King had horror Of the three and four per
| cent month operations. On one OCCASION a mer-
chant who was doing very extensive business, and
| forIwhom Mr.. King felt sincere friendship, came
to him and said:
Mr. King keep four large bank accounts and 1
have offered heavily the best paper for discount. 1t
is flung out as fast as offerit shall have to go
on the street, and do as the others doget heavily
shaved. Money is worth now three per cent a
month have got to pay it. | do not see why /
should not pay that to your house as well as on the
street know you object to such transactions, but
| cannot help myself will bring down my 4porti-
foto In contains in Bills Receivable over $780,
600 of a No. business paper. You can take your
selection. must have 100000 in cash before an
other week" -t-
NO business can stand such premium for money
any length of time 1t will use up million capital
very speedily" said Mr.. King. tSe
"Oh, not at all. Ny business win justify my pay
ing any rate Of interest, however exorbitsnt"
"Why discount for short time? Why not make
it for two or three years? viii not discount your
good business paper. Pay your debts with it. |
will discount your note for 100000, if you will
make it three" fsh+
s'Thank You, Mr.. King. will draw it at once
1t is very kind in you but don't You want collat-
eral?"
mo sir Mr.. Miller, (turniug to his accountant,)
take off the discout at per cent, month on $780,
900 for three years, and draw check for the bal
ance for Mr.. D.. Wait q moment, d., give me
your note for 100000. The conversation became
general, both were seated, when Mr.. Miller the &C
countant, handed the following memorandumto Mr..
King: G,
Note of Mr.. D. ACKNOWLEDGEMENTS 100000
Payable three years after date.
Discount at three per cent. month is
thirty-six per cent per year, and for
three years los per cent, or. ......... lOS,OOO
Balance due to Prime, Ward King $4,000
3D., have you blank check with you!' Pleasant
ly asked Mr.. King.
"A check. What for?" --
"Why Miller has handed me statement, and /
And that if we discount or shave your note for
three years for Sl0o 900 at per cent. month, you
will have to pay us $4,000.
"Why that is absurd. l give you my note for
$4,000 and get cash in return, but have to give
you $4,000 cash. Bahl'
"Be COOL D., and listen. have done this pur-
pOsely to give you a lesson. to show you where
your mercantile career will end, if you submit to
such'extortion Now, if You will pledge me your
word of honor that you will curtail your business
and never pay more than seven per cent interest
for money 10 carry on your trade will tel yoE
what l will do You want 100000. Draw your
note for that sum at ninety days, leave with me
$500 900 of your best notes receivable, and will
give you the money less the ordinary discount of
seven per cent.
Mr.. d. was grateful. He appreciated the lesson |
taught by Mr.. King and he is at the present momen
one of the wealthiest men in the city of New York |