The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1860-06-07
rs-rou the New York Lea

FROM the New York Lea
I have said that James g. King was a
great friend of Daniel Webster. So be was
OF Nicholas Biidle. At one tune such vas
the Influence of Mr.. King that he held Wall
street in his hand, and some pfoiane person
named him 'ahe Almighty of Wall street"
He was fond of little fun occasionally,
and liked a good joke or good story. He
held share in the celebrated "Iontine
/ Stock { BY the way. l mean to give you
! list Of all the original mersbers OF the
Tontine, and of such as are now living. l
think all the Oracle family and King family
had stock in the Tontine-
Mr.. King had horror of tue three and
four per cent month operations. On one
occasion merchant who was doing very
extensive business, and for whom Mr.. King
felt sincere friendship, came TO HIM and
said:
'Mr King. 1 keep four large bank ac-
counts and have offered heavily the best
paper for discount 1t is flung out fast
as offer it l shall have to go on the street
and do as the others do-get heavily shaved.
Money is worth now three per cent month.
| have got to pay it, l do not see why
should not pay that to your house as we'll
as on the street. l know you object to
such transactions. but l cannot help myself
l will bring down my portfolio 1t con-
tains in Bills Receivable over 100000 of
A No. business paper. You can take
your selection. l must have SlOo, 900 In
cash before another week"
"No business can stand such a premium
for money any length of time. 1t will use
up million capital very speedily" said Mr..
hing.
s.Oh, not at ALL Ny business will justify
my paving any rate of interest, however ex-
orbitant''
..Why discount for short time? Why
not make it for two or three years? | will
not discount your good business paper
Pay Your debts with i. I vii discount
your note Tor 100000, il you will make it
three years.
'.Inank you. Mr. King viii draw it
at once. Its very kind in you, bu. don't
you want collaeral?"
''No, sir. Mr.. Miller, (turn;1g 10 his ac-
countaat. take of the 6iscodnt At three per
cent :: nepth on 500, 900 for three years,
and draw a check for tie balance Tor Mr.. ID.
Wat moment, D, or give me your note
for SlOo. 900. The conversation became
general, both were seated. when NJ. Miller.
the accountsnt, handed the following MEM
urandun TO Mr. King:
~. .
Payable three years after date.
Discount at three per cent per
month is thirty six per cent per
year. and for three years los per
cent or r--------- --------------s. los'ooo
Balance due TO Prime. Ward & King $1,000
I'D. have you blank check with you?"
pleasantly asked Mr.. King.
"A check What tor?''
-'Why Miller has handed me a statement,
and hnd TIM. if we discount or shave your
note for three years. sloo 900 at three
per cent month you will have to nav us
$4,000.
.Why this is absurd. l give you my
note for 800, 900 and | get no cash in re-
turn. but have to give you $4,000 cash.
| Bahi'
| BE cool, d.. and listen. l have done
! this purposely TO give you lesson, to show
/ you where your mercantile career will end,
! if you submit to such extor,ion. 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 to carry on your trade, l will tell
/ you what l will do. You want 100000
Draw your note for that sum at ninety DAYS,
leave with ne 100000 of your best notes
receivable, and will give you the money
! less the ordinary discount of seven per cent .
Mr.. D. was grateful. lie appreciated
the lesson taught by Mr. King, and he is a.
the present moment one OF the wealthiest
men in the city of New York.