Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1860-07-27
Three per Cent. per Month.

have said that James G. King was
great friend Of Daniel Webster. So he was
Of Nicholas Biddle. At one time such was
the influence of Mr. King, that he held Wall
street in hls hand, and some profane person
named him " the Almighty Of Wall street" !"
He was fond Of a little fun occasionally. and
liked good joke or q 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. think an the
Grace family and King family had stock In
the Tontine.) SiaaJ@a
Mr.. King had q horror of the three and
four per cent. month operations On one
occasion merchant was doing q very extern
sive business, and for whom Mr.. King felt a
very sincere friendship, came to him and
said: 3er : o'.ls7If I.
"Mr. King, keep four large bank ac-
counts and have offered heavily the best
paper for discount. 1t is flung out as fast as
| offer It. shall have to 60 on the street,
and do rs others do-get heavily shaved. .-
Money is worth now three per cent month.
have got to pay it. l do not see why I
should not pay that to your house as well as
on the street. / know you object to such
transactions, but l cannot help myself I
will bring down my portfolio It contains
in Bills Receivable over $2O0, 600 Of A No.
l business paper You can take your selec-
ton. I must have $loO, 900 in cash before
another week." @'sA3 tatHs3 "@ft s@9r9
"No business can stand such premium
for any length Of time, It will use up a mil
lion Of capital very speedily" said Mr. King.
oh, not at all. Ny business win Justify
my paying any rate Of interest, however ex-
orbitant."
y" Why discount for a short time, WHY
not make it for two or three yeafsp I win not
discount your good business pApcr. Paw
your debts with Il. / win discount YOUR note
for s LOG, 900, IL you will make It three wears.
Thank You, Mr.. King win draw IL
It once. II II very kind In you, but don't
you want collateral - loa I,l 1a1g as
No, sir Mr.. Miller, (turning 10 his &C.
countant,) take of the discount q three per
cent a month on t1OO,OO for three wears.
and draw check for the balance for Mr.. %.
Wait . moment, D., or give me your note
for 11OO, ,OO0."l The conversation became
general both were seated, when Mr.. Miller.
the accout1nt, handed the following memo.
randum to Mr.. King: jdAssf,7n l1 20
Payable three years atss asss. 81 ESGA 91s r'l' =
Discount = three par esnt. Dse insath, ma ss,;g
'or shrse years los per cent o. .e10e00o
Balance due 70 Firms, wasAA King. %, 900
I'D. have you blank check With ysS :"
pleasantly asked Mr.. King. 9i0oasi
/" A check. What for iaa,se ss53
why Miller has handed me statement,
and I find that II We discount Or shave your
note for three years for 800, 600 1t three
pei cent. 4 month yOa win iAte 10 pay us
$4,000. ..bFy.sl N sas ~ -.
"Why, this is absusd. i gave you nv
note for 4lOO, 900 and - no cash in return.
but have to give you e6 600 cash. Bah P'fa
!" Be cool, D., and listen. have done this
pusposely to give you lesson, to show You
where your mercantile career will end, ifyou
submit to such cxtortion. Now il you win
pledge me your word and honor that you
will curtail you business and never nay more
than seven per cent interest for money to
carry on your trade, viii tell you what
will do. You want 41O0, 900. Draw yo,r
note for that sum at ninety days, leave with
me. 800, 200 cf your best notss ireesivabls,
and will give you thc money less the ordi-
nary discount of seven psr csnt." esH
Mr.. D. was gatsfal. He appreciated the
lesson taught BY Mr. King, and he is ct the
present moment one Of the wea1thiest men
sof New York; N r Lsdg~. 7l
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