The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-05-29


Interest On National ana State. Debts
Interest on money at six per cent. per an
num, payable half-yearly, viii double the
principal 30 eleven years, eight months, and
twenty DAYS but, Tor convenience, We will
call it twelve years. One thousand dollars
lent at six Per cent, in twelve years, will
accumulate TO s. 600 ; in twenty four
years. to $4,000; il thirty-six years, 10
IS 600 In f0rtY-eight years, TO $4,000 IN
sixty years, % $32 900 ia seventy-two
years, % $4,000; III eiChtY-four years, to
5I2S 900 ID uinety-six years. to 1856 600 ;
.n 4 hundred aud eight years, 10 S5l2, GOO i,
in one hundred and twenty wears. to 81,
Q1+,0o0 Multiply this sum by 1924, and
IL will give the accumulation for one hun
dred and twenty years more, 2l,024, coo
xl,024-S 81 ,946576, goo. Multiply this pro-
ducts by LOLA, and ve shall have the aecu-
mutation during the next one hundred and
twenty years, or for q period Of three hun
dred and sixty years ST ,04S $40 ,000X
lots ,073, 74l ,S34, 900.
"a rate ~ interest or money az one per
cent, PAYABLE half-yearly, will double tic
principal IN about siXty-nine and a half
wears but. for convenience, We will call il
seventy years One thousand dollars lent
al one per cent. In seventy years will aceu-
mulAte 90 s. 600; in a hundred and forty
years, 90 $4,000, IN two hundred and ten
years, 10 s. 600 in two hundred and eighty
years, TO $4,000 IN three hundred and
fifty wears, to So 600; or in three hundred
and Sky years, to say, So ,574.
Deduct S3I5I4 from the accumulation
cr Sl OOl At sIL per cent, during the three
hundred and sixty years. III. S37 ,5I4
from SI.NI8.T+l >24 U00, and the remain
dars il 8liJI3,7+l, 7oG 426; which SUN, q
rate of int5rCa, at SIX per cent. on s 600
Will accumulate over and above the sum ac-
cumulatod ny rate Of interest Of one per
cent. on $1,000 during a period Of three
hundred and sixty years. Oue dollar loan
ed az SIX Per cent. per annum, the interest
collected and reloar ed balf-yearly for pc
Rod Of three hundred and sixty vears, viii
accumulate he sum Of S,l73.74l, SPA while
the same dollar loaned at one per cent, ana
the Interest collected and reloaued in The
samr manner for the same period, win ac-
cnmuiusa little more than S37. One dol
lsr loaned AZ ELK per cont. per annum for a
period of three hundred and sixty years
would accumulate more than the assessed
value Ol The whole State Of New Work The
t.gai interest 10. the State Of New York is
seven per cent, and one dollar loaned at
this rate for three hundred and sixty 7eaTs,
would accumulate greater sum q the
valuation If the whole United States
Suppose foreign nati3L should lend TO
tha government Of the United states $780,
ono AZ seven Ilr cent, On condition that
our government should give bcr bonds balf
yearly fUr the favmauJ ~ The interest, aBd
Ibc Som should accumulate for a term 81
three hundred and sixty years. However
prosperous our people might be. 40 the ex
Tiratiog be the period the whole property
Of the patton would nos pay the debt. Al
seven Per cent interest, the debt would
double 10 about ten years. 10 three hun
tted and sixty years, $l0O, 600 loaned at
seven Ecr cent interest per anuum would
amour. t0 St.,ll,JtT, 1913. GOO, 900 a much
larger -um than the valuation III the prop
erty Cf tte whole world These calculations
make i evident that Elk and seven DIR cent.
interest cannot and ought not to Be paid by
any nation.
We aill make a calculation Of interest at
thl-e Der cent. per annum, paid and reloan-
ed ha.' yearly, as in the former calcula-
tlous. d bl United States should borrow
from England 100000 at three per cent.
interest, he ny her bonds every six months,
and give new bonds, adding in the interest,
the debt would De doubled 10 about twenty
three and a half years But allow ID to
double in tWtutY-i0ur years, ana the $780,
700 would accumulate IN three hundred and
sixty years, % 2I6, 100000. The annual
interest ou ths Sum III three per cent.
Would be sos, 304, 600. Tic yearly payment
Ct tlls sum q interest would sp caused Dy
q = fIff frr id .F
three hundred and sky years az three per
cent per annum, adding the interest every
six months. This enormous debt would be
occa loLed by the accumulati$ power Of
interest, hich it requires the products of
labor % satisfy and pay.
Suppose, whom Virginia was settled in
1907, England bad sold q the first settlers
tile whole ~ tho United States for ST 600,
ana bat taken u mortgage for this sum COW
eTlng tlC whole property, but instead OF
paying he interest yearly AZ seven per cent.
the settlers bad agreed 70 take Up their
bonds 81 the end Of every Elk months, and
add IN the interest, allowing the 81 900 and
the ACQUIRING interest to remain outstanding
until 1860, and thea become due. Although
our prosperity has far surpassed that Of any
Other nation, vet our property Of every de-
az seven per cent doubles the principal 10
m ten years and one mouth. In one hun
dred years and tn months the debt would
have amounted to s. ,O24 600 and IN two
hundred and one years and eight months, to
Slsu4e, $4,000. Add fifty years and five |.
mon hs to 1859, and the sum would amount
70 S35,554 49, COO All the interest which 4
would have accumulated upon the 81 900 /
would not have increased the quantity Of .
money Or the property Of the nation. All I
the increase Of the value Of the property
would have been added by the labor of the 4
people: but all their surplus earnings have
not tqualled TIE legal accommodation al
seven per cent. interest On 81 900 during
this period.
The southern and western States depend
upon the yearly products Of their labor for
Their ealth (, they are greatly impoverished
by the amount Of interest that they are com
peeled to pay to our eastern and northern cities
for the use of money. A very large amount
OF the capital stocks Of western and southern
banks. and \ large amount of western aod
southern State bonds, are owned by capital
lists IN the northern cities and by foreigners.
The interest on these is constantly transferr-
Ing the earnings Of the people OF these
States to few capitalists in the large
cities and in foreign nations. All this
would be avoided by the establishment Of
proper monetary laws by our own govern
nent. The government ought to furnish
money, By making a representative Of the
property Of applicants in their own States,
md no State should be compelled to pay to