The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-10-26

The accumulative power Of interest is
very clearly shown in the following exam
Die and table They are worthy Of q
careful perusal
Long ago We determined that it should
not be our fault if our readers did not
soon better appreciate the accumulation Of
interest, and how impossible it il for any
business to long pay current high rates.
Possibly some have almost tired seeing our
oft-repeated table about the accumulations
of one dollar al different rates for hun
bred years But, tired or not, it is q
healthful sight and every business man
especially ought 10 have that table where It
viii meet his eye at least once week /;
aud even then it is probable he will allow
many dollars unnecessarily 70 accumulate
their interest against him. This may be
in dead stock, in unnecessary fixtures, or
ia various expenses easily dispensed with.
Ii he would be successful, he should count
the interest he might rece,r, As well as that
he has to pay.
Especially III making permanent invest
ments let no one forget the interest &C
count However familiar with this sub
ject, there are probably few who would
not be startled at the statement that the
cost Of the outfit of Christopher Columbus
in his first voyage Of discovery, put at in
terest at siG per cent, would by this time
have amounted to more than the entire
money rdl,te qt thiS continent, together Uith
the dcc,tmuidtions from the industry Of Ill
,rho haze, hcrd upon H. If any doubt this,
let them reckon the amount, estimating
the entire outfit tn have cost only the
small sum of five Thousand dollars, and
remembering that money doubles, at SIX
per cent, III little less than twelve years
or accurately, in eleven years, ten
months, and twenty-one days Allowing
il to double every twelve years, this five
thn,,aaa,d dollars at interest at sIA per cent.
since 1872. il will be- found would have
amounted to 81 $50, 700, wv, 900, which,
estimating the population of the entire
continent 81 America to be eighty five
millions, or seventeen million families
averaging i've members EACH would give
more than a million dollars rs the posses
sion IL every one Of these. The interest
upon a million dollars at six per cent. is
sixty thousand dollars, which would be
the princely annual income Of each of
these seventeen million families from the
Accommodations upon 50 small sum ~ that
named for the outfit Of the discuN err
We are clad t. See the following cumpu-
tatiuu gong the round Of the press
II One Thousand dollars loaned at 6 per
ct IN II years will accumulate to s., 900 ;
Ill "a years To 81, OOO IN 20 years To s.,
UOu IN Is years to 81 900; III 60 years
-slsI = 80, II
wears to Sl2S. 900 III % years to S25G. OOO
Ia los years to Sjl2, OOO in l2u years to
II, O2+, 900. Multiply this sum by l,O24
and II will give the accumulation for l2U
wears more, or 81 ,U4S. go, 900. Multiply
this product by .U24 and We shall have
the accumulation during the next l2U
wears. or a total period Of $40 years 81,
U13. TAI S24. 900 one trIiiion, seventy
three billions. seven hundred and forty
one millions, eight hundred and twenty
four Thousand dollars.
This Is rather an incomprehensible
amount for even nation To manage, but
perhaps we can make use II one year 9
interest on the sum, which amounts 10
S64. IA, 800. 40 or over so minute for
every minute in the age at the world, al
lowing It tu be 900 years old. Or If this
calculation il too complicated to be readily
apprehended, We can take the interest Of
ii for four months and pay on our whole
national debt
cur table If the accumulations Of one
dollar, alluded to above, We again subjoin
fer the benefit Of any who may perchance
never have seen it, as well AS those who
have not as yet fully considered the i'm
portant lesson it teaches.
If one dollar be invested, and the inter
est added to the principal annually, at the
rate named, we shall have the following
result as the accumulation Of one hundred
wears