Feliciana sentinel. [volume] (St. Francisville, La.) 1877-1892, 1877-10-20
IN Y. Mercantile Journal.
WHAT ONE DOLLAR AT INTEREST
CAN DO.

WHAT ONE DOILAR AT INTEREST
CAN DO.
However historians may differ on other
points, all concur in crediting Ferdinand
and Isabella with the character of intel
ligent and efficient sovereigns.
When under their auspices Columbus
discovered America in 1892, economists
would have deemed it wise if they had
set apart one of the many gold mines
which then came into their possession, to
be worked forever in the interest of the
crown, it's products to be applied as
sinking fund towards tho reduction or
the liquidation of the national dobt, un-
til such debt should lie paid.
For convenience Of illustration we will
imagine that such an edict was passed,
and as an administrative measure, ono
hundred men were detailed to work the
mine with the provision that all vacan
cies occurring by death or otherwise
should' be Immediately filled. On arrival
at the mines the colonists learned (if they
did not know it before) that gold would
neither shelter, feed nor clothe them, apd
they wisely detailed one-half their :uln-
Der to supply tho personal Destis of the
colony, while the other half worked at
mining. A few years experience showed
that the average product was an ounce
of gold every ten days for each miner,
was two dollars per day. As that sum
was in equity and by agreement divisable
with the non-mining party, it resulted
that tho earnings, all around, were one
dollar per day, which, allowing three
hundred working days to the year, would
he three hundred dollars per annum for
each, while the products of the mine were
steadily piled up in the Government de-
positories.
But while the colonists we're quietly
and efficiently fulfilling their mission, q
little bill of - dollar was presented at
Madrid, and as there zero no "monies
not otherwise appropriated" at the COM
mand of the Treasury, the officials gave
q bond for the same, bearing interest ut
per cent. per annum, payable whe: the
gold above specified should be disposed
Of: The government finally fixed upon
the year 1879 as a good time to sell,
rightly conjecturing that by the demone-
enormous requirements Of the United
States for gold to effect their exchan ges,
the demand would he unprecedented and
tho price high. BY calculation they
found that the fifty miners had each day
delivered one hundred dollars worth of
metal which, estimating three hundred
working days to each year, would be
thirty thousand dollars per annuln, re-
sulting for the three hundred and eighty
seven years in tho magnificent accnmul-
alton of $11,6lO.OOO. "But your excel
lency forgets," said Don Pensa.lor to the
Treasurer general, "that there is a lien
on the fund of one dollar, the interest
being added at the end of each year at
six per cent" The "nagnifcos" laughed
heartily at the suggestion and jokingly
asked the Grand Scribe to iuform them
(that is if the paltry sum was not too
insignificant to figure on) what that lit
tie matter would amount to. But they
were much surprised and annoyed when
that functionary. after careful calcula-
tion, reported that the claim of this
bondh0lder on the government would in
1879 amount to the incomprehensible sum
of $6,24OOOO, 900 (six thousand, two hum
dred and forty mi lions of dollars.) The
council at first accused the sedate func-
tionary of joking, hut his solemn and re-
spectacle vissage precluded that theory.
Then suspicion of insanity took pos
session of the official mind, but cypher-
ing confirmed the statement.
"Caramba Z" growled the President
1" that one dollar has earned 49,, ,46s times
more than those fifty workingmen or
rather those hundred workingmen, for
it has taken one outside man all the time
to support the ono in the mine or in
other words, it would require 13,746, 800
men at 81 per day each, from the date OF
the bond, to pay principal and accrue
interest at 6 per cent. on 81 for 8
years."
The old philologists teach that usury
constructor that crushes and then swal-
lows.
It is not generally known that Osmau
Pasha, the fighting officer of the Turk.
ish army, is an old Burlington boy. but
such is indeed the fact. His real name is
John Smith. His father emigrated from
Smithville, Smith County, and came te
this city, where John was born. He
drove dray for few years, but after
wal DIS entered the ministry and became