The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-10-05
VIVA, One Dollar a. Interest Dan DO

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However, historians may differ on other
points, all concur In creditlng Ferdinand
and Isabella with the character OF
intelligent and efficient soverelgns.
When under their auspices Columbus
discovered Americs in 1892, enconomists
would have deemed 1t wise If they had
set apart one the many gold mines
which then cane iRLo their possession, 10
be- worked forever in the interest OF the
crown, Its products TO be applied as d
sinking fund towards the reduction or
the liquidation of the National debt, until
such debt shall be paid. :,
For convenience OF illustration we Will
imagine that such an edict was passed,
aud as an administrative measure, one
hundred men were detailed to work the
mine with the provision that Gil vacancies
occurring by death or otherwise snouid
be Immediately filled. On arriving At
the mines the colonists learned (lf they
did not know it before) that gold would
neither shelter, feed nor clothe them, ana
they wisely detailed one half their number
to supply the .personsl needs OF the colony,
while the other hall worked at mining,
A lew wears experience showed that the
average product WAS an ounce OF gold
every ten days fol-. each mlner, which on
u valuation OF twenty dollars was two
dollars per day. As that sum was IL
equity and By agreement dlylslble with
the on-minlng party, it resulted that the
earnings all around, were one dollar per
dav, which, allowing three hundred work
ing days TO the year, would be three
hIa dred dollar PER annum for each, while
the products OF he mine were steadily
piled up il the Government repositories.
But while the colonists are quietly and
efficiently fulfilling their mission, little
bill OF dollar was presented at Madrid,
and as there were no ''monies not ather-
wise appropriated" at the command OF
the Treasury, the officials gave bond
for the same, bearing interest at six per
cen. per annum, payable when the gold
ABOVE specified should be disposed of.
The Government finally fixed upon the
year 1879 Us good time to SELL rightly
cpniecturing that by the decentralization
o. silver ana the prospective enormous
requirements OF the United States for
I'D TO effect exchanges the demand
would be. unprecedented and the price
high. BY calculation they found that
tue fifty miners had each day delivered
one hundred dollars worth OF metal,
which estimating three hundred working
days to each year would be thirty thou
sand dollars per annum, resulting Tor the
taree hundred and eighty seven years IN
the magnificent accumulation OF 81 ,6OO,-
900. "But your Excelleucy torgets, SAID
Don Penseroso to the Treasury General,
That there is lien on the fund OF one
tolgr, the interest being added at the
end OF each year at SIX per cent" The
tasgnifcOs laughed at the suggestion and
iokingly asked the Scribe to inform them
That Is ii the paltry sum WAS not too in
significant to figure On what that little
matter would amount to. Bat they were
much surprised and annoyed when that
lunctiouary, after careful calculation,
reported that the claim of this bondholder
on the government would in 1879
amount TO the incomprehensibe sum OF
90 100000, 900 (six thousand, two hun
bred aud fort millions OF dollars.) The
counsel ut f. accused the sedate func-
roDary of jon ", but his solemn and
respectable age precluded that theory
hen Il suspicion OF insanity took posses
SION of the official mind, but cyphering
confirmed the statement.
"CarrambaT growled the President,
CHAT one dollar has earned 1856 468 times
more than those fifty workingmen-or
rather those hundred workingmen, for il
has taken one outside man ali the time
10 support the one IN the mine. Or in
other words, IL would require l3,7HS,oO
men at 81 per day each, from the date OF
the bond, TO pay principal and accrued
interest al six per cent on one dollar for
5S7 years
The old philo ogists teach that usury
means something that bites 1t is u
constructor that brushes and then swal-
l,ys.