The morning star and Catholic messenger., 1877-11-04
WHAT ONE DOLLAR At INTEREST CAN
DO.
n. Mercantile Journal.

n. 7. Mercantile Journal.
However historians may differ on other
and Isabella with the character of intelligent
and efficient sovereigus.
When under their auspices Columbus
discovered America in 1492, 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 a sinking fund
towards the red action OF the liquidation of
the National debt, until such debt should
be paid.
For convenience of illustration we will
imagine that such an edict was passed, and
as an administrative measure, one hundred
men were detailed to work the mine with
the provision that all vacancies occurring
by death or otherwise should be immedi-
ately filed. On arrival at the mines the
cOlonists learned (if they did not know 1t
before) that gold would neither shelter, feed
nor clothe them, and they wisely detailed
one half their number to supply the per-
sopal needs of the colony, while the other
rience showed that the average product was
an ounce of gold every ten days for each
miner, which on q valuation of twenty dol
lars was two dollars per day. As that sum
was in equity and by agreement divisble
with the non mining party, it resulted that
tuo ShTuluS6, GAL aAOuuu1 HckO OD0 uOlbE
per day, which, allowing three hundred
working days to the year, would be three
hundred dollars per annum for each, white
the products of the mine were steadily piled
up in the Government repositories.
But while the colonists we're quietly and
efficiently performing their mission, a little
bill of a dollar was presented at Mai
rid, and as there were no "moDjes not
otherwise appropriated" at the command
of the Treasury, the officials gave a bond
for the same, bearing interest at per cent.
per annum, payable when the gold above
specified should be disposed of. The gov
ernment finally fixed upon the year 1879 as
a good time to sell, rightly conjecturing
that by the demonstration Of silver and
the prospective enormous requirements of
the United States for gold 10 effsct their
exchanges, the demand would be unprece-
dented and the 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 anpum, resulting
for the three hundred and eighty seven
years in the magnificent accumulation OF
$ll, 100000 "But your excelleDcy forgets,"
said Don Penserosa to the Treasurer Cen
eraj, 'that there is q lien on the fund of one
dollar, the interest being added at the end
of each year at six per cent" The magnifi-
COb IouHncO wy ob bhO bbESCSbAoA Abu
jokingly asked the Grand Scribe to inform
them that is if the paltry sum was not too
Insignificant to figure On) what that little
matter would amount TO. But they were
much surprised and annoyed when that
functionary, after careful calculation, re-
ported that the claim of this bondholder on
the government would in 1879 amount to
the incomprehensible sum of sc, ,240 000, 900
(six Thousand, two hundred and forty mil
lions of dollars). The council at first
accused the sedate fupctionary of joking,
but his solemn and respectable visage pre-
cluded that theory. Then a suspicion of
insanity took possession of the official
mind, but cypheripg confirmed the state
mept.
"Carramba!' growled the President,
"tha5 one dollar has earned 137 ,46S times
more than those fifty workingmen-or
rather those hundred workingmeny for 1t
has taken one outside man all the time to
support the one in the mine. Or in other
words, it would require l3. 746. 500 men at
81 per day each, from the date of the bond +,
To pay principle and accrued interest at 6
per cent. on 81 for 3S7 years."
The old philoiogists teach that usury
means something that bites" 1t is a
constructor that crushes and then swallows.