The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-04-05
Hints to Women on the
Care of Property.
ALFRED Walker in Harper's Bazaar

Alfred walker IN Harper : Dazar
NOTES OF DISCOUN Mt, OR TIME NOTES,
/. Are drawn for a specified time, and have
three days added to the number Of days speci-
! fed. When months are named, payment is
due on the same day OF the month on which it
natures, with three days added. These three
days are called grace. II note falls Cue on
Sunday or legal holiday, it is payable on the
preceding day.
2. The interest is not mentioned, because it
Is taken out in advance, and is called discount
8. The place of payment should be specified
and the note must be presented there for pay
ment on the day when 1t falls due.
A. II not paid on that day, the indorser
should be notified on the same day by notary
that the note had been presented at the place
of payment and was not paid, and the holder
looks TO the lndorser for payment. This notice
is called protest.
5. Time notes should always be lodged with a
bank for collection, and the bank will be re-
sponsbe for these formalities.
Common form OF a time or discount note:
/ 800. New YORK, January, 18-.
Three months or ninety days after date
promise to pay to the order of-one hundr ed
dollars, at the National Park Bank, value re-
celved.
Such notes are also called mercantile paper
JOINT AND SEVERAL NOTES.
T..ese notes are usually as follows: For
value received, we jointly and severally prom
ise TO pay, etc. But In some cases one of the
signers may wish to be bound only as surety ::
then the form may be: - For value received,
we, John Fox as principal and John Reynold
as surety, jointly and severally promise to pay"
etc. note OF the latter sort, If it stand long
time, requires care lest by the lapse of time
the surety be lost The principal, by paying
the interest from time to time, perpetuates his
own responsibility Oh the note, but the surety
is not supposed to know OF the continuance of
the note beyond the time fixed by law for the
life or validity OF an unrenewed note, and so
his responsibility at that time ends. A person
from total loss of $4,000 by being casually sp-
prised Of this source OF danger
RATES OF INTEREST.
1t is said, " The higher the interest the weak
er the note" This is sometimes, but not al
ways, true. II at a given time and place the
rate OF interest is per cent, and note made
! ia a.
terest, there is presumptive evidence Of some
flaw or weakness in the note, which accounts
for go liberal an offer; such note would not
be taken by . prudent investor.
But high and low are not definite terms %
applied to rates of interest. The actual aud
legal rate OF interest varies with different To-
calites. In the older States, where money has
accumulated, interest is less than in the newer
States where money Is scarce. In Illinois money
brings to 10 per cent. in Nebraska, 10 to Ia ;
in California, IL to Is while in Oregon and
Washington Territory the writer has paid "a
per cent. in gold, which was the common rate
In several OF the States there is no rate OF in
terest fixed by law above which whatever is
taken is usurious, but money is free. like all
other commodities, and the rate Of interest
which it commands varies with the demand and
supply of money
Usury, as the term now implies, is the taking
OF higher rate OF interest than is allowed by
law Among the Hebrews, and down to late
period lin history, it meant any thing received
for the use OF money, and the act was denounced
and punished with great rigor, sometimes with
death. In the reign Of Henry VIII. the first
act was passed in England recognizing the le-
galty Of interest This was accompanied by a
limitation Of the rate which one might receive.
In 1855 England abolished the usury laws and
money, like other commodities, was free The
colonies from Great Britain to this country
adopted her usury laws then prevailing, which
continued in force down to late period But
a better understanding of the laws OF political
economy is leading the different States, one
after another, to follow the example of Eng
land and other commercial nations in this re-
spect.
ELEMENTS OF FINANCIAL SECURITY
This subject is broad, end requires much
study and close observation.
! A constant source of danger TO those who
have money to loan is the desire of large re-
turns. Thereby the judgment is impaired, and
things take on deusive appearance. But 'he
that maketh haste to be rich is not WISE" This
subject will be best treated in detail.
1. What constitutes good investment? A
good investment is one which yields sure re-
turns at convenient intervals and at any fu
ture time can be turned into money without
trouble or expense. The higher the rate Of
interest, consistent with these prerequisites
the better Government and other municipa
bonds constitute large proportion of tn,
, money investments Of our country.
!; 2. The safety of all bonds depends on th,
legality Of issue, on their proper proportion (,
4 the wealth Of those who issue them, on the in
: tegrity OF the issuers and on tbe provision
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