Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1878-01-16
What One Dollar at Interest Can Do.

EnWover historians may differ on other
points, all concur in crediting Ferdinand
and Isabella with the character of intelli-
gent and efficient sovereigns.
When under their auspices Columbus
discovered America in 1902, 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 work.
ed forever in the interest Of the crown, its
products to be applied rs Il sinking fund
towards the reduction or 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 rs an administrative measure, one
hundred men we detailed TO work the
mine with the provision that all vacancies
occurring by death and otherwise should
be Immediately filled. On arrival at the
mines the colonists learned Of they did not
know it before) that gold would neither
shelter, feed nor clothe them, and they
wisely detailed one-half their number to
supply the personal needs of the colony,
willie tue other half worked at mining. A
few years experience showed the average
product was I'm ounce of gold every ten
days for each miner, which on valuation
of twenty dollars was two dollars per day.
AS that sum was in equity and by agree
ment diyisible with the non-mning party,
it resulted that the earnings all around,
were one dollar per day, which, allowing
three hundred working days to the year,
would be three hundred dollars per annum
for each while the products of the mine
were steadily piled up in the government
repositories.
But while the colonists were quietly and
efficiently fulfilling their mission, little
bill Of II dollar was presented at Madrid,
and us there was no "mOniGs not other
wise appropriated ut the command of the
treasury, the officials gave bond for the
same, bearing interest at + per cent per
annum, payable when the gold above spec
flied should be disposed of. The govern
ment finally fixed upoE the year 1870 as IL
good time to sell, rightly conjecturing that
Ly the demoneiizalion Of silver and the
prospective enormous requirements of the
United States for gold to effect their ex-
changes, 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 annum, resulting for
the three hundred and eighty-seven years
in the magnificent accumulation of SILL
$4,000. But your eXcelency forgels,"
said DonPGnseroso to the treasurer general,
" that there is lien on the fund of one
dollar, the interest being added at the end
of each year at six per cent" The mag
nilicos laughed heartily Mt the suggestion
and jokingly asked the Grand Scribe to in
form them Chat is, if the paltry sum was
not too insignificant to figure on) what
that little matter would amount TO-. But
they We're much surprised and annoyed
when that functionary, after careful calcu-
ation, reported that the claim of this
hondholder ON the government would in
1879 amount to the incomprehensibe sum
of Sc, 2lO 100000 (six thousand, two hun
dred and forty millions of dollars.) The
council at first accused the sedate function
AIRY of fjoking, but his solemn and respecta-
Bile visage precludcd that theory. Then a
suspicion of insanity took possession of the
official mind, but cyphering confirmed the
statement.
" Carramba!" grOwed the president,
- that one dollar has earned l37, ,4G8 times
more than those fifty workingmen-or
rather those hundred worFingmen, for it
has taken one outside man all t e time to
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