The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-09-08
THE LAW.
What It Did for Uncle Ben and His
Neighbors,

ClGlASu u G10 AAvt4O VOWA "
Massachusetts,.
Years before he had built a small
manufacturing establishment which he
had increased until he employed n
hundred men, whose families consti-
tuted the principal population of K,
then a town of some 5000 busy, hap
/, py-hearted and prosperous people.
One day in 1864, Senator s., an
old and intimate friend of Uncle Ben's,
called at his eff ;e, and in the course
of conversation suddenly asked:
Don't you find yourself very busy
looking after this big business, Benz"
eyes" said my uncle; Il put inmore
hours per day than any man l employ.
1t keeps me constantly employed, and
I really begin to feel the need of rest.
81 thought So" said Senator s..
'rNow let me tell you something Conf
Dental, of course); but first, what Is
your establishment worth, cash?"
swell" said Uncle Benjamin, Il was
offered 800, 600 in gold for it two days
ago."
''SeIl it." said Senators - sell s"
but" said Uncle Ben, what advan-
would l derive from selling? I am
running full time, paying big wages,
hands contented and doing we'll, and 1
am making money"
mo matter" said Senator s..
"SeI it, I tell you, as quickly as pos
-sAIo DIT Cat I~+ ron ro4l non Uhv
and then you will not hesitate.
"Sell the factory and invest your
money in United States bonds, and you
will lot only make mere money, but
you will be free from worry and re
sponsibility, and have the leisure for
rest and travel, which you need and
would enjoy.
You see," continued the Senator,
Sits quite a long story, but when you
know it, you know something worth
while"
Gold is now worth a big premium,
50 IS a few days ago, so you see your
800, 900 in god would buy 1885, 900 in
greenbaeks."
But, " said Uacle BENZ amin, "Tdon't
see how that would help me any. Toe
greenbacks would not be worth any
more than the gold, would they9'
''Yes," said the Senator, sin one way
they would. You could only get 800,
900 in bonds for your 500, 900 in gold;
but, by first getting the greenbacks
you can invest them at face value, and
thereby increase your capital nearly
three fold at once.
You see, the interes5 on these 6 per
cen bonds is payable in gold, and it is
payable one year in advance, and you
draw your whole years income at once,
and can re invest it within an hour
after you get your bonds, if you wish"
Well, well" said Uncle Benz amin,
'this looks interesting. increase cap
ital nearly three fold at once, draw in
terest in gold for a whole ) ear at once,
and invest that interest in more green
backs, and the greenbacks in more
bonds, and draw more interest in gold
at once9'
Yes, yes" said the Senator, now
you begin to see it."
Begin to see it" said Uncle Ben; 81
think l see it. On, no, perhaps mott I
forgot about taxes? Taxes eat up a lot
of my profit now"
mo taxes" smilingly said the Sena-
tor.
What! none at all9 Well, that is
odd; but perhaps insurance would be
high. 1 always carry heavy insurance
on the factory. Nothing like being free
from the risk of poverty by accident"
No insurance necessary" said the
Senator. You can deposit them in
safety where you run no risk"
well, " said Uncle Ben, 'if this is ell
true, I'll do it."
The next day Uncle Ben sold the fac
tory, and within thirty days he ex
changed his gold for 1915, 900 in green
backs, and invested them in 6 per cent.
q. s. bonds at par, on which he imme
diately drew the interest in gold for a
year In advance, amounting to $40, 500,
which he Immediately exchanged for
&5. 375 in greenbacks, which in turn he
invested in 6 per cent. bonds, on which
he drew the gold interest amounting to
$2,722 80, and went home to figure up
and ''see where he was at"
The result was somewhat startling,
and certainly without parallel in his
previous experience.
1-$1OO, 900 in gold becomes, in
green6acks ........... 1875, O0O
q ANEE nnn