The Washington herald., 1914-12-04
HISTORY BUILDERS.
A New Way to Pay Old Debts.
Cwhtten Expressly for The Hersh.J
BY DIR. T.. L. EDWARDS

There came in the midyears OF the past
century to Boston from Nova Scotia two
brothers. each Of whom gained even in
ternational reputation as a shipbu!lder.
One OF them was Donald Mckay. He
was perhaps as successful a builder OF
clipper ships at the time when the Unit
ed States was pre-eminent among the ma
character as any other man. He built
the Great Republic. early in the SOS Of
the past century, and the reputation OF
that fast-sailing clipper was almost as
great as that which the Great Eastern
gained not long afterward.
Donald McKays brother was Nathan
lei Mckay. He was a man Of great en-
ergy. exceedingly CompaniouabI". over
flowing with Wit and humOr and very
appreciatiye OF the good things or life.
Everybody called him NJ" and that
familiarity suggests the popularity OF the
man. Those ho were members OF Con-
gress in the early Nrs and are stilI liv-
ing must recall Nat Mckay. for he was
much OF the tine in Washington, pre-
sumably in the interest Of his shipyard
in East Boston. lie had built for the
government at the time Of the civil war
a number of very GOOD vessels. Nat Nc
Kay was n man who was fertile in eX-
pedients. and one of the best he ever con-
Ccived he made US" of at the time when
he was in serious business embarrass-
ment.
He found Il necessary, just after the
close of the civil war. to call a meeting
of his creditors. since ne was unable to
meet his obligations which aggregated
large amount. Tho creditors met in n
little hall situated near the Mckay ship
ward in East Boston. Mckay was very
fran and he was not At all backward in
laying before his rreditors a proposition
for a settlement which was not likely TO
be accepted. unless he made use Of spe-
cial measures in order to indTc" accept
ance. He spoke TO them substantially
as follows:
There isn't one Of you who hasn't
made a handsome profit out Of your deal
inEs with us You who represent banks
have charged me & Per cent and 10 per
cent interest for disco"ntinE my notes
Now per cent Is n reasonable profit for
bankers. and you ought to BE- content
with that. Therefore YOU should reduce
YOUR claim against ~" by the difference
between 6 per cent and the rate of in
terest you have charged me"
While the bankers were discussing
among themselves this extraordinary .
prO- -osi.i0n Mckay was LAYING before the |
other creditors n somewhat similar prop /
ositiOn. lie sad: There isn't one Of you
who hasn't made handsome profits out
OF everything that l have bought OF YOU. .
Some Of you have made as much as 20
per cent. You ought to be satisfied with
6 per cent. As I have always been. There .
fore. YOU ought TO set of against what ,
you claim to he my Indebtedness to you
the difference between 6 Per cent and the g.
lctua, TrCftS you have made out OF your
dealings with me. II you will all do this
can easily make settlement with you.
But If you don't care to do this I have
another proposition TO make-I will pay
you 10 Per cent in cash and give you notes
for the balance Of your claims and II You
will accept that proposition then l will
regard the excessive profits which You
have made through your dealings with
ne as fairly well liquidated through your
OF this proposition"
The very audaCity Of this proposition.
he charming manner IN which Mckay
made it. and a quaint. almost Comical,
aspect which the matter took conquered
he creditors SO that they unanimously
accepted his proposition for a settlement
N a 10 per cent cash basis. and in doing
hat enabled him 10 resume business.
Copyright. 1914. by Z. !. Edwards. All rights re-
seTye1J
Tomorrow DR.. Edwards will tell why
he Pastor Held His Bible Upside Down"