Year: 1897

page_text: Date of Application, 22nd May, 1897.-Accepted, 14th Aug. 1897.
I, AFANASSI KIRILOWITSCH KALERY of 8 Rojdestwenskaja, St. Petersburg, in the
Empire of Russia, Government Official, do hereby declare the nature of this invention
and in what manner the same is to be performed, to be particularly described and
ascertained in and by the following statement:-
This invention has for its object an interest paper or per cent. bond, which in
addition to the ordinary yearly coupons also has a table for calculating the daily
interest. As such a bond is equivalent both as an indication of value or payment and
also an interest paper, it may be directly transmitted from one holder to another
without any intermediary or expense. For instance, if such a bond for £100 be
handed over as payment for some goods, the price of which runs to say £75, in a
shop on say the 18th June, the purchaser or presenter will receive £26 2. 4. in
return as change. The interest £1 2. 4. consists as shown on the table on the
bond of two sums, namely £1 2. 0. for the amount due up to the 15th June and
4. for further three days, thus making up the total of £1 2. 4.
The table for calculating the interest is shown in the accompanying drawing, and is
placed either on the face or the back of the bond. It consists of two vertical
columns, of which the one for the sake of greater convenience is divided into two
columns a a¹ each for half a year. The interest is calculated in half monthly periods
for a whole year indicating the actual date of the month. The other or middle
column 6 shows the additional interest for each day of a half month. In this
manner both columns form together a complete table, which can serve for determining
the interest on the capital (£100) for each day of a whole year. To allow of its free
circulation, any tax on the amount of capital may be paid once for all.
The saving value as an indication of value may be regarded as a small interest sum
and may easily replace the issue of treasury bonds and also loans and bonds at any
desired rate of interest on savings bank issues 24 % in comparison with interest
on bonds 3% may be preferably employed as a sinking fund for repayment of
the loan.
In contrast to loans, this savings bank bond withdraws no capital from the
productive sources (employers of labour) but opens to the capital employed a current
account combined with an allowance of interest, and consequently the whole free
capital produced may be employed for the creation of these savings bank bonds.
Simultaneously an exchange of these savings bank bonds may take place against
loans. The proportion between the value and convertibility of this savings bank
bond as compared with loans may be expressed in the Figures 2 and 3. Each two of
these savings bank bonds would equal 3 bonds of a 3% loan. The essence
of the invention consists more particularly in that the issue of this interest paper or
bond is secured only by value received. In order to complete a payment it must
be against cash. The uninterrupted daily increase of interest on the capital is
exchanged for cash at each payment. In this manner the interest is circulated
equally with the capital.
Briefly summed up each interest bearing obligation which assumes the form of a

page_text: savings bank bond constitutes an immediate exchange medium and circulates equally
with gold coin or bank notes.
Whilst the drawing shows an interest paper for £100 at 2-2 % interest it is obvious
that the invention is not limited to such sum or rate of interest as different values
may be adapted and calculated for different interest papers as required.
Having now particularly described and ascertained the nature of my said inven-
tion and in what manner the same is to performed, I declare that what 1 claim is :-
An interest paper or bond to be circulated as an indication of value, which bond in
addition to the ordinary yearly coupons, has a table for calculating the daily interest
and secures from day to day an uninterrupted increase of the interest on the capital
substantially as herein before set forth.
Dated this 21st day of May 1897.
WM. P. THOMPSON & Co., of 6, Lord Street, Liverpool,
Agents for the Applicant.