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Three Per Cent A Month

Three Per Cent A Month image
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A mcreluint once carne to Mr. James (. Kin_{, of Npw York, in groat distress, to borro w 8100,001) fof a yonr, snying tliat be must havo it, and that hls business would justif'y liiro in payvng p.ny ratc of interest. Mr. King told him tliat no business cnuld stand a premimn of three i per cent, amonth, but Hiiding hit lnnl to convino?, took tkí foibving ir.gcnioua method: "Why discount for a sliort thne?" Baid Mr. King "Why not ïnake it up for tta cr three yenrsV i will discount your note for $103,000, if you mtUle it three years." "Tliank yon, Mr. King. I vi;í Araw it at once. It is very kind ia you, but don't vou want oollateral?" "No, sir. Mr, Miller (turning to liis accouutíiut.) talio off the dsooiwrt at tlirce per caat. a mouth on SJ00,OüO íbr tiirou years, asid aravv a ch. c';c for thc balaiico for Mr. D. Wait a mnpiput, U.. gire me y our noto for 100JOÜ" Thé coa versal ion became gem-ral, both vycre soated, whsn Mr. Milier, (he Rcoou'itant, handerl tha following meiüorauciam to Mr. iíing: Noto of Mr. D , fcr 4,100,000 Paynblu tUe icarsnfí''. ('i'e DUcoiiul ai. liirM psroout. a nont!; 9 tliirty 8Íx per esnt pr year. aivf fir tliroj'yeais oae bundrsd and eighí ü'.ut.., vr glft?,O0a Bakrco lúe to Prím TTirJ id'ng Si 00Ü "D.,have you a blank ehectk wltb yuuV" plesaiitly asked Mr King. 'A clieek? What forr' ''Why, Miller has hanilocl mo a siatoment, aud I tiud that il' vo discount or s'iavo yournutü fur three yo,n for SiOü,O!JÜ at thrse per con!, a inanth, yju wili have topay 18,000. ' u Why, this is absurd I givo you niy note for élOftjOOJ, vaá got no ia return, bat have to give vou 3S,00ü cash Bah !" "Be oool, D., wd lisien. I hare do8 t!iis purpo.jcly to give you n L8." - 'o show you wherG your möronntiie oireur will oud, if you subm.t to guch ex o.'tiou Now, if you will piedgo nis your word of honor that yon will onrtail your business, and ever pay more thun eovoü por cent, inturast to carry on yonr trftda, f will tell you wlmt I wili do You want SlOÖ,iJ!JO. Draw your noto ful that sum at nincty daya4 los vé with toa $100,030 of your best notes reocivublü, aud I will give you the money, lesa the ordiuary diaoouut oí' seven por cent." Mr. D., was grateful. lío approiiatod tke lesSOfl tanglit by Mr. King, aud he ir, at tha present moment oao of tk weaUhieirt mn 1:1 tiiu óitr oí' Ne# Tor!;