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The Finance Problem--an Original Idea

The Finance Problem--an Original Idea image
Parent Issue
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OCR Text

Borne politicians, says the Washington orrespondent of the Ñew York Tribune, anxious to avoid the perplexities which inanco brings into national politics, have uggested a novel niethod for the reumption of specie payments. They ropose to leave it to the decisión of the Jnited States Supremo Court. That conrt has determüied that the issue of ihe legál-tender notea was lawful in time of war to meet the exigencies of war, but liis original aot provided that they shall only be reissued while the exigeney remaius íu fovoe. It waa held that the exgency was the necessity of collectiiig a forced loan, aud that, when a legaleader note is returned to the Treasury, n liquidation of a tax, it conveyed to he Governmont a title to the thing borowed; by its issue by the TreaSarV it is, herefore, not nioney, but only evidence of a debt paid, as much as a receipted jilL If reissued, it works the collection of a new forced loan in time of peape, when no exigéncy exista, and it is insisteci that such reissue is unlawful upon the very reasoning by which tho court justiied the original issue in titae of war. 'i is not improbable that the question may be brought before the Supremo Court very soon, by the refusal of citizens to reoeive iu payment of a debt egal-tender notos recently isaned from .he Treasury, and hieáring a date whieh s itself sufficient evidence that they wwe ssued sinco the exigency for which they were allowed has ceased. " A farmek" propouuds to na the folowing problem : "A man borro ws $100 'or flve yeai''s with interest at 10 per cent, per annum, payable semi-annualiy, ut pays besidc the interest a bonus of 68 for the money. To wliat rate of iuterest does this actually amountí" He receives $92 and pays 150, which leaven $68 as pay for the use o f $92 for flve years, which is at the rate of $11.60 for that sum for one year, and $11.60 is nearly 12.7 per cent, of $92. Our answer, thercfore, is that he pays a fraction less than 12.7 per cent, interest. Th'! questiou of the time of the paymont oí he interest or the bonus has, in out udgment, nothing to do with determiuuig the rate. - iiou.c Cily (fowr;) Journal. They do say oi Senator Ohristiaucy's )riae, that when the aged Senator proosed she atonce accepted, aud rotuniod an engagement ring to a auitor who ' i ■ íer promise of marriage in Georgia. Haviug done tuis, she urged the statesman to make no vexatious delays, inasmuch as she anticipated that the dis ear3eá Georgian might come up aud make trouble. Very few men wou Ld care to taniper thus with the feelings of au unpegeuerate Georgian.


Old News
Michigan Argus