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The New Hampshire Gazette
Portsmouth, Rockingham County, New Hampshire
What is this article about?
Satirical critique of a financial proposal to fund $300,000 for holders of Farmers Exchange Bills using compound interest, projecting growth to over $2.7 million in 30 years, but providing only about 20 cents per dollar to survivors and excluding privileges for rural sufferers.
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The sum of 300,000 dollars proposed to be funded for the benefit of the unfortunate holders of Farmers Exchange Bills, (30,000 dollars of which, however, are to be current money) by calculating it at compound interest, which is an equitable principle, when we consider that each year's interest is an augmentation of the original capital, will amount, at the expiration of 30 years, to the moderate sum of TWO MILLIONS SEVEN TY-TWO THOUSAND SEVEN HUNDRED DOLLARS! from which the sum of four hundred thousand dollars can be very well spared to divide among the fortunate survivors. This amounts to the payment of about 20 cents on a dollar, cash down. The privileges are out of the question to the country people who are the principal sufferers.
(Columbian Detector.
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Domestic News Details
Outcome
projection of $300,000 growing to $2,727,000 in 30 years at compound interest; $400,000 dividable among survivors, equating to 20 cents per dollar; privileges unavailable to rural holders.
Event Details
Proposal to fund $300,000 ($30,000 in current money) for Farmers Exchange Bills holders via compound interest, criticized as modest usury leading to excessive growth over 30 years, with minimal benefits to survivors and none to country people.