date

[...?] Jan y 1808 Appeals 3
[...?] Jan y 1808

Appeals

3. Interest allowed

In demonstration, I have said, the remedy is rendered as efficient and even as sharp as possible.

Not only simple interest but compound interest may if such be the pleasure /will/ of the judicatory be allowed. In appearance, how indeed is energy to the solace of the party wronged, to the affliction of the wrongdoer, interest is to harm[?] principal. This is perhaps /may be for aught I know/ the first instance in which the allowance of compound interest has receaved an express authority from the pen of an English legislator. [...?] to the extreme verge of justice, he cloaths himself in /on/ the garb even of a /usury/ [...?] griping usurer.

After the explanation already given - need it now be added? under the [...?] of the rigid moralist /avenging Judge/ lurks the artifice of the secret /to [...?] and confederate/ accomplice, giving protection and encouragement to the [...?] /pillage/, which he affects and pretends to reach[?]. Ten per Cent for avarice[?] at the interest with the five per Cent upon that five per cent - five per cent and a minute fraction in the shape of loss, when is the power[?] of the loss to restrain a man from making his 12, or his 15 of his 90 per cent interest, and that too compound interest for the same length of time?

When in a well found[?] ballance five poinds with the addition of a quarter of a pound outweigh [...?] pound then will this professed check upon injustice in the person of the outdone practice[?] of Judge and [...?] cease to be a shame one.
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  • Title: [30 Jan y 1808 Appeals 3. Interest]
    Description: 30 Jan y 1808

    Appeals

    3. Interest allowed

    Viwed in its proper light this remedy such as it is will be seen to [...?] a satire upon the system which gave birth to it. In addition to the 5 per cent interest, compound interest at the same rate! At what point of time is it that the first addiction thus to be made to the ammount of simple interest would commence? At the [...?] not [...?] than half a year after the first payment on the [...?] of the simple interest had become [...?]: so that for a delay that [...?] but a day of half a year, the value of the remedy as equal to 0. At 5 per cent at the end of 14 years, the principal when the interest is computed in the mode of compound interest doubles itself. [...?] now to a commercial man who in the character of plaintiff has been having[?] the whole time commercial profit, and that his[?] compound though it be but the [...?] of the rate of commercial, profit - viz 12 per Cent, the calue of this remedy. At the end of the years or thereabouts instead the ,5 which be at sample interest he would have raised[?] for the interest of the first year on the principal of ,100 to he will receave ,10: at the end of the years 2 per cent less than he ought to have receaved at the end of the first year.

    To [...?] enormous a pitch. must the mass of factitious delay have been swilled[?] before this pretended remedy whether in the character of satisfaction to the party wronged, or of punishment to the wrongdoer, can have become any thing better than chip[?] in porridge.
  • Title: [20 Jan y 1808 Scotch Reform]
    Description: 20 Jan y 1808

    Scotch Reform

    Letter V

    Ch 5. Malâ fide Appeals

    how prevented

    Loss to plaintiff, say, as before, 12 per cent: advantage to malâ fide defendant by keeping the money in his hands, say as before, 5 per cent: costs payable by him say, as before, 5 per cent: add[?] payable by him to the plaintiff in the score[?] of interest, 5 per cent. This leaves to the malâ fide defendant, disadvantage /pecuniary loss/ to the concupiscible appetite, 5 per cent. But his advantage by profit to the irascible appetite, is still 12 per cent: if then such be the state of his mind that for the 12 per cent advantage obtainable to the use of his irascible appetite, his concupiscible appetite is content to suffer a loss of 5 per cent, in other words, to pay at the rate of 5 per cent, an encouragement to imploy the hand of the law in doing wrong - an encouragement, and that an adequate and effectual one, is still[?] held not to him and given to him by the law.
  • Title: [20 Jan y 1808 Scotch Reform]
    Description: 20 Jan y 1808

    Scotch Reform

    Letter V

    Ch 5. Malâ fide Appeals

    how prevented

    Rate of commercial profit, suppose it, for argument sake, in every instance 12 per cent, and no more. On this supposition, a defendant, busy in trade ought /should/ in every instance be made to pay at the rate of 12 per cent (viz per annum[?]) for so long as he has been found to have kept money that was /of the/ M r plaintiff in his hands.

    Supposing this for argument sake to be too much for the plaintiff to receave, he being for instance not in trade, and his loss no more than 5 per cent, still rather than be [...?] less in the pocket of the Defendant, it ought to be otherwise disposed of: if too much to be given to the plaintiff in compensation for his [...?], it might at any rate go in compensation for the expence of the Judiciat establishment into the public purse.

    If the plaintiff being [...?] in trade the receipt of the 12 per cent which, as before, the defendant ought to be made to pay is as more than a boon compensation for his /the plaintiff/ loss. the 12 per cent payable /to be found/ as when by the defendant so far from being too much is not enough: for without any pecuniary loss or expence to himself he has inflicted upon his adversary the /all/ vexation attached to the suit: and if the adversary have /has/ been the object of his enmity, so much vexation on the[?] one side of the suit, so much profit to the irascible appetite on the other.