date

30 Jan y 1808 Appeals 3. Interest
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.
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  • Title: [30 Jan y 1808 3. Interest allowed]
    Description: 30 Jan y 1808

    3. Interest allowed

    Take for example the length of delay that has been stated by authority /+ 27 Finance Reprt of 1798.p./ in the medium length upon such in the Intermediate delay-chops. viz. a twelve-month: and where[?] in this case the additional value which in either character /of the above characters/ the remedy acquire by the substitution of compound interest to simple │ │ I take the case of these shapes, because no time at all being applied to the business in the part of the [...?] shop [...?] the quantity of the business /custom/ might encrease to infinity without producing any addition to the delay /made/ by a deficiency in such time.

    Principal due[?] from the defendant, as per judgment, say ,1000 Rate of interest ,5 per annum: hence for interest it is to be computed one year

    I. Account, payable by defendant to plaintiff, the interest being computed in the manner of simple interest

    1. Principal - ,1,000

    2. Interest of the first half year 25

    3.[...?] in the 2 d year 25

    Total Great[?] 1,050

    II. Account between [...?] and [...?] upon [...?] sum at compound interest

    1. Principal 1,000

    2. Interest of the first half year 25

    3. Interest of the second half year 25

    4. Half years Interest of ,25 being the sum due on the score of interest at the end of the first half year 12.6 d

    Total ,1,050.12:6
  • Title: [[...?] Jan y 1808 Appeals 3]
    Description: [...?] 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.
  • Title: [29 Oct r 1807 L d Eldon's Bill]
    Description: 29 Oct r 1807

    L d Eldon's Bill

    '.16

    Simple or Compound

    (2) ( Simple or Compound)

    The demonstration made by the word compound added to the word interest is characteristic and instructive: in shew a mountain, in effect a mouse.

    Not an atom of satisfaction where[?] the object unjustly withholden is instead of the artificial thing called a sum of money, a natural thing in any shape whatsoever, moveable or immoveable, and up to any value: where the thing withholden is a sum of money, interest merely, by which, no intimation to the contrary being given, any thing more than the legal 5 per cent would not naturally be understood - interest 5 per cent or less, at the outside power given to the wrongdoer, by a forced loan, while he himself is making, 12 or 15 per cent or any higher rate of profit; to borrow the money of the party injured at that price.

    To make amends for an omission thus wide and palpable, what have we? instead of more simple interest, enlargement of the power to the extent of compound.

    Now what are the views of the learned Advisor with respect the duration of this part of a Scotch cause? till six months have lapsed the difference between simple interest and compound amounts to nothing /is not worth a farthing/: for the computation of the interest I take for granted will not take place oftener than twice a year, if so often. Should the duration of the cause, i.e. reckoning from that stage from which the interest is to begin to be computed amount to 14 years by that time at compound interest the sum to be paid on the score of interest will have been doubled. But /Note/ that if instead of being thus paid at the end of 14 years this double interest had been paid at the time that the first years payment of simple interest ought to have been, the amount of the satisfaction would still fall short of that ordinary per centage in the way of profit of trade which the injured party if a trader would have made.

    /the Tables that one sees not being calculated in the supposition of any more frequently recovering[?] mode of payment.