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The Bonded and Interest-paying Debt.% The bonds were obligations by which the government bound itself to pay the holder the sum of money specified in the bond at the end of a certain period of years, as twenty or thirty or forty. Meantime the holder was to be paid interest at the rate of five, six, or seven per cent a year.
When are you going to have supper?" "In an hour." "How much property did the old man leave?" "The estate is probably fully up to one hundred thousand dollars. This place is worth fifteen thousand. The rest is in good interest-paying stocks and bonds." "And a third belongs to you! I say, mother, you've feathered your nest well. I guess I'll go out and take a look round."
The baby was ready for short clothes and there had been materials for little dresses, stockings, little shoes, a hood and cloak, to get for him alone, and Elizabeth saw in every dollar spent a dollar lost at interest-paying time.
This is the very essence of what is claimed by those who are for increasing the volume of money in circulation. Money has changed in value, and those who are mortgaged, or otherwise under interest-paying obligations, have found that money is scarcer, in this instance through contraction of the currency, and therefore harder to get.
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