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Updated: June 28, 2025
Starting with the Railway Systems, Steamer Lines, Standard Oil, Ocean Cables, Diluted Telegraph, and all the rest, and winding up with Klondike, De Beers, Tammany Graft, and Shady Privileges in the Post-office Department. Twenty-four hundred millions, and all safely planted in Good Things, gilt-edged and interest-bearing. Income, $120,000,000 a year.
Indeed, she kept me awake quite a while that night while she sketched the outlines of the journey in Europe that we would take as soon as I could get my great-great-great-uncle's treasure dug up, and its non-interest-bearing doubloons converted into interest-bearing bonds.
Again, he might sell out the seventy-five thousand dollars' worth of moderate interest-bearing stocks, which now yielded him about five thousand, and try a practical investment of some kind say a rival carriage company. But did he want to jump in, at this stage of the game, and begin a running fight on his father's old organization? Moreover, it would be a hard row to hoe.
What Monsieur Grossetete has said of the industrial losses which the hoarding peasantry inflict on France has its proof in a fact I will show to you in two words: English capital, by its perpetual turning over, has created ten thousand millions of manufacturing and interest-bearing property; whereas French capital, which is far more abundant, has not created one tenth of that amount."
If the holder of the United States note prefers the gold and gets it from the Government, he should not receive back from the Government a United States note without paying gold in exchange for it. The reason for this is made all the more apparent when the Government issues an interest-bearing debt to provide gold for the redemption of United States notes a non-interest-bearing debt.
Two months later, on the 21st of February, 1866, Mr. Morrill, from the Committee on Ways and Means, reported a bill which, as he explained, would expand the authority provided by the Act of March 3, 1865, for funding interest-bearing obligations, so as to include non-interest-bearing obligations.
McCulloch in his official report insisted on the funding or payment of the balance of interest-bearing notes, and upon a continued contraction of the currency, as the first measure for promoting the National prosperity; and he presented a strong argument in favor of permanent specie payment.
If the holder of the United States note prefers the gold and gets it from the Government, he should not receive back from the Government a United States note without paying gold in exchange for it. The reason for this is made all the more apparent when the Government issues an interest-bearing debt to provide gold for the redemption of United States notes a non-interest-bearing debt.
The argument made by the taxpayers, however, was plausible and it may be conceded that, upon the whole, they were about right; for no doubt it would have been much easier upon the taxpayers to have increased at that time the interest-bearing debt of the State than to have increased the tax rate. The latter course, however, had been adopted and could not then be changed.
He very kindly consented to be my adviser. I was well pleased to find how much I had underrated the interest-bearing capacity of my windfall. 'Four per cent! he cried, when I told him this was the extent of my expectations. 'Why, you're talking like a trustee. And then seeing that his meaning was beyond me, he explained in his bluff, humorous manner.
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