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12. The Almighty Dollar

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Ainsworth R. Spofford—says Col. Ingersoll—gives the following facts about interest: "One dollar loaned for one hundred years at six per cent., with the interest collected annually and added to the principal, will amount to three hundred and forty dollars. At eight per cent, it amounts to two thousand two hundred and three dollars. At three per cent, it amounts only to nineteen dollars and twenty-five cents. At ten per cent, it is thirteen thousand eight hundred and nine dollars, or about seven hundred times as much. At twelve per cent, it amounts to eighty-four thousand and seventy-five dollars, or more than four thousand times as much. At eighteen per cent, it amounts to fifteen million one hundred and forty-five thousand and seven dollars. At twenty-four per cent, it reaches the enormous sum of two billion, five hundred and fifty-one million, seven hundred and ninety-five thousand, four hundred and four dollars!" One dollar at compound interest, at twenty-four per cent., for one hundred years, would produce a sum equal to our national debt.



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