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NOTES
MODE OF COMPUTING INTEREST

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The mode of computing interest among the ancient Greeks appears to have been in many respects the same as that now prevailing in India, which has probably undergone no change from a very remote period. Precisely the same term, too, is used to denote the rate of interest, namely, τοκος in Greek and taka or tuka in the languages of Western India. Τοκοε επιδεκατοι in Greek, and dus také in Hindostanee, respectively denote ten per cent. At Athens, the rate of interest might be calculated either by the month or by the year—each being expressed by different terms (Böckh. Pub. Econ. of Athens, i. 165.). Precisely the same system prevails here. Pono taka, that is, three quarters of a taka, denotes ¾ per cent. per month. Nau také, that is, nine také, denotes nine per cent. per annum. For the Greek mode of reckoning interest by the month, see Smith's Dictionary of Greek and Roman Antiquities, p. 524. At Athens, the year, in calculating interest, was reckoned at 360 days (Böckh, i. 183.). Here also, in all native accounts-current, the year is reckoned at 360 days.

The word τοκος, as applied to interest, was understood by the Greeks themselves to be derived from τικτω, "to produce," i.e. money begetting money; the offspring or produce of money lent out. Whether its identity may not be established with the word in current use for thousands of years in this country to express precisely the same meaning, is a question I should like to see discussed by some of your correspondents. The word taka signifies any thing pressed or stamped, anything on which an impression is made hence a coin; and is derived from the Sanscrit root , tak, to press, to stamp, to coin: whence, , tank, a small coin; and tank-sala, a mint; and (query) the English word token, a piece of stamped metal given to communicants. Many of your readers will remember that it used to be a common practice in England for copper coins, representing a half-penny, penny, &c., stamped with the name of the issuer, and denominated "tokens," to be issued in large quantities by shopkeepers as a subsidiary currency, and received at their shop in payment of goods, &c. May not ticket, defined by Johnson, "a token of any right or debt upon the delivery of which admission is granted, or a claim acknowledged," and tick, score or trust, (to go on tick), proceed from the same root?

J.S.

Bombay.

Notes and Queries, Number 57, November 30, 1850

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