, this would be more disadvantageous to the
lender than a common loan, payable ultimately in cash. But if we should
say, we will deliver you the one hundred acres of land immediately,
which is in fact an immediate payment of the principal, and will
nevertheless pay your interest of five per cent., for ten years, this
offers a superior advantage, and might tempt money-holders. But what
should we in fact receive, in this way, for our lands? Thirty-seven
dollars and one fourth, being left in Europe, on an interest of five per
cent., would pay annually the interest of the one hundred dollars for
ten years. There would remain then only sixty-two dollars and three
quarters, for the one hundred acres of land; that is to say, about
two thirds of its price. Congress can best determine, whether any
circumstances in our situation, should induce us to get rid of any of
our debts in that way. I beg you to understand, that I have named rates
of interest, term of payment and price of land, merely to state the
case, and without the least knowledge that a loan could be obtained on
these terms.
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