Lump sum

“ Whatever happens to you, you know that they will be provided for. Furthermore, if you should live twenty years from now, you will receive ten thousand dollars in one lump sum. That is a provision against the possible day when you may be weary and wish to rest, or it may be just the endowment which you need in order to carry on your researches and investigations and, perhaps, find the solution to some of the intellectual problems on which you have so long been working. ”

“ There was no agreement as to the value of the Proteus, or as to the amount included in the lump sum on account of her loss, or on account of any other item. On the facts disclosed, it is impossible to attribute to her loss any particular amount. ”

“ B does the like with respect to A. At the end of the year, the sum of A's debts to B is set against the sum of B's debts to A, and it is ascertained to which side a balance is due. This balance, which may be less than the amount of many of the transactions singly, and is necessarily less than the sum of the transactions, is all that is paid in money; and perhaps even this is not paid, but carried over in an account current to the next year. A single payment of a hundred pounds may in this manner suffice to liquidate a long series of transactions, some of them to the value of thousands. ”

“ No less than two thousand one hundred and eighty pounds! And what was the aggregate sum of all these twenty monthly payments? Why, the enormous sum of four thousand three hundred and sixty-six pounds, eleven shillings, and threepence? It sounds incredible; but, if you think it a fable, do as Miller did, and reckon for yourselves. ”

“ Whole thing quite painless out of all the taxes give every child born five quid at compound interest up to twentyone, five per cent is a hundred shillings and five tiresome pounds, multiply by twenty decimal system, encourage people to put by money save hundred and ten and a bit twentyone years want to work it out on paper come to a tidy sum, more than you think. ”

“ If any one will take the trouble of computing this at the rate of compound interest, which in fact every man pays who borrows out of his natural line of receipts and expenditure, it will be seen to what a frightful sum it amounts, though it gives a faint idea of the embarrassments and disadvantages it occasioned to me, far exceeding the pecuniary consideration ”

“ When you draw the five thousand pounds, take it from the sum in consols. There will be the less chance of its being missed. Oh, dear! how glad I shall be when all this worry is over, and matters settled for good and all!’
‘Am I to draw out this sum, and re-invest it in Miss Berry’s name?’
‘No, put it back in consols. It is a lower rate of interest than Rhoda could get elsewhere, but it is safer; and women are idiots about money matters. ”

“ In reckoning how much a bankrupt is able to pay his creditors, as also to how much a tax or rate amounts, it is usual to find how many shillings in the pound is paid. Thus, if a person who owes £100 can only pay £50, he is said to pay 10s. in the pound. The rule is easily derived from the same reasoning as in 246. For example, £50 out of £82 is
or 12s. 21⁄2 15/41 in the pound.
248. Interest is money paid for the use of other money, and is always a per-centage upon the sum lent. It may be paid either yearly, half-yearly, or quarterly ”

“ When two or more persons employ their money together, and gain or lose a certain sum, it is evidently not fair that the gain or loss should be equally divided among them all, unless each contributed the same sum. Suppose, for example, A contributes twice as much as B, and they gain £15, A ought to gain twice as much as B; that is, if the whole gain be divided into 3 parts, A ought to have two of them and B one, or A should gain £10 and B £5. ”

“ A mathematical analysis of the subject shows that to take any sum of money from one and give it to another will, on the average of cases, injure the loser more than it benefits the receiver. A person with an income of one hundred pounds a year would suffer more by losing ten pounds than he would gain by an addition of ten pounds, because the degree of utility of money to him is considerably higher at ninety pounds than it is at one hundred and ten. ”

“ If the sum realized is greater than the debt the surplus will go in costs, and you may depend upon it that a very small sum will be returned to you; but if, on the other hand, the sum is not sufficient to pay everything, including the debt, costs, expenses of the auction, etc., you will be enrolled as a common soldier in the forces of His Most Serene Highness. I heard it said to the officer, who is your greatest creditor, that the four Louis enlistment money would be taken into account, and that the duke would be glad to get hold of such a fine man. ”

“ In judging the rise of poor rate, it must not be forgotten that where the rent rises at the same time as the nominal rate, the sum of money actually raised for Poor Law purposes is increased in a greater ratio than the nominal poor rate. If, for example, by enclosure the rental of a parish is increased 50 per cent., but the poor rate doubled, the yield of the poor rate is increased threefold. ”

“ Fixed sums are in some instances required to be annually paid into the treasury of the State, and in others a prescribed percentage is levied on the stock, assets, or property owned or held by the corporation, while in others the sum required to be paid is left indefinite, to be ascertained in some mode by the amount of business which the corporation shall transact within a defined period. ”

“ When, therefore, such a saving has compleated the redemption of the one capital, there will remain unpaid of the other, 39 millions.—What has been now applied to a large sum holds true in proportion of any smaller sums. ”

“ Under the operation of a shrinkage in the volume of money this enormous mass of borrowers, at the maturity of their respective debts, though nominally paying no more than the amount borrowed, with interest, are, in reality, in the amount of the principal alone, returning a percentage of value greater than they received—more than in equity they contracted to pay and oftentimes more, in substance, than they profited by the loan. ”

“ One per cent. on this prodigious amount represents a tax of one hundred and ten millions, paid annually by consumers, according to their consumption, and not in any degree according to their ability. This is one instance only of the damages annually paid on account of our currency. If we estimate the annual tax at more than one per cent., the sum-total will be proportionally larger. Even at the smallest rate, it is many millions more than all the annual expenses of our Government immediately preceding the Rebellion. ”

“ Thus land-rents, annuities, interest of money, emoluments of offices, salaries, even wages of servants, in short, every fixed income, I range in this first article, which I call annual income, produced from a capital already formed, either real or supposed.
This may be laid under taxation by a pound-rate, or otherwise, and forms that kind of tax which I call cumulative and arbitrary; because a man who has any sort of visible revenue, comes under this general rate, let him have ever so many necessary deductions out of it, ever so many debts and incumbrances. ”

“ Some authorities maintain that the income from a penny rate can only represent the net sum realized by a penny on the rateable value, after all deductions have been made on account of empty houses and other irrecoverable items. ”

“ But if you spend more than you receive, you may have recourse to sinking funds, you may modify them as you please, you may render your accounts extremely complex, you may give a scientific appearance to additions and subtractions, you must still necessarily increase your debt. If you spend more than you receive, the difference must be supplied by loans; and if out of these receipts you have set a sum apart to pay your debts, if you have so mortgaged or disposed of that sum that you cannot apply it to your{231} useful expenditure, you must borrow so much more in order to meet your expenditure. ”

“ A sum of one million of dollars, over and above the estimated expenditure of the government, was always deemed necessary to be provided and left in the treasury to meet contingencies—a sum which, though small in itself, was absolutely unnecessary for that purpose, and the necessity for which was founded in the mistaken idea that the government expends every year, within the year, the amount of its income. ”

“ In every country there is found a sum of money (that is, of circulating value, no matter whether coin or paper) proportioned to the trade and industry of it. How this sum is determined, and how it is made to augment and diminish in proportion to industry, we have already explained in the 26th chapter of thethe second book: we are now to examine some of the consequences which result from the accidental stagnation of any part of it to the prejudice of alienation; and we must shew how the loan upon interest is the means of throwing it again into circulation. ”

“ The timely death of a relative in Canada had endowed her with a sum of money, the interest on which, as variously calculated by her neighbours, would amount to something between one hundred and one hundred and fifty pounds a year. ”

“ Multiply the sum by 100, and divide the product by 100 increased by the product of the rate per cent and number of years. If the time that the debt has yet to run be expressed in years and months, or months only, the months must be reduced to the equivalent fraction of a year. ”

“ The workman and his two sureties who do not return the sum borrowed must never again have another loan, having forfeited his sacred engagement, and, especially, having deprived so many of his brethren of the advantage he has enjoyed, as the sum he has not repaid is for ever lost to the Bank for the Poor. The sums lent being, on the contrary, scrupulously repaid, the loans will augment from year to year. ”

“ In this section, as in later Acts, capital net gain was defined as 'the excess of the total * * * capital gain over the sum of the capital deductions and capital losses'; capital losses being defined as the loss resulting from the sale or exchange of capital assets. In submitting the proposed Revenue Act of 1924, the House committee pointed out that the 1921 Act contained no provision for limiting deduction of capital losses where they exceeded the amount of capital gains. ”

“ It does mean, however, that the profit produced by all the concerns in the entire country shall be lumped together, and, after all the losses and necessary charges have been deducted, the sum left shall be divided among all the people—a system under which you would receive one-fifty, one-seventy or one-ninety millionth part, according to the population of the nation. ”

“ The sum you mention is certainly not large, but that does not matter. You would have little difficulty in raising as many hundreds of thousands as you have thousands, if money were necessary. But in business of this kind the only ready money needed is for stamp duty and for the wages of workmen, and the banks advance what is necessary for the latter purpose, in small sums on notes of hand guaranteed by a general mortgage. When you have paid the stamp duties, you may go to the club and lose the balance of your capital at baccarat if you please. ”

“ In his will he left a statement of the sum that would be found in the bottom of the water butt, and this was discovered by his executors to be quite inaccurate. There was a shortage of six hundred and sixty pounds, a sum for which they will, if they ever read my memoirs, now be able to account. As it was, they decided that the old man must have hidden this money elsewhere, and forgotten all about it. They searched the house and the garden with the utmost thoroughness; the whole of the garden was dug up and the cottage was nearly pulled down. ”

“ They can afford to do so up to a sum which, subtracted from what they can make from the better land, leaves a remainder equal to the gross return they would receive for the same expenditure if they took the poorer land without paying anything. The sum that can thus be paid measures the value of the better land. ”

“ Tithes Act, 1879, portions of the sums payable as above have been redeemed, the consideration being such sum as will, if invested in 3 per cent. consols., produce an annual sum equal as near as may be to the annual amount of such rent-charge. The consideration is paid to the Ecclesiastical Commissioners, who pay the dividends on the stock to the incumbents. ”

“ Let the capital at start be £, and let the rate of interest be per cent. per annum. Then the increment to the owner of the capital will be £ every year. Let him go on drawing his interest every year, and hoard it by putting it by in a stocking, or locking it up in his safe. Then, if he goes on for years, by the end of that time he will have received increments of £ each, or £, making, with the original £, a total of £ in all. His property will have doubled itself in years. If the rate of interest had been per cent., he would have had to hoard for years to double his property. ”

“ Who has ever heard from an Eastern journal any complaint against a contraction of our money volume; any admonition that in a shrinking volume of money lurk evils of the utmost magnitude? On the other hand we have been treated to lengthy homilies on the evils of "inflation," whenever the slightest prospect presented itself of a decrease in the value of money—not with the view of giving the debtor an advantage over the lender of money, but of preventing the unconscionable injustice of a further increasing value in the dollars which the debtor contracted to pay. ”