Balance after 1st payment, $975,000 Balance after 11th paym't, $594,800 " 2d " 948,125 " 12th " 539,410 " 3d " 919,234 " 13th " 479,866 " 4th " 888,177 " 14th " 415,850 " 5th " 854,790 " 15th " 347,039 " 6th " 818,900 " 16th " 273,068 " 7th " 780,318 " 17th " 193,548 " 8th " 738,841 " 18th " 108,064 " 9th " 694,254 " 19th " 16,169 " 10th " 646,324 If we are curious to know the effect of the same annual sum on loans at lower rates of interest, the following process will give it: From the Logarithm of _a_, subtract the Logarithm _r-i_, and from the number of the remaining Logarithm subtract _s_, then subtract the Logarithm of this last remainder from the difference between the Logarithm _a_ and Logarithm _r-i_ as found before, divide the remainder by Logarithm _r_, the quotient will be _t_. It will be found that ---- dollars will reimburse a million, Years. Dollars. At 7½ per cent. interest in 19.17, costing in the whole 1,917,000 7 " " 17.82, " " 1,782,000 6½ " " 16.67, " " 1,667,000 6 " " 15.72, " " 1,572,000 5½ " " 14.91, " " 1,491,000 5 " " 14. 2, " " 1,420,000 0 " " 10. " " 1,000,000 By comparing the 1st and the last of these articles, we see that if the United States were in possession of the circulating medium, as they ought to be, they could redeem what they could borrow from that, dollar for dollar, and in ten annual instalments; whereas, the usurpation of that fund by bank paper, obliging them to borrow elsewhere at 7½ per cent., two dollars are required to reimburse one. So that it is literally true that the toleration of banks of paper-discount, costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think, but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.