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Note 103
Hint respecting the mode of feeding the Old Sinking
Fund in War time: prooposing that it be by Interest
Note to p. 102.3 (a) 3
(a) Of Profit by interest undemanded it should be<note>At every conversion profit by interest undemanded will cease and be renewed since note
on every< note paid off the interest remaining must be paid</note>
observed, remembered that it</del> ceases (it is to it is to be remembered) at every reduction, because
in proportion as the reduction conversion produced by each
from the higher rate to the proper bearing a the higher
rate to into paper bearing the inferior rate goes on;
because, whenever a Note is paid off, the whole
amount of interest remaining due upon that note
must be discharged as well as the principal. It follows, that, In regard
in regard to the paper of each specie, due time of forbearance
can not date from any higher earlier period than the opening
of that specie:
End of Note