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Robert Treat Paine Papers, Volume 4

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Committee Report

From Samuel Osgood

14 February 1784
From Joseph Palmer
Palmer, Joseph RTP
Canterbury 3d Febry: 1784.
Memo: L mo:
John Dyar Esqr. Note to R T Paine £46.0.0
18 ¼ years Simple Interest 50.7.6
£96.7.6

This Note was taken up by Elijah Dyar Esqr:, & he gave a Note, payable in one year, to the Honble: R T Paine Esqr., for sd. £96.7.6. Mr. Dyar said that his Father’s Esta. was Settled, so that he cou’d not allow Interest upon Interest, without consent of the other Heirs, as the Law wou’d not allow it. A calculation was made of Interest upon Interest, which amounted to £35.12.6, but as he wou’d not then allow any, J P tho’t it not worth while to be nice in the calculation. J P had fully satisfied himself, before he waited upon Mr. Dyar, that the law wou’d not give Compound Interest: and that, if in a New Note, compound & simple Interest had been involved in it, it wou’d have been unlawful, & vacated: So that if he had consented to allow compd. interest, there must have been 2 Notes, one for the prin. & simple interest, & the other for in: upon in; which smaller Note wou’d have been a meer honorary affair.

Upon the whole J P cou’d only urge it upon conscience, as the first Note had lain above 18 yrs., & desired Mr. D to write to Mr. Paine, whether he wou’d pay the int: upon int., or not. He said, that he had sent a Letter, this day, to RTP. He made some complaint, that it had not been demanded sooner, as he cou’d better have pd. it before the Esta. was settled. ’Tho’ he said that he wou’d not have taken any advantage from the Paper Money.

J: Palmer

RC ; addressed: “The Honble: Robert-Treat Paine Esqr: Boston”; endorsed.