Excerpt from Papers and Transactions, 1899-1900, Vol. 6: Nov. 21, 22, 23 and 24; With Index Again, there is a degree of ambiguity in the term interest as it is commonly employed, which may be illustrated somewhat by a few definitions, and it may be remarked, en passant, that the income thus known includes a premium of insurance - against the risk of investment - as well as the cost of management; this fact points out the distinction between net and gross interest; the annual returns upon funds invested in the national or state debts are examples as near as may be of the former. Included, in popular language, under the common name of interest may be recognized, first, the remuneration of professional lenders of money for short-time loans, called by bankers discount; an excellent term, distinguishing clearly this class of transactions, and worthy to be generally adopted. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.