The mode of computing interest among the ancient Greeks appears to have
been in many respects the same as that now prevailing in India, which has
probably undergone no change from a very remote period. Precisely the same
term, too, is used to denote the rate of interest, namely, [Greek: tokos]
in Greek and _taka_ or _tuka_ in the languages of Western India. [Greek:
Tokoe epidekatoi] in Greek, and _dus také_ in Hindostanee, respectively
denote _ten per cent_. At Athens, the rate of interest might be calculated
either by the month or by the year--each being expressed by different terms
(Böckh. _Pub. Econ. of Athens_, i. 165.). Precisely the same system
prevails here. _Pono taka_, that is, three quarters of a _taka_, denotes ¾
per cent. _per month_. _Nau také_, that is, nine _také_, denotes nine per
cent. _per annum_. For the Greek mode of reckoning interest by the month,
see Smith's _Dictionary of Greek and Roman Antiquities_, p. 524. At Athens,
the year, in calculating interest, was reckoned at 360 days (Böckh, i.
183.). Here also, in all native accounts-current, the year is reckoned at
360 days.
The word [Greek: tokos], as applied to interest, was understood by the
Greeks themselves to be derived from [Greek: tiktô], "to produce," _i.e._
money begetting money; the offspring or produce of money lent out. Whether
its identity may not be established with the word in current use for
thousands of years in this country to express precisely the same meaning,
is a question I should like to see discussed {436} by some of your
correspondents. The word _taka_ signifies any thing _pressed_ or _stamped_,
anything on which an impression is made hence _a coin_; and is derived from
the Sanscrit root _tak_, to press, to stamp, to coin: whence, _tank_, a
small coin; and _tank-sala_, a mint; and (query) the English word _token_,
a piece of stamped metal given to communicants. Many of your readers will
remember that it used to be a common practice in England for copper coins,
representing a half-penny, penny, &c., stamped with the name of the issuer,
and denominated "tokens," to be issued in large quantities by shopkeepers
as a subsidiary currency, and received at their shop in payment of goods,
&c. May not _ticket_, defined by Johnson, "a _token_ of any right or debt
upon the delivery of which admission is granted, or a claim acknowledged,"
and _tick_, score or trust, (to go on _tick_), proceed from the same root?