DISCIPLES OF CHRIST 



1802 



DISCOUNT 



restoration of apostolic Christianity, in faith 

 and practice. 



The leaders of the movement were Thomas 

 and Alexander Campbell, father and son. 

 Thomas Campbell, a minister, emigrated from 

 Ireland to America in 1807 and settled in 

 Washington, Pa. Grieved at the divided state 

 of the Church, he sought to bring the various 

 branches of the Presbyterian Church in that 

 vicinity into practical fellowship. Incurring 

 the displeasure and censure of his own Church 

 in this effort, he withdrew from its fellowship 

 and organized the Christian Association, com- 

 posed of those who shared his views. He set 

 forth his beliefs in a Declaration and Address, 

 in 1809, in which he urged a return to the 

 New Testament as the only rule of faith and 

 practice, and the only workable basis of Chris- 

 tian union. These views were endorsed by his 

 son, Alexander, who at once became the cham- 

 pion of the plea. The leadership of the move- 

 ment soon passed from father to son, whose 

 gifts as a speaker and debater secured for him 

 a considerable following. 



The first organization was at Brush Run, in 

 Washington County, Pa. As their investiga- 

 tions led them to become immersionists, they 

 allied themselves with the Baptists. But as 

 Mr. Campbell's views were not acceptable to 

 many of that faith, he and his followers were 

 compelled to form independent organizations 

 wherever his teachings were accepted. This 

 separation took place in 1830, and later ab- 

 sorbed similar movements in Pennsylvania and 

 Kentucky. Alexander Campbell became the 

 acknowledged leader, with Barton W. Stone 

 and Walter Scott working in close association 

 with him. 



Doctrine. In doctrine the Disciples of Christ, 

 in common with other evangelical bodies, hold 

 to the great fundamental truths of the Father- 

 hood of God, the inspiration of the Scriptures, 

 the divinity of Christ and the personality of 

 the Holy Spirit. Like the primitive Church, 

 they have no authoritative creed statement. 

 They regard the Bible, particularly the New 

 Testament, as sufficient for guidance in all 

 spiritual matters, and Simon Peter's statement, 

 "Thou art the Christ, the son of the living 

 God," as the true confession of faith. They 

 practice baptism by immersion and the weekly 

 observance of the Lord's Supper, because this 

 was the practice of the apostolic Church. The 

 Church is congregational in government, the 

 different churches cooperating in mission and 

 benevolent work. 



The Disciples control a number of schools 

 of high standing, among them Drake Uni- 

 versity, Des Moines, Iowa; Hiram College, 

 Hiram, Ohio; Transylvania College, Lexington, 

 Ky.; Butler College, Indianapolis, Ind., and 

 Bethany College, Bethany, W. Va., the latter 

 founded by Alexander Campbell. In 1916 they 

 claimed nearly 1,500,000 members, distributed 

 among about 10,000 churches. They have a 

 following in Great Britain, Canada, Australia 

 and in several mission fields, but are most 

 numerous in the United States, especially in the 

 Central and Western states. See CAMPBELL, 

 ALEXANDER. T.W.G. 



Consult Gates's Disciples of Christ; Campbell's 

 Christian System. 



DIS' COUNT, a term applied in business to 

 a deduction from a stated price or from a pay- 

 ment due at some future date. Bank discount 

 and trade discount are the forms commonly 

 used in modern business operations. True dis- 

 count, once in general use, has been almost 

 entirely superseded by bank discount. 



Bank Discount is the deduction which a bank 

 makes from the face value of a note for cash- 

 ing it before it is due. Bank discount is com- 

 puted in the same manner as simple interest; it 

 is really simple interest, taken in advance. The 

 difference between the face of a note and the 

 discount is called the proceeds, and the interval 

 between the day it is presented for payment 

 and the day of its maturity is called the time 

 of discount, or time to run. The following 

 examples will make clear the principles govern- 

 ing the computation of discount : 



Application. Case I. Mr. Brown, on April 1, 

 1916, presented a three-months' note at a bank 

 to be discounted, or turned into cash. It was 

 dated February 26, 1916, and its face value 

 was $5,000. What sum was paid him, if the 

 bank charged at the rate of 6% per annum? 



Three months from February 26 is May 26, 

 date of maturity. 



From April 1 to May 26 is 56 days, the time to 

 run. 



Discount for 56 days = interest on $5,000 at 6% 

 = $46.67. 



$5,000 $46. 67 = $4, 953. 33, proceeds. 



Therefore Mr. Brown received from the bank 

 $4,953.33; that is, the bank charged him $46.67 

 for cashing his note. The full sum of $5,000 is 

 collected by the bank on the date of maturity. 



Case II. The second case involves the dis- 

 count of an interest-bearing note. Suppose A 

 gives B a note for $450, dated May 5, 1916, 

 payable in 3 months, with interest at 6%. 

 B takes the note to the bank on July 1, and 



