Joseph Logan Thompson moved his family to Canada and homesteaded near Lindsay, Ontario in 1866.
The bill presented to Ernest by his father was $537.50 (CAD), which seems a small amount, but today the equivalent value is over $12,000 (CAD)!
Today, $12,000 (CAD) is equal to $9,463 (USD).
Ernest’s father handed Ernest a bill detailing the entire amount of money spent on raising him. Ernest had paid no interest on these expenses to this point; however, now his father would charge 6% interest until the debt was paid off.