Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-12-23

consumptions, pay us amply Tor the tax upon
roads and canals whilst the pleasing reflec-
tion that our schools are fitting the rising ge-
neration to become the defenders of our liber
ties, and the perpetrators Of our institutions,
will amply remunerate us for all contributions
made to that object. But for the heavy tax
that is now paying by the people Of this state
on exchanges, and the depreciation OF money,
we have no equivalent. The war upon the
bank was wanton war, and its fruits are
gnawing on the substance of the people, by
high premiums on exchange, exorbitant inte.
rest on money, and heavy losses on depreca-
ted paper. The amount of eastern funds sold
by the banks, and by individuals, in this state,
as shown in the previous statement, during
the last six months, is $6,70l ,434 SO. Dou-
BILE this amount, and you will have the sum
sold annually, which will be $l3 ,4o2,S75 l8.
Two per cent. upon this (which is below the
average premium) amounts to $26s, ,057 4S
deduct one-fourth, which is the half of one
per cent, the rate paid while we had the bank
OF the United States, and you have $20I,-
O43 III, which is the TAX paid on exchanges
alone, by the people of this state over and
above what was paid during the existence Of
that institution: and ofthe loss OH deprecated
paper, no estimate can be made.
I There is also intimately connected
with this subject, that ofexacting on loans
ofmoney, usurious interest. This prac-
tice has crept into society by degrees,
until it has become ain established branch
of business in every city and village
throughout the state.
Leaving the moral Of the subject entirely
out Of view, does not sound policy & the
protection of the indulgent creditor call
upon you to arrest this crying evil The
history of the last few years furnishes
many melancholy examples of persons
having wasted their whole property
and beggared their families, by paying
exorbitant interests on money,to keep up
mercantile or bank credit, when, if they
had at The commencement of their en-
barrasslnents, closed their business, and
wound up their affairs, they would have
been able to pay all just and legal de-.
mands outstanding against them.
One prominent argument, recollect,
that was used for taking off all restraint
and penalties for the use of money, was,
that it prevented capital from seeking
employment in our state. ! do not be-
lieve this argument is well founded: So
lid capital seeks no such employment.
Men who live on income want sure in
vestmenls, the protection of the law,
good faith in your legislative enac,ments,
and integrity in your Judicial decisions.
Another argument that is still more faI-
lacious than the first, is, that money
should beput on the same footing with all
other property. That it is just as pro-
per for a man to dispose of the use of his
money, at his own price as it is for him
TO dispose of the use Of his horse or his
farm. | will agree to this argument, if
you will give to either Of these descrip-
tions of property the same qualities that
belong to money. Make them the re.
preventative Of all other property-give
to them standard value by legislative
enactment, let them be the end and salts.
fiers Of the acquisitions of the law, and
the argument is conclusive; but until
this is done it cannot be sustained.
Money is seductive in its character
itcontrols property-it ministers to our
wants, and gives to us an elevation in
society, exceedingly flattering to our va.
nifty, These inducements make men
risk much to attain its use; and as one
principal object of legislation is to pro.
tcct the unsuspecting, against the willy
and the artful, it is, therefore, most re.
spectfully recommended to your consi.
deration, the propricty of passing law
to regulate interest and to prevent usu.
ry, as well against incorporated compa.
nies as against individuals, with such
guards and penalties as your wisdom
may think right.
Every years experience proves more
fully the Importance ofour public works
of internal improvement, to the pros
perity Of the state, and the convenience
and comforts Of our people. Through
them our agricultural products have an
easy and cheap access to the markets on
the sea-board, the price of these products
is enhanced at home, the articles of for
eign productions or manufactures are
cheapened, and the husbandman is en-
,couraged to cultivate his lands more
carefully, as it gives him more valua-
bic and certain return for his labor.
Thus, the effects Of our canals, become
visible in the dwellings and the fields Of
our farmers; and there are yearly de
veloping themselves, along, these lines of
communication, new stores of mineral
wealth, which were heretofore unknown,
or owing to their inaccessible situation.