Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-01-20
By B.W.&R.C JOHNSON.

! .,N"f "iNHSi h1s no lLNlnSlC value Wlnln u
sell; although It is by general consent, made the
standard by which to measure the value Of eve.
ry Thing else. Public opinion fixes value on
every thing. by this standard; hence the neces.
sliy of asceraing the value which public opinion
has fixed upon this great regulator, for whatever
that value may be, established by common con.
sent, and sanctioned by usage will, as con-
icclve, bo the only true value 10 sci upon it,
The question then arises, what value has public
opinion fixed upon money, or the use Of money!
Now ! contend that we have no means Of
Judging what constitutes public opinion, only by
the expressed wishes, and feelings Of the public,
either by the people directly, Ur through their
agents or representatives; and as this whole con-
ederacy is but one common siSlerhood Estates,
with the appropriate and significant motto of"e
piuribRs Hnul" inscribed upon their banners,
then the inhabiIunls of these States must be
closely identified whh each other, both in feeling,
and interest.
The members of the Legislatures Of the dif.
iercm States, elected by lht people, constitutes
the only legitimate representatives Of the feel
ings, wishes, and interest, of their constituents
we are then tojudge ofwhat the people Them
selves would do, by what their representatives
have done. Let u then, to arrive al this fact,
examine the statutes Of the different States of
this Union, upon the interest question; and in
doing this, we will find that about one half of
their number have fixed The rate about six per
cent, while the balance have setled il at six;
/ but almost their entire number have annexed
penalties or lorlcilures, to The violation Of their
laws on the subject. By averaging the rate as
fixed By all the States, we arrive at once at the
minimum, which the people themselves have
settled il at.
! This VIC think is the correct standard of pub
lie opinon-this average rate will be about sew
en aud half per cenl.--onIy one half per cent.
less than this proposes. The question then re-
solves itself into the uggeson--would it not
be wisdom in us legislators, while we guard the
poor and unfortunate class of community, from
fraud, by throwing around them tho broad shield
Of the law, 10 hold out such inducements TO cap
iiaIisis and money dealers, rs would enable them
10 invest protltably, their money in our State.
and at The same time by our liberal rate of in
tereSt fixed by law, restrain them from going be-
yond its Limits! And by thus inviting CON pel-
ton in the business Of money lending, we
would in great degree prevent those who have
hitherto praciccd their frauds upon community,
from even attempting TO cyade the law by their
sublGrfugcS.
And think. Mr.. Chairman, that public opin
ion, IN our own State, Is prepared for the change
which this bill proposes to make in our interest
law. That there arc loud and grieyi0us COM
plants against the provisions of our present
law, both on the part Of The lender and the bor-
rover, is fact that we must all admit And
am satisfied, sir, that there are very few, who
arc compelled to borrow money, haIwoud com
plain at paying the per cenlage named in this
bill. Indeed sir, SO Ear as my own knowledge
extends, | have never known an instance,
where tho transaction was bona Gde, that the
borrower sought to evadc contract for the pay
ment Of eight per cent, interest.
1t is only in those cases where higher rates
than this is demanded, aud sought To be collec-
ted, that the complaints are made; hence we
may justly infer, that the provisions Of this bill,
it enacted into law, would meet with the ap-
probation of Il large majority of the people, and
The means Of putting an end to those voXalious
law suits, and endless litigation in chancery, TO
evade the payment Of usury. But Iurlher:--
such policy as this, would tell lavorably, on
the growing interests and greatness of our State
by thus inviting capital among US, the latent
wealth and hidden treasures of our rich and fer.
tile State, would begin TO dcyeopc themselves
--vlugeS, town and cities would spring up in
our mdsl--lhc sturdy trees of our western for.
esls would fall beneath the stroke Of the wood
man $ axe--and "wherc now the thorn and tan
gIed Ihickct grows" the pleasant and peaceful
cottage Of the farmer, with his barns aud Store.
houses, surrounded by "lrullul fields Of wal
wing corn," could be found.
Having (as | lhnk) established standard
value for the use Of money, by the united sane.
ton Of pubic opinion, shall now proceed 10
answer the second objection which have anti
cipatod, viz: that money, as other articles of
commodity, should be permiued to fix its own
value by the supply and demand orthc market.
With all due Difference TO the opinions of 9th.
er gentlemen, beg leave To differ with them on
this proposition. The difference between mon
ey and other articles of traffic, in my opinion,
is very great. |, sir, subscribe TO the old max
i'm, that money is power" and in The hands Of
unjust, and avurcious men, who disregard the
laws, and trample OIL the rights of others, does
exercise powerful influence for evil, guarded
by law, and in the hands of liberal and enlerpr.
sing men, it will, as have before said, be u
great blessing 10 community. This bill, sir,
proposes, to restrain the former, and encourage
the latter class Of capitalists. ........
But to the argument Money, it is said,
should be permitted TO fix its own value, and
like other articles Of trade, be governed by the
supply and demand Of The marker. Let us re.
feet for moment, and see where such state
Of things would lead us. The capital Of the
money lender is always availablc-here are no
remnants left dead. upon his hands, by The cut
'ng' and clippings Of his stock; and whenever
an opportunity, TO oppress the poor or unortu'
nate occurs, or chance Tor splendid spoculu.
ron presents itself. he is always ready 10 avail
himself of such opponuniles--but how is ii
with the merchant, the dealer in produce, or the
land Iobber! The merchant invests his capital
in The purchase Of zoo Is hc IS comnallad 10 give