Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-04-29
From the Ohio Statesman.
The Ten Der cent Law.

We rejoice to ind that there IS Still
wholesome sentiment in the State. We
began absolutely to think, towards the close
Of the last Legislature, that all the good
sense of the State in rference to money
and the currency, debtor and creditor, had
fled the Stale. AS we stated few days
since, party attachments and associations
appeared wholly, or measurably oblitera.
ted. especially in the House, and great
many things were done, and many undone,
that we thought were about as wrong as
we'll could be for the benefit Of sound prin.
ciples, as we'll as for the interest OF the
democratic party.
Among these, wus the legalising high.
er rate of interest than had ever been done
before in Ohio, since the ''ordinance of'S7."
This fixing a standard of high interest
is very different affair from freedom of
interest. 1.-THE thing was free, public O.
pinion could fix mark upon the extortion-
er, but the law now steps in and protects
him from public odium. 1t was a fatal
step, brought about by the influences Of
Bankers and Brokers 10 legalise their ex-
tortioning propensities. Every Bank un.
der this law will have its private agent or
Broker to loan money at ten per cent
Every man who is in debt must either pay
up, or make bargain for ten per cent
A debt for the people that was before ten
millions is by this law, made equal to
fourteen millions. We do not charge
thai the members of the Legislature act.
ed corruptly in this matter, but they were
over reached by the outside clamor of in.
terested lobbies.
We rejoice however to find public sen.
timent aroused 10 this terrible mistake Of
the Legislature-this act for the rich, while
it grinds to powder the face Of the needy
man. We quote with the highest pleasure
the following evidences Of correct sen,i
ment.
We quote first from the TtumbuN Dem.
ocrat: that paper says:
"TEN PER CENT INTEREsT-REPEAL.
REpEAL!!-REPEAL!!!-It will be seen
by the act below, passed at the late session
Of the Legislature, that ten per cent in ter
est is lega!szed, and that after the first day
Of May next, every man who owes mon
ey is liable to have immediate payment
enforced or the rate Of in,erest raised to!10
per cent.
owe have opposed law Of this kind,
and believe large majority of the people
are, and hope to see it repealed at the very
next session OF the Legislature.
If any alteration of the interest law was
needed, it was to make the decisions of the
Supreme Court, striking off all extra in
terest statute law. 1t is admitted by oil
that 6 per cent. is all that business man
can pay and succeed, and all know that it
is ruinous to a man in straitened circum.
stances to pay more. The people have
not asked for such law, and why this
legislation should precipitate it upon them,
is more than we are able to say. If we
mistake not the next Legislature will find
themselves instructed for repeal"
We next quote from the Mt. Vernon
Banner, every word of which we cherish
as correct in thought and feeling:
USury-Take care of the Rich and the
Rich will take care of the Poor.
AT period when special legislative
privileges have become so justly odious to
the people, it is somewhat surprising that
a law allowing sbavers and money. LENDERS
the privilege Of charging ten per cent in
terest should find advocates among the
r representatives of the people to secure its
passage through the Legislature. Instead
of diminishing the rate Of interest, and pas
sing usury laws with severe penalties, as
other states have done, TO protect the poor
but honest laborers who are the real pro-
ducers of wealth, from the avaricious jaws
Of unprincipled money shavers, the Solons
q tho Ohio Legislature have adopted the
w ebsterian motto "1'ake care of the ric h
md the rich will take care of the poor"
We look upon this measure as the most in
quitous Of any that was passed during the
ate session-a measure fraught with more
INJUSTICE to the mass Of the people, having
direct tendency to build up an aristocra-
" of wealth destructive Of the best inter.
sts of society, b. placing the many at the
mercy Of the few. A law so unjust and !
niquitous in its provisions, is dis grace to