Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-03-24
For the Portage Sentinel ;.-
The Ten Per Cent Interest Law-ys.
a-1a Labor. e.. il.
BY J. n.

+ ~"s BY J. n. a55 a-5E
Ma. EDrroa.-Thers appears to be no
prospect Of the repeal Of the ten per cen.
law Of the last winter, OF the present ses.
sion Of the Legislature; and suppose our
Solons are ignorant that public ssn,imort,
public in,erest, or true policy, demand its
repeal. | know the p re.encs is, ,ha, Bank.
srs can get more than ten per cen. under
the sanction Of Law, and therefore ,ha,
others should have that privilege. But
is i. just TO the people1 That one So. of
men are privileged to dsfraud labor, is no
good reason that another, and more ,nu.
merous %. sh ould be encouraged 10 do the
same thing by law. Law should never
sanction wrong, though man may bs in-
duced 10 engage 10 bargain to wrong himself
and his own family. Is it righ, TO take
even 8 per cent, or any amour. or rate Of
in,eres, more than mere insurance on the
payment of the principal, and the labor Of
transient This is question which is
now hsing often sasksd, and answered a.
meng the shaved. =,
1t is labor only which produces. Money,
lying idle, produces nothing; and, a. Il is
labor only produces, labor should not be
taxed to. pamper wealth and idleness.s It
is high interest, high rent, and unjus. prof
it's; interest and tho legitimate results OF
high interest, that build up and sustain the
Aristocracy in all countries where it exists,
and Expresses labor; for it 10 labor that
produces all, and supports all.
1t is the ignorance Of the masses, their
want Of knowledge Of their just rights and
interests, that enable the capitalists thus to
lHxuria.e on the labors Of others. II public
opinion was all right on the subject Of usu.
ry, or interest on money,-if tho masses
knew their ewn interests, there would be
no borrowing at high rates Of interest, and
sbayers, whether incorporated or unincor-
porated, combined or isolated, would get
but little custom. In this contest between
Shylocks incorporated. and Shylocks unin-
corporated, the Tubals only are cut, as said
the lawyer, who was rallied by his duped
client on his friendly familiarity with his
fellow lawyer, nfier they had just been
abusing each other in court. I'VE law.
ysrs," said he s'are like shears. We ney.
ar cut ourselves, but what's between. p
So Of the shavers. The Law. by multiply
ing the bankers dollars by two or three,
and enforcing the collection Of six per cent,
compounded monthly, and premiums on
exchanges, enables the Bankers to make
their Is and 20 per cent yearly interest,
and the unincofporatsd shavers, longing
for the same chance to swindle labor get
up o ten per cent interest law, under pre-
tencs of snmity 10 banks. But what do
bankers carst They can take the money
out Of bank and loan j. individually at a
higher rate than they could have dene
withou, that law. Large transactions will
sill be done through the bank machine,
and exchange and brokerage will thrive as
in clover, bu. the shaved must still grow
lean. a
II is now being said, and believed to be
an established truth, that this matter Of
high interest lies q, the bottom Of many and
sore evils; that i, enables capital 10 oppress
labor; that by it, poverty is oppressed,
ground to suffering, and idleness pampered
10 aris,ocracy. That high interest very
naturally or NATURALLY encourages avarics;
and thence high rents, high profits, high
charges Of many kinds, and finally high
taxes, high words, hard quarrsls, and OK.
pensiye ysxatious law suiis, al Of which
have ultimately to b. paid for by labor and
laborersl -
id Now, If our Solons Of the Legislature
will Just take all their interes: laws out Of
the way, and all laws that compel. enforce,
the consu mmasion Of the wrong, leaving i.
always to the conisnding parties 10 bargain
rs they may, and voluntarily to fui6l as
they can public opinion would soon make
all right, and men would not borrow at the
ruinous rate Of ten per cent or even six per
cent Take such laws out Of our way. and
men would sooa see the fact. and act from
the knowledge Of 1t, that labor cannot at.
ford TO pay tribute to capital at higher
rates than one or two per cent.
Iateress and rent everywhere support
and pamper aris.ocracy. and enables the
class thus privileged to lord it over labor
and poverty. 1t makes the rich richer, and
A. ,.oov nooysx Whsle ~ heAns uD wealth