Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-01-23


ton only augments the evil. But it Is said that 4
money is different matter. 1t is powerful ana \
coerces men, it is said. True, you may "caii
spirit from the Vastly deep'' but viii they come ?
There is the point. Money has no power to COM ,
pci the borrower. AS in the case Of the merchant,
alluded to by one speaker, the creditor has right
to saw what he will gire as well as the merchant,
what he will take, in closing mp affairs. Ii he
agrees to pay high rate Of interest, he ought TO
pay it, s:Money differs from every other article"
Sois one community different from every other,
and man is different from every other why
not then make one law for one man, and another
law for another man, and so for every community.
1t is more different, than wheat or flour, and
one might well argue for one law for one kind
of an article, and another for another kind. The
foot measure Of l2 inches is fixed and so weights
And hence, doubtless, the idea and origin OF
money as standard, the world over. The Greeks
first used oxen for money, and afterwards from
under the Laws of LycuIgus for money. And
believe that even coon skins have been some
where made legal tender. Money to be sure,
can be divided better than oxen. and have its use.
California deposits made gold go down in value;
and lands rise. just like the price Of wheat. Lands
are destined to RISE since the introduction Of one
! hundred millions OF California gold. Gold and
Silver thus tepreciates in value. They are worth
/ what they will bring in the arts. Charles, OF
Sweden. undertook to make leather money; but
could not make ii succeed. His compnlsion, like
a dam in liver, when the waters overflow, make
! the catastrophe the more overwhelming. Money
has its own law. IF any one violates this law, he
will suffer It's penalty. Like -four, 1t has its value
! and is governed by law Of trade which cannot be
/ violated without loss. Money in New York, by
law is seven per cent, and yet myself was there
! when John Jacob Astor's notes were sold In the
! streets at three per cent. In like manner, notes
will sell al IS per cent. discount; and when you
can make laws that pronlissoIy notes shall not be
I shaved, then You may well make usury laws.
But it may he asked what harm in such laws? II
prevents regular dealers and large capitalists iron
+ comm. into the state, and gives up all the bust
ness to shaVers In The streets. My friend here
(Nr. Espy) would rot make so much -four, if the
price regulated b. law, Yes would, he re-
! piled, if you will make -four legal tendcr.l
Money Is like the aerial changes, The heat at the
equator causes the air at the poles to rush in. till
equilibrium is restored. so money is governed
/ by the simple law OF equilibrium. Laws imposed
only help shavers, and keep honest capitalists
out--mere penny shavers that Ina, conscience
take advantage thus OF honest capitalists. This
! usury law Of the same character. Witness for
example, the price Of -four in California, which at
one time TO $50, or more by The barrel. Ships
came loaded from all the world and soon the
! supply brought down the price. But suppose the
California Legislature had not been wise enough to
leave it free, but had fixed the price by law. would
the same result have so sooa followed? SO of TIE
,rig. 8 in, Iaef ,ln
emigration 10 California, il rose above its real
. value. AS a consequence, probably greater
| crop has been raised this year. and the price win
/ fall below the us Ial rate, that otherwise would
have been fixed. 1t would not have been so if
Germ last year had been fixed at ID cents i bushel
These some of the reasons, why such laws
are useless, and worse than useless. would
abolish all usury laws whatever. And, If you say
abolish all laws, or action in any case, do yon
say. Ilnot, then enforce the law and make the
action in law available.
Judge Mason here asked whether interest
/ would not he more than 10 or IL per cent, the
bank stock in other states was more than that
rate.l Judge Mason answered. 1t may and doubt
II less, Will be more, though bank stock depends
upon another principle.
/ He concluded-I want the law made and enforced
not as lender, tut as borrower. Money is
! worth more than ten per cent, invested III lands,
such is and will be their rise in value, since the
influx OF California gold. Here the question was
called for. but the call gave way TO motion for
adjournment to give time for Mr. Espy to reply.l
The writer was not able to hear MIR. Espy in the
I morning, though synopsis Of his views is given
| above. at the opening of the afternoons debate.
/ The amendment finally Disagreed to ty vote
/ offs TO II.
URBANUS.