The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-08

49, - rnsTshandiss q nsaslrs, And the closh
would measure ths yard stick ss much 80 ths T..
ia PASSED b. make il so then all p1ypAa,dsw sh9eld
BE- made By law money, which would be hIeral ~
moiity be selected 70 serve monsy .ie ieNesten
with special power and u u the erpasest po1ei
entered sy Fnranmsn, TIE pfe ssSss 20 n~mand
what he pleasss for his 10 d, his merchsnoee ana
al ether property thai shsrsr chr, se nlses f his
money; thai h"csnse the tree trade princisis rrseas
benetcsaily In rest on oa other sus,ec ~ /, 70
fatiar, 70 MONEYS proposition 90 confer upon mo
ney all the privileges a. to terms nat oesosr 70 er
NV isw he can let his horses AMI his houses for the
| highest terms hs can obtain Why should he not
have tie sae power TO se as much az he can Ter his
mnney, The substance OF the answer which 1
should give this merely popular and rianIole ar
rom The creditor aide Of the house, cnld be modi
f.a A. Ia place money eyel, IN all rtspscss with
., s.sss prp1t ,b no ~ nat ps
| ptss equality q fvacsion and pooer. They do not
moan t eaadtse thepscer; tm9ney and merchandise
the trc1iioT .ays, ought 10 have the privilege OF
using my money as merchandise, and to obtain the
| most can for rs USE Very web But If money is
,handise should have all the D ivleges Of money II
they put level To the of the creditor.
Ru. ne on Creator rs or
hae goods. shall be made tender In payment Of
| hi. debit Why not' II ore is az much an article
OF tfsd the other, they should be treated alike in
respects II was not the design Of the Law 80 u
1 irs at them. The same law which yrs to the cren
silver In pay ment OF his debt ought TO fix The value
OF that gold and silver But by this new theory h"
creditor j. not only entitled to refuse every thing but
| Ia other words. To demand what he pleasvs by way
OF interest TO he consistent, the law that confers
4 erta er privileges upon money than upon m-rchan-
dire, should soimpose upon it greater restraints -
If they therefore. propose to destroy this preemi-
should destroy II 30 far as regards its use by the
| debtor But what they do prortse Is TO extend the
but not to extend the privileges Of the debtor
/ In the use Of his merchandise II money Ia TO be
tr ated as merchandise By the credicor, merchsdse
should he treated as money by the debtor But treat
| m. ney merchandis.-to give to the cred tor the
power asking what he pess.s for It's use-is disc
Grafton of its original and lie design 1t WAS created
| by government as a test of value. as medium OF
| exchange. IT stands @ bound tree in the forest.
Ssryes nal all s sau 10
| men and government slone ought TO fix iCs value.
Money pays debt at the will ef the debtor but law
r'eog 6izes no such power in merchandise Honey has
| minimum and maximum power according TO law
otherwise it c. ud not be standard Of value with
| any more consistency than government can author
ize unlimited yard sticks tr unlimited bushels but
prices Of merchandise fuctuate, and, m relation to
the is al standard, according to ceu"nd and supply
Money is the instrument q exchange-of settlement
snionG traders merchandise 4s the stock trade 20
pe,ieics, not profit; merchandise is prodnced by the
labor OF the people, and for i7f.ft Mrey az MGR
ehd'dtse censes u be mouey; erchandise as nea,ep
only as rel.tive AGENT for measuring the valua If
other things; merchandise is priced for what it ia in
disc supplies want, Money saves labor; merchandise
sus1ains IT. Money makes the rrice; merchandise
pays II. Money is borrowed and loaned merchandise
contrary, these fundamental distinctions uniyer
sally acknowledged for while people are coute ut to
5orrosC money sre ial terms of security, all are
'rnest to sell merchandise credit, and without
& ssSf sesas Of 4TS
OF money niousy permitted to n AXE their
Propositions. AS all products designed fer use
| ANT n,Nfa H. fsxh.
tested valued, the govern snts OF ali nations pre-
scribe by law the m Sn'; and hence we hare weights
mrHtur"s tests sd Motley, 30 ordered that all may
ard rs.sed their uses, and render them available
| tue le-st possible exp nse. Such Instruments, de-
peopls, require the protecting p swer Of the mo t
| stringent laws"
Several of the States and Territories have trio thu
| b,ltion of laws against usury, and hav. been
obliged 70 revert 10 the most strngen. provisions
against u.ury. The argument in favor of lava
against usury do not rest up the either to
prevent nsu-y, or te prevent prodigalfy to pro
tect ndiSencs against extortion or to repress the &
| irnpostion, s, much upon other grounds
| Tine policy and e1psdiency Of usury Law: must
depend mainly, if net entirely, upon two que,
| tions:
LIST. Surprising the parties to stand On eausl
tsrms and the hs gains which they make TO be, in
or ia II not for the interaat Of the public slow mo
neg TO be counted - merchandise and bought and
sold at any price the parties may choose t. stpu-
late'
'2d Do the parties in general meet on equal
terms and are thu bargains in the absence of usur
laws. as fan as bargains usually are IN relation c
merchandise!
The answers to these questions depend upon the
"I,t That money j. the creatio of government
nerchsndi,e of individual industry. Its origin +.
| therefore. different
Fl that n .2'r.' -,s..n ~ '~ r-,-t = %.
whereas tie u ~, tr-iu aE.-. u! IN
dustry is the a'issnCess Of IN .ni,, iiu,i alone.
sd That the title Of an Individual to naerchondis
IaUa at laas Df
m.ra. right to perrert the object of its creation
18th That money differs from all merchandise IL
| the poI1er which liz lnseparable from it. That thi
tGat it is the right and dnty Of the government t.
not be perverted to the injury of the public.
9Th That this power is the necessary consequence
money being the only instrument Of exchange ant
thereiorc indispensable. to the busios-s of all.
tbs fs t Ina mGnss being generally in the hands
city are much greater than for creating an artificial
| scarcity of merchandise"
That the rate of interest is raised by treating
, money as merchandise, is proved not ony by al
experience fairly stated, but especially by tn,
from taking less than legal rates. On the contra
tAe argument OF the usurers is, that they arr
cons tsyn5 to rise above them becans
i they now rise above them, to what height woulC
they not rise if there rik, and nothing to re-
now combine to monopolize all the money to b.
loaned by large holders. who will not Ihtms Ives
the highest rate to the n.ceisi,0us. who are not s.
punctual As themselves IN Fayi ing debts. If sucI
men were restrsiued BY no laNs TO back the mora
instincts of humanity and brotherhood among men
, what would they not demand of the necessities O
the bound aud burdened debtor classes in hard
times! 1t is utterly faac9us that free trade in mon,
Ell lowers the rate of interest Free trade in moneJ
Will utterly dsstr0y free trade in merchandise. By
lowering AID restraining the rate Al interest on mon
~ alone, can regular trade and business be protec
led The despt rae Spectator or spendthrift vii
pay rate which the hunest fair regular dealer can
not afford. The preamble 10 the statute of Anne
passed mCre than 100 years ago. attests the truth
sis eTpsr.e'lce IN Lngland When the usurer says
The reply is. then 10, the interest SO to-day il
worth what Sc, The interest on 500 was worth Yes
terday." VIXEN the usuror demands then that hi
interest shall be doubled, BECAUSE the value of hi
principal Is doubled. 4 Is plain that his demand il
worth OF hisprincipal is only doubled. If you 81!
tast because the value OF the principal is doubled the
tipiy his interest oaold For, if So to day is worth
niy So yesterday anu you allow him to tase So thu
double OF 81 ON $50 70 day, then you allow him tn,
worth Of Sl2 vest rday, or four times SO! And THU
proves the ecsssty for some elative standardsoe
measure OF money worth, to which prices must re
late. The standard-whether il be yard stick, bush
ei, or rate OF In erest-remains firm and fixed willis
the prtce d merchandise 1uctuates, as il will anC
must If trade remains free. Ana thus, and thus on
ly eau relative worth he ascertaned Tho scale OF
standard is hrm, and prices slide GU and gradu
atea by It, But II the price of merchandise and tn
price OF money are both allowed to fiuctuate anC
slide at the caprice Of bargainors then there will bt
90 standard, prices will be confused, and relatv.
| Woitn Cahiiot pe asCtrtaiheu; i gu might as wei
permit the crowd of the market house 10 alter the
| weights or change the beam OF the balance every
hour, or at the ~him of every bargainee as to abol
ish the nsury laws. And to say that because mer
chandise ID known to rise above the level of vau,
} when demand Is great and prces are high, and Il
tall below when demand ceases and prices TALL anC
therefore the price OF money will be in like
equslized is utterly fallacious Because the deDtdnt
for nsoneY is dttodys, continuously disproporti0ate
greater than the demand for anything else. When
pansion initiates prices aud infinitely multiplies deal
ers. this In turn makes O greater and greater de
| mand for money. And aeain--when the bubble O
initiation bursts every thing falls down to hard dol
lars aud they are exceedingly and in grea
| demand; Thousands of sufis. ers groanng unde
pressure, debts are large and numer U.S. heavy anC
| tearing hard down on them and in their agonN