Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-18

interest taken in advance ata a75
every months and added
L to tho principal, at 6 per
cent. per annum, 1,o63, 3,455.o 900
Do. do. do. at ta#
Z per cent. per annum 1907. $40. 900
Difference between 6 and Z
per cent. 40 years, $544. 1000
Nearly the value Of the whole
state of Massachusetts, in
1850. which was S5ss. 900, ,6s4
Interes! on Sss. .ooo.o 900. 40
years, at 8 per cent. $3.50. goo 900
Do. do. do. ate
per cent. 1908. .455,o0
Difference between 6 and
per cent 40 years, $1,373, ,145.0O0
Valuation of Mass deducted 598 900 634
Difference between 6 and 8
per cent. 40 years more
than value of Massachu-
setts in 1850, $775, IA, ,366
Interest on money is devouring ele-
ment and these times will satisfy all that
we cannot venture to transgress the law
of the experience of ages, that s per cent
is as high an average as any people can
offord to pay for its use. The business
OF legislation, is to look to and conserve q
regular and normal state of trade, and
not to minister to and indulge spirit Of
speculation and above all, to restrict
rather than to increase the power OF mo-
ney. Money was created by the legisla-
ture for the convenience of the people,
and it should not be allowed to be per-
verted from its uses as. a medium and
standard of value, to the opposition. Mo.
ney is powerful enough already, and can
make its profits independent of loans. A
monied aristocracy is the most dan
gerous enemy of this republic. No spirit
Of independence can Withstand the de-
preston OF debt; and as long as man is
man, "the borrower will be the slave to
the lender" l trust then, that no spe-
cious appearance or arguments will induce
the general assembly Of Virginia to in.
crease our legal rates of interest. And
much more strongly do urge that they
will not repeal or relax our usury laws.
The hackneyed arguments of Jeremy
Bentham to repeal usury laws, have been
triumphantly refuted by all experience.
and by answers which are irrefragable.
One OF these answers present in the ac.
companying pamphlet on " Free trade in
money, or note shaving, the great cause
of fraud. poverty, ruin, &c." by John
Whipple. of Rhode Island.
1The article here referred, to will be
found on page 70 OF Doc. No. j.
The positions taken are, that "the as
sumptions that money is merchandise ;and
that money is made scarce on account OF
the usury laws, are not only false posi-
tions, but are preposterous absurdities.
Money exists only by legislation Mer.
chandise is the product of individual labor
or private enterprise. Money is the legal
standard. by which value is measured
merchandise is that which is valued by the
aid Of this standard. Money. as such,
has no intrinsic value merchandise is
sought for only on account Of its intrinsic
value. Money is perpetual in its nature,
and is designed for all time !; merchandise
is temporary, and adapted TO special
wants, and made for wear or consump-
ton. Money is concentrative-cen centreing
in the keeping of the few |; merchandise diff.
fusiye, being required and received by
the many. Money is legal certificate Of
value, and is transferable for whatit rep
resents: merchandise is the thing valued
for what it is. or its uses. If money ,rere
merchandise as money, then yard stick
would be merchandise as a measure, and
the cloth would measure the yard stick as
much as the yard stick the cloth. limo.
neg be merchandise, and law passed
to make it so, then all merchandise should
be made by law money. which would be q
literal destruction Of the invention OF mo-
neg. Whatever commodity be selected
to serve as money, is invested with spe-
cial power it is the greatest power con-
fer,e by government. The proposition
that because a man possesses the legal
right to demand what he plesses for his
land, his merchandise. and all other prop
erty, therefore he ought to be at liberty to
ask what he pleases for his money; that
because the free trade principle prevails
benefcially ia relation to all other subjects
of property, therefore, it would operate
bene6cially in relation to MONEYS a
proposition to conferr upon money all the
privileges as to terms that belong to mer-
chandise. A owns horses, and houses
and money. BY law he can let his houses
and horses upon the highest terms he can