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

OBTAIN. iMhy should ghea not have the
same power to get as much as, ,hescRn for
his money 3 The substantce of the answer
which j should give to this merely spoppr
lar and plausible argument is this III
thisargument, which proceeds from the
creditor side Of The house, could beisse
modified asto place moneys on n leyeL in
all respects with merchandise, rvother
property. .ino rational man would object to
the change But they do not, propose
equality of function and power. They. do
not mean to equalizei the powers of money
and merchandise, The creditor says, u
oughtto have the privilege of using my
money as merchandise, aud TO obtain. the
most 1 can for its use,' Yerywell. But
ifmoney is to have alithe privileges of
merchandise, then merchandise should
have all the privileges of money. Ifthey
are put ON level as to the use of the
creditor. they should be put on level as
to the use of the debtor. But will the
creditor consent that land, or bale of
goods, shall be made tender in payment
of his debt I? Why not 2 II one is as
much an article Of trade as the other,
they should be treated alike in all re-
spects. II was not the design Of the law
so to treat them. The same law. which
gives to the creditor the power of refusing
everything but gold aud silver. in pay
ment of his debt, ought to fix the value
Of that gold and silver. But by this new
theory, the creditor is not only entitled
to refuse everything but gold and silver,
but to be the judge of its value, or, in
other words, to demand what he pleases
by way Of interest. To be consistent,
the law that confers greater privileges
upon money than upon merchandise.
should also impose upon it greater re.
straints. II they, therefore, propose to
destroy this pre-. re.eminence Of money SO
far as its use by the creditor, they should
destroy it SO far as regards its use by
the debtor. But what they do propose is
to extend the privileges Of the creditor in
fixing the value Of his money, but not TO
extend the privileges of the debtor in the
use Of his merchandise. If money is to
be treated as merchandise by the credi.
tor, merchandise should be treated as
money by the debtor. But, to treat mo.
ney as merchandising give to the cred.
itor the power of asking what he pleases
for its use-is desecration Of its original
and sole design. l. was created by go.
vernment as test Of value, as medium
of exchange. 1t stands as a bound tree
in the forest. Neither adjoining owner
has right to use it for any other pur>
pose. 1t derives all its value from gov
eminent. and government alone ought to
fix its value. Money pays debt at the
will Of the debtor; but law recognizes no
such power in merchandise. Money has
a. minimum and a maximum power ac.
cording to law, otherwise il could not be
a standard Of value with any more con-
sistency than government can authorize
unlimited yard sticks or unlimited bush>
els; bat prices Of merchandise fuctuate,
and, in relation to the legal standard, ac-
cording to demand and supply. Money
is the instrument Of exchange-of settle
ment among traders; merchandise is the
stock in trade to be exchanged. Money
is authorized by law for convenience, not
profit; merchandise is produced by the
ey as merchandise ceases to be money ;
merchandise as money nowhere exists ex-
cept by legislation. Money exists only as
a relative agent for measuring the value
Of other things; merchandise is priced for
what it is in itself. Money is an agent to
promote want; merchandise supplies want.
Money saves labor; merchandise sustains
it. Money makes the price: merchandise
pays it. Money is borrowed and loaned; /;
merchandise is bought and sold. What.
ever may be said to the contrary, these
fundamental distinctions are universally
acknowledged; for. while people are con.
tent to borrow money on special terms Of
security, all are earnest to sell merchan-
disc on credit, and without such security.
Purchasers of merchandise are politely
and urgently solicited to buy;a while Dor.
rowers' Of money are tremendously per.
mitted to make their propositions. AS oil
products designed for use. ornament, or
consumption are to be weighed, measur!
ed, tested, or valued, the governments Of
all nations prescribe by law the means;
and hence we have weights, measuresi
tests and money, so ordered that all
may understand their uses, and render
them available at the least possible ex.
pense. Such instruments, Designed by
government for the convenience Of the
people, require the protecting power Of
the most stringent laws" ~ = 'g FE
Several Of the States and Territories
have tried the abolition Of laws against
usury. and have been obliged to revert 70
the most stringent provisions against usu-
ry. The argument in favor Of laws
against usury do not rest upon the rea-
sons either to prevent usurys or to pre-
vent prodigality, or to protect indigehee
against extortion, or to fepress the temer-
ity Of spectators. or TO protect simplicity
against imposition, SO much as upon 9th
er grounds.
!" The policy and expediepcy of usury
laws must depend mainly, if not entirely