The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-01-21
OK See first page.

lEf@ See hrst page.
CrF Our talented Representative, Mr. Den
by, has two important subjects in hand-a
bill to allow higher conventional interest,
and one to repeal the charter Of The new
State Bank; and if lie succeeds in either, he
will make durable mark in his Legislative
career In one he has old and deeply rooted
prejudices to encounter; and in the other az
formidable monetary influence to overcome
Free trade in money is the right commercial 7
doctrine; and experience and the common 7
sense of men have overcome the ancient big /
otry Of the law, which has become a dead
letter in all Of the transactions il vas de- !
signed to control. Trade will make its own
laws in spite Of legislative enactments, and its
laws are usually wiser than any that can lie
framed for it. Every attempt to control the
natural course and necessities Of trade but
aggravates the evils it would remedy. The
present laws are wholly imperative, and mo-
one protends that any system Of restraint
upon the rates of interest can be devised,
that would be effectual in protecting the boz
rover, If he needed protection. No one, as
Mr.. DENLY says, can or expects to borrow
money in this region Of country at less than
10 or u per cent. interest. Why not, then,
make the law conform TO the absolute and
imperative circumstances Of the people? The
necessities of the case cannot lie removed,
and why not allow the people freely 10 con-
form to their actual condition?
good system Of banking ana finance
would be the only rational and most cGectuaI
means of reducing the rates Of interest and re-
leving the poor debtor from tho clutches Of
the owner Of the money bags. Instead Of
granting monopolies Of banking to swindiias
sp,culators-g7ing the whole control Of the
currency Of the State, for the age Of the pres
ent generation, into the hands Of 4 small
clique of monicd men, who are empowered,
without any accountability to the people, not
only to fix the rates Of interest and tax The
public in that way, at will but to raise or de-
press the value of all property of the citizens,
as their interest or designs may prompt. 1t
is, apparently, absurd and very ridiculous TO
behold the squeamishness Of the Legislature
to advance the rates of conventional interest
to allow men to make their own bargains,
within reasonable limits, in their money trans
action, after the Legislature itself has resigned
its highest sovereign powcr-tho right to ere
ate currency to private-and politically
irresponsible, corporation-and Abandoned the
people to its mercy and iorbearance. They
have gratuitously conferred upon few rich
men, virtually the sole power to create the
currency for this State; to influence the stan
dard of value by which every citizens prop
erty is to be valucd-to raise or lower the
burthen of taxation-and although il can not
change the sum Of dollars, it may increase CT
diminish the weight Of the State debt upon
the people. After having given virtually ta3
whole control Of the monetary concerns Of
the State to private junto, the Legislature
higglc about allowing the people to pay these
monarch's Of the purse, ten per cent 7sgc1ly
after they have given them the power to take
t,centy if they are inclined to demand it.
A coed banking system would draw CAPT
tai from abroad into this State, as it has done
in Kentucky, and exert . powerful influence
in reducing interest. and saving the people
from Shylocks. But as this opportunity j.
probably lost, the next best remedy is to re
lieve money contracts from legal restraints
and allow people to pay as high an interest a.
they can afford, and induce private capita
from abroad to compete with our domestic cap
italists and bank monopolist5. Distant cap:
talists will not send their money here to b
loaned at rates of interest, where usury can b
Plead, but sustain monied contracts at maike
rates by law, and money will come to Us il
such streams as soon to make it cheaper. Al
illustration of this effect was Witnessed in St
Louis, when the new law Of Missouri, allow
ing 10 pcnt cent. conventional interest wen
into operation year ago. On the day O
Which the law took effect, large sums from tn
East appeared in tho market at ST. Loui
seeking investments in mortgages, and loan
that had paid IL and 10 per cent, were easi
negotiated few weeks after at 10 per cen
Make contracts at ten per cent legal, and ior
eisn capital will come to Evansville in large
sums than we ever seen it before, to develop
our great material resources.
tt5 It is said that the appointment Of tn
Committee to investigate the alleged corruF
tions of members of Congress, has caused