Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1857-02-13
TEN PER CENT LAW.

A few of our Solons, at Columbus, are in
a state of parturition with an effort to re-
peal the law making ten per cent legal
rate of interest when specified in the con
tract. Tinkcring legislation is the curse of
this country. Nothing is left permanent
and unchanged. We feel like saying to
these wise men as Pat did to his boy-"if
you can't be aisy, be as aisy as you can."-
If you must tinker something, try your hand
at laws preserving muskrats or something of
that Sort but for heavens sake keep your
hands off the great commercial and financial
interests of the State. At any rate we beg
J III will consider the following things:
l. is at the option of the borrower to
pay the rate demanded not exceeding ten
per cent or let the money alone. But if he
must have it,
2. Ten per cent is not too high n rate; ;
for real estate generally under the impulse
of the gold of California and the march of
improvement increases faster than money
at that rate.
3. The people of Ohio want to borrow
more money than they can get at ten per
cent, not because they are pressed by debt
but because they can make money by doing
so.
A. The ten per cent law has drawn to
our State vast amount Of capital which
has proved profitable both to lender and
borrower. This increase of capital has been
the chief reason why our resources have de-
vclopped so rapidly, in spite Of the accured
Locofoco legislation which has made war on
our currency, and loaded us with taxes.
5. The repeal ofthis law would cause the
speedy withdrawal of vast sums of money
from the State, and thus cripple our hopes
of continued prosperity.
6. Other States will be wiser than we,
and will either give as free scope to capital ir
money as to all other kinds of capital oil
will make such rates ofinterest legal as will
draw capital to them We shall learn thai
an attempt to reduce the rate of interest be-
low the real value there is in the use of mon
ey. is only the wisdom of biting off oul
noses to spite our faces.
Finally, we beg that the laws which af
feet the great interests of community ma,
not be tnkered without an earnest demanC
from the people. Some fool has tried tn
trick of calling this projected repeal of tn
ten per cent law, and the restoration of 81
per cent as the only legal rate, 'the poo
, mans law" Never was more Transparent
hoax. Six per cent is not a sufficient rat
t of interest. The influx of gold alone is il
: creasing the value Of property and labc
faster than this. The attempt to restor
5 this rate will only result in throwing tn
needy borrower into the hands of those VIII
will take flesh and fleece together. Me
who would loan at ten per cent if that wei
legal, will feel discharged from all oblig'
!. tion to give any heed to a law which r.
n quircs them to take six per cent or nothing
}. and they will take what they can get. MOI
h ey will be scarce, for capital will be will
/. drawn from the State in vast amounts
|. Then, wo betide the poor man who mu,
e have money. We hate to pay ten per cen
c but we often do. We beg the solons
c Columbus not to repeal the ten per Gel
law, and thus compel us to pay moro. E.