Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1858-08-13

that our then sitting legislature, would thle un.
der their reyisal, the subject of the existing
taxes upon the public aud private capital of
this State We expressed the opinion then,
that the taxes upon the State bonds of this
State aud the taxes or restrictions upon our
lenders and borrowers of money, were both alike
impclttic aud injurious Such laws tended in
the one case TO depteciate the public funds in
foreign markets, while in the latter case they
tended to prevent the influx Of money into the
State, either ms actual capital or as passive in.
vestments. We yet see no cause to change our
mind on the subject. Every day, more and
more, convinces us that our Legislature has no
more right to embarass negotietious between
man and man, in the matter oE money loans,
than they have in the matter Of any other ex.
change Of real or supposed values. Money may
and always is, worth more 10 a. than to b.
and c. for specific object, can pay certain
per cent above what his neighbor d. can afford.
Money, as the best writer's on Political and FL
nancial Economy tell us, is like water aud always
seeks and finds It's own level,
We say this much by way of preface to the
following article from the N. Y. Post, which
goes a great way we think, 10 snbstan,iate tho
view we have taken. In speaking Of the new
government loan the Post says
The other, day our government asked Of the
capitalists of the country to loan 1t $40 O00 900
at 5 per cent. When the proposals came to be
opened yesterday, it was found that over thirty
millions Of dollars were offered with premiums
for the privilege ranging from one and a half TO
seven and three oneshundredths per. cent, thus
netting to the lenders an average interest of less
than Ave per cent.
AT the same time that these thirty millions
go 80 Washington for employment at such rates,
aud twenty millions OF the sum come back With
out finding investment, money is in demand in
nearly all the western states at from len to iiC.
teen per. cent State bonds, mNhicipat Bonds,
mortgages npon lands worth three and Ave times
the loan, all can be purchased at rate yielding
over twelve per cent
Why IS thiSS Why does the western trader
and merchant have 10 pay three, four, and Eve
umeS as much for money as Mr.. Secretary
Gohh, OF even as a tiFst-cl&ss mercantile house
in New York, where it is extremely difficult To
invest any money on good security that will net
six per cent Why does a DAYS ride mon The
railroad take New Yorker into region where
money the most portable Of all commodities is
the only one which costs several times as much
as Il does at home.
The reason and The only reason is that the
Western States are CONTINUALLY interFSrSnfs IN the
contracts between the borrower and the lender;
tectTag MS money from an unwilling borrower;
they compel him, Il he lends on a mortgage
and toIeeloSes, 20 buy IN the property at two.
thirds OF its value il it sho11d not bring that
sum in the markets they compel him to wait a
year, more or less, 10 enforce an execution or to
get a htle to property seld by the law for the
payment OF his debt. AL such laws ii made
alter contract, are Ia violation of its proviS-
ions and wrong the lsndeIs il before, they are
oppressive to the borrower, for they impair the
value OF the security he has to offer TO capital
lstS and OF course compel 9ssa TO make up the
difference in premium. The cost OF money viii
always be pTopoFtioaed to the risk supposed to
he taken, aud If the capitalist has Ia lend under
laws which do not respect coa{raets which Ia
not leave men OF mature wears and Of a sound
mind to enter into such agreements Ms t,ev
please, not inconsistent with The pablo nescs
he will Of. course charge more foT his money
than he would in a State which did not NEEDLE
with the Contracts Of business men excent IN
enforce them promptly.
These propositions seem almost too tyits f5r
discussion, an6-yct ii is inposs BILE ia si,nnoSe
that they are eoInprehendefi at Ffe west. Where
every Kind al business is SUSPENDED Sor ire
want OF little money. while millions ,17,f NH
lions are lying idle within days ioorney. Tbe
people OF the West certainly cannot realise me
folly of their financial legislation or they xf,,lS
labantion 1t; and vet one would sunp6se tbat
they would open their eyes TO Il when they fiad