Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-10-15
Umrts Fhat's lhs Queslion,


giving me some trouble. have made fair
premises, and intend 10 he honorable, le,
the consequence ne whatit may ] intend I
to use all my energies to procure the pas
sage Of a strong usury law.
Par.-Dou't be too ooconsoientious Lhave
talked some on the sul ieet myself, but ihore
are two sides 10 every .qnesyion, The far
mers and business men may think strt ng
usury law very gooa thing, but what will
,heee bankers and brokers say IL we eeitate
this subjscs9 Ths busiasss men don't think
as much on this snbiec ~ brokers, and mind
what tell you, ihe brokers win watch you
very closely
Coov Well gentlemen, have not made
any speecher nor pledges, and have not
fully made upmy mind npOn this subjeOt.
] have heard great complaints against bro
kers and high rates Of interest, but the peo-
pie who are not in that business never know
what occasions these fluctuations in proper
~ and suspensions in business so you will
excuse me while listen to you on the sub
iect.
Cup.--The more think about usury, the
more I think Il glOrihg evil 1t is unsafe
to the broker unsafe to the depositor, and
cripples all onr business enterprises | am
perfectly satisfied of this, and / will use all
my influence to bsys law passed which
will be 40 severe in its penalties that no
more than per cent. interest can be taken.
Par.--That will never do. have been
careful no, to pledge myself quite SO strong
as that The brokers may have something
10 say to me on that subject and am non
comuittal. ] am afraid, Il such law were
passed, all the brokers would suspend busi-
ness; mean quit business and get ut some,
thing else
Cup.--That would just suit me. want
them at something else; lwant them TO let
the business men aud farmers lowest their
money in industrious business enterprises,
and in building up the country.
Psr-That will never build up the conn
try. Just see how convenient il Is to so into
any Of these corners and get money when.
ever you want il.
Cups-well, sir, that has not been my
experience.
Coo Nor mine.
Par.-l can always got as much as want.
Cup,-lt is not a legitimate business,
gentlemen. In my opinion, no person is
benefited. The broker is neither borrower
nor lender, but a kind of medium through
which the business man and farmer lend
their own money, and the compensation
paid by these business men and farmers for
the blessed privilege of having THEIR OWN
money lent, is the difference between what
they receive from tho broker, and what the
broker receives from the borrower
Par. That is not all the eompensation
the broker pays he takes the risk Of lending
your money,
Cup.-Thnt is true; but the business man
and farmer takes risk also, when he de-
posits with the broker, as past experience
proves, and think one Offsets the ether
Par.-But what shall the business man dc
if such places Of deposit are clos,d MP. Bu-
siness men cannot be to the Inconvenience Of
depositing with one another, and 1t is unsafe
to lock their money up in private vaults.
tup-lhey can deposit in banks Of issue
regularly incorpo rated, where they can al
ways borrow it back agein at per cent.
while they wovld have to pay the broker
f,om IL to "a per cent to borrow Of then
if they should want to use money.
Par.-But banks of issue DO not pay H.
teress on deposits.
Cup.-Neither do the brokers, unless thr
deposit was made for definite period 0
time and experience has taught oil broker
and bankers that no banking institution cal
pay interest on deposits subject to call, an,
sustain itself
Par.-Why, Cuppy, do you wan. all GU
regular banks, commonly called shavin
shops, to close up entircly2
Cup-Ies, entirely, want them to be
come entirely extinct, and give back to tn
business men and farmers their money, an
if the broker has any left | want him to il
vest in some USEFUL calling.
Par.-Do you think he would do that?-
Don't you think he would Immediately sta,
one Of these Incorporated banks2 The
have such passion for banking that the
will always be in some kind Of bankin
operation
Cup-l am willing he shall open ban
Of issue then money viii be plenty, an
can be borrowed by business men at p,
cent They can borrow it at that Of Ii
banks, or Of men not engaged in bAnkir
business, when the lender does not want h
money on call. If he must have il on ca
he ought not TO have any interest
Par.-We have plenty Of hanks Of ssr
already.
Cup,-1hat may lie, but they vail not i
sue their money, for If they do these bro
ers will create q panic, and depreeate the
money, and then buy Il at a large liscouI
and gather 1t up aud demand the spec
and put the banks Of issue to the trouble
buying of the same brokers the amount
gold and silver necessary to redeem their r
per
Par--They never DO that, do they2
Cup Yes, and you know il; and I'll ts
you another thing that you know, "
know that these very brokers, Ia many !