Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-09-05
Usnry-I. money an artiole Of Merchan.

IllHh Wuu fhuftu ayes
Usury Is money IN article of Merchan,
die
We take the position that money IL n
standard Of value and that il should be so
regarded. The interests of our working men
dcmand that something should be done to
save them from the clutches and power Of
money lenders and brokers The Demoora,
cy of Montgomery County take the position
and will maintain IT, that money lenders,
and bankers should be limited in their op.
orations so ms not to compel people to pay
more for the use Of money than experience
had proven il 10 be worth as medium Of
trade aud exchange In other words VIC
should have a good and effective usury law,
conilning money lenders 70 legitimate and
reasonable rate Of interestan discount, In
The outset, however, we are met with tho
objection that this will not do; money is nm
article Of traffic, like corn, wheat, or cattle,
and every man has right to get for il Just
Nuht Aut hNlhtt VIII hhoINs ms IL Nne
regular stereotypod argument Of brokers and
money lenders But is il right Is il not
founded in selfish disposition and in n
most dangerous error If money be both
an article OF traffic and a medium Of ex
change, then some new rules of logic must
be invented 10y which VIC can reason our
Int A 4
change is tbatby or through which exchange
or trade is effected while corn, hogs, cattle,
and wares are tho thngu traded and traf-
feked These arguments are presented so
ably and forcibly, and we may add, so con
elnsively in work by John whipple, Of
Rhode Island, on "Froo Trade in Money, 4"
that We here present his views and com
mand them to tho careful pcrusal of our
readers
ia says
"The assumptions that money is merehan
disc, and that money is made scarce ON ao-
count OF the uSury laws, are not only fnlse
positions, but they are preposterous absur 1.
tiles, Money exets only by legislation:
merchandise is the product of individual
labor or ot private enterprise Money il
the legal standard by which value is meas
ured; merchandise IL that which il yalued bv
the aid oithis standard Money, as such.
has no intrinsic value; merchandise Is sonpht
for only on account Of lis intrinsic value -
Money ia perpetuated in its nature, and is
designed for all time; merchandise ia tenn,
porary and adapted to special wants, and
nade Tor wear and consumption. Money
~ ooncentrative--c -ccntering in tho keeping
OF the few, merchandise il diiIusiye being
required and consumed by the many. AIon-
ey IL o legal certificate Of value and Il Trims.
lerable for what it represents; merchandise
is the thing valued for what it is. and its
uses. " money were merchandise as man,
ey, then yard stick would DO merchandise
as measure, aud the cloth would measure
the yard stick ~ much rs tho ward stiok tho
cloth " money be merchandise. nnl n law
is passed to make It so, then all merchandise
should be made by law, money, which would
be u literal destruction of the invention oC
money. Whatever commodity be selectad
to serve as money, IL invested with sneciai
power and il is tho greatest power conforred
by government The proposition that no,
cause q man possesses the legal right 10 do,
maud what he plsases for his land, his tner
chandise and all other property, that there,
lore he ought 10 be authorized TO ask and
receive what he peases for his money, that
because the free trade principally prevails
beneiieiaiiy in relation TO all other subieots
OF property therefore it would operate ben
ebcielly 10 relation TO money-is a proposi.
ton to confer upon money all the priyiisgps
ns TO terms that belong to merchandise A
owns horses, and houses, and money Bv
law he can let hia hnrsaA and hia honses Gnr
the highest terms he can obtain. Whv
should he not have tho same power 70 pet M
much as be can for his money ? Tho cub.
stance OF the plausible argument ia this If
this argument, whIoh proceeds from the
creditor side Of the house could be so mod
lied as TO place moley ON level in ali re-
apeeta, wi tn merchandise, or other property
no rational man would object 20 the change
but they do not propose equality Of function
ana power They do not mean TO equalize
the powers OF money and merchandise. Tho
creditor says Il ought 70 have tho privilege
oil hsing my money as merchandise, and to
obtain the most | can for its use, Very
wen nnt II money "a 70 have all the priv.
leges Of merchandise, then merchandise
should have all tho privileges OF money III
they are puton level ms 10 the use oil the
NfNNsfFAf IVY NhVhih w put en- = lONOi na 10
the use Of The debtor But wifi tbs eIedie
tor consent that l+ad, Of bale of goods
shell be nlade tender ia payment Of his
debt -r-'.
Why not2 lfohe Il as much an ardolo
Of trade as the other, they should be treated
alika inallfespeets IL was not the design
OF The law 90 10 treat them. The same law
which giyes 70 the creditor the power of re-
fusing Everything but gold and silver 10 pay,
mensef his debt. onght 10 dx The value Of
that gold and silver. Butby thisnew theo.
~ the creditor NJ not only entitled to refuse
every thing but goldand silver, but TO be the
Iadge Of its value Or, Ia other words, 70 do,
nand what he ploaaes by way Of Interest.
10 DO oonsistent tho Law that confera great.
" privilege upon money than npon mer-
IbandIse should also impose upon il eeater
ealrnlpls, ~ lhey, theraleFe, propose 70 DO,
troy this pre- smiDence '0i money 80 far az
b use BY the creditor, they should DESTROY
% fst az regarlia ifS use b. the dobtor But |
that thay % pEepose i 70 extend the priyi ]