The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1859-01-07
The Ten Per Cen, Interest Law.


| The Ten Per Cent Interest Law.
h We areGglad tosee, says the Cleveland
header, tllat ths people are beginning tt
agitate for the repeal Of the oppressive ter
per cent Interest law.s~hich is drawing
|the life blood from ths5cilzens Of Ohio
Tho cilizcns Of Morrow county recently
held meeting and took strong grount
against tle law. fay9ripg shs ad9ptlyn Q
a law making six per cent. the legal rat
forall transactions; with such penalties a
villY effectualH gWeyent the yiolstiol
thereof. A Short Petitiouato the Gone
raj Assembly is being circulated in Medi
ma county, simply praying for The rrpea
of the Act passed March "A, 1850, ant
which took effect Nay lat. 1850, entitled
Gan Act to amend the Act entitled An
act fixing the rate Of interest, passed Jan
13, 1924, and all other laws on that sub!
jec"--and il any further legislation be
necessary 70 prevent usufy, that such leg
islaiiopy be had as the General Assembly
in their wisdom shall de, m proper -
Similar petitions should be genetally cir
culated throughout the State. and with
out delay. The Legislature meets enrly
in January, and no subject that so nearly
touches the pockets Of every man, save
The levy Of taxes, Will occupy the session
The brokers and capitalists the'law was
especially designed to favor, will use eve-
ry appliance to prevent any change ofthe
ten per cent. rate as itenables the money,
lender to literally rob the borrower in a
legal way. Pour id repeal petitions, as
the best arguments, the masses can make
in the ear of their representatives. 3.
A correspondent ofthe Medina Gazette
thus tersely and iorcibly states a few q
the reasons for repeal of the ten per
cent. law: q,tt -ts ,,tFt joel, ,,...I
And, first. tho law was never demanded
by the citizens generally, Its, conception
was by money lenders and note shavers,
through whose influence, Gas it was for
their special benetiD it was engineered
through the Legislature and became a
law.l.,q .i ,ir5J b syd5a5g a.,
The law is antagonislical to the com.
mercisl interests Of The State, 1t is a fact,
that will not be .controverted, that no bus
mess, benef cial TO the laborng and pro-
ducing part Of community, can be sue
cessfully prosecuted with capital, for
which 10 per, cent. interest is paid.
The result is, manufacturing establishA
ments are NOT multiplying, but have vast
ly decreased both in number and capital
and for the obvious reason that money at
10 per cent. interest, with comparatively
no labor, pays vastly better than would
the same capital, il invested in manulac
turing with labor. s4r
Before the enactment OF this law, much
of our wool was manufactured. in our own
State; now much che largest portion goes
to New, England and elsewhere to be con5
verted into cloth, &C., and returned TO US
at price necessarily increased by the ex.
penses Of transportation saying nothing
as to employing foreign manufacturers.
So in regard 10 agriculture, 'Tis SAID
upon good authority that 10 take the en-; En-.
tire farming lands Of Ohio, at the aggre.'
gate value, as they stand upon the fax
Duplicates for taxation, and the net prof.
its are less than five per cent per annum, mum,
And there is scarce Tyro in the State,
but knows that under the operations OF
this law, and as legitimate resulthom it,
lands in Ohio have fallen in value just
about in the ratio that the use Of money
has been increased byit, o8oi4sjsN