Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1859-01-18

rates of interest are rlanous to the masses of
auy eUe0ple.. While 1t Is true fhat money in "a
certain sense is governed by the laws OF trad.
in The same manner IS other property, il mus
be apparent tha5 it has some qualities isola-
ting Il from the conla3n rule As a medium
of exchange, as a so-ctled measure of the val
ue OF hat Is bought .tad sold, IL stands alone
IS the one article regulating, controlling or
measuring the price O. every other. 1t has an
other distinctive featurv-It = the creature of
law, and the law stamps a definite value upon
il. In ali cases 1t represents, II 1t does not
measure lie value OF every species OF property
Il Is the one species OF property which under
all circumstances Is required In the adjust aent
OF balances. and 10 other representation of Wall
ue can I'll lis place When scarce ia a cop}rau-
nifty it drags down the market yalGe of every
other species 81 property, regardless of sacrl-
hceS, aud IN This respect again it differs from
every other kind. The experience of II iscon-
sin, like that Of every State which has expert
mented uPoa the Sablec'. Is an experience Of
fact against the teachings OF theory High
rates OF interest have been allowed TO invite
capital hthcr The capital has been here: IL
has been loaned 70 our people; few years have
elapsed and the result IS pecGniarv exhaustion
The recorded mortgages and membranes in
our public Offices, IN the several counties of tbe
State, sJirtIe Us with tie assurance Of com ing.
disaster and ruin Every dollar of money
loaned to the people At high unconsclonabie.
rates Of interest, wIIl prove, where Il has not
already done 50, a positive injury 10 every one
but the money lenders. The welfare of the
community requires that rates of interest shall
be regulated oy la~. And there Is but one
rule 1T all times safe, which alone can guard
against ultimate prostration, and that is TO Tim
70 the rate q interest at pos1t be5o1c the acreage
clear proHts 81 PRODUCTIVE Industry
Ii our laws limit the rate OF interest at seven
per cent, business VIII readily adjust itself TO
that rate. little law limits it to twelve per cent
business viii abjus; itself 70 that rate. In this
State, when all restrictions were removed, and
absolute free trade established, rates OF interest
rose to twenty, thirty, and sometimes even fifty
per cent. Whatever IS the highest rate of inter-
est allowed by law, becomes at once and contin-
ues the standard rate Of interest for money loan
ed. Experience has taught that the highest
rate allowed by law viii be the rule a very
small proportion of cases excepted. The masses
of community adhere TO The law. and in money ed
transactions viii be found t. adjust themselves
to Its provisions. During all the tune there
has been comparatively free trade In money,
there has been no time in which. on money
loaned, the rates of interest have averaged as low
as twelve per cent. 1t Is no doubt true that aa >
der any laws usury VIII be charged and taken
by the INSCRIPTIONS. 1t IS a sacrifice which
needy, embarrassed and struggling men make
to their necessities But the cases are few and
exceptional, and the rule for a whole people
sAoulA uot be adopted with reference to such ex-
eepIons- 1t should protect, and, if need be.
prescribe the usages of the people in this respect
1t Is not doubted that III newly settled states
rh
numerous cases VIII occur. where high rates NAV
hc paid on small sums, for short loans with a
large margin Tor profit III the rapid rise in the
value OF property such in very numerous IN
stances has been the IN W isoousln.
But nov that oar lands are largely taken I'D
and occupied. such cases more rarely occur
There Is 40 branch OF business ia this State ex-
cept money Lending Sufficiently profitable 10
warrant the payment OF twelve per cent The
clear profits Uf the productive labor of he State
ga % U4Hr 20 H @ g. raH
Ia agricultural pursuits nos less than five. and
often Ten wears are REQUIRED T., mike = corract
estimate Taking the last two years. owing 10
The depression in prices Of products for 1877 and
partial lsilue of crops and depression Of prices
fer I-5o tie actuai clear profits of industry and
ca Ital cannot have exceeded three uaar cent u
Se@ea-eigbths of the mortgages on record in
the 9ta.c. excepting those GIVEN for loans cf
school money cali iur ANNUAL interest at - rer
cent per e-a- above the clear profits which
che rpe-ty uorteasad has been able 10 pro-
GAGE. Al j. estimate! that At least half Of the
cultivated farms. and more than two-thirds OF
the village and city property in the State are
encountered by mort cages. This evil is so wide
spread as t' become ? matter Of great public
Importance Tor before these mortgages can all
HecuriaEiiy Faired.
interest al seven Per cent. Is paid on over three
millions oi dollars, on loans ircm the School and
University Funds. and on amounts due Tor lands
@'--' -'o''-'"7 20 t'is'e IuLGS. / ms sum -
secured real estate, valued at over fifteen mill
liens OF dollars And vet this great sum Is es-
umated rs small amount. compared with the
amount OF mortgage liens for money loauod at
much higher rates of interest and this IS en-
uiciy independent % tie large amount Of rail
road mortgages I'm tie state.
Making Lew loans. 1T The same or addit .onal
rates oi interest, wlU not pay the debts, but
render RUIN tie more certain. Loans OF money
If twelve per cent. when The Interest is prompt
y paid. and loaned again doable to the lender
10 less then SIX years, while agricultural capi
tal * whole, does not double il less than
twenty. Interest Is the rust that is rapidly
consuming our people. Il not only eats away
oar surplus profits, but in 4 majority Of cases Is
eating deep INTO our capital. Ii is unaffected
by poor crops and worse markets 1t gathers
strength and weight, aud oppressive power
continually. whether we wake or slepl, while