Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-09-27
uJsuury

MR. EDToR.-The journal and Gazette
both declare the usury issue "humbug" to
cover the real issue, and in that way secure
a Democratio majority in the Legislature to
make Push or Yallandigham U S. Senator.
The Gazette, in It's Saturday. issue says, ITO
elect Pugh and vallandigham to the Sen,
ate, Now, if it is the great "humbug'
they pretend it is, why don't they 40 to
work and show in what respect it is a
"humbug2' Why do they SO contnmaciously
refuse to discuss the question: The people
want to know the reason Of this temporiz 4,
ing; il will not do longer tc persist in their
"humbug," th 1T it is all got up to elect Pugh
or Vallandigham TO the Senate II is par-
ticularly disgusting to see the charge re-
peated, 30 far as the Hon, G. L. Vallandig
ham is concerned, after. they have been re,
peatedly told that that gentleman is not a
candidate for the Office, and would be
deemed dishonorable, if the imputation was
repeated by any paper entitled to the regard
of high. minded politicians
But as they fail or refuse to enlighlen the
public upon this great "humbug,' we feel il
nevertheless to be our province to perse we're
in the good work, and furnish all the light
that time and the crowded state Of the EN-
pire will admit Of And the best way 10
show up the "humbug Of the usury issue
will be TO 60 through a small operation
right at home which will also serve to illus.
trate the transactions when extended to 9th,
er sections of the State.
The State Branch Bank puts in eiroula
tion by way Of loan, fifty dollars Of her
own notes. The money shark soon discovers
it. starts on its track at once, ,suuiing up every
dollar Of 1t before he rests His next bust.
ness is to 60 to the Bank for the coin; he ap-
proaches tho Cashier, demanding coin, or if
it will suit the Bank any better, he will take
one per cent on it, and keep the paper; the
Bank pays the one per cent so soon as it
may suit his convenience he calls again,
making the same demand; the Bank again
pays the one per cent. and thus the opera.
tion is kept up until the per cent the Bank
is subjected to by the shark, overruns the
interest she got for the fifty dollars thus in,
vested in the shape Of loan. She is COM
PEELED, therefore, to Withdraw the fifty dol
lars from circulation which she had loaned
at six per cent. The person who had Dor.
rowed it is not done using it, he needs it
just as much as ever, but he cant be ac.
commodated from the Bank any longer, for
reasons just stated. But he must have it
or burst, and is finally and absolutely forced
to apply to this identical shark for the
amount, who deprived him from continuing
his loan at the Bank, at six per cent and
pay him six per cent per month.
But the injury the people are continually
infieting upon themselves by permitting
these sharks to operate, does not stop at n
withdrawal Of Ohio paper from circulation;
but the officers of the Banks, in order to do
justice to the stockholders and make the
most out of the capital invested, are themr
selves forced to adopt stratagems not con-
templatod by the law or the stockholders
1t is all "humbug' then to elect Pugh
and VallandighAm to the Senate, when they
charge that the Journal and Gazette are
backing the usury ticket to the injury of the
merchant, mannfacturer mechanic and eve
cry body else, and the utter ruination and
obstruction Of the Ohio Banks2 Who, but
he who is wilfully or ignOrantly blind to the
fact, cannot see that as long as the privi-
leges of the money shark are continued, the
stagnation of our own paper money and OBJ
tanning loans from our Banks at six per cent.
per annum, must also be continued. A,