The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1859-02-11
Speech of John R. French of Lake,

Speech Of John r. French Of Lake,
In The Ohio House Of Rrpreseatai,Ues, Jauu-
org 20, on The Question Of the Repeal Of
The Tea Per Gent. Interest Lac.
Mr.. SPEAKER After tho able, full, and 1t |
seems to me, unansw erablo arguments OF
the gentleman from Cuvahoga, aud the gen.
tloman from Franklin. in favor OF tho repeal
of tho ten per cent. law, thore may be no
occasion for another word on that side of
the question. But tho people of the county
that have tho honor of representing on
this floor, are so earnest and so worry gener- |
ally united in their wish for this repeal, that |
| l feel that it is my duty to try to do some.
thing moro for them in this behalf, than
simply give tho measure my hearty vote
Talking is not my trade--and shall rot be
ablo to address tho House SO eluquoutly, or
so learncdly as has the gentleman from
Hamilton, through tho morning session, bnt
/ have q few ideas gathered from daily bus
mess contact with tho workings of this law,
which may not bo wholly unworthy of con-
sidoration. / would like to call the atten.
ton of tho House back from "the Jews'
and tho times of Moses. to the people of
Ohio, and our own times, back from this
limitlcss thcorizing TO tho plain, honest facts.
\ Tho gentleman from Hamilton, admitting
tho great wrong and owl of the ton per cent
law, yet doprecatos going at once down to
4 six ho would stop year or two nt eight
per cent So argued tho boy who thought
to improve his dog by cutting off his tail
Tho tcnder-hearted little fellow couldn't
bear to take tho whole tail off at once-and
so no took it off q few inches ut a time. This
ton per cent. law is indeed mad dog let
loose among tho industrial interests OF tho
State aud say for ono let US take his tuiil
, ,..,ll. .N.,l
! that tho axo shall strike just back Of the
ears. hops this House will not, for u mo.
mont, listen to this siren song of "comprom.
u ise." Tho best interests of the State-as
!, vol! as tho public voico-demahd the
q thorough and absolute repeal OF tho obnox-
iOus statute.
Mr.. Speaker, know of no safer light by
which we, as Legislators, may direct our
i action than tho light OF experience. For.
o tunatcly, or unfortunately rather, on the
!. subject matter before the House. we have
, the practical experience of nearly dozen
y wears Tho law that wo seek to ropeal has
Y had the test of actual demonstration. Its
. workings aro familiar to oil of us---for they
a arc part of our ovcry day history. We
havo had abundance of theory on this ques.
y ton--both at the last aud during tho pre-
10 sont sossion-but lot us for time leave
u tHtUTy anu manu- oui VI IhNlS licI'
ii as everywhere else, Imagine that it will bt
;. found that there is great doal of truth il
tho old familiar adage. that one FACT i
'g worth more than u CARLOAD of theories"
10 In tho theOriZng we have had, wo have
10 heard much about money as "mark etabl,
:. commodity" ns an article of commerc
which should be subject TO tho Same law
ID which govern al! trade. Whatever msy b
tho intrinsic value of tho metals out OF hic
ID money IS formed, the fact is money, as mon
GO ey is n creature of positive law-ot STANDARD
value whereby to measure all other values
10 II may be "a 4" marketable commodity
u it has certain vital peculiaritics. / am
n. Printer; when | may go into my printing
"a. office, and make newspaper or book AM
may make q legal protfor Of these IN pay
OF mont of my debts; or the shoemaker ma
10, fud his shoes lawful tender or IN
'oi blacksmith his work then it will do t
,rt talk about money as subject to the commo
laws of trade.
believe it has been admitted bv over
to gentleman who has taken part in this debat
- that ton por cent. is au undue interest IL
nd any legitimate or ordinary business in Obi
.u But whether admitted or not, such is Il
-" easily demonstrated fact. There is no pc
10 manent everyday business in Ohio that ca
on live with such u tax-proying upon its vital
N. The commercial wrecks of the last cightee
:. months testify to fiis. When Capit
''' wrenches ten per cent. from the profits
est labor, tho Laborer has but to lie down an
'ur starve. And the State which will cOntinr
bio to enforce such cxtortons has but one dc
~. tiny to look for, and that is universal Ban
y" ruptcy. Labor for while may strugg
with the burden, but inevitably must 81
fall under it.
Abnk lau, H.. L., IL d,
great deal of foreign capital into the Sta
life eight million dollars into the singles cou
tv of Hamilton, wo are tod--and that Il
be repeal will hurry this money out of Il
State. What of that? If foreign capital
ing drawing from the industry OF our State mo
Than its earnings, why not let it go, and Il
ure quicker the better. This "foroign capita
is proving a great drain upon US iG Il
but matter Of our State Bonds alone, (our hon
capitalists seeking higher rates of inierest)
;n imu million OF dollars is annually drained fro
~" w. the pockets of Ohio tax payers TO go abron
nny m'v Wo have had this ten per cent. law upC
III, tho statute book for nine years, and Il
,ste question now becomes legitimate. WI
has it helped What groat interest of Il
,icb State has it benefited do not deny tn
,ign it has helped somo men and interests in Il
State. II has heiped the brokers-the sh
Huy gIO- sign D0nk0Ib--luO lduu oudTkb Vi OUl
but who are as voracious and yillainous as the
Shiny cousins of tho great deep. II h
,Et. az helped these men grind tho face of the OF
"''S barrassed and unfortunate And this la
ned has holped other mon in Ohio--men ou
an. side of tho broker shops; they arc fe
~" men in almost overy communicable MT
lsed who by a lifelong series OF stingy meannes
ex. Us have accumulated q lew thousands whit
r'ty they are only ready to loan at exorbita
rates; the men 4ho squeeze twO.shilIir
SUI, piece when il chances to fall into their Gag
pns ,pe clutch, until the poor eagle fairly scream
ritv, with pain. These Shy locks have reaped
i've. harvest from this iniqultous Statute.
her. Who else and what else has been benef
axe ed Tho gentleman from Hamilton, upC
'en' my left, told us the othor day that the Ia
was benefit TO certain educational instit
m ~, lions. enabling them 10 draw large per co
nan tage from their small ENDORSEMENTS. Al
, lis that il heightened out the income roll
many "suPTaaAu0ted citizens and wldo'