Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1860-02-04

of the capitol will furnish The relief re-
fer to. and also provide new, more healthy
and more suitable rooms for the Senate,
Bank Comptroller and Treasurer. The
foundation for such building should be
laid some months before the walls are e.
recled upon it. | recommend that an act
be passed to authorize the Luilding of the
foundation for the west wing during the
comipg season. An appropriation Of few
thousand dollars only will be required TO.
the purpose.
RATES OF Ir4EREsr.
must again call attention to the law
in regard TO rates of interest. In my last
Annual Message treated upon the sub
.iect somewhat at length, and e2deayored
to show tie I.ernicious effects Of the high
rates of interest allowed by law upon the
whole business Of the country. | beg leave
10 refer YOU again 10 that Message, and
to URGE your examination of The sub)eel
with care. The agreement to pay unu-
sual sums per cent. for the use Of money
loaned has ruined multitudes of the PEG
BE Of this State. The newspapers are
loaded down with advertisements OF sher,
ifs sales Of property, sacrificed to pay IN
teresl. There is no branch Of business
that will warrant any mah IN paying IL
per cent. on long time for the use OF mon
ey. The farmer cannot make 2 per cent.
over and above his necessary expenses in
carving on his farm, from the products
of bis labor, upon his capital invested, 80
with the mechanic. The merchant canaot
hire money at twelve per cent, with which
to carry on mercantile pursuits. There Is
no branch Of manufactures wherein twelve
per cent. can be realized over and above
the legitimate expenses involved 70 the
business. A large rate Of interest Is vora
cious. It eats up the capital of the man
who agrees to pay it. Men in debt can
not borrow themselves out by undertaking
to pas beyond what they can realize
Increasing indebtedness by the accumu-
Iation Of exorhorbitant sums paid, or a
greed TO be paid, for the use Of money
neither hghteus obligations Of Increases
ability.
The use Of L1opey is not worth more
than can be realized out Of il in some
honest calling, and as reward of well di-
reeted labor, skill or enterprise. No mon
ey that ought to stay here to DO loaned
will ever lie driven out of the State, sim
MY because the rates of interest are re
laced to a level with those allowed IL
lo,her States. No man will ever have
money 70 loan, who begins by borrowing
in this way. Money that will not seek
/ investment here from abroad, unless al
twelve PERI ought to be discouraged from
coming. When it goes back, it takes will
it more han it has earned, AID calls fol
sacrlfc Of property to make good its de
manls. 1t is better to grow slowly into
competence or afiiuence. than to take nine
chances Of ruin to oneof success, upon The
kind Of speculation. Il is better that iner
own what they earn, though the amoan
or value be small, than to be temperate.
surrounded by abundance, which must
all be swallowed UP to meet obligations
Free trade in money, as the experience,
of the business world has shown, enriche
/ the Spectators who loan it, and ruins
those who borrow it. In q fast age
when SO many seek to live without toll
aud get money without paying for 1t
but few reach tho end of the journey
either of business or life, unshaitered il
fortune.
The active business capital of the coun
try is ouly about fifteen per cent. of cash
while the other eighty-fiye per cent. i
faith. There is too much credit in bust
ness for safety 10 business. When credit
is exhausted, in most cases Of pecuniary
distress, in active business, not over fifteen
per cent. is left to fulfil promises. 1t is
because too much is constantly paid for
for money that the indestructible property
tof the country changes hands SO constant
w. What is promised cannot be. paid,
because too muck has been promised
When money brings twelve per cent.-and
ii viii always bring that while the law al
lows it, there is more profit % the lender
than to put his capital into manufactures
or farms; SO less Substantial wealth is pro-
orced, and more Of the avails of labor Ia.
ken as The price for its use.
If the people of this State cannot hire
money at seven per cent. they cannot af
ford to pay twelve. Ifagricultufal capital
only doubles III about twenty years, and
money at about twelve per cent, COM
pounded, Doubles in little over six, mon.
ey has an acuretiye power three times
greater than the producing powers Of the
sou, out Of which substantial wealth and
prosperity mast grow. II is useless to
speculate, however, upon such asnhieci,
when experience, the best reasoner and
teacher has proved over and over again
that those who pay largely for. the use
Of money. never have any to loan 10 others
and are ALWAYS Q king new opportunities
4 l..