Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-03-13

AUX hto uuWuAukutbo W VeEUBluNI6 IL DIV NCOus
stutional amendment.
He regarded the embodiment Of such a'trin,
cPle in the Constitution as criminal and poilut--
ing; and that retribhtion would be visited upon
the people II they ecceded to 1t. But suppose
the proposed amendments keep the Border
States In the Union7r Will they,not hereafter,
when they become excited, demand further
guarantees, and require fuither protection for
their institutions. This has been the fact n onr
history--the legislation In The Congress of 1850
being prominent illustration.
Mr.. PARISH enlarged upon the daueera of
yielding to Southern demands, and professed hia
attachment to the Constitution "a ID rs: but he
hoped, In conclusion, that his Renublica,l 6retb.
rem would state what amendments to that in
strument they propose.
/ Mr.; MONROE gave his, reasons WHY he
should vote for the esolutions--which will be
prepared for to-monow's report 1li,31g eieI0
Pending discussion, the Senate took recess.
HOUSE OF REPRESENTATIVES,.
[The following abstract Of Mr.. Flarp,s 70.
marks onthe bill which passed tho House Tues.
day, raising the conventional rate of interest
from six to eight per cent, wasl Omitted from
the report on yesterday I&l
X Is said that government may regulate in.
terest at Its pleasure, because governfn ent coins
money and makes it o legaitender., But dan V
this, and for these reasons lst. STAN ping and
giving currency to gold and silver do not emar,
cipate them from the law of demand and an n
ply, any more than inspecting and brsndinp
provisions and tobacco absolves them from thai
iaSj and gives no more right, nor creates any
mere necessity for. regulating its rate of hire
than such inspection and branding renders Il
right and needful to regulate tho price OF pro-
visions and tobhcco. f&ts E. III
2 The preeiors metals. being the natural
providential, customary and universal material
for money, the adoption Of them as such. bv INK
Government, amounts % little or nothing. =
Money is not the creature Of goyernmert. any
more than pork. eaTsg ~ W ~ - S',.'
3 But interest ia no. the hire of money!. n
20 tthe hire Of capital. He who knows not this
has NOT studied or reflected unon the question.
IL is argued that no one can afford TO pa,
eight per cent interest. On all sales OF store
goods, on credit, we have always paid, in the
shape Of extra profit, fully twelve per cent =
and yetiFe live For. eight years' the lekal
rate was ten per cent, and in those years we
lived ard prospered more than ever before. IA
high rate o. Interest goes always with great proa
perity, high wages, and good profits, and b M
measure Of those profits. ~, = - y " :
10 countries ~heie wages and profits are not
bait SO high as here, men live and prosper ua
der six per cent. Interest laws; hen why cannot
we OF Ohio endure legairate ouly two per
cent. higher2 The truth IL chat, In every civil
ized nation but one, the legal rate is, actuall,
aooUe the actual market rate, aud has been 60
Tor centuries, With but slight exception. In
Holland tpefe has never been apy interest law
woateveri neither has there been in Hamburg,
where ioI centuries the exchange of the globe
was regulated land yet In Holland the aotual
rate has always been lower than ANYWHERE else
in the world, while IN Hamburg &c Stands AZ onJi
three to ionr; per cent. In England since GAG
al restrictions on interest upon commercial ma
per have been abandoned ;'and {, ,et her grea,
commercial empire prospers abundantly, 4
whenever, as has once or twice happened.
the legal rate has been attempted TO be ixed AZ
q point otsop the m arket rate, the effect of The
attempt was Justlike that we are now experi-
euciDg heie-the actual market rate rose high.
er than before; because when an act Ia made M
lawful, an extra premium must be paid to In i
duce men 10 break the law. This hnnnanpa
once 10 France. and happened, 100, IA Lyonia- ]
under the Empress Cstharine. America Ia an
exception TO all the world, inher mad attemo,
20 rebel against the salutary and inevitable laws
OF trade! ~ ttfT IVA f.svd4- vi aroYF ~ -
In two ways onl, can goyerpment reduce
the actual rate Of finteresS, one Is to enact sood
collection laws, and the otherlis to permit inter.
est 70 rise high enough to tempt iu outside cap
ital and draw out domestlc capital.
A margin ehonldbe allowed between thebJeh
est rate, which hazardous security or a scsnt
supply Of loanable capital may requir d, ana N
lowest rate ynion good security or glut Of
capital may induce lenders TO accept; between
which rates freedom should he allowed for the
market 70 rise and fali. The fise and fall oil
the interest market, With the rise and fall OF
the exchange market, oonstitute the great req
ulator Of trade and the beneiiceut eject n s,6e
action Of the Bank Of England in sometimes
raising its demands as high as eight per eentSs
and sometlnes reducing them to as low A two
and half per cent, extends even 10 the ba6ka
OF the Ohio and Mississippi rivers, checking
over-trading and relieving money essureE
The repeal Of the ten per cent law has utterly
tailed OF It's object. IL has actually made CAP.
ital more scarce and interest dearer than before.
as all cOncede. We are now but repeating the
experience Of England years ago, with her tan
per cent law, which che frat establisbed under
Henry the Eighth, then repealed under Edward
the Slxth-and subsequently restored us,,ler
Elizabeth. with this sshhefeas', to the ac..
= Thai the prohibiting act had not done 90 ,nuch
good ds tgps hoped for bat that sathefhe pice az
usuyg had much more frcetdinely abounded -Our
opponenls demand thar we ehouId ignore the
experiences of the past, and copy only its biz
otry and Its errorsa fois3 mil y hs3rfxE
The influx of gold Is raising prices at the rate
oftwo percent. o year, and eteadily deorecjatlnr
capital nloau two per cent year. No capiF |
talist who falls TO lay by two per cent. q year
70 indemnify himself against this shrinkage OF
hie fund, can fail 20 grow poorer yearly, 2 Letl
him do ths, and pay besides, one and three Guar, I
ters per cent taxes and the present Law Of /
Ohio permits him TO receive only ftro and one |
Qusrtsr per cent net ihc0nsi He could do bet 4
terin France. iis MI EaCaoD
Finally, u - said capital Is strone, and the
borrower needs protection against the ienders-.-
But % the borrower any more at the mercy Or |
the lender than the poor laborer is at The mercy
of the empioyer3 Yet, the plan Of regulating
The wages Of the isborerwas abandoned iongI
ago. Free trade tn the isbcr market has peo-
pied America, aud made her ltich enough t6af
lord higher rate Of fintereat than old and staRs
lant countries plethonc with capital vs. $40
In tho discussion p ,l fbe bill for leasing the
Mr. DAVIS eitbeYollowTiDSss TiSsa amanda q, az an,
2 section = OF y No 29l-1'o provide for /
easing the Pabiic Works Of tho Stato:ila T0ts
b lneert after the word isleasees, lin ilaskI9. I,
And 70 tpe annual cleaning out Of tbe csuala,
'xrep. 'ne ltncAster S'de1cBt and W tssi Ap 4
s.lf capslistpe iessee Or lesaees shali'remo4eI
" psfs' scesgnlstions and dsposss s0thztehe
'ntife po.tem Nj the canals shsIi 10 az Nv 'asl
ns top cf tho tower mllfe siilof sheilock which