The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-09
MONDAY, APRIL ., 1866.
Tho Increased Rate ot interest.


listed, operated disadvantageously both mo-
rally and commercially. While the legal rate
Of interest in New York was one per cent
higher than in Pennsylvania, the difference
benefited our neighbors aud injured us in the
following manner Capital will go where it
can command the highest price, and as il OBJ
tanned, without risk, seven per cent premium
in New York and but six here, it was with
held and Withdrawn from us, and concentrated
in rival metropolis. The effect of this was
depressing and embarrassing in no small de-
gree. 1t made us poor and enriched New
Yorkers. 1t gave them in abundance the means
of progress and improvements in industrial
activity and commercial enterprise and ex-
pansion, while it kept our hands compara-
lively empty of resources for like purposes.
II we wanted money to establish great fac
tories, to build steamships, to extend our
railroad system, or to accomplish any large
scheme whatever to promote the public pros
perity, we were forced to take il out of our
own immediate capital or go without it, We
could not borrow the required funds at the
instant and to the extent of the particular
emergency, while New York, bidding against
us at legally higher price for money which
was seeking investment, absorbed it all. New
York naturally became the great central
market of foreign capital especially, where it
was applied freely for local interests and
whence it was distributed under a certain
control and direction always employed to
advance the welfare of that city outside of
its own limits, and to magnify and confirm
her influence financially and commercially.
In this view of the matter, therefore, the
modification of our State law raising the
maximum legal rate of interest from six to
seven per centum, is measure OF considera-
BILE consequence. 1t will remove disadvan-
tageous inequality under which we have long
labored as compared with New York, and
will give us, for all the purposes of expansive
industry and progressive enterprise and i'm
provement, the command of foreign capital of
which we were deprived by restriction that
debarred us from paying for its use what a
competitive community was allowed by its
laws and was always ready to pay.
With capital, also, will come the capitalist.
Hence, another valuable effect OF the mea-
sure will be to bring hither and incorporate
with our indigenous population new set of
men--men of large means, for which they are
ever seeking in nvestment, and with liberal and
enlightened views of business and progress
Their wealth will not only go into many and
various local enterprises, and thereby be made
tributary to our growth in power and affiu-
ence as a chief centre of commercial and
manufacturing industry but their energy and
large-mindedness of character viii become
Infused into the general temper and under
standing of our own people, and thus an in
calculably beneficial element will be acquired.
This, in time, will operate somewhat like
a cross in breeding, invigorating one stock by
intermixing it with another, SO that the best
qualities of both will be improved and
strengthened. And Philadelphia needs to
have her system renewed and vitalized by
some such process. She has hitherto been
entirely too insulated and exclusive in respec
of the mass of her native stationary popula-
ton. There has been too much breeding in
and in, as it is called, and the effect has
been witnessed in the uniform and unal-
tering spirit and habits of her people.
I0eH IedJuT6S Ol character are as
marked and homogeneous as those of
any family whose descendants have inter
married for generations. These character
istics are, to be sure, good in the main; but
with remarkable degree of distinctive in
tegrity, prudence, intelligence, and thrift, is
combined want of that more sagacous
boldness, activity, and go-aheadativeness
which are found in more mixed and cosmo-
politan communities like London, Liverpool,
and New York. We need to have fresh blood
let into our Veins-blood not essentially bet
ter, but different from ours-in order to pro-
duce and develope a more vigorous and active
business life.
Nor need this necessarily entail any of the
vices and folles which distinguish societies
where there is not sufficient solidity and
stamina in the original race or stock to bear
the infusion Of the foreign element We have
moral tone and physical health enough to
stand cross without losing what is good in
our own constitution, while superadding to il
whatever is wholesome and valuable in
another. One means OF bringing about such
change will be the attraction here of foreign
capital and capitalists, by reason of the in,
creased legal rate Of interest for the use o.
money on loan.
BUCHANAN AT WORK. We see the vene.
rabIe eage of Wheatland has opened the
campaign in favor of Mr.. HEIsTER CLYMEI