The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-02-02

future Of the financial world. The great f.
nancial question OF the country is not for me
to solve or question. The same great aggre-
gate of mind which brought into existence
financial policy which has beat and astonish-
ed the world, and silenced the evil predictions
OF both good and bad, has by the and OF an
oyeruling Providence carried this country,
midst midst tempest aud storm, into clear sunlight.
Inc Inc same gifted talent, in the hands OF Prov
iuenee, viii work out the problem whereby
;ianlorium ;'i.m will be restored 10 the financial
interests and departments OF this country. The
nv Il 'na. & reguiates interest and prohibits usu-
10 uoe simllar in any two States. 1t would
80 thn ,ai 70 consider that the moral element
.nhono o L:elslature was lower in those States
WIZ eiSnt per cent. is legal than in Maine,
:I1y y sA per cent. Is localized. The fact
simply declares, that the leoislation of those
States is more liberal, and we NAV ta;rI., d.ou,
the inference that the peo ole NAV one dav
look at money simply as merchandise worth
what it will bring III the market and no more
The idea is fast gaining ground. ard tbe
daily quotations of the rise Of geld show that
it Is treated and considered as mercnanoiSe
The whole system OF brokerage and exchange
in the gold market is based on that idea. L
have not the means of knowing what the rate
OF interest is at the present time in all the
States; know that progress is the order of
cent. was the legal interest, and ten per eent.
was charged in special contracts. In Wiscon-
sin, seven per cent. and twelve per cent In
special contracts. In California, ten per cent.
and there is no penalty tor taking usury. In
Iowa, ten per cent. Is allowed by special con-
tract. In Illinois six per cent.-banks seven
per cent.-and by special contract ten per cent.
In New York the legal rate Is seven per
cent Ia New Jersey it is SIX per cent, ex-
cept Hoboken and Jersey City. These cities
belong 70 New Jersey, still the people OF those
places are specially allowed by the Legislature
OF that State to loan and borrow money at
seven per cent.-contrary to the general law
OF the State. This action fully sustains the
principle, which was promulgated and sus-
tanned by majority OF the Senate, in the re-
cent Westbrook scnool district case that the
law OF necessity has given certain communi-
ties right which may not be universal in its
operation.
1 am not sure but what it would be better to
let the whole matter of interest regulate itself
and become one of agreement between the
parties thus contracting, fixing rate OF per
cent. when no rate is introduced. 1 can see no
wrong in the matter. My friend and colleague
speaks of the farmers. There is no better
business in the country than farming 1t pays
the highest interest. Look at the price of
wheat, corn, tobacco, cotton, wool and every
leading product and staple article OF the coul-
try. He says that it falls below six per cent.
on the investment. i think otherwise. In the
town where L live, If the inquiry is made
"where can hire an amount OF moneys" you
are asked have you called on such farmer, or
such a farmer 1 might mention names The
farmers IN the aggregate let more money than
any other class oI persons. The mechanics
follow them closely. Look at the large
amount OF deposits in our Savings Banks. GO
to our villages and cities and ask our wealthy
men from whom they obtain money at six per
cent. or at a lower rate for better Investments,
and they will answer the farmers and mechan-
les. Break down the legal barriers and pro-
claim to such that money is worth just what
it will bring in the market and they then will
have an interest that rghtTuily belongs 10
them. 1t is Tor this class tuat we are legislat-
ing. On review of tie whole subject, taking
into consideration the prejudice and tears that
seem to exist against usurlous contracts, per-
haps some legai limit should be made; and if
there is any unit it seems to me that the idea
of my friend and colleague MIR. Wootmanl
Is correct and has the least objections, that is,
we should adopt the government rate, seven
and three-tenIns as tue limit.
1t seems already to govern the commercial
and banking interest of the country. 1t has a
national character and history. 1t is easily
and quickly used in casting interest. think
that 1t will command the general support OF
the Senate, and will gain further support in
the other branch, and will nnahy become a
law. therefore move that In the fourth line
the word "eight" be stricken out, and "seven
and three-tenths" be substituted.