The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-01-22
WEDNESDAY MORNING, JAN. 20.
The Governors Message.

The Governors Message.
We lay this important document be-
fore our readers this morning, and
bespeak for it their careful attention.
We have not had the opportunity to
give its various suggestions and recon-
mendations that examination which
we feel that their merits demand, but
we hope to do SO hereafter and to re-
mark upon such of them as occasion
may warrant. In general terms we
may say that the message impresses
us as one of the best papers that
the Governor has issued to the
public, and, taken as whole,
may be called n plain. intelligible, in
structive and business-like statement
of the affairs of the Commonwealth for
year past. There are one or two
points that, we think, will not fail to
arrest the attention Of the reader, ON &C.
count both of their general interest and
also OF the force with which they are
stated. We refer to the remarks upon
the subject of taxation and the usury
laws. The Governor shows the fallacy
of a great deal of the partisan talk
we are accustomed to hear about
taxation. He points attention to
the fact that the bulk of these
taxes are not general, but local
in their character, and that their
amount depends mainly upon the peo-
pie of the various counties, cities and
townships. The State is not response
BILE for our taxes except In a very lin
tied degree. Our local authorities are
the responsible authors of these taxes.
In regard TO the usury laws, we do
not we'll see how the argument for their
amendment could be stated more clear.
ly and forcibIy in the same number OF
words. Every intelligent man in the
State knows and feels that they are a
farce as they stand upon the statute
book. In the first place, just as the
Governor says, they are disregarded
except by the more Scrupuloua and
law abiding citizens, and thus
the needy borrower is placed at the
mercy of the man who makes him pay
for the risk he himself incurs in exact,
ing usurious rate. Again, the more
scrupulous lender of money, in order
to avoid violating the law, lends hi
means out Of the. State, locks it up IL
Government bonds, OF makes SOM
disposition Of 1t other than to loan 1t a
six per cent. The Government
pays him 7-s0 per cent. Why SHOULD
the State compel him to lend for less
She loses taxes in the attempt to do so
by driving capital out of the State
She encourages, SO to speak, contra
band trade in money, for the reason
that the law, while 1t is mostly deaf
letter and imperative, yet stands as
: threat against open, square and abov,
board financial transactions. Lool
how the banks whip round and dodg
its provisions. They make loans of
constructive character on which the!
charge more than legal rat
of interest, and for which they ar
liable in very exemplary damages /
any party sees fit to plead the law OIL
them. Massachusetts a few month
ago abolished all limits upon interes
and left the trade in money just as FIRE
as the trade In any article of commerce
wv NV AOh "
such an example. We do not know
that 1t Is sound policy to remov
all control OF the subject from tn
statute books. We may say, however
that we ipresume the rates for none,
in Boston are as low as in New York o
any other city. What we need is
law raising the rates of interest, OF
contract, to standard that shall rep
resent as near as possible the value O
money these times. lift loans readily a
ten per cent all around us, it is becaus
1t is worth that rate.
We draw attention to this particula
feature OF the message to-day because
it is one that has excited and still ex
cites constant and almost universal at
tentiOn in business communities, espe
cially in one like our own, and ais
in the hope that the Legislature viii
give the subjec. their attention at al
early day.