The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1869-05-11
Correspondence.
Monetory Views, Rates &c,-a Cash
Article.


ted me. desire TO exp'e'- my 'i"ws
bri, fly, before the debate CLOSES
Let me first say. that | am not lender
but a borrower Of ncney. ard have made
money from borrowed capital While |
seek the lowest rates, and if il happens
TO be ten per cent, pay it freely and
have no more conscientious scruples about
it, than | would have, were to pay S75
for COW, or 500 for farm wagon. or
$500 for the rent of a house. somes
times find enterprises that present them
selves, promising good returns on the in'
veslment. Instead of taking n partner in
order to gain capital Qor | am averse to
partnership | have recourse 10 loans, and
can better afford to pay extra rates, than
share ny profits with partner
am in favor as borrower of lower
rates fer money than is usually to be had
and it is my candid conviction, that if it
was legal to charge from six to twelve
per cent, according 10 the length and
quality of the paper, money would be
rapidly unlocked and placed 90 the mar
ket for loans, and the rates would become
lever through the competition OF dealers.
So long as gold bearing government
bonds are yielding their present rates,
money will be scarce on the street, and
difficult to be had, until the law recogni-
yes the same rate between borrower and
lender.
Capital seeks the test rates-hence
Ohio finds and complains that her capital
! is greatly lessened by lis flow to other
states, where better rates are iegaliLed.
| The Cincinnati Gazette strongly urges
the Legislature OF Ohio to abolish all in
terest laws III that State, except to pro-
vide fixed rate in the absence Of con-
tract 1t shows that the attempt to make
money cheap in that State, by making il
illegal to charge more than six per cent
interest, has driven capital out of The
State, and therefore makes money dear.
Under this state of things large amounts
Of Ohio capital have been at racted L
Chicago, and other points, where bette
rates are legalized and guaranteed
Nothing is truer han this-the demanc
made upon capital virtually decides it
rates. The demand was never create
in our country than now. The construc
ton of submarine and overland telegraph
lines, the building and equipment o
long Lines of rad road the development
of cur extensive mineral resources, an,
the herculean task OF paying of our cnor
nous National debt, call for vast loan- o
sums of money, and give to capital valu
greater than ever before known Mari
1.-THE worth of money is (greaier or less
= in proportion to the demands made upol
it.
just in proportion us country or com
munitY are prosperous and enterPrising
will rate. of money advance,
TIL greater the opportunities for in
vestment and gain, the larger will be tn
demands, and the more will he offered 70
money, or in Llher words, the mnIe it wi
commend.
In new States, where lands can /
bought that will double 10 value with
twelve months, money commands hig
, rates Of interest. The same il true j
cities where real estate ls rapidly advaI
cling, and 50 general and universal is til
, the case, that il may be regarded rs
fixed rule, that high rates Of interes
) Indicate prosperity and thrift, and 10
OF lnt abotHCt Vi IdtcS, iHt iSNcicfs
Were it in my power would inNi
every government bond holder into II
I money market, and suitably protect hi
: in the business of loans and quite 81
am that the effect would be to cheape
!, rather than enhance the rates If int
, est
The olden and scanty rule OF siX pr
Il c'nt drives capital out OF the street A
g enlightened and more liberal policy Won
Z invite and entce capital to the stree
= where its abundance would cheaper rath
than maintain present rates
). have no scruples against paying high
y rates for money than six Per cent, nor
l. | look upon my neighbor with any IL
y respect il he ask and takes rate high
than six.
A riot occurred in Brownsville, Tenn
: Sunday night One white man and t'
,e e negroes were killed, and white ma
VI named Tom Grant, MORALLY wounde
IL