Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-11-13

~ deemed equal, would, ifno usuar,
law INTERVIEWED, prefer to loan II a
home, and thus avoid agents officer,
and lawyers fees. A law allowing {
contract or conventional rate of inter
est Will invite and allow capital to b.
thus employed, and the beneficial re
suits cannot fall to be quickly seen In
every department of business.
Mr.. Speaker, 1 am aware that som,
plausible arguments have In time.
past been used against law of con.
ventional interest. At any time
even ten years ago-they were spe
cious. A full report on the subject
substantiated by facts from the
Comptroller of the State on the note
shaving privilege; by statistics In
regard to the matter from States with
such laws as that now proposed and
with an exhibition Of the reasons
Ecogently and forcibly expressed, In
favor of the law passed at that time
contains matter worthy Of perusai
by every member of this House
Every fact and every argument there
offered Is doubly, trebly, forcible al
the present time. All these, how.
ever, refer merely to the question OF
expediency, while, as I have stated
In the outset of these remarks, the
great principle that money has Its
value and will seek It and secure II
In some way, despite of usury laws,
however stringent, remains. fnh
Since 1859, we have passed through
Q revolution, that has wrought won
derful changes. 1t IL neither peril
nent or proper In a discussion Of such
o measure as now pends, that these
should be discussed. The entire cur.
rency and banking system has been
radically altered by Federal law,
which State legislation cannot
change. A general public debt has
been incurred and taxes are levied to
meet Its interest. Our State govern
ment Is passing through the severest
financial ordeal 1t has ever been
called to endure. A general bank
ruptcy act has been In operation. All
these have given an impress to the
financial affairs of the people which
they never wore before. The effect
has been to make money commod-
ity to an extent never before felt. II
has brought out in bold relief the
principle In political economy, that
money Is nothing more nor less than
an article OF merchandise. The Fed
eral government through Its Secre-
tary OF the Treasury trades in It.
Every National Bank is a licensed
trader in 1t. Without pausing to dis
cuss the question as to tho relation OF
the people to the government, and its
pet companies of capitalists organ
lied as banks, and as such licensed to
take advantage of the necessities OF
the people under the incidents of this
revolution, I assert that the people
have the right to do as they please
with their money; to compete, II
they see fit, with the government in
the question of bond investments, or
with banks in the handling of the
capital Of the country. This IL the
peoples government, sir, and they
should support it. / do not wish to
be construed as uttering word
against the proprlety of q due susten-
ance of National or State credit. But
the government was made by and
for the people; and while they will
assume any obligations necessary ia
sustain the government, they should
not and will not he made subject to
statutes, whose action compels them
to be vassals to government. This
bill proposes to the people, in their
monetary dealings with each other,
equal advantages with the Federal
government and Its licensed corpora
tons in the use of the capital of the
country. The taxes levied we have
to pay. We pay them cheerfully II
they are equitably levied. The PEG.
pie, however, demand equitable CON-
petition for the money of the coun-
try. They have a right to 1T. II
governments, State or Federal, will
pay any per cent. directly or indi-
rectly, through corporations or other
wise, for money, let the people have
the same privilege. Let there be free
contracts among all the people as t.
the loan Of money. Taxes, be they
light or onerOus, are inevitable. The
people will pay them. If the people
are freed on all matters to trade
among themselves, manufactures
agriculture, commerce and all voca.
lions will flourish, and the burdens
of government will not be felt. Se
long as State laws fetter such free.
dom, and federal laws impose restric.
lions and coerce exactions, capital
will succumb TO power and its imme-
diate interest. individuals and com.
munities will cease TO be among
themselves reciprocally self-sustain'
ing, and discomfort and murmuring
at taxation will never end.
But, Mr.. Speaker, i will not dwell
upon these general considerations
| mi. oh 10 hf. falt la
every member of the House who has
reflected ON the subject, and cannot
but have weight In the influence they
may exert.
This revolution in governmental
financial and currency regulations
has deeply affected our State. w,
have now no banks of issue w,
have less currency by two-thirds thar
before the war, and the banking com
panies have no power TO accomm0
date the trade. The trade Is largely
increased, and continually increas
ing. The commercial centers per
ceive this, and all the State, to tn,
remotest county, feels 1t. BY thu
law proposed, capital now dOrman
and idle wholly, that invested In gov
eminent bonds, or engaged In thii
species OF banking which IL oncroui
TO the people, will be set free TO In
vestments OF another kind and Il
circulation among the people. Tit
people should have In Tennessee tn
right TO pay by law an equal rate o
interest with that offered by the Fed
eral government. HAMMERED, a
they are, the government Is an over
h.I1f.,, ..ou,natitnr Mnpay Ia nh