The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-03-10
(Frsu the Crawford Co. Forum
THEINTEREsr QUESTION.
Unasked Counsel to the General As
sembIy of Ohio.

Unasked Counsel to the General As
sembIy of Ohio.
Alike IN nothing but one lust of gold,
Just half the land would buy, and half be
sold; .,s
Their country's wealth our mightier misers
dram,
Or cross, to plunder provinces, the main;
The rest, some farm the poor-box, some the
pbws; -.
Some keep assemblies, and would keep tne
Some with fat bucks on childless dotards
Some win rich widows by their chine and
While, with the 8ilent growth of ten per
cent,
In dirt and darkness thousands stink con-
tenti PoPE.
The truth on important political questions
is often much more clearly perceived, and
the practical effect of measures better de-
scerned out Of the Legislature than IN it,
The powers of the a2utest understandings
are not in the latter situation to be relied on
in opposition to the influence of party con-
nections or the sway of theoretical opinions.
Sir A. ALLISON.
The claim is made by its professors,
that Political Economy is a science,
the axioms of which are not debata-
bic and those who have really been
students, as we'll as a countless multi
tude of smattererS and pretenders,
n
all who dissent from their conclusions
or whn even aspire to thei dis ussion.
We do not doubt that Political
Economy is the fit subject of science; /;
that 1t possesses ascerCained princi
Piles and that results may be predic-
ted with as much certainty as in
geometry-wIth this Important quali-
tication viz: That conditions be first
carefully noted and fully understood.
Herein lies great practical difficulty;
for conditions are so various and Vari-
able that they are never exactly alike
in two distinct localities, and are
rarely the same even in the same
pace for any, considerable length of
time.
What are oracularIy termed 'Fthe
'taxioms of Political Economy" oft
en- have no more value than Empiri-
Gal hdWoy MuACA lOSAC1duS GOli uS are
unfit to be relied on beyond the
''limits of time, place and circum-
ttStanceS, in which the observations
We can demonstrate the truth OF
our position by reference to ADAM
Smith, the Wisest of all who have in
vestigated this important branch OF
human knowledge. And as we are
discussing the subject of interest, we
shall take our example from what he
says on this particular question,
We quote from Book IL, ch. iv.
S'The ordinary market price of land
cit is to be observed, depends every
''where on the GarKet rate of inter
''est."
This was uDquestionabIy true in
| England when he wrote, and preba
bly, in France; and may be the fact
to-day; but in this country it never
had the semblance of truth, owing tC
the difference of conditions.
In England, for EXAMPLE, lands are
improved with an approximation Il
uniformity; they are limited In quan
tlUy; and the demand of farmers o.
tenants bears such a relation to the
supply of attainable lands, that 81
much revenue is to be calculated from
q given number of acres, with quit,
as much u IifOrmity and certainty, a
the receipts from interest can b.
forecast by the owner OF. money
Hence, there it would be a question
whether to lend money or buy land
a I'd this would be decided by tn
amount of accruing profit on the in
vestments respectively. Thus tn
rate of interest would fix the marke
price of land.
But this is not, and cannot be tru
here, where the removal of huno
red, or a few hundred miles, puts tn
tenant in possession of superior Ian
/. of his own, at the bare price of occU
pancy or, at most, by the paymeT
of a dollar and twenty-five cents pc
acre. The fact is notorious, and tn
statement is conclusive of the que
|, tion, that the rate of interest in tn
:. country is usually twice as high as
|, England, while land is incomparabl
). cheaper.
We might multiply examples frol
!. the same great author ; but they hay
: no further pertinenee to the mattt
!. under discussion, than to show Il
!. utter unreliability of the so call(
= axiOms Of political economy, withol
q a careful consideration of the circun
= stances under which they are to
= applied. We have said this much
clear the ICdy for fair discussion
. questions affecting our people, and +
the purpose of compelling due co
= sideration of existing conditions.
Two propositions are before Il
4 General Assem- bly,, affecting the bC
roWers and lenders of many. II
first proposes to make valid any ra
of interest agreed upon by the pc
q ties not exceeding ten per cent; al
- the second proposes Free Trade
- Money, with no legal restricts
a whatever, leaving the borrower
~ pay and the lender to receive one Z
cent. or fifty, as may be agreed b
- tween themselves. The last proPo
- ton Is that of Hon. CHRIS. HUGHI
~ of Butler, a man of strong natl
: intellect, and a sound Democrat,
- whom we entertain very high respe
: In support of either of these me
Ia ures, nothing has been advanced Il
deserves a moments considerable
- save only this, to wit: That mon
jo is a commodity in the market,
If price of which is regulated by
~ same commercial laws which COVE
-, the prices of Whe t and cattle: a
II that there is no more proprlety
need to fix the rate of interest
-. Legislative enactment than to fix
p prices If grain and horses. s..
- Its true that the advocates of I
- first proposition are not consists
sb with the ia lacy they plea /; for Il
I'll are willing, it seems To be r5stric
~ - to ten per cent. But in the augme
"a alton of the rate of interest, there
M delusive appearance of enlarged fl
dom. The simple-minded and sur
Oh fetal may fancy that there is cha