Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-04-21
THE CORPORATION USURERS.
A Searching Inq airy into How and
why the People are Fleeced by the
"EiiBg" and their AbeItors.
An Appeal In Behalf Of Tax Payer

/ presume that II IS we'll known IN this
community that there are o number of per-
sons 10 and about the city who engage in
the purchase Of checks Of the corporation
at heavy discount, and bring suits before
magistrates and in the Federal and Circuit
Courts to enforce their collection, where no
defence is made by those whose duty it is
to protect the interest and credit of the
city; and in consequence Of no defence be-
ing made, the par value of the checks
have to be paid with accumulated costs
and charges. 1t may be asked what of
this, il the work has been done and the
debts are due for past services2 But, is
this the cast? We do not believe the facts
are that way, and If not, and the checks
or any portion of them, upon which these
suits are brought, have been issued and
sold to raise money and have been shaved
of ia the market at 20 to % per cent. dis
count on their face, then they are usuri.
Gus, and ought to be resisted as such, and
Al least to the amount of the usury,
reabated. Ii is well known that the
checks. TO a very large extent, which
have appeared 10 the market for sale
for the last year or 50, have been made
and thrown on the market solely for the
purpose of raising money, and none un-
derstood this better than the persons who
deal in them, notwithstanding they may
seem 10 be regular on their face. This
system of raising money has been brought
about and continued for the sole purpose,
IA is believed, to raise money and charge
the people in such way that the fraud
and criminality of the transaction might
l. - or. Of md
the better TO conceal the fraud and Grim.
inality, the cupidity Of the shaver and
money dealer has been brought ID eo-oI err
ate with the city "ring" in the purchase Of
these checks, with either the implied or
express understanding that no defense
should be made to the collection of the
checks, thus enabling the shaver and mo-
new dealer TO turn his capital over two or
three times 3 year. at an annual proht OF
some 60 per cent. per annum. 1t this
view of the case be correct and there is no
remedy, then every revolution of checks
increases our city debt at least 20 per cent,
and if the checks are Issued and taken up
three times in a year, then the nominal
increase will be go per cent, but when il
ia remembered that each time the debt
turns over in this way, the discount be-
comes principal, and constitutes fund
with which to discount more checks, at
The same or . erea'er rate, the increase
must be at least rs per cent. per annum.
At this rate low long will it take to bank
rupt the city even if che had but email
debt; but suppose she had a large debt, as
she has, as shown by the reports made
from time to time (the precise amount not
recollected) say $250, 00N, and suppose no
new debts Of you CAM are added, but
simply add 20 per cent to this sum as dis
count from the face of paper necessary TO
take I'D the debt each time, without costs
and charges of courts and sheriff., and
| at the end of one year, you have the
debt swelled up TO $432OOO an increase
Of $4,000 upon an investment OF S2OO,-
| 900: and all this enormous debt ls made
for no purpose except to keep up and feed
and pamper a set of men who have no
property, pay no taxes, and to enrich a
| few sharks and shavers and go-betweens,
who are known and recognized as street
shavers and brokers', who are too sordid and
| seIish 20 take out a lieense even, and pay
taxes like other citizens for the sup
| port of the government, but IN dehance
| Of Law and every principle that should
| govern a good citizen, seek By the unlaw-
| full use Of their i'll gotten gains to Cypress
| the whole community, including the wild
ows and orphans, thus grinding the face Of
the poor of the whole city that they may
grow rich. We used to have shaVers anc
money dealers in this city, but never until
recently did any one believe that any man
who lived here would or could become SC
lost 10 all shame and common decency, az
to combine with those 10 authority ethel
directly or indirectly to despoil and plum,
der their fellow. citizens of what they had
honestly made, for the purpose OF making
| money; but such seems TO be the TACT, al
the pnblic understand and believe. Ii any
one wishes 10 know or see how all this Is
let him take a walk round the city anC
call for the various justices dockets, anC
turn over the pages and see the Judgment
in favor of men who are unknown, aud i
| not unknown altogether, no man ever hear
| of them as having any means and se'
| also the number of cases OF just i've hun
dred dollars, leaving out all smaller sums
| and come to the conclusion at he can
| that the checks upon which these Judg
meuts are formed we're not mad
solely to raise money. Then extend thu
| walk to the Circuit and Federal Courts ana
ace who brings suits there upon large sum
represented by checks issued and sold, ana
trV IL he can discover who are the rea
nsrties who bring the suits, and If any de
tense is put in by the Attorney Of the cat,
AGAINST the claims thus made Now al
these facts, by proper pleas, may be brough
ont and determined The checks, If lssueI
to any individual, here or elsewhere
should be made payable to him, or his OF
der. and then il would be asCertained Whs
thew were issued for, and the court an
inry would be able to say whether the pei
) | son who had them was entitled to recOye
or whether they were made TO raise mos e
nv being shaved of in the market. Ii the
were 50 made, they are usurioIs, and al
other usury ought to be abated; and the cit
zen taxpayer only made to pay the none
loaned with interest; if the corporate
has authority to raise money in that wa.
!. but if the corporation has not, and L 81
4 one who believes she has no such authOrlt
b. | under ch arter, then the court should decisl
the whole thing void and turn the plaIntl
| out of court at his costs.
We must be permitted TO add that III
less the City Attorney and anthoriil
controlling our affairs, take vigorous steI
: 10 arrest this course of things by puttir
a in The proper pleas to test these facts al
l. the inevitable differences and impression
, We together with almost all our fello'
citizens, will be driven to the conclusl
u that theySand the sharks that are 80 bust
n engaged in this work of destruction, a
not acting separately and independently
each other, but are combined and are {
operating for the sake Of personal ga
" | and for the ruin Of this down trodd
70 neople. Yet, we hope that we may
shared this sad conclusion, if for no 9th
ID reasou. for the sake Of the reputation
ce our ancestors. Who among us Is 30 sorC
Ill and mean as to desire wealth at the II
and downfall of his neighbors and fell0
citizens, and if the state OF things abo
showed forth continues, Is it not cert'
"A that all the property and wealth will SC
pass into the hands Of h few men 10
10 triAe? But, let us hope that the officers
ge the law will do their duty, and put in
ne. Meas that will test all these matters, q
10 that the courts will see that the proof
gotten up, fully, and the cases thOroug
Ventilated. There is to come off in
DAYS a tax sale Of large amounts OF {
= property, and you can hear now all o
the city where the money sharks cons
Ice gate, the discussion of the coming sale
the what big thing it will be to buy proPe
with checks at eighty cents in the dol
and get the property for the taxes in
year or fifty per cent on the money
red pended for the taxes and costs, Now
by this to the twenty per cent discount on
checks with which they pay and you h
i L. he man IF man he