The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1869-03-23

viz, its plentifulness or scarcity. When
money becomes scarcer its rate goes up.
when more plenty it goes down Like
the fluid in thermometer it rises and falls
by the laws of expansion and contraction
and no legal rules under the sun can alter
this condition of things. The price Of
money is governed by the inhexible and
paramount laws Of trade and all legal
restriction or laws, attempting to fix one
uniform class of rates, suited to all times
individuals, and circumstances, are as weak
as ropes of sand. The demands, the
opportunit the necessities of men, furnish
the practical test for settling the question
of rates.
REASONS ASSIGNED
The ceaseless string activities of the age.
and Of the American people, call for vast
amounts of capital to carry forward the
great enterprises of the day
When continents are to be welded by tel
cgraphic cables; when distant oceans are 70
be united by highways of iron; where in
land.seas and mighty rivers are to be bridgcd
by massive and costly structures, or tunnelcd
by shining thoroughfares; when opposing
mountains are TO be pierced and bored, ar
large cities raised, and filed when gigantic
rebellions are to be put down and the lib,
critics of Nations achieved. it follows as
naturally as night the day. that competi-
tion will enhance the rates of money in
spite Of the feeble dykes erected by law
makers There never has been in our
country, long at a time, money enough to
develop rapidly its natura! resources, and
construct its needed internal improvements
hence not only individuals and corpora+
tions, but even the Federal government
itself enters the market and makes bills
and large offers for money.
UNCLE SAM \ LIBERAL BORROWER.
The government was paying, Sept 1,t.
1868, for money borrowed of ITS loyal cit.
izens, an interest Of per cent in coin On
S1,S74, ,003, $50. As gold has averaged
for the last two years this is equivalent ic
about nine per cent in currency, or nearly
that; with taxes off. 1t is equivalent in
Middhbury VI, TO a rate Of nearly Is pei
cent At the same period it was paying
on interest of 3-10ths in currency or
Sl2l, H. 40, with taxes OIL, it is equi
vale 1t in Middlebury to eleven per cent
The general government evidently en-
dorses the idea, which is every where
gaining prevalence that money like ever,
thing else is worth wha. it will bring.
When the general government sets the
example, and bids for money, a pric,
about double that of the legal rate il
New England; it would be marvelou,l,
strange if smalt business men should 10
offer and pay quite as much or more. :,
long as government has established gen
erous rate of interest and practically -
nored the old fosslized rates, money nus
command at bank counters aud ut brokers
office rates about equivalent to those p {,
by gov overnment securities.
ritE BEST MARKET FOR MONEY
Money is valuable TO the borrower II
proportion to the opportunities offered Ip
Investment These are greater in ne v
\
eon and Washington Territory, mono,
commands from Is to 80 per ct-2l pc
cent. or two per cent per mouth, bene
more common rate. In Nevada money il
ordinarily worth Go per cent, or ) p,
cent per month Three per cent p,
month would there be considered chcaI
indeed. In Michigan anf states iarthe
west, money is worth for investment il
lands and clty property, that will r5
rapidly in price, all the way from l. {,
% per cent.
Money seeks for best rates, and if H. y
are higher in some states than others
money will float and accumulate there.
Since 1860, the standard of prices 0
, nearly all the necessaries and luxuries 0
life has advanced, and is to-day full 81
per cent over the prices at that time. \
proportionate advance in the rates 0
money should be expected and graciousl,
tolerated.
From facts and careful observation we
arrive at the following conclusions.
l.. Money like commodities rises o
falls, becomes cheap or dear, according n
it is plenty or scarce,
=. To establish by law, low rates .
interest. is an absolute injury TO the com
munity at large, and creates scarcity 0
the circulating medium.
3. To repeal the restrictions, woulC
unlock millions Of governments in Yer
mont, and put the amount in circulation
t. The statute is of immoral tendency
melting Banks, Corporate institutions, an,
individuals to treat it as dead letter
unworthy of support.
D 1t is quite as Illegal for Nermonc
to lend money to the Federal Govern
ment Ga borrower on gignntic scale) a
I and three tenths or more rs to lend I,
a neighbor at same rates
6. To remove the legal restrictions upol
better rates, would tend TO keep money a
home, that now goes abroad for bette
rates,
I. To repeal our present law, as ha
Massachusetts, would tend to induce r.
/, many men to convert property TO cash an
; loan it, ifthey were free and untrammele
. ~ to rates.
. 3. Brokers, or men with funds that ct
= be called on in emergencies by bushes
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