Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1870-04-26
unfortunalelY for mankind. die Shyloeks

the value OF DelnS exchanged for things OF
/ actual value, and of being received for debts
and taxes But the Shylocks have construed
the "bond" on the part of society as giving.
actual gatle to money, aud as making it in>
triusicaliy equal in all respects to the yalu-
able things it was designed to exchange and
transfer the one for the other. For money
does not pay for anything, but only by ex-
change makes one valuable thing pay for
another. When the farmer or the laborer
pays down ON the counter a hundred dollars
to his merchant it is not the hundred dollars
that, in fact, pays that amount, but the farmers
wheat and corn, or other products, that pay
it aad SO, too, the .'sweat of the brow" of
the laborer. The money is only the medium
of payment Bur, the Shylocks would per-
suade YOU that the intrinsic and actual value
is in the money and that society, who made
money, so meant it. Now. society could not
SO mean it, because it is. not in power of
society to give actual value to thing that
does not itself contain actual value. ON,
impotence only could do this, and then by
way of miracle. To illustrate between
legal and actual value, between the legal
value that men may give for particular pur-
pose, and the actual value that inheres IN the
nature of things aud their usefulness, you
have only to destroy, side by side, things of
legal value as money, and things of actual
value as houses, and crops, and cities. and roal-
roads, &c. In the one case, mo one would
be hurt;" "breath could make them a
breath has made 5" little printing aud en-
craving would soon put all things to rights
but in the other case of actual values destroyed,
there would be want aud solitude, and desola-
ton, where peace aud plenty abounded before.
This, I think, should teach the difference
between things of actual value and things of
legal value, between the productions and |
wealth useful to man, and which only deserve |
the name of capital, and money, which is not |
really capital, but only, aud by law. the
representative of capital, and ''demand and |
pledge" to be exchanged for it,
The next step "coRImon sense" would take |
in the reasoning to decide whether any, and |
,chut uSury should be allowed on. money, |
would be to contrast the effect of usury or no
usury, limited or unlimited usury, in making |
money answer the sole purpose Tor which it
was introduced and instituted, to wit, as a !
"abor-saving invention, authorized and regu-
lated by government for the convenience of |
the people" in exchanging their productions.
For surely this was the purpose for which 1t |
was instituted, and by no means as sort OF |
"foating island" of Laputa, with gold. instead
of the 'load- stone" to hang it heavily over
the heads-and ready to grind them to powder !
of all the energies, industries, wealth and
labor of the people. Aud to be controlled |
aud managed by crew of piratica gamblers !
and usurers, as was donei in New York, in the !
infamous gold speculations of September last.
If mouey was only instituted as such
convenience" and as mere "pledge aud
demand" for things of value and to exchange /
them, then common sense" would say that ii
no usury not a tarthing, should be allowed on
money, it would all the better answer the
purpose for which it was intended, that
simply of an exchanging medium. 1t would
then be used for other purpose there
would be no temptation to monopoliZe 1t; all
men would be compelled to some productive
occupaton in farming, manufacturing, COM
merce, or other useful pursuit, which would
circulate it through the whole public body as
the blood courses through the veins; every
one would have the share his business de-
manded, and no one would have any use for
more for the ''lazy trade" of usury, and the
perversion aud abuse Of money, would be fully
ended. "Common sense" would say that,
even though the metals of gold and silver.
that emhody labor and value, should be selected !
by society as the material of money, yet, never
theless, when it receives them of the owner,
aud, without any cost to him, coins and stamps
his bullion, and hands it back to him enhanced |
by the character of money-a ''demand for
aud pledge of all other property, and solely |
receivable for debts and taxes. | repeat, |
common seuse" would say society had given
full equivalent in the transaction and would
have a right of contract to expect that money |
so instituted should be used for the purpose |
of exchange solely, aud not concentrated aud |
perverted by non. producing gamblers, to bring
about financial convulsions and swallow up as
an earthquake the labors and fortunes of the
productive classes of men. The most limited
usury is perversion of the true use and char.
acter of money, and, forever, tends to dis
tribute wealth with gross inequality; tomake
unfairly feto rich and many Poorj aud, IN
the true words Of Lord Bacon, to bring "thc
treasure of realm or State into few hands;
for the usurer being at certainties, and the
other at uncertainties, at the end OF the game
most of the money will be in tie Jor, and |
ever State flourisheth when wealth is more
equally spread"
Believing all usury, whether in metallic I
or paper currency. pernicious to the best in
terests of society, don't hesitate to condemn
it more in paper or mixed currency, than in
the metallic; aud will merely add, in regard |
to limited lnterest-if interest there must be
that the true measure of it should be the |
annual increase of the value of the property
of the country. Statistics show the annual i
increase of the value of the property of this
country to be three per cent Interest should
not exceed that rate.
In conclusion, and to the practical answer
that Zone of the Corps" tosses back, with so
much self-congratulation "that the usury laws
,oiWsurely be modified, if not wholly repealed"
will Only say to him that the million eyes of
the people of this country are now directed |
to every movement on this great question, and
that, in my opinion it would be prudent for
money >mongers to stop their c!antors in legis-
| Iative halls. In word to take hint from |