Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1870-02-03
For the Republican.
Our Lincoln Letter.
FIFTEEN MILE GRovE, }
Jan. 9th, 1870.

sANA 'S~iio; i''|S', 'iosiop1 80 WY 49,
mediate future for anything better
1t is thought that the low grade of
prices, for that great staple, has, at last,
touched bottom; perhaps so,--we
might suggest that the bottom has en-
,irely dropped out.
But is there no hope for the future
prosperity of Iowa farmers: Let us
reason together little. Suppose, for
instance, that every farmer in Iowa, for
the next year, would, where it is prac-
ticable, SOW a portion of his ground TO
wheat, part to oats, barley, rye, flax,
buckwheat, etc, then a portion to corn,
potatoes, not forgetting the great ex-
cellence Of the root crops; then, If
there be piece Of ground that can
possibly be spared from rheat growisy,
near the house, set out small orchard.
Set around the same a hedge row; q few
rows of trees as shelter; Chose who
read the proceedings of the. Board of
Supervisors will observe that only three
members of the same are in favor OF
thus adorning and beautiiymg our
magnificent prairies;) in other words,
ralsc variety of crops.
1t is a noticeable fact that only the
wheat market is depressed, corn, oats,
hay, hogs, cattle, ETC., bring paying
prices; and those who, fortunately, pos
sess these last named articles do not
know what hard times are But there
IS danger of running to the other eX-
IRENE; Of raising toe many hogs, and
too much corn, to the neglect of the
wheat crop.
Yet another idea, viz: there are
hundreds of farmers in Iowa, who, in
buying and improving their farms, have
got deeply into debt, and whose only
financial salvation depends on borrow.
ing money at reasonable rate OF in
terest, TO enable them to weather the
present financial storm. Can they do
it, No! Not at a reasonable rate of
interest, it we call IL to 10 per cent.
unreasonable. Now, to induce the
capitalist to come to terms, and let his
money circulate at a reasonable rate OF
interest, l would suggest the propriety
of our legislature, at It's present session,
passing a law that shall, substantially,
embrace the following provisions:
l. That parties may contract for a
rate OF interest not exceeding twelve
and onehalt per cent.
.. To repeal the stay laws so far
as relates to the collection OF interest.
3. Providing that credits shall not
be taxed.
Now as regards the first item; even
farmers can afford to pay Il! per cent.
and, it mistake not, money invested
ut Ia Per cent. will double itself in
eight years, which ought, in all reason,
TO satisfy the most selfish.
AS to item second men who loan
money generally live on the interest,
and law preventing the speedy col
lection of the same is maniiestly un.
just.
AS to item third: there are two
reasons, at least, why credits should
not be taxed LIST, double, and, per-
haps treble tax is collected. I'd. 1t
would induce foreign, as well as home
capitalists to loan more freely. \
goes to b and borrows, say 81 900, with
which he purchases land OF G. On the
day these transactions take place, the
assessor goes to G who has the $1,000
and taxes it; he then goes to \ and
taxes the land then to b and taxes the
credit. Is it not easily to be seen that
a treble tax is assessed If we should
exclude the credit there would still be
double tax assessed; but We cannot
avoid this, if we exempt money, also,
and if A had not made the purchase, the
$1,000 would have gone SEQ: free of
any tax; and, beside, to exempt money
in hand would defeat the very object
we have IN view, viz: free circulation
of money, as it would engcnder dis
position to hoard, more especially at
certain periods. Ill have in my pos
session money, there is no good reason
why l should not pay reasonable tax
on il; but if allow my money to cir
culatc, and have only a note, an evil
dencc OF Indebtedness in my possess
ion; there is no reason on earth why
my note should be taxed.
BIT to prevent the taking Of higher
rate Of interest than 12a per cent, l
would suggest the incorporation of a
fourth provision, viz.:tha. if parties
take, or agree to take, a higher rate OF
interest than 12k per cent. the interest
not exceeding l24 per cent. shall DO
forfeited to the school fund, and % per
cent. of the principal to the intormer,
together with an additional. % per
cent. Of the principal to the school fund;
and that all persons co:nizant OF the
facts capable Of understanding the ma
turc OF an oath all other exceptions as
to the incompctency Of evidence not
withstanding, shall be competent to