Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1871-09-23
Fos The Register.
Candidates for the Legislature.

The time 10r Selecllng Cehatoi dhu
two Delegates to the Legislature is fast
approaching. No question interests and
has so intensely aroused the people as
that of the high rate Of interest they
have been paying for the last few years,
Those borrowing from banks at 10
per cent. pay nearly 12,-nearly double
what any business in this part of the
country will justify. tits not only grad
ually impoverishing the laborer, me-
chanic, merchant, and in fact all Dor
rowers, but has deprecated the price OF
land, so much that it is not possible to
sell it at reasonable price.
Why so-because it does not pay to
invest money in land when it will readi-
ly command 10 per cent.
The few capitalists are growing rich,
while the many Farmers and business
men generally are surely, but not slow
ly diminishing their substance by pay
ing nearly double the interest they can
afford. Our purpose is not to theorize
but to contrast the past with the present,
and look for the remedy.
Before the present law legallzing III
per cent was enacted, money could be
readily borrowed at per cent; to pay
more was the exception, and the Gus
tomarv rate was in accordance with the
law. Now the facts are changed, but
accord with the law. 1t is difficult now
to borrow money for less than 10 to II
per cent. Impossible for ordinary bust
ness men. Only fortunate few whose
means and credit enable them to Dor
row at per cent. Nine out of ten are
paying more interest than they can al
ford, and to that extent Uhe excess OF
INTEREST," they are losing daily.
Not only as said above are they losing
by paying more interest than they can
afford, but their greatest loss is in the
depreciation of all property-real and
personal.
The loss is two fold-great and start
ling when the subject is closely investi
gated. The cause beyond question is
the present law legalizing 10 per cent
The remedy therefor is the repeal ofthat
law.
The people are awake to the fact and
demand its repeal. Their position is
that no man can be elected to the Leg
1, islature who is not in favor of the repeal
of that law, which by its results, has
become so obnoxious to all, but the few
capitalists who are growing rich by the
extra to 6 per cent, which said law
forces the borrower to pay.
We are aware that some "balloon
men" argue that the remedy is the re-
peal of all laws on the subject, and let
the interest on money be like horse or
COW, high or low, according to sup
ply and demand. The onus prouandi
is with these hair spltters. They say
that all our foretathers were fools on
this subject, and their superior wisdom
wants the law regulating interest re-
pealed, which has been in force over the
whole country from the foundation OF
this government to the present. The
great and fatal objection to their theory
is the instability of business that will re-
suit Under the old law of 6 per cent
a man of moderate means could borrow
and establish or enlarge his business,
knowing that he could borrow at per-
mancnt rate that his business would JUS
tify. But let the rate of interest be I'M
certain he will either be prevented from
engaging in that which would other
wise be lucrative, or if he venture, the
advance in interest may from some I'M
foreseen circumstance be so great, that
he loses instead of gains, and consequent
" he must either stop or finally fail.
All business men know how perplexing
uncertainty is.
Moreover, to try their remedy, viz:
the repeal of all laws regulating inter
est on money, would be an experiment
"a venture-which might fail. Where
as, we know from experience "a good
teacher) that the old law worked well,
the present law works very badly, and
their theory ifput into practice might
end in financial catastrophy. 1t GER
tainly would involve us in great uncer-
tainty. 1t is the interest of all that the
rate of interest should be reduced here,
because loss must be ultimately sustain
ed by the lender-said loss may exceed
the excess of interest A capitalist will
make more in the end at a rate that the
borrower is able to pay. Any advance
over 6 per cent. brings a corresponding
risk.
We therefore in common with the
very large majority Of our people de
mand return to the good old law.
Let the Convention that will meet on
the 29th, see to it that no man is nomi-
mated for the Legislature who is not in
favor of the repeal ofthe present law.
Moreover, let the people inteTogate
the nominees, and not support them if
they do not advocate their interests on
this important subject. A. B.
A WHOLE COUNTY SINKS IN FLORIDA.
The Florida mails give meagre and
vague accounts of astonishing phenom-
enon at Apopka, Orange county, near
Pilatka The whole county disappeared
in one niobt. and its site is covered by