Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-12-07


into consideration the bad debts which he
must inevitably make.
Go to the humble dwelling of the mechan-
ic and ask him the same question, and
my word for it you will receive a negative
reply.
Go to our manufacturers who are lust
struggling into existence since the disasters
of our late war, and ask them. even with
the present high protective tariff, if they can
afford to pay ten per cent. for the use Of
money, and if intelligent and candid, they
viii at once reply that they cannot, for they
are subject, like all other trades, to the fuc-
tuations in price, and the disasters of fire,
and the many other casualties which al
tend and may befall all extended enter
prises.
THIS being so, and | do not think it can
be successfully denied, why should we give
capital this advantage of labor, and place
upon our statute book a law authorizing
rate Of interest for the use of money which
no pursuit in the State car pay and prosper?
Is this not suicidal?
Is it not unjust to all the great interests
Of the State, and will it not naturally force
all the capital into the hands of spectators
and Adventures who viii agree TO pay any
rate Of interest in the desperate and reckless
chance of reaping a rich proft9 The great
argument used by those advocating the pas
| sage of the ten per cent. law was that it
would induce a flow of capital into this
| State from other States and countries be-
cause of the high rate of interest allowed
here by the enactment of that law. put
it to the candor of every gentleman upon
! the floor if this has been the case. Has
there been any aecretion Of capital in the
| State?
| Have not the gentlemen who advocated
that measure been deceived and mistaken
in their expectations?
| Is not money scarcer and harder to bor-
row to-day than before the passage Of the
ten per cent. law? While upon the other
hand you have forced your own citizens
who were borrowers to pay The capt. alists
four per cent. additional by the renewal Of
their notes for sums previously borrowed,
thus making the rich richer, and the
| poor poorer. Nor could any other result
have been reasonably expected so long as
capital may seeS an untaxed investment in
J United States Securities at fair rate of in
| terest.
For this reason, Mr.. Speaker, and for
others which | will not consume the time Of
the House in declaring, l have introduced
the bill now under consideration, repeating
the law passed at the last session of the
General Assembly, authorizing money to be
loaned at ten per cent.
! Its passage in my judgment will inure 10
the permanent welfare and prosperity of
| our whole State. / admit that no govern
ment ever existed or perhaps ever will exist
so perfect in theory and practice as to reach
all the wants, and protect all the interests
Of its citizens. But, sir, it is the high duty
I of every Legislator to pass such laws as will
| protect all the great interests of the State as
| fully as we can, and in the name OF the
! honest farmer whose hard hand yields the
! plow handles and enriches the nation by
! his toll, in the name of land desolated by
the hot breath of civil war, and Of strug-
| Cling poverty throughout the length and
breadth of the State, ask for the repeal Of
this odious law and the passage Of the bill
| now before the House. | have thus, Mr..
| Speaker, in hurried and lily digested man
ner sought to advocate this measure of
State policy and would feel if l did not do
| so, that l was unworthy of the trust which
my constituency have reposed in me, re-
| cream. to the duties which have assumed
and unworthy of their confidence. l feel
that it has been imperfectly done, present
| it for what it may be worth, remembering
/ that
''The pebble in the streamet scant,
Has changed the course of many a river,
The dew drop on the baby plant
May warp the giant oak forever"