Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1871-03-10
Friday Morning, Mar. 10, 1871.
W are nleased to learn that our artic

w. are pleased to learn that our article
of last week has awakened our people to
the c.. ying evils of the provision in the
Constitution and the Legislative Act au-
thorizing the rate Of II per- cent interest,
when named in the bond. This is but right
What man can look around him and fail to
see tn, evils Of II per cent! 1t is patent
to the most superficial observer. Our peo-
pie, who lost largely during the war, and
by the failure Of TIA, Confederate Cause, and
for Sc benef (seemingly) the Stay
Law Is enacted, have been unable to pay
what they justly owed, whether it were
large or small, although they desired SO to
do, and why? Because they were unable
to sell off property useless to them, and on
Which was the additional burden of taxation,
which would have heen good investments for
others Why have they been unable to
sell +? In the first place, for several years
after the war, the unsettled condition of af-
fairs prevented purchasers from coming
among US. Then the amount realized from
crops &c was entirely needed in rebuilding,
repairing and otherwise removing the rava
ges of tn. war. After affairs became set
tied, men of means came among US, but, in
stead of luying lands and other property,
finding they could loan at - per cent, de-
clined to purchase, and became money lem
ders, or went back home, afraid to loan at
that rate. A few here, who had saved
money by economical management, instead
of paying their obligations, running at 6
per cent, loaned at IL per cent. The only
money ia circulation is, therefore, in the main,
what is made by our Agriculturists, who
have underworld to relieve themselves of debt
by paving off. This latter class embraced a
very large portion Of our Agricultural COM
munity, ID but for their means the hard
times latterly experienced would have been
upon us long since. If the II per cent.
law is not repealed and the clause Of the
Constitution allowing it removed from that
instrument. we may expect hard times to
continue with us for years to come. We do
not pretend that the II per cent. law has
produced the hard times prevailing here,
but we 90 assert that it is tremendous
preventive Of the return of flush times. 1t
reduces the circulating medium by combining
money, to a great extent, in the hands of
the few, and the many can get but little Of
it in their hands save by paying the enor.
nous rate Of - per cent.
tits for these and many other reasons that
we urge the. epeal ef the act legalizing - per
cent, and the removal of that clause in the
Constitution which authorized the passage
of that act. There is no one SO blind but
can see the damaging effect Of such an usu-
rious rate Of interest, and all aeknowled ge
it save those few whose immediate or indi-
viduaI interests it subseives to keep the rate
at - per cent.
The mem ers O. the General Assembly,
as they desir. to 'spresent the interests Of
their constituencies. should look well to this
thing, and lot le5 it disgrace the statute
books of the State, or remain in the Constr
tuition day longer than it is possible to re-
move it. The eyes of the whole people are
upon you an they expect and demand the
removal of this incubus from their shoul-
ders