Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-10-25
THEooNvENrIONAL INrERESTLAw

From the Gallatin Examiner, Oct q.
We regret to note that bill has been in
troduced into one house of the Legislature
repealing the Conventional Interest Law,
but trust that it may be defeated, if for no
other reason than that it has not had fair
trial. 1t has been in operation but very
short time, and that during an unusual sea-
son of depression in every department of
business. We believe, however, that it has
worked no disadvantage, but, on the con-
trary. has brought into our State large
amounts of capital that otherwise would
have been kept in other States, where in
yestments are more profitable.
In the Northern States, money is very
abundant, and if our Legislature will have
the wisdom to let the present law remain
in force, the tide viii, after awhile, tend this
way. and every branch of industry will be
aided. In the great State of New York
their numerous corporations have been pre-
vented by statute from investing their sur
ee1ifs funds beyond the State, and the conse-
0uence is that millions of dollars are lying
idle. or at a very low rate of interest. The
Legislature there will this winter remove
this restriction, and then their capitalists
will seek other points of investments.
The members of our Legislature should
remember that holders of money are just as
anxious to loan as the borrower may be to
borrow, and if the present law is permitted
10 remain undsturbed, we venture to affirm
that foreign capital will pour into our State
and course through every vein and artery of
business.
We pretermit the question, for the pres
ent. of any legal restriction at all upon the
right of person TO make any contract he
chooses. As an original question, We favor
the eptire liberation of money. 1t should
be as free as the air, and have charter as
as wide; and the sooner our law makers
relieve their minds of their unreasoning ad-
herence 10 a supposed binding requirement
of the Old Judaic law, the better. If they
would Inconsistent, they should not indulge
In ham and eggs, or any other OF the prohlb'
tied dishes of the Mosaic code. The conf
cal view of it, too, is that, while oStenslDly
irving to obey the Rabbinical regulation OF
money matters, sight is lost of the fact that
Inv charge at all for interest was usaTy'
and that one per cent. or six per cert. woulc
have been Just as usrrious as ten or nifty PEI
cent. The IsraeliteS were at liberty to
charge interest to strangers, but not to then
own race. They could shave Gentle tc
the bone and not break the law.
we IfllSl AIhll lllt AdN may NbAlAC NANA
our lawmakers viii be athletic relieve them
selves of the letters of old time preiudices
and sweep away every restriction that inter
feres with the freedom of commerce
Money should be as free as cotton or tobac
co. or horses and mules. Contracts 70
money should be treated as contracts abou
anvthinp else Money is an article of com
merce, and just rs subject to the great law
of supply and demand as any other articl
of traffic.
When will some statesman arise in th
country who viii be able to educate Ii
minds of our people and of our Legislature
IN an understanding Of the great principle
Of Free Trade? He who does it will be
benefactor, for Free Trade viii sweep ava
All of the cunningly devised schemes
rrotection. that steal away the substance
The people and enrich the pockets OF m
Tonaires, and put every man upon an equ
footing in the battle of life.