Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1871-03-03

TWELVE PER CENT Who utters it with
cut dread now Where have flown its ar
dent advocates of few short months since
Truly echo-a mournful echo answers
where
When the proposition was laid before the
Legislature to legalize the rate Of ~ per
cent. interest, if specified in the bond. there
were number who earnestly advocated the
proposition and vehemently urged that if
12 per cent. interest were legalized there
would be tremendous influx Of Northern
capital into Virginia That the State would
be perfectly flooded with Greenbacks, &c.
&c. None of these fattering presages have
been realized. It is true that few men
from the Nerth have broughta few thousand
dollars into the State, and have loaned it at
~ per cent. They have been very particu-
lar, however, to loan it on first mortgage
on property, the title to which they have
ascertained to be good, and to take half
yearly notes for the interest. But there
have been precious few money lenders from
the North or elsewhere coming here, and
money has been plenty in the North all the
while at 6. 7 and per cent The hoped
for influx of money from this source has,
then, signally failed of realization.
Property holders, in dire needs, have
borrowed some money, for five years, at IL
per cent, but applicants for money at that
rate, on long time, have been remarkably
few, considering the many who need and
could use money proftably.
The Act legalizing IL per cent has prov
en- itself to be anything else than wise On
the part Of our Legislators. A man may
afford to borrow sum Of money for 30,
60 or 80 days at - per cent. and be able
TO make it pay, butfor 2, 8 Or 5 years but a
very few can stand it, much less make it
pay. Just think of it-ene- eighth Of the
principal paid annually in interest. At the
old rate Of per cent. the money lender al
ways grew richer, while the continuous bor'
rover universally became poorer. How
then can it be expected that men can pay
12 per cent
The Northern capitalists understand this.
They are afraid to loan at II per cent. here,
on this account, preferipg the safer rate OF
Corr per cent at home. Tt is all well
enough if the party can pay the interest
promptly, but they know that no man can
afford, nor will DO able for series Of years
to paw such a rate and hence they hesitate to
s.food" the State with their money as was
predicted.
To sum the matter up, II per cent is
perfect Shylock that notonly takes the pound
Of flesh, but draws the ife-blood in taking
it. 1t is curse that our Legislators should
rid the State of at the very earliest moment.
Mr.. Roller, of Rockingham, introduced a
bill in the Senate, as an initial step TO-
wards getting rid of the II per cent rate of
interest. Why has it been allowed to Stun.
Der ? The people are alive to this crying
evil, and the members of tho General AS
sembly are lily doing their duty to their
constituencies in letting this canker prey
upon the vitals of the people day longer
than it is possible to remove it. 1t paralyzes
Industry, prevents the Development Of
manufactures, and in number Of ways
binders the prosperity Of the people and
State.
In the name of the people, We call upon
our General Assembly to repeal the act
legalizing the rate of ~ per cent. and at the
very earliest day.
The latest kilograms indicate that Peace
between France and Germany is certain -
The Consulting Commission of fifteen have
signed the treaty. which imposes the follow
ing conditions. The cessiou Of Alsace and
Metz to Germany and the payment, Of FIVE
milliards of francs, equal to about 81 ,0O0,-
100000. portion Of French territory with
several fortified towns to remain in the pos
session of the Germans until the conditions
of the treaty are fulfilled, three years being
given for the payment of the moneyed stip-
ulation 1t is uncertain whether the Ger
man Army will enter Paris. Peace is to be
proclaimed when the National Assembly
ratiies the above terms. The peace news
was received with great rejoicing in Germa-
ny
We notice in the Richmond papers, Of
the 9th ult, that that live Company, the
Chesapeake and Ohio Railroad Company,
have advertised for sealed proposals for the
construction of the remainder of their road
West of the White Sulphur Springs, 1903
miles, to be received at Richmond, until -
NJ. March 2Sth. This work is to be con-
tracted for to be completed by May 1st
1872, and embraces 3, 900, 900 cubic yards in
open cuttings, 81 400 cubic yards in tun-
nels and so, 900 cubic y ards of masonry
Profles &C., will be furnished at Richmond,
New York and Huntington, ". Va. af-
ter March 18th.
When the Senate was seemingly disposed
TO defeat the charter of the short line route