Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-08-29
The IL Per Cent. Clause.

A correspondent Of the Petersburg Index,
IN the issue of the 18th inst, reports .smOney
plentiful in Richmond, at per cent. After
comparing the price Of money before the
present constitution went into effect with what
he now seems 70 think moderate rate-the
price being, then, from % 70 S6-secured on
the "best real estate in Riehmoud"-per an
num-he expresses the OpiOnion that Il twill
be for the interest Of our business men TO eight
against the repeal of the usury clause Of the
constitution, and further, that they twill Ger.
tainly do II" He says, further, "let the PEG.
pie IN the country who are crying now out
against this provision Of the constiIutios, re-
member how il vas four years ago. Il must
follow that when there Is plethora of money
in the cities, there will be no want of it in the
country"
This is then question between the town
and the country; and rs it is stated by Ches-
ter, it is clearly the game Of heads win and
tales you lose, proposed by the town to the
country: For when Richmond paid 20 aud
30 per cent for money, she took it out of the
country, and now that she pays she takes il
out OF the cOuntry-only less than before; but
in both cases IL comes out Of the country, and
not out Of the Cuisines men" Of Richmond
II matters not 70 them, or to the cuisines
men" OF Richmond, or of any other city, at
what per cent money may be "pleDtiful"; in
any event they do the business Of the country
for them, aud take il out of the country; and
whether these cuisines men" be miIIers or
merchants, they lose nothing-thcso "bus-
mess men," They take il out Of the wheat
and tobacco and other products they buy, or
charge it on TO tho consumer in all they sell
to him. In fact, they double il on him both
Ways-they take of and charge on. Like
Doctor SaDgrado, their operation is double
lie bIed and gave hot water; they puke and
purge: until the country is now in the cons
ditiOn OF the said celebrated doctors patients,
depleted and debilitated until il can scarcely
stand on its legs. And yet, he says these
cuisines men" will fight against the reDeaL
OF the usury clause Of the constitution" and
advises the country 70 abide by it as q charm.
ing thing for them! We have seen that the
city does not suffer, let the interest be what it
may, 20, or &c, or per cent, as the city taxes
1t out of the country by the double operation,
and now let us see how the country suffers,
and has suffered, under this Infamous swind.
ling, fraudulent II per cent. clause Of the con.
stitution, until feeling its tOTturiDg 6re in ev-
cry nerve, it does cry out against it, and is
forced to cry out for very Iifey
The first effect of the IL per cent clause in
that Infamous constitution was TO double the
debt OF every debtor in the State for If q man
who owes hundred dollars, and is paying 6
per cent. on il, is compelled to pay II, il is
equivalent, certainly rs lar as the interest is
concerned, TO owing tIrO hundred dollars in
stead Of one hundred ClOIldEs
The next effect was to cause every OUT
debt, whether by open account, bond or mort.
gage, 70 DO put in suit and forced to collection
TO secure the l2 per cent. Suits aud costs
burthencd the Court dockets, and the papers
were filed with advertisements to enforce
mortgages, or the debtor was compelled to
give new mortgage, TO secure this new, in
famous and fraudulent enactiOn of usury, and
which no land could pay, as the statistical in
crease of land is only 81 per cent. per annum
The third effect of this infamous sWindle of
the IL pEr cent. clause of the constitution was
to reduce, all over the State, every acre Of land
ut least forty per cent. in value aud price,
For who will buy land yielding only 81 per
cent. per annum, when no can get II per cent.
for money and in mortgages that will, in very
quick time, hand over the land itself to the
viI!ainous and hCartesS usurer, and H. en- leave
the owner penniless and in debt?
But this same correspondent OF the Peters.
burg Index, who signs himself Chester, in
forms suffering people that ''when there is
plethora Of money in the cities. there will
be no want of it in tho country!
Aye! mo want of it in the country" at IL
per cent, and when the country is only max.
ing 81 per cent! How long will it take a few
Insurers, at this rate, in the cities, to buy up
and own the entire country, aud work them
as serfs and tenants?
The truth is, that with fair system of
money, there would be no plethora Of money
in the cities, but it would be diffused aud dis
I "a he al Ill 1t.
veins and arteries of honest exchaDge through
out the whole land. The cities do not manu-.
tacture and send to the country halt the U,,lmes
the country sends to the cities and how does
1t happen that there is plethora Of money in
the cities?
1t cannot happen fairly and honestly. The
country is wrOnged and cheated by false
money system, aud fully as much as if it were
dealing against false weights and measures.
No manufacturing monopoly, no railroad
monopoly, and above all, no nlOmie,l naOnoDCIy
should ever be suffered to charge greater
rate OF interest, or to make il, than the annual
increase of agriculture, manufacturing and
commerce-Ehc three great wealth producing
and wealth>yieldiDg sources of all countries
In our country, statistics will show that in
crease to be 81 per cent. OBSERVER.
Summit Point, Aug. Is, 1871.
CARLoTrA AND TnE MODERN MACBETH.
The sad story of the life Of poor CarlOtta has
nearly been told Its end. 1t is positively sta.
ted that she cannot live through the coming
autumn, rs she is subject to periods Of pros.
tration lasting 4S hours, aud her death is ex-
Pected almost every day. She is but 81 years
of age, having been married to the IuckIess
Macmillan at the age of II, aud now she
goes down to \ sad aud cruel grave, driven
thither BY the wiles of INSCRIPTIONS politi>
clans. There was q cartoon in the Tomahawk
some time since, representing the BANQUET