The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-01-24

the States on the American continent
and get better rate OF interest for il
than Mr.. WILSON proposes to allow him
in West Virginia.
See how the Western and North
western States have grown. Think o
the rapidity with which that country
possessing less Datural advantages thar
West Virginia has, has sprung into
prosperity and busy thrift. These re
suits have not been achieved without aid
from abroad. Millions Of dollars owned
by companies. banks and individuals IN
the East are loaned in those States and
made productive. And the reason is,
that the energetic and wide-awake PEG.
ple of the West have avoided the folly
of onerous usury laws and have invited
capital to seek investment there. Hi,
nois legalizes contracts at 10 per cent.
Iowa has a similar law. Kansas legal
ICES contracts not exceeding II per
cent, and Minnesota does the same.
Missouri and Wisconsin permit agree,
ments at l0per cent. Those States that
have grown most rapidly and made
most advancement in population and
commercial prosperity are the States
that have thrown least restrictions
about the rate of interest 10 be paid
for the use of money. And more en-
lightened ideas than formerly prevailed
in relation to this subject have been
spreading southwark and eastward, until
Massachusetts, has abolished all usury
laws and permits the collection OF any
rate specified in written agreement;
and even Virginia, "our old Mother"
alter whom so many Of our people
desire to copy. and who, as Mr.. WILSON
will Loyalty contend, can do no wrong,
permits the collection OF interest at the
rate OF II per cent. per annum, upon
written contract. Surely there is some
force in these examples.
The passage of such a resolution az
that proposed in the Convention will
not only prevent the influx Of the capt.
tai that is so imperatively needed If
West Virginia is ever to be brought up
out of the wilderness, but it will deprive
our citizens of much Of the money
already in use here. Every dollar now
loaned in the State will be called in as
speedily as possible and sent elsewhere
for Investment, and our own citizens
who have money to lend will place it
where it will earn them a better rate Of
interest than will be Constitutional in
West Virginia. Improvements now in
progress will cease; industry will Ian
gush; every department oftrade will be
paralysed, and the Legislature will not
be able to afford relief.
We can scarcely think that there is
any serious danger of the adoption OF
Colonel Wilson's resolution. 1t may
be a little piece of political strategy on
his part, or it may be that the propo-
sition has been introduced by him at
the request Of some rural constituent
who has an idea that all interest for
money loaned is unscriptural and ire
lieious, but is willing to compromise
with his conscience at per cent Be
this as it may, there are surely enough
earnest and practical men in the Con-
vention TO prevent the commission of
so fatal an error as the adoption Of the
resolution would be. 1t may be well,
however, for our bankers and manulaC-
turers and business men generally,
whose views agree with ous as to the
impolicy of the proposed law. to write
to their friends who are members Of the
Convention and urge them to see that
no such provision is incorporatcdin the
Constitution OF the State.