Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-01-16
Spirit Of syeffersol,.
CharIeslown. w. Va. Jannarrg ~.
WHAT is MONEY!,

WHAT is MONEY,
Ihope the Spna viii publish the follow,
ing article, FROM the New York llercanfi2e
Jpar"dt, paper of very high character.
1t wall shew that the people are agit4ting
this question all over tie cunntry.
The Article is from city ~ of Detroit.
Michigan. To shew, however, the oie,os of
the paper on this enerossing question, | will
quite from it the following s.
AS a step in the sdirection. of according
justice to al md injury tosHone, the labor re
formers have taken upfthe financial theory of
the Mercantile Journ0l, which we express in
the following -.sS. 49,. -
- sneEinterchanseabiiity fatthe option of
the holder) of Nutiondi l,nper n,6aey with
government bonds bearing a freti rate of inr
terest, there is subtle principle that will
regulate the movements of 6uance aud COM
merce as accurately as the morton of the steam
engine is regulated by its governor Such
paper toHens would be much nearer perfect
measures OF value than gold and silver ever
have been or ever can be-"
OBSERVER
Summit Point. Jefferson County, West Va,
Jan'y 10Th, 1872.
IAN HONEST MAN is TIE NoBLEsr WORK
OF GoD." Such one will seek truth ON all
subjects, and when it is perceived and pre-
sehted. will embrace it heartily. despite former
opinions and the dictates of Party. He,
therefore, is in tasor of free, fair discussion,
at proper times aud in proper places. Error
will do no good Truth fears no scrutiny.
A sovereign is responsible to the governed.
and to the Governor of the Universe tor the
manner ia which he rules, and for the legit
mate influence Of those laws which he enacrs
or sanctions. This responsibility is not ies
troyed if shared by one, or one thnusand-
every citizen of these United States is u snve.
reign. He carin"t escape responsibility for If,
by his innct"n evils arise he is guilty. fhe
conscer tt"usy act aud is overcome by ma
jority, aud evils then occur the guilt rests
alone upon tho>e who cause or approve them.
Ii he delegate his power auth"ri,y to others
by voting, 1t is clearly his duty to vote for
those who will. most faithiu y"nd fully, speak
ms sentiments, and act h,s principles. The
way is now prepared to examine
THE NATURE OF UsuRY.
Formerly 1t meant Interest paid for the use
OF mouey 1t is now used to signify an
amount of Interest beyond that sanct."ned by
law; more properly, beyond What is cqutable
aud Just. The Jews were expressly forbidden
by GOD to tahe any Interest ar Increase from
their brethren OF strangers who enjoyed
the protection of the State, without .xation,
fair rate might be taken. Human laws may
contilct with the laws oi Gud They do no.
make right What is contrary to natural rlyh,
anu justice. Human laws enacted thar Dad,el
should uot pray To his Maker tat his cunI-
panions should worship golden image
DE Wolf, In his admirable ana lmlo.tart
treaties on Money; ITS uses and abuses"
after quoting DIR. Cla: Ike. who showed thut
AL inn. hnup.
marks: The church IN It's infancy prohibited
usury. and 90 d men IN every aye "i the world
have not failed tp lift their voIces against t,
bnt tue Stite has legazrd certain rates as
interest, and an"themarleed any excess over
those r"tcs u>mry Under this savu of
State, the conscences ct great many pio,s
men are quoted, ami are frequently mt dis
turDtd with any u>urL, where the interest
does not exceed TIVE three per ce,t. per
moth. The right at least TO receive the
legal rate. OF from to ~ per cent ,m,eres: is
generally uncfallenged III this country. Thus
1t Is seen how easily the voice of reason and
conscience is It fed, and't revealed as well
as the natural law. Is made VOID by hum n
statutes and human traditions. But Among.
all the grave crimes that government. aud
de>p't- have CONN, ttei, there is none which
III en"rni'y and extsnt, can compare with the
li>huient of u>ury. or interest I"
WHAT is THE JUST AND EQUITABLE Us. OF
MONEY.
1t is now demonstrated that for the last 20
years the annual increase of wealth. is 81 Der.
cent. This then may be safely fixed upun as
the extent OF the average equitable use of
money. More than that is risury Disguise
1t as we will, it is unjust. For somebody is
r.AhE EnI = u, -. e. i
robbery, though sanctioned by law, tends to
bankrupt toy. There is class of political
economists who contend that the just raj e OF in
terest is no more than the cost of coming it,
This would reduce the rate of interest to about
one per cent 1t appears, however. that were
the Government to coin money aud lend it to
the citizens upon good security, as U. S. or
State stock, at per cent. interest, the bor-
rover would be enabled to pay it from the in.
crease of property. the profit would then inure
to the Government, aud diminish the burdens
of the people.
INFLUENCE OF UsuRY.
l. Usury is robbery; labor is robbed of its
just reward. For the rate of interest deter
mines the price of rent effects railroad fare
and transportation, the price OF iron and every
manufacture iu which capital is employed.
The consequence is. by usury the rich become
richer; the poor, poorer. But for our public
domain we should hecume nation Of se,f.,
and, OF late, capt a has been vuraciousIy swal-
lowing the peoples inheritance.
2. Usury pr"motes extravaganza. The
usurer lives upon the labor OF others. He has
easily acquired means to crafty his love of
display and his appe,tes. He is imitated by
those of less means; again stimulated t., rise
above others, who in their turn stretch them
IL,
frog in the fable, they burst before attaining
| the size of the OK Much of the ex,rayu.ance