The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-08-02

IL Is All indisputable axiom in monetary
circles, that the value of a dollar is deter
mined by the amount Of interest it COM
mands but the effect Of this proposed
amendment would be to give the gods of
finance the power to make corners in the
money market, and force up the rate Of in
tereSt, while the real purchasing power u
the dollar remains unchanged, or at least
loses any hcticlous value gwen it as soon
as the object of the ring has been accom-
plished
do not wish 10 be mistaken for. OF
elassed with the ideal, visionary UtopiAn
dreamer, who denies the Just right Of mon
ey to accumulate value by interest. be
lieve that power to be essential to its exist
ence 1t must IN fact necessarily be So
for no man could be expected to exchange
productive property for money unless
money represented production; but the
ground do take is, that the rates of inter
est usually charged are fraudulently excess
i've and glaringly unjust; and I further
claim that every single mill charged over
and above Just and equitable rate is not
only wrong IN Itself, or NAHUM ia *, as
our legal friends would say, but 1t Is also
a legal fraud upon the producing classes,
and should be made prohibited wrong by
the State. This conclusion deem neon
trovertible, because | hold il Il be the
moral and imperative duty 4 government
to 50 institute money chat it shall equita-
| bly, distribute production between TIE
a.snts that brought it into being non.
producing capital and producing labor
Bat perhaps this question will arise IN
the minds of the delegates. What is a
| Just rate of interest on money III Howev-
er, IN answering the query We are not at
sea; We have at hand sufficiently reliable
statistical data Ia at least approximate the
result AS closely as all practical purposes
| demand Should any farmer in this State
rent his farm for either money consider
alton ~ ION shares, he viii tnd that
/ the yearly rental does not exceed four psr
centum Of the marketable value uf the
I property appeal 10 those delegates re
presenting agricultural interests. If tins is
not true Agriculture Is the leading IN
terest IN the country. is IS. IN fact. the
very foundation Of national wealth and
prosperity, and the ANIMAL increase IN tins
interest is a fair index tOthe real annual IN
crease a property III general, and mas
much As money represents property or
value. It follows that the annual increase
of national wealth should determine rhe
true rate Of interest and A. the eel sus ~
ports show that the agricultural interests
ot the nation have not averaged an annual
increase Of four per centum. L also follows
that all rates Of interest above four per
cent are an eNtortIonate imposition. a fla
gitltous fraud, upon the producers Of the
State, whether they be farmers or mechan-
l tal r,bY-at..al lal..ru Dr.. 81.
rates Of interest have generally ranged
double as high as they should. and the di-
rect consequence is a system of society
which gives birth to two class,s-a very
small class which revel ia the lust II
wealth, and a thousand fold Larger class
who grovel in the slime Of paupensm This
- the result Of excessive interest. and vet
the usurIous Shylocks Of the STATE are not
la.lsted They must needs comt here
ito our very boards they dare aud ask
us e. wipe out Of existence, by e,ustlru-
tional provision, the only restraint upon
their rapscious voracity, and thereby give
, them better opportunity Of still further
! enriChng themselves for robblng the PEG.
pie.
. Mr. Mueller-Will the gentleman per.
init me question
Mr. Foran- Certainly, sir
Mr.. Mueller-Do the usury laws nov in
operation IN this State amount to any
, thing! Are thev not violated every LAY
Mr. Foran-I admit that these laws arr
{ often violated, and that they do not al AL
times answer the purposes for which they
we're enacted; but, sir, the fault is in the
Law, and not in the principle. The pnlci
pie is sound enough, but the law is nO- az
effective or as searching AZ it might be
Improve the law, but let the principle
stand.
The gentleman from Hamilton Mr.
Freiberg) has Just stated that money
should be bought and sold as are all Other
commodities and that the Law Of supply
and demand should alone regulate the val
ne Of the bartered article This argument
is very speciously advanced by the genth.
man from Hamilton 1t is very plausily
worded, and no doubt it falls upon the ears
If the pIethoric money lender as a sweetly
flowing sound, As
Through lne's dark r.ld ni, ~irdi "a, he wend,
An incarnation ~ iar tld-nd-
r But upon the ears Of the necessltous br-
rover IN crates dIscordantly mocksry.
Tn his ears it sounds
Tangled, out ~ tune and harsh
To him It sounds
"Craes "a AMI thin