The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-08-02
THE UsURY QUESTION.
speech Of Nj. A. EOran. Delivered in the
Ohio Constitutional Conven-
tion. June 18th. 1873.

mite. h4.au- heard the argument ut the 1
gentleman from Hamilton Mr. FrIebergl, 4
aud thar Gentleman being unr ~ the
,,-.iIhfg.t u.uu un this floor. 10 Is nothing /
Iuor, thau u.lt MT is. 100 fact. rmmently /
ust ud proper thar I who ann perhaps \
rb, poorest uau u the convention the I
.-..i devil .I rbe concern. If ! may a. term |
r. should be Also heard upon the question. |
o. may o., ,ru % contrast the views ami |
COMMONS .f these tNu Les Ia orr social |
ornament. VI ! may sn SPEAK. THIS and
u.v desire ta SAY word M behalf ut Por- |
-u.T.uf .ur people. tu1 often ignored and
forgotten le cur statesmen. are the rea-
Sons Hh. ! rise o. address the committee
at tu- r.ur.
Nli hartman, the question now under
consist -ruu. and which the gentleman
trou Hamilton Mt Frejberg has Just
u., w. l.u-rhly discussed, does not seem
tu tl- SUPPORT cIal aD.. ryer tu W. one " very
great ur grave Importance, and u" doubt
There are vrrv many persons ~ the state
whl would ~, Inclined e. thluk is discus
sion needless Aa~tr Of time, since IN
their upmi.n au. disposition made 4 i
would uut materially affect the prosperity
81 THE commonwealth Il also appears to
me chat tlp Gentleman from Hamilton
lMr Frriuy~-I who has Just addressed
thu committee. would have us believe that
the issues growing out of this question,
AMI the interests involved m III. are of MI
nor .-ult atu,r. ur AZ least NOT ~ that
moututous character that, Iu nay humble
opinion ami estimation, really attaches %
them. for, Mr. Chairman, | am prepared
to say and / SAY d openly that " All the
questions that have arisen, or are likely 10
arise tn tins cluleutlun, the question now
under consideration Is the most lmmeasur-
ably iuir. rtaut iu all MS bearings upon the
people ut Tins state and the nlted States.
Glanced 500 cursorIly, tins statement may
seem rrUt. but sir. beyond the mere ques-
-iuu W.T. u-uu avs, but interviewer with
,ti- = Ru- .ut oi evils these laws were
designed IVY remedy, there lies great So
rfsi question: ur problem the solution az
which Is demanded rs the future progress
it- character II society and humanity;
aud ] tuprehend that 70 reach state Of
perfected humanity should be the true aim
,f legislators and statesmen. Among all
+h,uuHstious that now command the at
reurl.u Nj the pulpit, the rostrum OF the
press. W.T. that agitate the public mind, this
question undoubtedly holds unrivalled and
uua. .ua,bth.r pre-eminence. 1t is one
rIat .u-.t- into. underies, overtops, and
uy,r~It...Us sll other questions now occu-
gl1r- tHr attention ~ the most eminent
tulA,r,. not only ~ America, but II the
world And Il Is right that it should do
so a, It goes down to the very substratum
uf .lclal conditions. Yes, sir, Mr. Chair
man. the question Of poverty and wealth
is after all the great question Ot our day
and generation But it may be urged that
tie mere question of usury or no usury
legislation has nothing whatever to do with
thar maustruus inequality which Is the
great characteristic ~ our social system;
but / hn.d and MAINTAIN. and shall endeav-
CT ~ prove. that interest. AS the term il
nov understood. and usury are inter
changrahe terms that they are synony-
mon. iu their siguhcatlon, and identical IN
their results ! also clam, and shall en-
a,ay1r tu prove that excessive rates Of
interest produce poverty and wealth At the
same time and though admit that wealth
~ l4ot WI itself an evil, still 1t can be con-
cIusIytly shown and clearly demonstrated
that Nh,u ~ becomes concentrated in the
hands W a.few men. ID Is not At all times an
uumlxed good, either to the people w to
the Ntat,
We have been petitioned ~ Boards Of
Trad. and Tn individuals, 70 50 amend the
Fundamental law Of the STATE as T. prohib |
40 the legislature from enactlng usury laws
But 900 scanning these petitions closely, ] !
ana furcihly impressed with the idea that |
The motives of the petitioners we're purely |
personal ana graspingly selfish. Look at
these UttItl.us, gentlemen OF the cOnven- |
tiuu. ana candidly tell me If the signers |
are unt men Who are more apt 10 loan than /
borrow money Are they not ali monIed /
men Are they not all men over whom |
necessltous poverty has no control Have |
We any petitions here asking for this 1
amendment. signed by poor mechanics or /
poor farmers, who may md Il necessary at |
any uumcnt 60 borrow money, either to
procure "a home an prevent one from going \
from their grasp with the fall of the auc-
t.uuegrs hammer A. It not strlkingly /
significant ract that the opponents Of usury /
laws are bankers and others who have |
money u lnan And does not that fact |
detract very materially from the honesty |
II their Intentions and the purity of their
motives ID urging upon this body the |
amendment which the committee very |
wisely reported upon adversely ] am |
willing to admit that some Of theee men |
may be- borrowers of money; but if such is |
the ease, it viii be found, upon examina-
tion, that they borrow 1t for purposes Of |
Speculation, which promise IN the way of |
profits Tor greater Ter centage than they |
pay for 1t. They are not borrowers be- |
cause necessity cnmpels them TO be such; |
and IN my opinion there Is a vast difference |
between a ncecssitous and an optional Dor |
rover.
Interest is undoubtedly the most impor-
tant function OF money, ana ! think | am
safe in saying that it is less understood by
the mass Of the people than airy other Of
its powers and properties. 1t is unceasing
and perpetual IA its nature; 1t operates 81
lently and unseen Il is an invisible agent
or power: but though performing its task
in silent invisibility, 1t nevertheless gath
ers TO itself things tangible and real 1t
accumulates money, and money is visible,
no matter in what form it is presented or
used. Not only is interest the most inn
r,ortant function of mcney-the governing
newer in fact and reality-it Is also, Of all
bowers earthly or Plutonic, the most de-
caitful oppressive and unjust Operating
unseen. 1t silently transfers large share
az the proceeds Of all producers to the
hands ii n-producers, ~ whom product
i've labor is unknown And this 1t does
Nh the tacit consent Of those upon whom