, 1873-04-24

noticol wo will not pay. or cauBo to DO pa1d, any
dobt contractcd with tho people, our wards, for
monoy loanod without our authority" UHury
Laws aro not only m insult to tho Intelligence Of
tho people, but tloy lcgalizo tho opon vio'atlon
Of contracts. invite mon to disllonor, and oifor
proni1m on fraud.
They Influence no man to lend money ut q loss
rato Of intorost, but, on tho contrary, ncroaso
tho rato whonovor enacted. Tloy teach tho poo
po d lisrespcct for law, for nowhere in our whole
country aro tho uHury laws, Us a rulo, oboyod,
oven by our National Banks with Which, by o pro-
Vision Of national law violation Of tho interest
laws Of tic stato In which thoy arc located works
forfeiture Of cllartor. Tho Comptroller OF tho
Currency is apprincd Of thia fact, md hence has
provision Of tito law. Many mon nro unwilling
to subject thonaaolvos in any contingency to tho
penalty Of tho law, mud, not being willing to lond
their money ht tho logally-proscribod rato Of In
torest. invest it In trado or In speculation or
place 1t In tho hands Of trokor, who, while
lohning It Mt tho lognl rato Of ntorost, charges
largo commission for Lis aeryicos, which tho
borrower always pays while few froo-thinking,
independent mon, conscious Of tho injustice and
abaurlity Of alusury laws and Of theporfoot right
Of all mon to make their own contracts, wlothor
tor lands or money, daring to not IA their con-
soioncos and intelligence dictate, have monop-
oily Of tho moncy-loaning, md, because Of tho
monopoly, obtain high ratoa Of interest. Un-
trammoled by law, men generally use their money
in that way which they think will yield thom
| tho greatest remuneration with least physt-
oal and montal exertion. 4 man hhy-
ing 4 competency, md proforrtng to1 lond
| bis money at u per cont to uaing 1t In a buai-
ness requiring lis constant presence and atton-
ton that would yiold him 18 per cent, will DO d
lender; while another man not having what ho
deems d competency, but having brain and
muaclo, and being willing to use them for tho OK
tra por cont, will 10 n borrower. Whom, how
over, the law stops In md denioa to tho londor
what he doons fair proportion of tho profit on
| tho money .and brain and muscle combined, he
will unite hia own brain and muscle and money
| In business and cease to be londor, to tho
| dotrinent Of tho man who would bo a borrower,
| and thus tho rich aro mado richer md the poor
| pooror.
| No law can compel mon to bo either londera or
borrowers, and they will DO eithor one or tho
other rs their judgments, inclnations, oapabili-
ties, or intorcata may lend. No law can compel
n man to pay 81 n bushel for seei2 corn,
but If that ia tho market price, aud ho can buy it
| l., 1,n%tn 4r In
price than to let his farm lilo idlo, ho will proba-
bly, my it, and no ono will condemn tho se1lor !;
nor can any 1aw compel man to sell his corn,
ns It ia now being sold, Mt 25 cents a
buBhol, but, II TINT is tho market prico, and ho
can get no more, he may conclude that IT is bot
ter to sell at that than to hold and suffer the
wasto, and run tho risk Of the price being
higher by and by, md nobody will
think Of consuming the buyer; both
buyer and aellor paid and received what
at tho time. Yet bushel OF corn will plant nc
moro acres, and give no more nouriahment
when it soils for 81 busAol than whom II
will bring only 25 conts a bushcl of corn ia only
u bushel Of corn, be its valuo in dollars and
cents what it may and that value will always
DO governed by tho supply and demand. Moncy
differs from bushol Of corn chiefly in this: il
Is moro convenient medium Of exchange; ite
value or purchasing power may bo said to vary
aa does tho value or purchasing power Of &
bushel of corn, and the interest it will command
must over vary according to Its value as u pur
chasing medium, or according to the supply aut
demand,
Gold and silver have bcou adopted as tht
medium OF exchange by all civilized people
chiefly because Il given weight or bulk Of those
metals represents tho largest amount Of labor
which Is the baais Of all values. With tho Ro
mans, $500 years ago, copper was tho medium
Of exchange; the ancient Dritons used tin, ant
brass, and iron. In some parts Of British
America to-day, tho medium Of exchange be
tween the Hudson Bay Fur Company and th'
Indians ia beauer- skins; barrel OF pork o
flour, pair Of blankets, or suit Of clothes Il
prlced at ono, two, or moro boayer-skins, as the
may DO relatively valued. The money Of m
people ia the medium Of exchange used by thu
poop1o, whothor that medium bo brass, iron
copper, gold, silver, bank-bil1s, Or boayor-BkinE
and its relative value can noyor DO rogu
lated by law any more than can til
ro1ntive value Of produce. All usury laws aro th
ro1io Of tho grossest ignorance and the blindca
projudicot md ono Of the hopeful eIgn8 Of ou
ago is tho effort now bolng nado in many Of th
States to repeal them.
t.
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Il The report Of tho National Buroau Of Statistic
givca tablo of tia number, class, and tounag
; of tho United stntos merchant vessels bclongn