The home journal. (Winchester, Tenn.) 1858-188?, 1873-08-21

from us, Just as it would be II
we were to agree to pay Il certain price
for some article such rs sugar, coffee,
or horse, piece Of land, DC. 1t is
outrageous for the law to step in be-
tween two a n men in n matter OF
money.borrowing and moncy'lcndlng'
and say anything about the contract
beyond what it says about all other
contracts--p0y whM waS dgfeed aPon'
This is common scnsc-this is justice
and beyond this the law should not
90. Aside from all this, the law is q
fcad letter any way, And itkceps up
the price Of m%oAey-it keeps away
capitaI-it is running our State. Heaven
speed the day when we shall have leg
]islators wise enough to drop all such
ridiculous drawbacks upon our pros
pcrity,
The article, or extract, we are about
to quote is, we believe, from that sen
sib!e paper, the Louisville Courier.
journal;
Money is not only the commodities
Of the State in another form, but it is
itself, when viewed as capital, a com
modify. 1t is sought after in market
just as any product Of the soil, 1t is
subiccC to the same laws Of supply and
demand. When money is plenty in.
%terest is low, and when money is scarce
the competition among the borrowers
becomes greater and interest is in
creased. This falls within the obser.
walton Of every one.
Now let it be supposed that Leg
stature composed chiefly Of mechanics
and artisans should say that in order
that men might buy their bread and
meat cheaper wheat should sell for fifty
cents per bushel and hogs for two cents
per pound. What would our rustic
Solons say to this? What would the
farmers Of the State say TO IN attempt
10 control by law the price Of their
products 1t is at least safe to say
that their complaints would hardly be
what is termed moderate. The State
would De shaken to its center by the
tremendous outburst OF popular indig,
nation that would follow. The all
would be blue with the indignant howls
OF the noble politician. And yet it is
just as reasonable and proper to dc
this as to set by law y price upon nor
cy. If it be such hideous wrong tt
fix the price OF wheat, how can it b'
right to fix the price OF money into
which the wheat has been turned
Wheat is u commodity belonging tt
the farmer, and money (thc wheat, etc.
Of past years. is commodity belong
ing to the capitalist; if it be wrong Il
fix the price Of the one, why Is it no
wrong to fix the price Of The other! !
:, the price Of one be left to the law o
supply and demand, why may not til
price Of tho otheri If the competition
= among the buyers and the sellers Of I'll
one be sufficient to save the public iron
eXtOrtiOn, why may not the compcLi
ton among the borrowers and lender
| or tho UIlrcr have the same result |
T. there can be no good reason to lca
that 4 man in need OF bread may b
+, forced by the flour merchant to pa,
more than the proper price, why i
there any cause to fear that the nan il
need Of money may be compelled b.,
/, the capitalist TO ipay nor than Til
, proper price?
1t must be evident that not onl
would Il law fixing the price Of whca
be sternly resisted, but it would be, il
fact, IL dead letter. In the event O
such Il law, the wheat of the State
provided that the legal rate was les.
!, than its actual worlh-wOuld simpl,
be shipped to u more friendly market
ard the law would be subject to con
slant contempt and evasion. This i,
just what will happen by reducing thu
. vs." i"tC W lIlLclISL w SIA I)cl Cpllt
No one, we presume, is so foolish ~
to believe that a change in the law viii
lower the rate of interest. But the cr
: feet will be to prevent foreign capita
from coming to the aid OF the develop
mcnt OF our State, and to cause Oul
own capitalists, who are unwilling Oh
unably to cvade the law, to send lhsil
money to Il better market.
We favor the ten per cent. interest
law not because we think money ought
to be worth ten per cent, but because
we think it is worth that rate. We are
opposed to its repeal because we think
our State needs money, and we arc de
termincd to do what We cap to scculc
to the people an untrammeled money
market. The State can not be devcl-
opcd without the aid of forcign capital,
and we wish to welcome It. AT any
rate, we wish to keep our money at
home. We have shown that there is
no more,scnse in fixed legal price on
money than on wheat. We feel Ger
tain than the proposed change of the
law will be as highly disastrous as it is
foolish and absurd"