The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-01-21
FrsEurSurRY QUESTION.

DCeli very Stilieoeiy diih iuiJ uiSN"''' ~
The Richmond Wing. Our neighbor in
Weighs with reason against the "yultures
Of the curb-stone," that seek to involve |
and ruin hard pressed AID industrious men.
They are indeed an unholy set, bred of q
social condition, rotten and altogether false
and chaotic. But we fail to see how any
limitation by 1dsO Of the rates of interest
will protect the people against their rapaci-
ty. The nature of money seems to be
involved in fearful bewiderment. Its
precise place in nature is not well
defined in the popular mind. Visionary
financial theories come from this misty
region of uncertainty. If we can once
definitely place it in our classification this
uncertainty will cease, as the law of its
own class will control it.
Now, what does money do for us? We
cannot cal it, nor drink it, nor use it to
warm nor shelter us directly. 1t is neither
food nor clothing, nor house nor fuel. But
it will be received in exchange for all these.
II IS a tool or instrument of exchange, pre-
cise3g as p!oaD is an Instrument to till
The soil.
The price to be paid for a pillow or a
mower and reaper, or for Tie use Of these
tools is left to competition, and no sane
man would think of regulating either by
statutory enactment unless in some stress,
as of famine or war, when the State
assumes extraordinary powers; yet it would
be just as sensible and legitimate legislation
to enact that no man should charge more
than fifty cents day for the use of his
team AMI plow, or one dollar per
day for his reaper, as to enact
ttat no man should receiUe more than
sic cents a gear for the use of a dollar.
Usury laws are among the Anticipated
follies of the past. They are mere legiSIa.
tire quacke,y. Money, like all other
commodities, will follow the laws of trade,
and its price must be left TO be determined
by the relation Of supply and demand.
The history of the Western states is full
Of instruction upon this subject. There
money brought fabulous prices, because it
speculation, to enter lands and to open
profitable sources of trade. Usury laws
were tried, and they d,oge dscay capital
and brought ruin to thousands. Free trade
in money succeeded, and capital flowed in
abundantly, and the rates went down to
the general level of the older states. The
same acH be the case here If the insane folly
IS enacted Of attempting to reduce the rate
Of interest to sic per cent. Not a dollar
aoiN be loaned at that price for any length
Of time. Only little more of this stupid
legislation is wanting to complete the ruin
which Bourbonism has brought upon the
State.
What per cent. a man can afford to pay,
that is another question and each must de-
termine for himself. A man who has land
with good teams and tools, may need
manures to perfect his crop. Without any
additional labor or cultivation, ten tons Of
guano or bone dust may double his crop.
This would increase his profit one
hundred per cent. 1t is clear therefore
that he could well afford to pay twelve
per cent. for the use of money to buy
manure. Among our truck farmers it is
no uncommon thing to double thei1
money on manure. Another may see
chance to purchase for cash property
which he knows will double in value in q
single year. Is he to be debarred paying
the market price of money to purchase
it? Every business man sees opportunities
at times for large profits if he can only gel
money. But the asu7y la,os forbid him
these chances.
Our sympathies are largely and intensely
with the working men. We are united
with them by bonds of association and
selE.interest. We haoao and feel bitterly
their embarrassments and disabilities. VIZ
want to see them thoroughly aroused, and
unite as one man in grand organization
which shall overthrow the miserable part-
san rule which has cursed this fair State SO
long. But not in the way of usury laws
not by that path are we to find relief
Industry needs cheap money and plenty
of it. There is no good reason under
heaven achy money should mol be plenty anc
cheap an this country. The material exists
for ample credit to which every legitimate
pursuit should have cheap access. This
credit can be modified and made available
to assist production by methods simple and
unobjectionable. 1t is not done because The
State is controlled by combination
aohich SEXES upon the gains Of labo,
for us oavR aggraadizement. Few in
numbers but compact in organization, il
eniorces its demand upon the unorganizct
industries of the country, as the piratical
chiefs of Ethiopia levy tribute upon pass
ing travellers. The modest gains of labor
which would spread comfort and compe.
tence over the land, are gathered into its
swollen Golfers, only to be lavished in royal
splendor, OF wasted in the excuses Of its
beastly indulgence. From its foul men
struum comes forth that monster brood
the pirates Of finance, who prey upon
mems strength and women's virtue, like
the tabled vampires Of antiquity. Fisk,