The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1873-02-20
Free Trade in Money

Is the euphonious name given to one
of the most unjust and pernicious
propositions that has come before our
State Legislature for many years 1t
is bill proposing to repeal al laws
against usury, allowing the lender to
demand and the borrower to pay,
whatever the greed and cupidity of
the former may see proper, or the
wants and necessities of the latter
may compel him to submit to. This
bill has has already passed the Senate
4 by vote of 81 to III, and stands a fair
chance of going through the other
branch. 1t is needless for US to say
that this measure is not in the inter-
ests of the people nor is its passage
urged by them, but is the pet scheme
of the. bankers, jobbers and money
shavers. .8,ssls Is ss
There are those who assert that
there is no reason why legislative
body should any more fix the price to
be paid for money, Cor, rather for the
use of money! than the price to be
paid for bushei of wheat or any 9TH
er commodity. These persons are
confined to no political party but
have generally pecuniary interest in
the matter. Now. we utterly fail TO
see the analogy in the cases they cite
by way of comparison. Legislatures
have nothing 10 do in creating prop
erty in wheat or other articles of use.
They are the, result of the industry
and skill of the people and their val
ues depend upon the uses to which
they may be applied. On the other
hand money is solely the creature of
legislation, designed for certain uses
as an aid 10 commerce, as q measure
of value and medium of exchange,
between individuals, communities and
nations, and its employment for other
purposes is a, perversion of its uses
All interest paid for the use of money
must ultimately be paid by labor, and
any rate of interest paid by labor be-
yond what may be necessary to effect
an equitable distribution of the pro-
ducts of industry between the laborer
and capitalist, is simply legaiized rob-
berry. 1t is nonsense TO say that Leg
islatures may not frame laws to con-
fac money to its legitimate nses. II
is folly to suppose that laws may not
be framed to protect the producers of
~ &l,o -ooieh ,f ft,a ~vn~lI Rr<,,.s SI,<
inordinate greed and grasping ava
rice OF money sharks. It is claimed
TO be well established fact that :the
rate Of increase in the past by all the
powers Of production, has not been
over three and one-third per cent,
while the rate ofinterest has averaged
nine per cent. Isthere any further rea-
SON wanted to account forthe tact that
capital IL absorbing all the wealth of
the country and that we are losing
our simple republican habits and rap
idly verging towards an sristocFacy.
And have our legislatures no power
to stop this decline Of the Republic, by
protecting its producers from the rob-
berl system that is eating out, their
substance? iIfthey may not do this,
then let them repeal all lawsthat pun
ism any other kind of plundering. Let
US have free horse stealing, free theft
and sfreeD everything else. ofou vltss
Congress has conferred upon a COM
paratively few persons, wealthy capt.
talists, the power to regulate our fl.
nancial affairs, to create money, to-
make it plenty or scarce, to send pri.
ces up or down, as may suit their in
terest or pleasure, and now the assem-
bled wisdom of the. great State. of
Ohio are proposing to repeal all usury
laws, Thereby comforting upon this
same privileged class the power TO fix
the price to be paid for the use of
money, thus placing the people who'll
ly atltheir mercy. Alhthis talk about
ssfree trade in money is a most mon
,strous absurdity, q delusion and
snare. The experience of the past has
iabundantly demonstrated the necessity
ol laws 10 RESTRAIN tug
or the money lenders, ana 10 protect
those whose necessfies place tnem
measurably in their power 800
But II we must nave iree trade
. in IN money, let qsihaye y q. po'n enas
OF tue hne' ie1 sne peopie nave 'ne
-free ana equai privhegeNoi issuing II
as wen as Oh liking nAing tne price lor lts
4 usei y Ley 9. congress adbops b some meas
ure similar 70 tnas proposed oy oena-
TOR buckingham IN Inc early part oI
the present session. In the onited
oeates Senate, Wnlcn Is Is pOrlleny Oale tnls i'i
Ine Uovernnent 70 ISSUE ne" CLASS
OF Dohus ~ piase y. = por'ion y. .ie
present o-zo oesFins enroo anu - silly