Delaware Republican. (Wilmington, Del.) 1843-1874, 1873-01-02
For the Dsiassars Republican,
FINANCE, THE UsURY LAWS, &C.

George ". Vernon, Egg, Editor "DelaHars
Republican" DEAR SIR In your last Issue
you invite discussion on the repeal of what Is |
termed the "Csury Laws" by which 1t Is claim |
"a by the advocates Of repeal that 1t would
make money plenty here. This very much
doubt; aud even should 1t do so, it would be
at such ruinous rates that it would be better for
those so hare pressed to go to the wall at once,
and save some Of their estate, see by the
money articles In the dailies that money in the
Gties Of Philadelphia aud New fork commands
"a high az twelve per cent, and business mn
could not get supplied at thai, There are GER
tainly but few kinds Of business in this State
that would justify those rates, Money would
not be 30 scarce il 1t flowed ia tia legitimate
channel instead of being locked up py gamblers.
We think you Struck the true keynote in late
editorial on the subject, la the Dsldloors RepuG.
liedn, when you said that the Chief Gauss Of
she scarcity OF money here was caused by tie
low price Of farm produce. We have nad sue
cssson Of poor crops, aud long run Of poor
prices. IL Is true that there have been here AID
there sections that have bszn blessed with fair
crops. But take the Peninstl. Whols, the
crops of corn and wheat have GVl. beou below
the average. Wheat Is at tLls time At IIlI
price, but the country was about drained of its
surplus before the ADJ aimee, aud cOtI, has ruled
Low for two or three years. and IS " this time
at ruinous price TO all who cultivate IT, No
man who has his labor to hre can raise corn at
pIeSeut Prices lie LIZ Sells iOul Luz
dred bushels Of corn (and this is more than ma
jority Of tenants can spare after feeding their
stock and pays two hundred dollars Tor labor,
will not have dollar lett 10 meet other bilE. 1t
"a therefore evident that it will not TO Tor the
a3riculturist 10 borrow much money at even six
per cent. Indeed the only things that keep
him out of the Sheritl's hands these times, are
hs growing stock and small "a ale, coupled With
strict acosomy in the family. Bdftvr has 5rtI.
orally commanded fair pt,cc' AMI eggs Law
ruled high these have h..sl the vitief source
from which they have lFarurrI arur-iics for
the family, shoes amt vu,..tuu> Iur lie uuS sand
calico for In, aili.. IL, J.. Why IGuliey -
scarce 10 the city. The farmer La, nothing Il
buy with, consequently til, retail merch ant
nothing to replenish his stock wiki. THUS, il
bis cows should get the cpikOoiy, his pulltly he
cholera, or his hens get strike, Jiil,'. mos
other journeymen,) it IS All up with lhm-hC
will have to quit Tie business ard suck l.N
ing at other employment, adding Die more fam
iy to the non-producing class, as hundred, O
others have done within year OF Two.
The question Of finance is ono that has on
engaged somo Of the ablest minds Of the nation
and not altogether in vain for We have pape
currency such as was never before know II in this
VI perhaps any other country. dollar nationa
bank nots issued in Maize is good for is fac
from the Atlantic to the Pacific, and from Main
j. 10 Texas. But getting the bank notes here /
where tile trouble comes i'll. And this Is Hha
has raised the discussion in the newspapers il
regard TO the reissue OF greeuhsCks, repeal q
the usury laws, &c. Now, We are entitled L
eur opinion as well as the most learned suau
ciors In the country. And we think there al
OF least three causes ior the scarcity 81 none
here.
First. We have eyeI-traded with Eutu;rl
countries, the balance Of trade being against Il
. drawing Of our gold, which, If here, would lou
since have circulated with paper, Largely inc. ca
Ing the volume OF our circulating medium, al
would Lave released the millions locked up b
the gold gamblers in New York aud elsewhere
Secondly Moueyei men have Invested de
funds In Pacific aud other Railroad boads, !,
tanning tue bonds here, and sendi'.e . porto
Of the money to Europe for iron, ana tie n
mainder west Of the Rocky Mountain 10 pa
for labor and material in the construction Of ~
roads, where 1t will remain, or at least never n
turn here, only BY the SLOW process Of sege- p,
cont
Last, though not least, Is tie want Of pa
ing market for farm produce. The farmers q
the source from which all other businesses !
csive their support. Hence, when prices fol L
products rule low us they have doue for year
t~~>, she; sae compelled to buy less. As Co
sequence all who are eagagedl In furnishing hi
supplies are compelled to .ell less This,
slime, reaches the wholesale importers aud Ina
ufsetursrs. And Just in proportion q. agric
ture languishes or hourishes, just will
other businesses lauguish and flourish in tui
not perhaps Immediately, but eventually a
certainly. Let all the farmers In the coun,
resolve to grow flax and wool, spin and wes
and live on the produce OF the farm, (wL
they are now pretty much compelled 70 d
buying neither coffee or sugar, calico Or Lro.
cloths, wagons, plows resp-rs, mower. Or otl
agricultural implements, low long would it
before the wheeis Of trade and ,uanufac,,
-N.rr=l stand still
When wheat was three dollars BEL bushsl a
corn on an average sl.t0 the farmer hid pl
~ OF money and bough, freely, paid cash :
All business fourisbed money was SO Die
that men, heretofore OF Moderate means. v
buying government bonds =. ;ryes NJ III .
lAnd