The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-11-12
An U.ury Lew.


The leading papers Of the State are ear
nestly discussing the propriety Of the nexi
Legislature passing an usury law. We have
submitted in previous issues some Of oul
views on the subject. The question is ons
that is attracting some Of the ablest talent
in the State, and We hesitate to enter upon
the discussion of a question which contains
so much Of vital importance to our people,
and upon which there is such a variety OF
opinions, and such conflict Of interests.
While there are very many strong arguments
in favor of the present policy as an abstract
question of right, there is no doubt In eur
minds whatever that the tendency thereof
is very ruinous to the general and best in
terests of the State and country at large.
High and exorbitant rates Of interest. such
as two, three and five per cent. per month
enrich the hundreds and impoverish the
millions.
The wealth-we mean the ready money
of the country is in the hands OF the few,
and this policy strongly tends to keep it
there.
We are opposed to centralized power in
our governmental affairs, and every politi-
clan of either high or low degree hits upon
this as the key note of success with the
people. But we forget that the very thing
we so bitterly condemn in the affails OF
government we are sustaining and support
ing in affairs that relate specially to the indi-
vidual.
Money is power, and when concentrated
and placed in the hands Of a few, becomes
a very dangerous power.
Money employed in any character OF USE
full manufacturing or agricultural pursuits
not only brings to owners remuneration,
but gives employment to laboring classes
and builds up and enriches the whole
country. While employed in loans at high
rates of interest it produces distress to the
borrowers and paralyzes, to an alarming
extent, the general prosperity of the coun-
try.
The system Of loahiDg in this country
gives no permanent relief to the borrower.
1t only procrastinates the evil day and gem
orally plunges the distressed man further
into financial trouble and difficulty. Pay
day is procrastinated, but with it the obi
CATION is increased and the chances for pay
ment lessened. Banks and money lenders
will rarely, if ever, furnish the applicant
with enough to lift him out of trouble.
They will detail minutely all the circum-
stances of the case and then grant him only
such an amount as will induce his creditors
to hold eff for little while, at the same
time fastening upon every available piece Of
property he has to secure them, thus
tightening, by another coil, the pressure
upon the unfortunate man and adding new
and formidable weights to the load Of debt
already accumulated upon his shoulders
1t is true that generally extensions viii be
granted, but only so long as the creditor
can see ample security. At last the time
comes when no further leniency will be
granted, because the debt, BY interest ac-
crued, has been augmented to the full ex.
tent of security, as considered by the lender,
and forced sale Of property is resorted to,
and those who have money buy It in. at q
terrible sacrifice, and the poor unfortunate
man is afloat upon the world, without
dollar or home to 90 to. How rapidly
and how certainly do circumstances make
and unmake men in this world. How
quickly and how persistently is the cold
blast of public opinion turned upon our fell
low man the moment adversely darkens his
door. When one Of US, by some unfortu-
nate and ill-timed circumstance, gets turned
into the down-hill roads Of adversely, that
moment all friendships are withdrawn, and
he receives the kicks and cuffs Of every
one, seemingly with no other view than TO
speed him onward to ultimate ruin.
All men arc to q greater or less extent
selfish, and there are but very few men who
viii not 50 employ thier money as 70 yield
the greatest possible percentage Of increase.
The result is, that when gentleman comes
to Texas with means, intending to use It IN
the purchase and cultivation or the soil or
manufacturing, merchandising of any other
business, he IS met at once with 9
to loan his money at three
per cent. per month"; He makes in
quiry and finds upon calculation that
this viii afford him greater profit than
the pursuits he intended TO follow, and goes.
to loaning bis money, instead Of farming o.
manufacturing, and a producer or manu-
facturer is thereby lost ia the country. Ths
is not an isolated case. Il frequently oc-
ours here. There are hundreds and hun,
dreds Of men in Texas TODAY, who cams
with no other intention than 10 engage 10
stockraising. manufacturing, Or farming
who have been tempted, and engaged "a
the hattering allurements Of three per cent.
per month.
We want more farmers, sEockraisers and
and three per cent per
month has proven an edectual esioppal 70
the engagement Of men Of capital ~ these
pursuits. When the usury laws Of Texas
shall be such as to forbid the collection Of
more than seven OF eight per cent. interest,
then win farming. stockraising and maufac
turing become active, and viii be encreef
cally engaged IN, and the country win
thrive, prosperity and happiness WIN perch
upon every household. Fort Worth Dfba0-
erat-