The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-10-29
AN UsURY Law.

The Houston Telegraph still opposes an
usury law, and replies to our last article in
which we showed that money did differ
from other property in several important
particulars.
We wish to treat our contemporary with
perfect fairness, but it does seem that some
of the arguments Of the Telegraph partake
Of the ridiculous. In reply to our position
that a house differs from money because it
can be pulled down, and rebuilt upon more
approved plan without being liable to
penalty, our contemporary says:
'sYes, he can, in one sense.of the word.
he may alter his investment, by which he
Is benefited IN just the same manner that
he Is, who, upon a more approved plan, re-
builds his house. A COW may be said to be
essentially different property from q house,
in this, that you cannot alter, pull down
and rebuild on q more improved plan"
Now, il money consisted of cattle, pigs
aud HOSES, then the argument would be
legitimate, but as money is hfeless and not
endowed with animal life, the reasoning
is defective and does not meet our position
So is the reasoning in the second para
graph. We again make an extract:
"a man may not convert one dollar into
two without being guilty of a crime, be
cause dollar has a fixed value by law;
neither can man convert bushel Of grain
into tive bushels by false measures, for the
measure Of bushel is fixed by law, and
both offenses are punishable"
II tho increase of dollar from one to
two was an increase in bulk, or an attempt to
sell one-half Of the bulk for the whole,
then tho argument would be to the point.
But we submit that there is no parity of
reasoning in saying that the increase by
figures Of one dollar TO two is similar to the
increase Of one bushel Of grain to two. 1t
is true that tho measure is fixed by law, but
it is a measure Of.quantity and not of value.
The reasoning Of the Telegraph is, there
fore, again inapplicable.
But cur contemporary seems to become
more and more confused with the subject
as he proceeds. As proof Of this we again
extract from the article the following:
ga dollar in trade and commerce has no
more fixed value than bushel Of wheat,
or peck Of potatoes
This position is contradicted daily and
weekly. Potatoes are often sold on the
same day for different prices. So is corn
and other products. Yet the same dollar that
paid for one bushel win more than pay for
another. A bushel is sold in the morning
for dollar, and, before night, on account
Of the abundance Of the supply, another
bushel Is sold for, ssventy-ave cents. But
suppose that the difference in price is the
other way, aud that in the morning one
f. hnshel sells for dollar, and in the evening
another sells for one dollar and twenty
Eve cents, the difference in the price is on
accout Of the scarcity, and not because the
valus Of the dollar has been changed. The
7slegruph win say the value Of tie dollar
has been changed, because Of the difference
in the quantity which can be purchased for
8 dollar. But such is not the case. The
whole quantity in the market is regulated
BY the supply and demand, while the
money, the medium Of exchange, remains
precisely Of the same value. IS is evidenced
in purchasing other necessaries OF life.
Again, our worthy and usually able Co
temporary Is at fault in The following:
'.our neighbor lies under mistake when
be SAYS The lawmakers expressly limit the
anoent Of money 10 be issued, and forbid
It's Increase. The lawmakers do not pro
hiht the STATESMAN from having just 81
much money as he chooses 10 have coined.
Promises g pay in the shape Of greenbacks
and Treasury notes are Rof money, aud,
therefore, their issue should be expressly
limited, but % SAY that the amount 81
money q man may have, OF that may b
coined fFom the bUilion &c she mint. 3 sim.
ply preposisrous
The Tslcqrapt again uisapprehends whal
money "a Money aoes net consist in gold
and silver alone. which have ieirissie sale.s
Tue STATESMAN might sell an ounce Of gold
fof sixteen o. eighlecn dollars, according I,
ia ancness, but the srAtEsnAS could no
,eia { iaio aesep. That would have t. b
done st The ninl and occording to the rule
prescribed 81 law. So that while the GOV
snmeni does nos prohibit ihl coming Q
cold and silver because tlieY have iptrinli
talucs, Il does rr,seribe She mode and nan
her Dul our eolsmrolaly = sadly 9
fault Wi,7n he ssss thai reenback
and Treasury notes gre not money.
They can repre hi dxed values IS mael
soss eela and SIX p. The eos fnmenl ma.