The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-12-03
NO. 10


with peculiar stress on the Divine prohibi-
tion as contained in the law OF God through
Moses TO the Jews. This law strictlv for
bade usury of money, OF victuals. Of any
thing that is lent upon usury, thereby ex-
tending to the various commodities Of life
or articles Of merchandise, and would
apply equally to the lease of a house or the
hifesof horse, but this law was limited "a
the Jews only in their dealings with their
brethren, for, to a stranger, they were
allowed to lend upon usury, thereby plainly
/ intimating that usnry was practiced by the
/ neighb0ring nations, that il was not repug-
nant to the law of Moses, and that the Jews
might freely practice it except on theil
brethren.
The same law forbade their sowing theii
vineyards with divers seeds, plowing an ox
and an ass together, wearing garment oi
/ divers sorts, as Of wool and linen together;
and they were commanded to make fnnges
upon the four quarters Of their vesture
wherewith they covered themselves Now,
who VIII pretend that these laws are bind.
ing upon any at the present dayt II they
are, then woe to our worthy mothers who
so highly priced their hnsey-woolseys, and
our manufacturers and merchants who have
been making and selling goods composed Of
wool and linen, and also our landlords and
stable-keepers, who lease their houses and
lands, and hire their horses and carriages.
Nor would our Legislators help the matter
by passing law regulating the rate Of in
terest, for the Jews were strictly forbidden
to receive any.
The truth is, these laws, or rather restric-
tions, were designed to prevent the Israel
ties from initiating the heather and keep
them q separate people, and are no longer
binding on Jew or Gentle. In the parable
of the talents our Saviour highly COM
mended the servants to whom were com.
mitted, to one five, and the other two tai
ents, because they had traded and doubled
their money, while the servant who only
returned the principal was denounced as a
wicked and slothful servant, and doomed
to the severest punishment which could pos
sibly be inflicted, after having been re-
minded that he ought to have put his mon ~
out to the exchangers, so that on returning
the master would have received his own
with usury.
/ But it is argued that, as the government
has fixed the value of dollar and made il
circulating medium, the Legislature should
determine the rate of interest to be paid for
the use of it. The government has never
determined its value any further than the
amount and purity of the coin it shall con-
tain, nor can it. When the United States
dollar was first coined it would procure a
| days labor of skilled mechanic or arti-
san, would purchase five bushels of apples
or potatoes for his family, and $500 would
support the family of clergyman year.
Now, dollar will purchase only one-fifth
4 as much; or, In other words, is worth only
/ one-ffth what it was then. At one time il
bwill purchase ten pounds of cotton, at an.
other only five. wish to perform a long
! journey horseback; cheerfully pay $3.50
for horse that will carry me safely and
pleasantly, and on my return gladly sell
him for 500, because have no need OF
him any longer, and should think it very
unjust in the government to prohibit my
| giving for him just what chose, or selling
him, as pleased. y
My note is about maturing in bank and
gladly pay two per cent. q month or i
needs be five, to meet it and thus establish
a credit which is soon worth thousands.
'claim to understand my own business, and
I to know how much dollar is worth to m,
now; at another time it may not be wOrti
near as much, and knowing its value at diff
ferent times am thankful can give JUS
what is necessary in order to obtain it wheI
most needed. f63 -
am aware that the Supreme Court of thi
United States has decided that paper dol
lar, because it has the government STAMP
and promise to pay, is worth as much as I
silver dollar, and should pay the same
amount of Indebtedness, and yet the silver
j dollar has varied from 105 to 2S3 3'cents il
i paper in spite of government enactmenti
1 and Supreme Court decisions.
i But it is argued that without tisury law
people will borrow money at such exorbi
4 tant rates as to soon ruin them financially
and it is equally true that many will pur
1 chase fine goods at such rates and in sucf
quantities as will render it impossible fol
them to pay, and thus perhaps ruin botl
debtor and creditor. But If others, whG
know not the value of credit, by their follJ
and extravagance, ruin themselves ano
Others, shall /, who know both the use ant
value of money, be prohibited from ac
cumulating a competence by using It judi
ciously. We cannot, by passing usur,
laws, teach people prudence, industry anC
economy and check extravaganza and
prodigality, and it seems to be law Of ma
ture that fools must suffer the penalty o.
their folly and some can learn wisdom onl1
l in the school of experience, and the opera
tion of usury laws is often the very reVersl
Of what was intended and only aggraYate
the very evils it was designed TO remedy.
For instance, A purchases of B propeFt'
valued at $50, 600; pays $40, 900 down apf
j his note at twelve months, secured by, deec
Of trust for the balance, not doubling bu
he can raise it, but his business does no
prosper as he expected, and he is unable Il
meet his liability at maturity; be goes 70
and offers him Is per cent. to extend til
time another year. B says no, that Is usury
and by taking It I shall run the risk Of los
ing all interest, and, perhaps, the principal
B would eheerfuily comply with as reques
and extend the time, could he legally do 50
but be cannot, and for the same reason tina
I cannot, no other one will; his propert,
now gors under the hammer and B puI
chases TIE $50, 900 worth with e10, 900. No
Is this o solitary instance, FOR under IN
operation Of usury laws, such occur
rences are frequent. The man who sWouli
loan A money ct IS per cent. or 20 per cent
you would, perhaps, call q Shylock, bit =
who has gained 100 per cent, has acted fai
and honorably, because be has aeteI
strictly legally. Usury laws lock up none.
from circulation until the holder can CON
mand ais own terms for Il, while the 40
sence Of such laws causes II 70 flow wbep
il finds the best market, until that marke
Is elutted, and Il Is reduced 70 the loves
possible rates. Never has Texas prospele'
more shan since The absence Of an usury law
and. the enactment Of one now would ruil
hundreds who are in debt, for these debt
were mostly contracted with the belief tha
4 shoald It be necessary they could raise none
on the property purchased 20 meet their lis
bil.ties, While the rapid adEancs IN yaIu
would justify the high rate Of interest the
might have 70 pay; but put II out Of thei
power to borrow, By usufy laws, and thci
property must bo brought under the hamms
and Eaany rained CTrIs.
Letter from new nrannfeis.
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