The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-11-26
AN UsURY Law.

graph would not and ought not to be re
spected among them If it yields principl,
because the opposite view is popular. Tha
may be the tactics Of our neighbor, but Il
viii never be ours. The whole burden o
its reply 70 us is that its position is popular
which may be or may not be the case. Oul
object has been to discuss the question o.
an usury law upon its merits. We hav,
stuck to the argument, we think, while oul
adversaries have, like men who fail in logic
tried what could be done by stirring uI
prejudices.-HouStOH Telegraph.
The Telegraph has been driven to tn,
wall upon every proposition assumed by
that paper in opposition to an usury law,
and yet replies TO our last article, using pre-
cisely the same arguments which we fully
and squarely answered without any evasion
or circumlocution. Now it says, "we dc
not believe it, " that the people demand an
usury law. Complacent Telegrapkl How
pleasant must it be for man or paper to
assume infallibility, and sit in judgment
upon the declarations of mankind, believing
such as suit his ideas Of right, and reject
ing as iHsineere those which may be in OPP
position to his preconceived opinionsl
Our position was assumed upon the most
profound conviction of its truth and JUS
tice, of its necessity to individuals and the
State. 1t was not dictated, as the Telegraph
insinuates, by desire to pander to popular
prejudices or to court the smiles of the peo-
pie. But it was prompted by desire to
have the eternal principles of equity and
wholesome laws enforced for the prosperity
of the State and the well-being of the peo-
Fle. No selfish motives influenced us ex-
cept such as are common to humanity. It
was desire to protect the poor from unjust
exactions; to prevent avaricious men from
taking advantage of the necessities of the
unfortunate and eating up his substance by
usuriOus contracts, which only postpone the
evil day, and end by transferring the right
and title Of the property mortgaged into
the hands of the money lender. 1t was to
prevent the Shylocks from gathering up the
money of the country and holding it for
exorbitant and ruinous rates, thus prevent
ing its investment in farms, factories, and
other similar enterprises which do so much
to develop and enrich the State. Our po-
sition was assumed upon we'll settled prin-
ciples of finance and the experience of man
kind, which demand in the name of reason,
trade and progress, that the circulating me-
dium shall not be hampered and destroyed
by unrestricted license. And if we have
invoked the divine law to prove the cor
rectness of our position, to the extent of
the Law, we are fortified, and defy the at
tacks of the Telegraph and money lenders.
And it comes with a bad grace from any
paper or set of men, however much they
may be influenced by mercenary motives, to
attempt to break the power and truth of
which was giYen- -bE-t the same AL
the Red Sea and shook Sinai with his
thunders.
If we should judge the Telegraph as that
paper has the STATESMAN, we might suppose
that that paper W te-in the interest of the
bankers and monsyed men, and for their
especial benefit regardless of the necessities
Of all others.
The Telegraph Is unfortunate in quoting
from the letter of Judge Ferris; Tor, al
though banker, he believes that an usury
law is needed. In his reply to Mr.. Eemble,
in the Els County NesosS he uses
the following emphatic language. -,
s'On grounds of State policy, however,
there ought to be, in my judgment, usury
laws in this State, and eur new Constitu-
ton should provide for them. Proper usury
laws would influence surplus capital, to a
great extent, in seeking permanent invest
ments, and would encourage the bringing
into cultivation greater acreage OF land in
the State.p
We commend the above to the c0rgul
consideration of the Telegraph.
But that paper, as a dernier resort, asks
us the following question:
ssWill the STATESMAN answer this ques-
ton: Is dollar a medium of exchange
when it is in possession and held as prop
ertyi"
Yes, it is medium of exchange, and
is held for nothing else, whether the owner
uses it, or offers to let others use 1t for that
purpose. As we'll ask if water is water
when in the cistern or well, before being
used to drink and slake thirst or for the
cleansing of clothes or person. Our cotem-
porary must remember that money is made
expressly as medium of exchange, whether
it consists of the precious metals or OF
paper, iron or shells. It's strange that such
aeuestion should be asked. There is moth
ing in it to fortify the position of the Tele-
graph, but if there is any weight about it,
1t is in direct opposition to the argument Of
that paper
We have published numerous articles
from our State exchanges sustaining ouI
position, and demanding an usury Law. We
have received communications from the peo-
pie indorsing our views and cheering US on
in the good work.
The Telegraph stands almost alone, and
draws its robes tightly around, sxclaiming
1--WE assure the SrATEsaIAS We are neither
follower of or a THINNER to the public
DrccAc. Mnal We honestly uclicNG VIC dfN
not afraid to say. II we think popular
opinion is wrong, we shall not hesitate tC
throw ourselves against il, il we think the
public good demands il; and when we an
Obliged to submit to it as expressed by the
enactment Of laws through its representa-
tives, we can bow as gracefully and sub
missively as it is the duty Of every citizeI
to do.
We would have q poor opinion Of tha
paper II there was any evidence that il has
no honesty or firm convictions Of night an'
duty. But it is one thing to have an homes
opinion and quite anothertO adhere to it
REGARDLESS Of the testimony and experienc
Of mankind.
We never for moment Supposed tia
the Tsisgeph would resist statute agairl
uslry II enacted in accordance with Organi
law. That paper has been the oOnsisten
advocate Of law and order, and we shal
expect to witness from It's columns fun n
cognitiOn Of the force and effect OF a