Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-10-26
SIX PER CENT.

,Ome good reasons for an increase OF the
eeal rate in this State: but we are in
.Iined to believe that the present law
needs no alteration certainly none that
shall lay any heavier burden on the bOr-
rover. ~ !
The times are hard. and the recovery
from the stagnatiOn and destruction OF
business caused by the panic and the
failures Of year ago, is very slow. The
present outlook indicates that it will be
some time before business VIII be as
good as in the few years past Prices
have greatly declined since last fall. and
have almost reached q specie basis. Real
estate throughout the country IS lower;
the productions of the farm and Of mines.
all kinds Of manufactured articles, IN
fact, almost everything that Is bought
and sold. is lower. And the depreciation
in speculative stocks has been greater
than in anything else, and since there
is such a fall in the value of everything
but money itself, we cannot see why the
worth of borrowed money should not cor
respondingly decrease. There Is no per-
manent business at this time. that viii
warrant the payment of more than the
legal interest on borrowed capital. The
farmer cannot afford to hire money, even
at six per cent, to increase his acres,
improve his buildings, or to pay his help.
The manufacturer has not seen the time
for years, when he was doing business
with so small margin Of profit, as at
this time, and it would be hazardous TO
increase his business on borrowed capt.
tai. The merchant can not pay high
rates of interest, without raising the
price of his goods and throwing the bur-
den back on his customers. Spectators,
who are willing to pay eight or ten per
cent for money, carry on kind Of busi-
ness that is dangerous, and are not the
best parties to whom loans are made.
Laws are made for the public good,
and though they may not, in all eases,
meet the appreciation ola class or an in.
dividual, they should be made for the
masses, and in legislating on the inter.
est law, our Legislators viii doubtless
have regard for the general good
The class of mOney-lenders is ccmpar
atively small. and is for the greater par
composed of those who have gone out o
active business-who, from necessity o
choice, have ceased to take the risks
active enterprises of the day. They ar
neither producers or consumers. and Il
these respects are useless to the commu
mites in which they reside. Their none
protects itself and it requires neithe
great labor or great risk, to so invest
at interest, that it will double itself
short time Money lenders need no a:
sistanee from the legislature, but Ii
great class of borrowers need to be pr
tected from the cupidity of those vi
would take unreasonable rates Of int
est and require terms that would
ruinOus to the party borrowing.
Nearly all our young men, who a
actually engaged in business, are DO
rOwers of capital. and they are takir
ali the risks of business, giving tim
talent and strength to their enterprise
and to lay the burdens of an increas
rate of interest upon them at this tin
would be in many cases. ruinous. Up
many of the farms in the State, mortg
ges have been placed, and there are n
ny mortgage notes now overdue If t
rate of interest is raised, the holders
these notes viii at once demand th,
payment or some sort of bonus if Z
paid, and the result, should the LEI
rate be increased. would be greatly
furious to a large class of farmers, "
are at this time struggling with the Ia
times, and unable to meet their obi.
tons Raising the rate of interest d.
not increase the amount of money in I
country, so that it would not Be ms
easily obtained by the borrower, 4
would it diminish the temptation to IA
extra interest on the part of sehemi
money-lenders, and no good could res
to anybody except the lender, if the +;
should be increased Country banks a
savings banks, which now violate
law BY taking extra interest for ii
discounts, would be just as ready to :
ten per cent, with legal rate at eli
per cent, as they are now to take /
per cent above legal interest 50 th
would be no increased aceommodat
from them.
There are several causes VII
tend to make lOanable money more pl
ty In the future than it is now, notwi
standing its abundance in the cities
this time Capitalists wall not soon |
get the losses they have sustained d
ing the past year, on railroad bonds :
money invested in large corporate
and they will be shy of such inYestme
IN the future. Spectators will not I
such margins Of profit as will war;
the employment Of much borrowed ca
tai Economy is being practlced m
than at any time, for the past ten yes