The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-09

Extracts from a Speech Delivered In
the Senate Of West Virginia by the
Hon. A. NJ. Jacob, of Ohio Co.,
ON the Bill Regulating Interest on
Money Loaned and Providing Linn.
ItaliOns aud Penalties, &c., &c.
Mr.. PREsIDENT-Eyery Senator who
has given this bill that deliberate and
careful consideration which It's import.
ance demands, has already come 10 the
conclusion that this is another attempt
10 repeal the law as il now stands in the
Code, and substitute therefor the princi.
Piles Of the old usury law, limiting the
rate Of interest 70 six per cent, with adj
diIional restrictions and more exacting
penalties. / had hoped at this late period
Of the session, when time Is SO pressing,
that the consideration Of this bill,would
have been postponed indefinitely, but
since the friends OF the bin have forced
us into this discussion hope you will
not consider the remarks have 10 make
an intrusion Upon your time and pa
tieuce. ri
The position which the State OF West
Virginia occupies with reference 10 this
question is peculiar one. No State
In the Union, from the nature and char.
acter Of her resources, Is so dependent upon
the influx OF capital aud labor into her
borders for the development OF her mate
rial interests Us the mountainous and
rugged State OF West Virginia. The ad.
VOcates Of this bill would have you be-
lieve that this is an agricultural State,
and that those Of her citizens engaged in
that honorable calling canpot afford TO
pay q higher rate OF interest than six per
cent, Such may DO the fact, but does it
follow as a sequence that because the hon.
est farmer cannot afford TO pay higher
rate Of interest that by Limiting the rate
10 six per cent he can borrow money at
that rate, when other parties engaged in
other pursuits and in other States are will.
ling 10 pay higher rate without any
restrictions or limitations whatever
Nothing, 1t appears 10 me, can
be more unreasonable and absurd.
The habits Of tho money lender
are the same all over the world, and
| know from sad experience that those Of
West Virginia are not exceptions TO the
general rule. There is no one who hss q
higher regard for, and who sYmpathises
more with the agricultural interests OF the
Eastern Panhandle or any other portion
Of the State than l do, and l would sug-
gest TO the Senators from Hardy and
Jefferson that the only way / can devise
10 give them relief without doing violence
10 the best interests Of the State would be,
Il il can be done constitutionally, 10 eX-
empt mortgage bonds held for money
loaned upon real estate security from
every species Of taxation. eThepreference
always given by capitalists to. such Sc
curiues, and their exemption from tax
alton, would ensure the farmer such an
advantage over other borrowers that he
could always get money at lower rate
oil interest than any other class .r..
WEST VIRGINIA NOT A PURELY 4dRrcUL-
TutaAL STATE. W .
But deny the assumption that this is
strictly an agricultural State, or that 1t
ever can be. On tho contrary, II West
virginia is naturally rich in any thing, it
IS IN her timber, coal, iron and other min.
eral productions. lobe sure, we find 10
some parts Of the State as rich and beau
ulul valleys and fertile hill slopes as can
DO found In the world. Yet even in those
favored districts the mineral deposits pro.
ponderates and often surpassthe arricul-
tural interests as Q basis Of wealth and a
source OF revenue TO the State. Cast your
eye over the map and you will see thai Is.
100000 out Of the 20, 100000 Of acres com.
prisiug the area OF the State are in the
shspeOi precipitouS mountains and bar
rem hills valuable principally for the tim.
her which covers them and the minerals
buried beneath their surface. How can
these minerals be tnbosomed and
their hidden sources Of vast and
inexhausti6le wealth ever be deVel-
oped unless you invite enterptising men,
Capitalists and laboring men, from other
States and countries 10 come and settle
smong usG Who will take hold Of these
rich treasures with which the God Of ma
lure has 90 abundantly underlaid almost
Tue enure surface Of the State, and which
have remained tof centuries untouched
and almost unknowng Who will bring
ihem out Of darkness into the sunlight 81
heaven and convert them 10 those uses for
which they were intended D Gan this de.
slraole end be accomplished by passing
usuty laws OF the most proscriptiye char
Ter when our sister States are arriving
win each Other ssito which one can oiief
the greatestiuducen ents, which can throw
lheir doors open the widest, aud which
can oner the greatest freedom 10 The cir
eulallon o. the largest amount 81 espital
among their peoplsS G1azJ ~ r'''''
MONEY AN ARTloLE OF TRADE. 4
.. Now Az. President, If money Is an
article o. trade, and as such ysTiabIe a
tol9 value, aud Controlled more or les
by supply and demand, as / viii endeSv-
our 70 show before | take nv sea, VIA
more right has HE. Legislatures toStv T m .,
the capitalists shall not take bGvSos III
given rate Of Interest for the nae T ~ III