The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-12-07
lhegMteIliaetlter.


Al contracts lo' " o. '"''
J and that it shall work tOrteitur
s,b. whole amount OF interest agree
Tho pre.cnl law establishes 6 per cen
N. ryaI rate Of interest but works
e,eiurc only Of the excess over tina
,.o and prcscribcs no other punishment
n, od law Of Virginia, and also Yves
W,,iDia, limited interest to Gper cent
,,l,oea.cs Of usury forfeited not onl!
,n,be interest but all the principal, and
addition, subjected the lender Il
gninuI prosecution
Tbi, statute was an English inheri
,r,, having come down from those day
,L,o money lenders, as for instance thu
hu,. we're looked upon as the natura
.,smic.of mankind, to bepersecuted and
,fp,,.iblc, conf.cotcd whenever an op
" IlN''' ,
ro,,ppiw offered. This sweeping law, i
a,oi.mke not still remains in force il
A,OIl State to this day. West Virginil
m,lifl it, ~ indicated, six or sever
,,r. ago. But We now propose to reIurr
,.ruor two towards it again.
Some people think that the price o
money should remain the same yesterday
oJ,y and forever. As it was in the be
,iOoing. 10 it should be now and ever
more, The old rate ofG per cent has NJ
h.ine., to change. Anything over thaI
e,loftion, This too Notwithstanding
,he price Of everything else has changet
within the last lev years. We pay
p,ice and a half for ever so much tha
enter. into daily life nowadays as com
mrdv vithantc,belIum days. Taxes alone
IN omelocalitics consume one-half OF the
oIl rate Of interest, and the increased
price Of living probably consumes one
hli Of the balance. SO that It may bt
hirly doubted whether S per cent fol
money to-day ia any more than pei
catfileen years ago.
We do not say that there should be ne
limit to the rate charged for money, al
though it /. contendcl by many tha
money cannot be made cheap by law, and
further that the rate Of interest, like ev
aything else, should be regulated by the
grll lnw Of supply and demand. We dc
not subscribe to this theory. There Is
radical difference, a1 We conceive, be-
tween the price Of Hour, or Of meat, oil
Of clothes, and that OF money. As VA
long ago said, ITO no necessity Of life dc
men become so great victims as to theiI
need. for money, whercwith to avoid oil
conceal their misiortuncs."
While this /. true. il does not follow
that money, like everything else, may
not have AucLuating value. We know
that money /, worth more in the United
State. than in England. We know the
reason viz. that England Ia nm ol1c,
and, a, respect, accumulation of capital
A much Weather country. A yasI
amount Of tho wcalth of ENGLAND Ia II
her accumulated cupital. All nations q,
10 bcr to borrow. And still the comma.
d,ion between capitalists ia such tina
morov yororolIv ioors IN Er,l,rJ a,
Sand 4 per cent. while in this countrv 4
vi,, ,vOr,,o a, Io,s, ; M, oon,
We, 1,'''o' W 't"'' r'' ECU"
Again, money Is cheaper in New Eng
land than in West Virginia, and cheaper
kero than IN ,ho Nvo.t ,rJ io. ,ho .ooso,
,h,ys ,ivor T,i, Lo;na I,a o... !, ,a
y''> N,''" aus "''"S .''ee"'e' ''' no
me part oil ssatesmanshIp TO recognize
the actual and not the fancied value oI
money? /. the actual yOlue Of money i,
M, ,o,,or or,, n na. .o.,9 ~. H..
, :. y, Nv" '"'! P'' ''"' We N"oE
WaI II loans III this city, aS n rule, at
anig. We know that west Of the Obi,
river the Tendency ia IN slill HIGHER ra,o.
A., .,,,r;a, ,l,i. i.,, a,'i .,i .'.,,
'"V"'"B '"'N '"e'' N.u "'So IN u mat
"t oI interest IN the discussion OF TIL
question in the Legislature, We nppen,
below tho 'ratcs uf intercsi in n loro
-, 70. ,' 8
I'"'OT' o'"'"'VS' l"e schedule Is rs ioI
D"'
Cdiornia-Ten per cent after a debt be
comes due, but parties may agree uper
any rate Of interest whatever, simple o
Colorado Ytrriiorv-Ten per cent nj
money loaned.
D,k,J, vo,o,, ,,.. ,.,I u..I..- 49,.
contract for a rate not exceeding i2, Us
ary iotiCits all the interest taken,
Hdho Tsriiory-Ten per cent. partie
MY agree in writing for nnv rNlp mi or
ceedins 9 per cent per month. pennlt
iot greater rate Is three times the amoun
paid, fine Of 5000, or six months impris
hiaoa-Six per cent, but parties mu
agree in Writing for i'd. pennitv ior ne
nty forteits the entire interest,
Ilitand-SiS per cent Parties MN,
agree in writing for any rate not exceed
ing ten Beyond that faie il illegal IA /
theeNcesa only.
iAn-Six per cent. partie, may nRre,
IN writing for iO 4 b;shor tStS SerL
atotieiturc Of 10 per cent,
Ranns-Seven pcr cent PARTIES ma
as'ee for l2. t'sury forteits The eS
cs"