The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-01-20

one NJ the arguments used la pallia'
llpn NJ u high rate NJ interest 10, that
lle uncertainty 0f mems ability "a
~ pay aud the risk involved, jusliiiez
! II, II II eonlended that ifbusiness was
conducted upon an oldeslahllshed, req
ulnled basis q lower rate might be
aged, aud il would pay, This argu'
meat Il fallaplpus, inasmuell as this
very risk and lack nf ability 10 pay
grows out VI aud h produced ky The
high rate business can not assume a
healthy 0r solid basis with such drain
upon ~ for moderate rate h rs neees-
sary 70 business success rs circulation
Is 10 the blood, ANY business man
who ppys more than ten per cent per
annum orthe use ofmoney win break,
sooner or later, aud there IL no leglt-
imale trade that eau stand higher
rate Of Interest and thrive,
We have only 10 look NJ the eondl-
ton Of business Ia Dallas to-day, 10 see
the effect Of three per cent per month,
With few exceptions, every house ~
more or less cramped, The money II
locked up by such rates that II In sui
eldal 10 borrow, The amount Of money
In general circulation IN absurdly lnad-
equate 10 the requlremenIaoflrad aud
thrift A merchant caught In tight
place and wanting money borrows II NJ
his peril, for he II almost certain IA
come 10 grief Look around aud count
The men who have failed or been sold
out who might to-day be doing busl'
neaH could moderate rate, say ten pei
cent for money, have been granted,
Three per cent u month IL not like
the public debt, "a public blessing"
II II simply u practical Illustration OF
tho big fish deyourlng the little ones.
II dlscour0gcs farming by creating u
species Of gambling fever, which viii
not he satisfied with the less but sure
profit OF agriculture, IL encourages
speculation, which ends In nm assign
menl, Whether business settles down
into safe grounds or not, depends en-
tlrely upon the men who have money,
II they put up the price of IT, the risk
becomes great; II they put II down,
business brcatllca freer aud IL healthy
and heartler, ..
Another popular mllacy IL that
money IL properly worth just what II
will bring. Money Is value, II repre-
sentative OF II rather, and, Its price IL
~ much question of corners IN
wheat. II cannot be denied that the
enncting of just and equitable usury
law would 90 very far towards regu.
latlng business and revivlng paralysed
agricultural, manufacturing and com
mercnl interests. Money Is scarce,
not because there Is no money, but be-
cause IL IL not cheap enough to put IL
within reach Of ever business large or
small.
1t Is argued that usury law will keep
capital from coming Into the state, but
that II no such law IL passed and en-
forced, capital will come In such
quantities that there will be n surplus
Of tit will be quite drug in the
market. Now we take II that there are
few men so public spirited as to be
willing to go on paying three per cent
n month with the hope that by so
doing, they will secure posteiity low
er rate, although they go to the wall in
thus Offering themselves up as II sac
rillce.
II would doubtless be II sublime
moral spectacle, quite Spartan in its
heroism, but II is really expecting too
much of poor humanity. We should,
doubtless, receive every encourage
ment in the self-sacriticing policy from
the moneyed men who could well
afford to look on and applaud our EN-
terprisc, but unfortunately for this in
genious bit of sophistry, the ma
jority of people intend that posterity
shall look out for itself in this matter.
They have not the slightest am bition
to have on their tombstones this in
scription: "Here lie men who built
up their country by paying three per
cent n month until it was full of money
and then died full of honors, too poor
to reap the fruits of their patriotism"
The HERALD would most earnestly
urge upon the legislature to pass such
II fur usury law us will relieve the peo-
pie as far ms possible, from the intolera-
BILE burdens upon labor and trade now
directly traceable to the absence of
such a law. 1t is the wish of the peo-
Pile
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NAN nIEGn