Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-12-23
Democratic and Conservative Ticket.
FOR MAYOR


The Nashville American has opened
its columns to the discussion Of this
question. Some of the arguments used
against the law are rather amazing, but
nevertheless We give an extract from an
article written by one of the sufferers:
| am glad to see attention called to
this incubus on our property. II was
said BY its advocates that it would bring
hundreds of thousands Of dollars into
our State for investment in mortgage
loans on real estate, but it has not, for
the simple reason that the enhanced
price of money has 30 deprecated the
property to be mortgaged that moneyed
men don't want that kind Of security.
Why is il that many OF the moneyed
men in our State have their money in
vested in United States bonds, which
only pay Gust now five and q half per
cent. interest in currency on their pres
ent market value3 The reason is on &C.
count Of the undoubted security, and the
certainty Of receiving the interest
promptly. .
Why is 1t that at ten per cent. moneyed
men are 10th to investin mortgage loans?
1t is because Of its being dull Of sale,
even at the depressed value.
II the Legislature will lower the rate
of interest to q point that will make
none cheaper than anything else, our
plantations and town property will rise
in value and be sought after as the
safest and most remunerative invest
ments, and thousands of dollars will be
invested ia manufacturing and develop
ing the inexhaustible resources of the
richest country the sun ever shone on.
There is no business or occupation
that can pay ten per cent. interest-the
successful business men Of the country
are not willing to pay skin fact, they
won't borrow much money at any rate Of
interest; they cannot afford to do it.
More money would be invested in
mortgages on lanGs- and town property
at five per cent. than at ten. II money
we're made cheap, realty would become
valuable, and would be what it ought to
be-the most available security that
could be offered.
THERE'S always somebody to explain the
causes of public evils aud at the same
time to provide remedies. According to
this sufferer, a repeal Of the ten per
cent. interest law would unlock capital,
give remunerstive employment to labor,
aud dispens universal prosperity
When the people cease to be borrowers,
aud have a surplus Of something to sell
over and above what they spend
every iyesr, the rate of interest
will no longer concern them. But
those who live beyond their incomes
and continually make debts that they
cannot reasonably expect to meet at
maturity, except by borrowing the money
from some frugal neighbor, will object
TO any rate Of interest, and even quote
scripture against usury. There is no
equity or principle involved in usury
laws. Those who charge too much for
money do 50 because they can get their
price. The merchant sells his goods at
the market price, the farmer gets what
be can for his stock and his pro-
duce, the doctor and the lawyer charge
such fees as the nature Of cases
require and no general law on the sub
.ject has ever been deemed advisable.
The rule of equity is supposed to pre-
vail in each case and would be recog-
nized and enforced by the courts. The
most OF the sufferers" think the world
owes them a living, when. in truth. they
everybody who will give them credit.