The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-01-23
MANrrn -Arai-nt LAW.

pro aud con have been made wlth
more or less plausibillty. II hns now
ceased tu bc mere matter of ncwspn-
per comment, aud has assumed such
proportions IA will certainly bring IL
before either the legislature or the pro-
posed constitutional convention. THE
HERALD has refrained from discussing
such law, not from any INDIGESTION,
but In the hope capitalists might re-
allie that tbcirsafcty and the prosperi-
ty of the people would be better assured
by more moderate rate of interest for
the legitimate use of money than 10y
the present eXorbitant demands. In
this we have been mistaken. Our
moneyed men, so far from taking such
action rs would give n lower rate and
thus foster ilrmer basis for business,
have continued to manifest determi-
nation to encourage the ruinous rate
charged, on the general principle that
money, like merchandise, Ia worth
what it will bring.
One of the arguments used in pallia-
ton of II high rate Of ikrs 9st is, that
the uncertainty of meIi'epability to
TO nav and the risk iuvolveH justiiies
! IT, II is contended that ifnusiness was
conducted upon an oldestablished, reg
ulated basis lower rate might he
fixed, and II would pay. This argu-
meit is f0llacious, inasmuch as this
very risk and lack Of ability to pay
grows out of and is produced by the
high rate. Business can not assume
healthy or solid basis with such drain
upon it, for moderate rate IL MS neces-
sary to business success as circulation
is to the blood. Any business man
who pays more than ten per cent per
annum forthe use ofmoney will break,
sooner or later, and there is no legit-
innate trade that can stand higher
rate of interest and thrive.
We have only to look at the condi-
ton of business in Dallas to-day, to see
the effect of three per cent per month.
With few exceptions, every house Is
more or less cramped. The money Is
locked up by such rates that 1t is sui
cidal to borrow. The amount of money
in general circulation is absurdly mad
equate to therequirements oftrade ana
thrift. A merchant caught in tight
place and wanting money borrows 1t al
his peril, for he is almost certain to
come to grief. Loollaround and count
the men who have failed or been sold
out, who might to-day be doing busi-
ness could moderate rate, say ten per
cent for money, have been granted.
Three per cent month is not like
the public debt, "a public blessing"
1t is simply a practical illustration OF
the big fish devouring the little ones
1t discourages farming by creating u
species of gambling fever, which will
not be satisfied with the less but sure
profit of agriculture. 1t encourages
speculation, which ends in an assign
ment. Whether business settles down
into safe grounds or not, depends en-
tirely upon the men who have money.
If they put up the price of it, the risk
becomes great; if they put it down,
business breathes freer and is healthy
and heartier.
Another popular fallacy is that
money is properly worth just what it
will bring. Money is value, repre-
sentative of it rather, and, its price is
rs much question of "corners" as
wheat. 1t cannot be denied that the
enacting of q just and equitable usury
law would 90 very far towards regu-
lating business and revivlng paralysed
agricultural, manufacturing and COM
mercial interests, Money is scarce,
not because there is no money, but be-
cause it is not cheap enough to put II
within reach of ever business large or
small.
1t IL argued that usury law will keep
capital from coming into the state, but
that if no such law is passed and en-
forced, capital will come in such
quantities that there will be surplus
of tit will be quite drug in the
market. Now we take it that there are
few men so public spirited as to he
willing to go on paying three per cent
a month with the hope that by SC
doing, they will secure posteiity low.
err rate, although they go to the wall In
thus Offering themselves up as sac
rifce.
1t would doubtless be q sublime
, moral spectacle. quite Spartan in its
heroism, but 1t is really expecting toe
, much of poor humanity. We should
doubtless, receive every encourages
ment in the self-sacrificing policy from
the moneyed men who could wei
afford to look on and applaud our ell
terprisc, but unfortunately for this in
genious bit of sophistry, the ma.
iority of people intend that posterity
shall look out for itself In this matter
They have not the slightest ambition
to have OH their tombstones this i'll
scription: Here lie men who bull
:, up their country by paying three pei
cent n month until il was full of money
and then died full o; hoDors, too poor
TO reap the fruits of their PATRIOTISM
THE HERALD would most earnestly
urge upon the Legislature to pass such
fair usury law rs will relieve the peo-
pie az far as possible, from the intolera'
bic burdens upon labor and trade now
directly traceabie 10 the ABSENCE ni
such law. 1t is the wish of the PEG:
pie.
TURNPIKE THE ROADS.
The recent unprecedented weather.
with it, accommodating imDassible