Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1875-01-28
n; CuurtI la, ID llnciil Paper.
4. 4. HARDWOOD, Editor 8 Proprietor
AUSTIN. xlNN.
7IuRsDAY MORNING. JAN. %. 1875.


I'd upon those who violate the provisions
of the law. .s
Each year renders more and more evl
dent the necessity for an act regulating
The commerce in money. It. is notorious
that the man who begins business by
his capital, though it be but
suaall, very soon amasses fortune, while
the reward Of ordinary industry Is far less
aud comes tardily, even to the most pa
sisnt toiler. Last year bill of this same |
purport passed the Senate, had its first
reading in the House, and went to the
Committee on Finance, where it died.
never having beea reported back. Whcth
er the lobby which was then present, con. |
sisting of . representative from every
bank in the State, exertcd any influence
upon the Committee OF not 10 mere cen
lecture. Should the hotel registers in st.
Paul show the presence in that city this
winter of nearly every leading banker,
and tllst'too, At the precise time when Mr.
Childp sill has reached seme crisis SEEM
inslv unfavorable to capitalists, the CO.
incidence can scarcely be considered cas-
ual. Incident to the practice of taking
excessive interest," and to . great extent
based upon it, is the present most extra
ordinary exemption law.
Any legislation, or want Of legislation,
which renders it either legal or possible,
without the infliction of penalty, for
capitalists to realize twenty five per cent.
for the use of money loaned, is sure to
evoke Complementary law by the terms
ofwhich men can evade the performance
oftheir contracts. The judgment and the
conscience Of mankind in the aggregate,
condemn the theory that ''money, like
anything else,is worth what it will bring"
There is neither justice nor propriety in
putting it into the market for any price
beyond the actual cost of production and
maintenance. tits in no sense com.
modify, nor has it any intrinsic value, ex.
cept IN the case of coin, and in that case
what it has, is exhausted in giving it Cir
eulation, i. e. the cost of redemption will
he equal to the value Of the metal. It is
o medium Of exchanges business Gle
ment used only for the convenience Of com.
merce, and valueless for any other pur.
pose; hence the price of its use should be
regulated by law, and the tendency to
traffic In it be checked by penal statutes.
In those localities where the rate Of
interest is not limited by penalties, the
people are certain to obtain some legal
immunity from obligations which they
do not consider themselves morally bound
to discharge. The result, then, is this
having to pay an exhor bitant price for
the use Of msncy, men have sought and
obtained from the Legislature an exemp.
ton which operates effectually to pre-.
vent the collection of debts in all cases,
where the debtor has not more than
eighty acres Of land,-no matter how
great the value ofhis Improvements there
on The whole system is wrong.4 Men
ought to be able to hire what money they
need At reasonable rate, and the credit
or should have the power to collect his
dues without unreasonable exemptions
or delays. Public policy, indeed. re-
.quires that sufficient for the supply o.
Immediate natural wants should be plac
ed beyond the reach of legal process. ex
sept perhaps, in cases where the claim il
based upon labor actually performed
We hold that labor is the most valuable
of oil capital, and claims arising through
its employment should take prece
'dc.ee Of all others, and as against suel
:thos, should be No exemption whatever
let u have one law that will punish tn
ususer, and another that will compel tn
debtor to meet his obligations; then VI
shall have better society, more honesty il
business transactions, and greater prospe,
ity than W have ever enjoyed before.