The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-10-03
DALLAS, TEXAS.
SUNDAY MORNING ::::::: OCT. 3.
UsURY.

in Texas. We spoke of II in connec-
ton with legislative encouragement to
manufactures. A chief argument
used by the opponents OF usury law
10, that an unrestricted liberty should
be extended to the loan of money ut
the highest rates parties may agree
upon that as n consequence capital
will be induced to come to the State
from other countries where the laws
prohibit high frates of interest; that
money Is property and It's owner
should not be prohibited by law from
using II as he pleases and charging as
high rates Uust rs all other property
~ he can get in the market for lis use.
This argument Is plausible, but the ex-
perlence of the world IL constantly
demonstrating that it is but specous.
Money is but the representative of val
ue. 1t is created by government to
be used by all citizens rs currency, n
circulating medium In which all have
common interest. This circulating
medium belongs to the government.
1t for the sovereign to say what shall
be legal tender for the payment of
debts, and where that Is established by
fundamental law, the right be-
longs to the sovereign to control
that currency and to pass all proper
and needful laws In reference to its
circulation. All the people of State
have not peculiar common interest
in property generally, such as mer-
chandise, horses, cattle and the pro-
ducts OF the farm and of mechanical
industry, and hence no laws are passed
anywhere In any civilized land, con-
trolling either the price of such prop
erty or the amount which may be
charged for their hire or use. Money
is established as the represe NATIVE of
the value of all such property-it passes
from hand to hand In payment for the
value or hire of property, or for labor
expended In and about it. Hence eve
ny citizen is interested in common
with all other citizens in the currency
OF the nation, in its uses, In its value,
and in the legislative appliances for its
circulation.
The Government has the right to
make any and all laws deemed proper
and expedient, in reference TO 81! OBJ
jects in which the citizens generally
have common interest and u com.
.l0n concern--and whenever it be
comes apparent to the sovereign tina
any portion or class of the cOmmuni
ty are making use of that in which al
have u common concern, to the injury
of others, II is not only the right but thu
duty of that sovereign to interpose it,
arm to restrain the evil and prevent
the undue prostitution of the common
interest.
The heavy accumulation of money
into the hands of few, gives to that
few an undue power over the many,
Such accumulation is of course com.
mendable az the result of industry, In
telligence, activity and laudable am
bition; but whenever such accumula,
ton Is turned to the injury or oppres
sion Of the many, IL then becomes the
duty of the government to stretch forth
its protecting hand. This protecting
hand, In the imperfections of human
society, cannot reach every evil or pro-
tect from every burden; but the law
may, and rightfully ought to say thai
the accumulation of money shall never
be permitted to burden aud Cypress.
II is the duty of the sovereign to pro
tect the weak against the strong, apt
especially is 1t duty to protect tn,
weak against themselves. The large
portion of the community in ever,
State are the weak-the poor, the ig
norant, the credulous; the easy victim,
of the powerful, the rich, the intelli
gent and the influential. IL is Il fac
which human nature everywhere dis
plays, that there IL wonderful
tendency amongst the rich and strong
In every people to make themselves
richer and stronger at the sacrifice OF
the ignorant and the weak. That men
may make themselves richer and
stronger Is no objection, so long as II Is
done without oppression; but when
ever the money they have, in which
both the government and all its citi-
zens have common concern, IL used
as an engine of oppression, 1t Is then
that the State ought to protect against
the strong wherever 1t can be done by
general laws. The ignorant and the
poor are always ready to increase their
own burdens, and add to their poverty
by borrowing from their neighbors,
whatever the cost may be; and we have
known men of moderate means In oul
own State, and great many of them
too, to mortgage their homesteads al
three to five per cent a month to Dor.
row money simply to live upon. II Is
against this that the State owes 1t to
itself to protect her citizens and to de.
fend them against themselves.
And is It to induce capital to come
from abroad to Texas for purposes such
rs tntse' that the advocates Of these
sxorbitant rates Of interest stand In
opposition to'a usury law? Better by
~ tnat money should not come into
our State 1t all n its ch,act ~, ~ 49,.