The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-10-15
IjsuTy.
10 the Edltor OF The DALLAS umald:

The complaint is everywhere that
times are hard, money scarce and hard
to get. All railroad building has
ceased, and enterprises of public
character are at a stand. Different
persons ascribe different causes Tor this
state of things. Some say its imitation,
others contraction aOr the fear Of it.
And whilst there is wide difference
of opinion III to the cause, and equally
as great rs regards the proper remedy,
the fact is admitted.
In our state not few charge it to
the enormous interest banks and mon
eyed men charge for the use of money,
and there is in some localities a frantic
clam0r for usury law, which is sup
posed to be aspeciiic, and which would
soon have the effect to make money
cheap and abundant. The Convention
Is called upon to incorporate u provis-
ion for n usury law, ana it probably
will do 80. But will IL have the effect
ascribed TO 1t? win it cause banks to
lower their interest, or to divert their
money to manufacturing purposes, or
will IL make money more abundant?
more abundant the banks will be the
first to be benefited by it, because of
the increased deposits, But we have
no reason to suppose that this will be
so. Every writer upon political econ
omy opposes usury laws as unwise re-
strctious, and hold them TO be vesti-
ges of II more barharous age. The most
enlightened nations have long since
repealed all such laws. None such are
in any of the German States, England
or France, and yet where is money
more abundant or cheaper than in
these countries? Spain still has a usury
law, and interest is higher there than
in any other European State. The
spirit of the age and the tendency of
the times for the last quarter of n
century has been for the abro-
CATION of all such restrictions upon the
right of individuals to use what in
theirs in their own way. The very
principle is in violation of private
rights. But, 1t issaid that the monied
man takes advantage of the necessity
Of his neighbor, and charges him an
eXorbitant price for the use of money.
Does not the farmer do the same thing
with his wheat? When crops are
good he is glad to get II dollar u hushel;
when bad does he not expect two or rs
mary rs he can get? Is anything more
necessary than bread? Why should
the farmer or INGREDIENT be allowed To
take advantagco of the necessity of their
fellow beings? If the principle of reg
ulating the price OF the use of money is
right, why is it not right to regulate
the price of corn, and the neccssaries
oflite? Buta distinction is to be made
against u mans rights because he has
money. Why Is it that one man has
more money than another? 1t is be.
cause he has used more industry and
economy, or because his ancestor has,
than others. Money is the representa-
tive of labor--it is labor crystali2ed into
coin; it represents labor performed by
the owner, or the party rom whom he
has inherited. 1t represents past labor,
IL commands future labor-it is the
medium by which the labor of the past
Is exchanged for future labor. And if
you limit 10y laws its owner to use it AS
he chooses, why not limit the laborer
in the amount he demands for DAYS
work? The principle is wrong, and no
good will result from the adoption of
such u law. We once had usury law
in this State; money was Just as high
then as ii is now, but it was not posi-
hle to get 1t in any quantity in the
State, and New Orleans banks, through
the commission merchants, fu;n-
ished what our people got. We
paid for 1t In interest and exchange,
and we belonged to New Orleans, an ii |
when the usury law is adopted again,
we will get our money by paying in
terest and commission and exchange
from some monied centre outside of
our State, and thus build up other
communities.
II VIII take something besides the
passage ofusury laws, to make money
cheap in this State. Money il cheap |
no where except upon ilrst-class secu- |
rity, that Is such security as render its |
collection according to contract, be-
You'd doubt. We have no such secu-
rIity here. We cannot give such; our
laws as administered, will not permit |
IT, Our homestead exemptions, and
PROBATE laws allowing substitution for
exempt property, which the head of
family has not when he dies, pre-
vents II. There Is no such thing I'M
DEL, our laws, as Interpreted and adj
minlstered, Us absolute and perfect Sc.
curity for the collection of loaned
money. Suppose you loaned upon
real estate TO the head Of a family, and
he dies, leaving n widow and children
without any home or without the
property exempt from execution. You
procure administration upon bis 90.