The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-02-18

views of Representatives Ceop-r. Of
the Msu~e yuAieiary CSsn,affs~e.

view. of Representative Ceos-r. Of
the sss~e 5aGieisry cs,nuaiss~e.
We clip from the Union and Amer
lean the following sound and sensible
views Of Hon. Wise A. Cooper On the
conventional interest Law. The die
cussion in the House causel consider
allie consent in financial and bu-i-
ne~. circles, snd sil of Us are interest.
ell in the subject. Mr. Cooper said:
Asa ncml .er Of the judiciary Com
mittse, | am unsble to adopt fully the
viees of either of the reports, m jIri-
ty or minority, relative to the present
rate of conventional interest. | am
not for the repeat Of the law allowing
&c much as ten per cen.um to the
creditor the U-e Of moaey. Bat,
while tnis is so, aid not sign the nj
no. ity report submitted. The reason
| did not II, that the doctrine ii
down in it is bFuAder than | endorse.
Hume and Benth m re quoted ap
provin, ly, TO show how unreasonable
and huriiul i; is to trade to iate,f.re
With tie rate o. iaierest to he recsiycj.
Well, if it be Necessary TO offset such
authority With other authority. equ,l-
ly worthy, refer to Monte-qui>u and
Adam SDniIh. The &c ipture evident
ly i. mis,,pplied.
Ny opposition to the rsle ] of the
law in question chiefly arises l.ecsuse
Of the crisis now upon u. The moa-
ey question : peculiar one, ard Il
b-lIev> it Is Use f9r the State to,6x ia
lie vi interest over which the. lender
,.amut charge. Observation tr,,ii's.
ia that large hunters give mote for
the use of money THAN they caii nike
of prost. lhis numler would lie
greatly increased il the interest ir.kas
we're turned OFF. Bssiics, il would
some~ nat interfere with the equili ii
um of prosI erous society. to.~ Ii It
paid better to lend money. andrem in
lie, tnan to invest III the midst. la
and manufacturing enterprises of tine
day, these ls:ge pusse,sors Of ln5nsy
would almost exclusively lend money.
al the rate OF interest is too nigh ~
l'w, il falsely educates the pub ic
mind. Too many suppose that, he
(. use The state allows certain per
centum to be received, that, therefore,
tles cat m,.Se that amount II profit
ON he use Of money, and that m neg
l. worth that mu, h. 20. ~ f~ise'e':"-
cation, " fill upon tic t.ous values,
and strut round ON stiits 10 fall.
In time, fully prosperous, 1 wouI
suppose that ten pei cent. per "linum
wound be too high All Iata. est. II
prosperous, the rate could be changed
without producing shoc1; "u;, u
facts exist ut present, 10 turn a'uEt
on this question, and sly 40 morc
than xix per cent. slirecsIved, in my
judgment, will he TO deel Il II nsc. ous
Ill y up n the busiEess re-. i5ns Of
the people We are Il debtor people.
The mass Of the people have nothing
to their credit and one Gen .'"'
the rate of iaterest is "a c,.mEOulu
question. 1t is influenced 10y the pro
portion between uur.uweIs "Ed .eud-
ers, that il, supply and dsn nj. IL
is l,o Influenced hy hor l. u'h c"u
be made hy its u.e; and, | mi !. int add,
the char.cRF OF tie tsker for ali ity
anu integrity is It without influence.
The further position is taken, that
should the conventional interest Law be
repealed, owing TO in. AIS, nee of gen
eral prosperity and that greatly long
er line of borrowers over, lenders, it
wuuld become the cause of very gene
raj pressure. At present the demand
for money il 80 great in this, State,
that should six cents 10 the interest
fixed by law, it will increase the inter
eat over what it is noN. Sufpass it
wer- made usury to take any interest,
how would this operate 1t would
cause the lender to require more inter
est decidedly than now. The borrow
er would have TO pay proper inter
est, Knd insure, besides, the lender
sgainst ths peril Of usury. So nos if
rate of interest 10 established, that
IS less than the value Of the use of
money. the result will be that the bor-
rowing class will I've injured hy having
tn pay a reasonable rata at such
a cri is end also pay the lender for his
risk of vi.lating usury Laws. olpuld
O pre- DER interest be allowed, the ike
lihoo,i of such oppressi n is not near
so great.
At present, | think, to make ten
per c.ntum the maximum for money
is right. What is the vslu. OF money
t. our people now? This can lie an
swepd by stating that its use posses
see great value in enabling thea TO
pay the most pressing Indebtedness
with cash rather than in personsl pro-
perty and land at sacrifice. 1t Is Il
privi eye to be allowed to give ten per
cent. for money TO pay pressing debt,
instes of having to submit to tbs
.rie Of property at the necessary sac
rifice, say. forty per centum.
In conclusion, | cannot believe but
that :hs rspal rs sought, would cause
son~ money to he Withdrawn now
here, and also other money to be sent
beyond the State. Ali this. consider
cd, | think the repeal Of this law at
this time, bodies increased trouble to
the mass f the people. Respectfully
4