The daily gazette., 1875-01-04
THIRD EDITION.
'-oR DAILY GAZETTE,
Letter from. SAINT Townsend.

Letter from SGna'e Townsend.
For the Gazette.
Mr.. EDrron:- see by the papers thnt
the repeal Of the usury law to make
money more plentiful. This old prop, /
Thought. had been exploded over and
over again until persons would be asham.
ed to mention It. Not so, however, the
same old song has to be harped on again.
/ hope our new Legislature will have res
pect for the experience Of majority Of
all the Delaware lawmakers from the
the Revolutionary war to the present,
that Is, after six per cent. had been dxed
upon as the highest rate for the yearly
rent Of dollar that honest farmers and
others could stand, has never been re-
Pealed or altered, but remains the same
The duty, l think, Of lawmakers in
Republican government, is to take care
OF the poor; the rich, ps a general rule.
can take care Of themselves. Now SUP.
pose we take these clamorists' argument
that money is scarce--is that any good
reason why people can pay more for it?
The very instant this six per cent. usury
is repealed, nine-tenths of the persons
holding obligations would demand the
highest possible rate of interest, and
persons failing to pay would either have
their property sacrificed by the Sheriff,
or buy off for short time these cupid
GUS creditors by giving them increased
bonds and mortgages. One speaker, the
papers say, at the Board Of Trade sup.
per, stated that the Smyrna Bank would
not take Delaware six per cent. interest.
but. sent eighty thousand dollars to
broker in New York to obtain higher
rate, and lost all. Now does not this
break the laws of New York. encourage
gambling in money, and that Delaware
Bank, instead of being satisfied with six
per cent. from its neighbors, dived into
deeper water and lost? He might have
cited the Inducements held out by Jay
Cook and the Northern Pacific Railroad
to get money at higher rates than honest
lade could pay; and people that invest
ed lost all, or nearly So. Not so, howey-
er with the moro substantial and sensi-
Bile money lenders of Chester county,
Pennsylvania; they come to. Delaware
and land at six per cent. on the ground
floor, being perfectly satisfied with that
interest lenders to railroads, factories
and other high promisers, that were
crumbling under the late panic as Ice
does under q hot sun; and further,
whilst these high interests gentlemen
were writing all but under the pens of
holders, these Chester County Quackers
were setting as serene as May morning
with their bonds and mortgages at six
per cent. and our Legislature would do
well to profit by that example; but the
tax laws ought to be altered so that no
farmer or other person, should pay State
tax on his property, and then pay State
tax on any bonds and mortgages their
may be against said property. The way
to make money plentier is to economize,
sell all we can and buy as little as possi-
bic. The old Boston men set us a mem
orable example in throwing overheard a
ship load OF tea, let it be followed now
by the people in New York going on
board of steamer and throwing over
board cargo of silk and satin, fine cloth,
carmon and champagne wine, for Amer.
lean cashmere, and whiskey will do in
stead for the men, and good American
manufactured women's wear would an
swer in place Of imported silk and satin,
and other extravagant imported articles.
Let the American Democratic White
Mans motto be, sell more than they buy,
then we can have some specie to circulate
but not permanently before.
SAMUEL TOWsEND.
Townsend, January LIST, l575.