Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1876-02-08

Ahe PuOhc made both Cs pUGttc COntenlenceS,
aud the right to regulate the toll of the road
aud the rate of interest on Ihe money, in
WhOmsoeVer hands the stock of the road may
DO, OF the money may be, comes from the in>
dispGtASls fact that both road And money are
Pablo and net prieGte creations, ald for pub.
: lac sEd not priOGte purposes, aud, therefore;
no individual has right to treat either as
PriUHte things To suffer this would be to
defeat the object aud policy of the law, in
creating money. The law created money as u
standard of valuation, aud IS currency Ter
exchange If intended as a standard, or
measure of value, why, then, like all mea>
surss, it must H5sLF be nlcGSured. The yard
stick which measures length, is itself mea-
snred, and is thirty six inches. 1t is the
same length all over she whole land. But,
now, We want money, a measure of value.
How Is money to be measured Why by FIX
ing the rate Of interest on it when loaned:
\ dollar at per cent is just haLf The valHe
OF dollar at per cent. Fix it at either,
and the value of the dollar is ;ust as much
liked as u standard of valuation, as the yard
stick is as u standard of length. At what
rate OF interest should it be fixed as loanable,
at ) per cent. or six per cent! That should
depend upon the net annual increase of labor.
The net annual increase of the world does not
exceed per cent Mr.. Wells, the Commits
sioner of the treasury, fixes the net annual
increase of the combined labor of this couu>
try at > per cent, and of agriculture separate
at per ceut., aud under these facts interest
in this country should never exceed per
cent: or indeed . per cent. 1t is, then, man,
itest that, if we are to have money as
standard or measure Of value, we must regu-
late the value of money by fixing, as tho
United States Constitution intended, Inc rate
0f interest; aud this Is the only way to "regu-
late the value of money" All must soc that,
while individuals or corporations can charge
what rates they please, there can be NO stan
dara Value OF money. The policy OF the law
OF money, also, contcmplates that it shall be
current: Fix the rate of interest, aud there
will be NO temptation to hoard, and money
lcW be current, as it was designed to be. II
| am right in the views above expressed Of
the design and functions of money, and that
1t should perform 10th tie offices of measure
of value and a currency of exchange, whilc
IN fact it, now, performs neither of these
Offices, and simply because its own yalue is
not fixed and regulated it will not be difficult
for the most obtuse to understand the present
deplorablo condition Of things throughout the
whole country, where all values arc shrinking
y
ductiou arc brought nearly to dead halt
Can such money be called convenience, or
'instrumcnt Of commerce." that brings about
such results as these? Aud is it ANYTHING
else but system of 'legalized rascality" for
the benefit of knaves who would gladly plum.
der without tho fear of the gaIows or the
penitsntiary before their eyes? From Wall
street, tho headquarters OF the millionaire
Shylooks, down to the towns and villages
where conSreGAte their Hyena and vampire
tail of petty usurers, the whole iMiquitous
class, who monOpolIzc, aud hoard, and abuse
tho standard Of odl0e and currency Of ez-
change The generation, whose tsOIh are as
swords, and their jaw toeth as knives, to de-
vour tho poor from of the earth, and the
needy from among mon" are awaiting
tho action of this legislature on the SUBJ
subject OF usurS, with the hungry NAV and
the Jagged teoth Of wolves TO assail and de,
YOUR all around them. They, now, taunting>
ly bark out with wolfish venom, lands must
come down" You must make up your mind
to see them come down ;" and of course the
productions OF the farmers labor, and of all
other labor for the fund from which all labor
is paid is created, springs from the earth, and
all labor is interested in it. Thoy never. for
ono moment, think of moncy coming dozen,
and the right Of the people who crcniy8 money
as common convenience to bring it down to
the same price for all. Put money at per
cebt., the net annual increase of labor; and
labor will, as it should, be the regulator and
distributor of wealth bat if corporations and
individuals may fix thoir own price on it. then,
they have every thing their own way and
may fix their own price on labor and property
IN all its forms, and seize It at their own fgure
n yIa voF fE Il
that the iSsHc is, already, made up throughout
the country between Capital and Labor, |
think the Legislature should, at once, pass q
law making the taking of more than six per
cent forfeiture of the whole debt, and sub
jectjug the offender and violator of the law
also tc Imprisonment in the PeniteniiaTy as a
felOn. Men are put in the peni;entfary for
forgery, AID usnry is a crime more destruc-
tive to the interests Of society, and the we'll.
fare of mankind than forgery. 1t destroys
not only individuals, bat families and nations:
and such is the voice of history l have
named six per cent the rate the present
legislature should, for the present, sanction,
as it would be better to leave to Congress TO
whom the whole money power, by the Sth
section of the United States Constitution, be-
longs, to fix the proper and permanent rate
throughout the United States The legisla-
tute should, also, instruct orr Senators in Con.
gress, and request our members of that body
to vote for the interconvertibIe per cent.
bond and greenbsck system, and to attach to
the regulation Ot money the punishment of
felony for taking moro than the legal rate
In the meantime, and as the late money bill
OF Congress is son to specie payment" and
must, if contraction is the object, overwhelm
all the Industry and property of the country
with the same ruin that followed the act Of
British parliament of 1919 to como to specie
payment, think the legislature shouId enact
a stay law to secure the people and prevent
the sacrifice of property until he currency
was put upon Just and stable touadafion.-
To give you an idea of the effect of the Bri-