The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-02-04

interest ana OSUEX.
money to Loan" is the caption
of one or two advertisements in
every newspaper in the State, and
already the iron hand is on more
than One.third of the real estate,
strangling the industry and reduc-
ing and keeping down the value of
property and of every kind of pro-
duce, (and our produce is our real
wealth, and enslaving the men and
destroying the permsnancy of the
most valuable part of our popula-
ton, by keeping it constantly ready
to sell out and remove.
For years men and money have
been poured into the State like
every county and township and
school district is bonded, more than
one third of the real estate is under
some kind of mortgage, and the ag-
gregated interest is equal to or more
than the annual income of actual
produce, because the interest con-
sLantly falling due forces everything
into market at any price that is Of
fered. The interest being contract
ed for from one to ten years in adj
vance, is subject to no fluctuations
on account of hot or cold, wet or
dry weather, good or bad crop
years, insect or blight, supply or
demand, nor any other incident
save non-payment; and that is
positive gain, for then comes fore
closure or more stringent bonds,
with "usury that consumes as
fire."
A very large number of men in
the State are trying to carry on
farming and other business, paying
out a purchase price to begin with,
the subsequent wear and tear and
exposure, the labor and taxes, and
from ID to % per cent. per annum
for money to do this with, and ex-
pecting to make living, pay the
debt, and come out with home and
comfort, when the experience of the
world is that money loaned at from
to per cent. per annum MAKES
gain faster than any other kind of
business, in the long run Oftime.
1t is easy enough to say that it is
mems own business, and if they
want to borrow money and break
up, let them do it; the experience
will teach them better next time.
Why not let experience teach men
everything? It would be well
enough if the welfare of the State
were not concered or not injured in
this case. The practical results of
usury in the State are sufficient to
show us that the State has a right
to, and ought to, interfere and reg
ulate the rate of interest. In what
manner it should do this we will
consider hereafter.
Having spoken of the direct effect
of high interest upon the borrower,
let US look at another manner in
and the public.
No other business can compete
with money loaned at interest. Not
only does the business that is under
tribute to it, fail, but no investment
of money in trade or manufacture
can bring returns so safe and GER
tain, with so little care and expense
And when the rate of interest is
high, money leaves trade and man.
ufacture, and seeks investment in
mortgages and bonds. The most
apparent result in this State is that
while we count our interest-bearing
debts, public aud private, by mill.
ions, we count our manufs ctOries
by two's and ones, the Touring
mills of the State being the only
ones numerous enough to deserve
mention as q class in existence here
So long as men can lend money up
on improved and valuable real es.
tate, they will not engage in manu-.
featuring, even at the same rate Of
remuneration.
Our own county of Atchison is &
fair example, and good illustration
of this truth. Without consider
ing her municipal and incorpOra-
ton indebtedness, there are about {
ty at Is per cent. and upwards, anC
there has been from her earlies
history, a large aggregate of privat,
loans at high interest. In fact, here
as everywhere, money has sought
this channel first because it pay
the individual best. The result i
we have not Except Touring mills
mRnufactory worth the name
We have city of 10000 inhabitaut
with eight railroads terminatin,
here as the gateway of the State
and the first grain elevator is jus
struggling into existence, and n,
other manufactures that bear an,
comparison to the wants or oppor
tunities of the place. And ever.
kind Of produce is passed tbrougl
: here at heavy expense of transpor
tation to the east and the repeatet
: expense of Transporting il, afte
! manufacturing, back again to US
This will continue so long as mon
: ey can be loaned at high rates O
interest -AtcEison Champion.