Vicksburg weekly herald., 1877-07-06

Correspondence OF the Herald.l
BRANDON, June 9, 1877.

Correspondence OF the Herald.
BRANDON, June 6, 1877.
Nh. EDIroR: The difference be-
tween q low and high rate of interest 10
astounding when we figure Il out and
look at the result.
One dollar loaned for 100 years at 3
per cent. The usual rate OF interest in
England, and the interest added to the
principal each year will amount to
s19 %. AT 6 per cent. ii amounts TO
$40; at per cent, it is S2,203; at 10
per cent. Il is Sl3,S09. At u per cent.
1t is $S4, 1875 at Is per cent. 1t is Slj-
l45,007 at "A per cent. is is $2,55l, 1893.
404 at 80 per cent, the rate charged by
the Savings Bank In Brandon, ii reaches
the enormous sum of $243,05l, ,567 ,722
II the thrifty tradesmsn and indus
trious, hardworking portion OF our
community would consider the dit
ference between 10 and 30 per cent.
they could readily get glimpse of the
mysterious aud hidden vampire which
has been sspping the foundation Of
their prosperity for go long time.
Everybody 10 satisfied of the fact,
that no legitimate business can DO car
ried on where money is borrowed at
the ruinous rate of interest held by the
bank In Brandon. Yet we hear per-
sons speaking oi that institution with
bated breath, as If they feared 10 ex-
press their frm convictions OF the per-
nicious effects Of It's destructive career,
Now that the people have their eyes
open, and can see the hand that smites
them, why dent they resist? Why
don't they cry aloud to have the mon
ster strangled In HE lair2
Suppose that bank had started out
In 1865 with capital Of 100000 and
loaned it up to the present time at 80
per cent, and never heard OF 1t offer
ing to lend for less, 1t would have
drawn from our war-crushed people
who were struggling for new exist
ence, the astounding sum Of 81, l34, 800
as. interest. While II il had been loan.
ed ct 10 per cent. the interest would
have been only $2l2,723. Showing a
difference of $l,922,l77 which this
community has been chloroformed and
swindled out of by this omnivorous
leviathaD, whose existence is in clear
violation of the Constitution of the
State, which says that no man or set
Of men shall have exclusive, separate
public emoluments or privileges from
the community.
Now every one knows that the COM
munity, we hard-working trash,
can only charge 10 per cent.
for money, while this bastard
bloodsucker can charge 800 per cent.
If 1t finds poor fellow in q sufficient
ly tight place 10 make him pay it. And
its advocates say that no power under
heaven has a right to open their
mouths in the way of protest or plead.
ings against this unprecedented op-
pressor.
II that is the case, il 1t Is true that
law which was conceived in sin, and
born in iniquity, and is grinding the
very life-blood out of the people,
swallowing up their lands and tene-
ments, causing our houses 10 be sold
from over the heads of our wives and
helpless children, cannot be repealed,
then may God help us, and enable us
to bear the burden with becoming hu-
mility and patience. But l do not be.
lieve that the iangs of this concern are
fastened 50 firmly into nnr vitals
that they cannot be made TO loose their
grip. The members of our present Leg.
islature should be held responsible
for not attacking this institution and
doing all they could to relieve the peo.
pie from its baneful influence. 1t
should be test question for the many
candidates who are being presented for
the next Legislature. They should he
asked 10 say where they stood on the
bank question. Whether they are in
favor of monopoly or not-whether
they are in favor OF one man or set OF
men having the exclusive privilege Of
lending money at 500 per cent. and we
common trash only ten. Even John
Smith should be made TO speak out on
this vital point. CAswELL.