The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-02-08
OUR OVERLAND LETTER.

High Interest Rates-What Causes Them
Mr.. Piper "Explains"-The Railroad Com
promise-Arizona-Th Mexican Revolutio,
Ended-Troops at the Ballot Box-Iglesia
Looks Hopefully to Washington-Prospe
OF Period Of Peace In the Troublous Re
public.
VIRGINIA, Nevada, Jan. 30, 1877.
Editor Rutland Globe. Our state LEG
islature has been In session about mont
ut was opened Jan. 1, which shows tn
amount of reverence for that legal holida,
with the Pacific COASTER and has accom-
plished precious little in the way of practi
cal Legislation. 1t has passed bill pro
viding for the funding of the debt of Lin
coin county through one or both branches
Lincoln county was referred to in one O
my letters several months ago, it havinJ
become bankrupt and the prisoners in tn,
county Jail, among whom was at least on,
murderer, having been turned loose on &C
count of the inability of the county to fee(
them. 1t turns out now that the count,
treasurer had embezzled $4,000 of count,
money before the finances reached this de
plorable condition.
Legislation has been carried partially
through to allow this city to issue bonds t
pay an account held against the city by {
party of whom the city in 1868 or 1864 Dor
rowed money at the moderate rate of foul
per cent. per month or 4S per cent. pei
year. Is that high INTEREST," There are
many thousands of dollars loaned on good
security by the pawnbrokers in this city al
III per cent. per month, and l knew of a
case short time ago in San Francisco
where the proof-reader on the MORNING
Ca@ collected 10 per cent. in the courts for
the use of money one week he loaned the
money to an impecunious 'sub" in the
composing room, getting good security, land
the trial showed that he was in the habit of
LoANINa MONEY AT TEN PER CENT. PER
WEEK.
1t cannot be denied that money is more
plenty on this coast than anywhere else in
the Union, and yet interest here is higher
than anywhere else. Look over the coun.
try and you will find that where money is
the scarcest, wages the lowest and eyery-
thing the cheapest interest is the highest
with once in while an exception. Is this
proof that plenitude of money makes in
terest hlgh2 One would think so at first
sight, but look little further. Where
business is profitable money will 20. When
the supply is exhausted persuader will be
used to draw more In the shape of higher
interest. AS more money is wanted for in
vestment in profitable enterprises higher
interest will be offered until enough is Sc
cured. Then profitable business raises in
terest, and high interest draws money. In
stead OF the fact that money is plenty
making interest high, high interest makes
money plenty. Business generally is very
profitable on this coast. 1t is the best part
of the whole country for the capitalist.
But for the same reason it is a bad place
Tor poor man to come, because there is a
surplus OF laborers, while if he be driven
to borrowing money, the high interest will
swamp him. If a man with 800, 900 can
pay high interest to increase his business it
is no sign poor man can go into business
and pay high rate on his whole capital
IN THE JOURNALISTIC LINE
there is some interesting news. A new
democratic seven day morning paper makes
Its appearance in San Francisco this morn
ing. Nowhere is there better field for
such paper If 1t is conducted with skill
and epttetERREEiHentelpfiee In IN San Francisco
journalism for a good. while, so far as
morning papers went, and the Post has |
done the same in the evening paper line
The Chronicle has been most rabidly par
.isan republican organ, but last week sur
prsed everybody by coming out in favor of |
he compromise bill, and in so doing paid |
Senator Edmunds a very high compliment,
Justly setting him down as one of the most |
gifted of senators and most able of states |
men. The Chronicle, by the way, has just |
,ad action commenced against it by the |
proprietor of the CAL for $1,000 damages
'or libel, which pleases the Chronicle, as
he advertisement will be worth more than |
t will cost, whichever way the suit goes.
BACKS OUT OF THE ALASKA BILL.
The honorable VIM. A. Piper, of the
san Francisco district, now comes out with |
IN Explanation" regarding that Alaska
and-grabbing bill which he introduced into
congress some time ago, and which had
provoked a universal opposition from those
Who had taken notice of it. He says that
lie introduced the bill without even reading
t, at the request of gentleman who told
lin it was presented in the interest of
'ome of his (Piper's) republican constltu-
,nts, he only asking whether it contained
anything disrespectful to Congress. 1t was
perfectly natural that he should not wish
o do any dIsrespect to congress, because
Vim. A. Piper is q member of that august
but 1t is strange that he should
present, without stopping to scrutinize it,
Inything coming from those of whom he
las as poor an opinion as his campaign
Ipeeches would indicate that he had for
hose republican constituents" of his, and
IAN only be accounted for on the supposi.
Ion (Which Is confirmed by a perusal of
lis speeches) that Piper cannot read at all.
LET 1T SLEEP.
That democrats are not necessarily rail-
Dad grabbists is shown by the fact that it
vas through flank movement by Holman
hat the Texas Pacific railway bill was
brown into committee of the whole in the
iouse and placed at the bottom of the pile,
where the prospect is that it will remain
or the rest of the session. Without two
birds majority the bill cannot be advanced
IN the calendar, and it is thought the
riends of the bill cannot get such a major
", though they probably had votes enough