The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1877-03-15
The Usury Bill.
o the Editor of the CITIZEN

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We beg pardon for having an
opinion ON the usury law; but we
do most sincerely and honestly be-
lieve that it is wrong-that it will
prove detrimental to the interests
of the poor man, as we'll as to every
other class. Our sympathies are all
with the laboring man; our inter-
ests are all identical with his; when
he suffers we suffer; when he pros
pers we prosper. But this usury
law will not put a nickel in his
pocket, in our humble opinion. 1t
will only make money scarcer. Men
who have money will not lend it for
6 per cent when they can get more.
They can get more by sending it to
other States for investment. They
will do it, and the borrower in Ten
nessee will either have to do with
out or fall into the hands of sharp
ers who will buy their paper at 20
and 338 per cent.
Now we are as much opposed to
usury and to the usurious eXactions
of capitalists as any man, but we
are totally unable to see cure for
it in this bill. We believe the best
way to cure it is to make money
plentiful, and the best way to rake
money plentiful is to leave it com
paratlvely free from legislative re-
strictions. The past history of all
States and nations will sustain US
in the assertion that money is most
plentiful and therefore cheaper
wherever this is done, and its value
is regulated alone by the supply and
demand. People say they can not
pay ten per cent for money, and
make a living. We agree with
them, and therefore advise them not
to do it; but this usury bill will
drive it from the markets altogether,
and those who are compelled to
borrow will be found evading or
violating the law, and paying most
outrageous and usurious exactions
by the sharpers for the privilege.
We all remember how this used to
be. But you say this law prohibits
note shaving at greater discount
than 6 per cent. You are mistaken.
It only prohibits the sale of notes
"made for the purpose of raising
money" at a greater rate of dis
count. But OF course every note
offered for sale will be bdna ffde, and
the law will become a dead letter on
that point. Our opinions may be
crude and old fogy in the estima-
ton of others, but they are never
theless honest, and we have felt i'm
PEELED to express them.
Our legislators are our servants
ou- agents-and are bound to legis-
late in accordance with our wishes.
If we, the people, demand the enact
ment of dog law, or a ten per cent
law, or usury law such as we print
to day, the Legislators are bound to
obey. They represent the voice of
the people. This has always been
our position, and while we differ
with perhaps majority of our read
ers upon each of the subjects above
mentioned, we have not felt called
upon to oppose their wishes. New
ertheless, we have taken the liberty
sometimes to express an honest
opinion, and shall continue to do so
upon all subjects pertaining to the
public veal, though it may differ
with that of our nearest and dearest
friend. In this spirit we have writ
ten to-day in opposition to the
usury law. If the people demand
it, let it he the law; but we honestly
believe it will no. contribute to
their material prosperity or to the
public good. w