The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1877-09-07

Friday. September 2, 1877.
WHAT IS A sHYLOCK ?

Sou,e people evidently think the pos
session of riches a crime aud huri such
choice epithets rs "Shylock' aud
"tlrcs-ball banker at every nan ~ho
viii not loan them money without Sc
curly. To our notion. money is just
like any other staple commodity-as
p.uch 50 90 flour, sugar. coffee or any
article, by dealing IN which living
can be earned--an article of supply and
demand. Money is worth just whatev-
cf IL will bring as an auxiliary to the
prosecution Of manufactures or impor-
tations; and is regulated by the great
unwritten laws that govern the world
Of commerce.
Tie State Of Oregon committed the
folly Of passing Usury Law some years
ego. making it impossible to recover at
law the value of note bearing above
one per cent. per month interest The
consequence was th"t oregon capitai
AoctaA " california (where no such abb
surd restrictions existed) and left dor.
mant the many natural resources with
which that State abounds. She 10 just
beginning to feel the turn OF the tide
now, - money il abundant in San
Francisco at ten per cent, per annum
on good security; aud Oregon
money. loapsd for the development OF
California. begins to flow back for in
vestsnept at home. During the period
bet wesn 1891 and 1866. in the county
where the writer resided, ut the bead Of
the Sacramento river, there we're always
from 100000 to $2OO.O00 OF Oregon
money in circulation. having been
loAnedon mortgage upon farming lands.
30 we hope that no such nbsdr1 leg
islation will obtain here ct any time.
but that the great law Of supply and
demand will be permitted to regulate
financial matters here as elsewhere.
The right Of every man to do as he
Pleases with bis own money. % long a.
he doc not convert il into whip Of
oppression, Is sovereign and complete.
SO long o. he will loan it when good
security is rendered him. it is the bor-
rower's business alone as to what the
interest shall be. Merchants who assist
0rnicrs 10 clearing and cnltivating
lands which have hitherto lain waste,
often find their stocks depleted and
need accommodation at the banks; and
it's for this purpose chiefly that banks
Ars needed. Merely loaning money ct
one asd half per cent. or two per cent.
per month, does not make q man Shy
look. No sensible merchant will think
u borrowing money at that rate to
pnfchAp 1eur. bscoo or sugar because
the pgodts ON staple articles are too
small but on scores Of articles tho pro-
Ata are iifty pr cent. % that . man
can mako money by paying heavy in
teresl, provided he can sell them within
year.
1t ba recognized maxim Of finance.
that The better the sscasity the lower
the interest. What wrecked Ralston
ives looming On worthless oollaterals for
the saks 81 getting big interest. Near
lIaA The wealthy men Of the East,
liks Lennon, Aston, Lorillard and Bel.
1oot, got rich By low rates Of interest !:
bod thsy took sars u rsfass doubtful
securities. The banker who will loan
money ct seine .rass when god security
Il offered. = - counterpart Of the
venitian Jew; the name only applies
% one who shacklss the limbs Of COM
msecs b. sefasiag good collaterals.
whils his Oodbrs are bursting with
boarded gold.