The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-30
THE FINANCIAL SITUATION.
A Prominent Business Man OF Iowa Gives
Yellowstone Pertinent Suggestions.

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A Prominent Business Man OF Iowa Gives
HisViews-Some Pertinent Suggestions.
The west is now harvesting a
bountiful crop. Providence has
certainly been generous to all parts Of
our country this year. ''Only man is
vile There is no reason why we
should have "hard times. With
abundant harvests and good health in
all parts Of the land, ''at peace with
all nations" and with foreign de-
mand for some of our staple products
which we have never before enjoyed,
l say again with emphasis we should
be enjoying a season OF great p1osperl-
ty. But our condition to-day is the
worst [ have ever known in a bust
ness experience of thirty years.
There is but one class of business men
in the country now whose business is
prosperous and theirs never was more
so. The man who has $4,000 in
money, and a genius for the business
that did SO flourish on the Rialto. is
to-day rich and poWerful--he has
''intluence while the man who has
100000 in property--real estate
which heretofore has been considered
the most substantial wealth of the
country-is poor indeed. Add to the
misfortune of owning all this property
the condition that the poor victim isln
debt say twenty per cent OF the value
of his property, or 100000, and the
story is told--this man who upon a
computation based upon values of
four years ago was fairly worth above
all Indebtedness $l60,O 900 is not to-day
worth dollar. The Shylocks who
hold the overdue promises to pay the
$4,000 demand prompt payment OF a
higher rate Of interest, a fresh COM
mission and additional security and
whether the victim consents or
refuses, it is all the same-his finan
cial dissolution IS near at hand and he
may as we'll prepare for the funeral.
This statement you will not disagree
with. 1t is Il sample ease and you
have its parallel all about you. But
you say its easy enough to make a
statement of facts and to complain of
hardships but it is quite another
thing TO suggest 4 remedy. | shall
have done something in the way of Il
remedy if can give Il clear diagnosis |
of The disease. | will first say that
the state of things described has no
business to exist. When the $40 900 |
was loaned it had but one-ffth the |
value of the property of the borrower.
Mr. Sharp, we will say. was worth |
100000 ten years ago all in money.
Mr.. Flat was worth 5000, 900 all in |
property. The latter was engaged III |
in agriculture or manufacturing or in |
some of the many industrial pursuits |
which ut one time made our country |
so prosperous. Mr.. Sharp was idly |
watching his $s40. 900 waiting for Il
chance to lend it at Il usurious rate of |
interest. He did not have long to
wait The thrifty Mr.. Flat giving |
fifteen hours a day to his work and |
with his own means all employed felt |
justified in charging his business and |
borrowing the comparatively poor |
Mr. Sharp $40. 900. The loan is made
the security being a simple and harm |
less contract sometimes called a mort |
gage on Ill Mr.. Flat estate real and |
personal. Now SO far this is all right.
MIR. Sharp has right to have $4,000 |
and to have it all in money and it is
no crime. He has right to be an |
idler, Il moth, a parasite. a middle |
man. Insurer. And I will go father /
and say he has Il right to lend his |
money for any rate of interest he can
GET mean fairly get in open market.
| have always held that money or the
use Of it was like horse worth what
1t would sell for. regulated only by
the immutablp law of SuODly and de-
mand in a normal condition and not
.cornered' or forced by rings or
unnatural combinations. Now after
giving all this latitude to Mr.. Sharp
and his unscrupulous inclinations do
you wonder of what | complain. |
complain that as soon as he got Mr..
Flats 100000 worth of property
pledged to secure the payment OF
$4,000. NJ. Sharp sets about con-
spiracy to make his claim for $40. 900
100000. 1t does not matter to
Mr.. Flat whether the law-making
power of the government has authori-
zed Mr.. Sharp to alter the words and
raise the figurers in his mortgage so
that s'forty thousand shall readsstwo
hundred thousand or whether the
figures for appearances sake are to
remain rs they were originally written
and his 500, 900 worth of property is
shrunk in value to $40. 900. It is
much the same to the victim whether
his property has been deprecated to
one-hfth its former value, or whetherl
his Indebtedness is appreciated five
fold and his property is allowed to