The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-12-12
are creditors and capt. slIsts them selves, though

: found urging "rsuef for the debtor class" an
J, talking OF "the tyranny OF capital" A ma
a might as we'll complain Of the tyranny OF hi
9 cows, because they will not give milk II the
: are not fed. Industry cannot thrive unles
a capital is kept busy, and capital cannot be mad
y degree OF safety.
' Capital is the aggregate or the savings o
eight millions OF workers. Not one OF thos
eight millions will lend his small savings, un
less lie thinks the sum Will be fairly repaid
Each enc will hold that his savings bank o
insurance company has robbed him If it s,
lends his money that he cannot get 1t back
Whoever holds his money would wrong him b,
lending 1t where dollars worth 100cents eacl
might shrink before payment to dollars worth
so cents each That is why every outcry fol
more money, and cheap money, stops som,
lending. But all this capital in full use il
needed to make trade and industry prosper
There is never too much in this country, where
all is busy, and II part lies idle through fear
some Of the mills or mines or shops must be
idle also. 50 every outcry for "more money
tends to stop trade and industry, just at
drought at the distant sources of a stream
may stop the wheels that are turned by its
waters.
The West and South take pains to make il
felt that the man who has money to lend can
get but scant favor there. Laws are passed
as in Indiana, to hinder the collection OF debts
sometimes by officials and sometimes by mobs
the creditor is deprived OF justice payment of
debts is refused by many counties and towns.
and even by States. But above all, there is q
constant clamor for cheap money, and railing
at creditors and bondholders and bankers as
II they were public enemies. No other thing
has done as much to check-loafs of capital at
the West and South, for men who have money
IN charge feel that il IS not safe TO put it where
the temper toward lenders is 80 hostile. Every
vote Tor cheap money, every vote against
banks and bondholders, makes this fear strong
or, and causes careful men TO hold back more
OF tie capital which the West and South need
so much. Nor is this strange. The workman
who has centrlved to save, by years OF thrift
and toll, few hundred dollars. to keen his
dear ones from want il he should sIcken or
DIE, would not wish to lend his money to those
who feel that 50-oent dollars ought to be pro-
vlde1 FOR paying debts. What the workman
thlnks, the prudent banker or capitalist who
has charge OF the savings o. many workmen is
also apt to think. When the tracks of wild
beasts are seen about the place, a man thinks
twice before he turns his cattle ont ~ the
barn.
In the Bank OF England fifty millions OF
money lie idle that could we'll DO spared
Loans have been made in London al ono
quarters or l per cent interest a year Yet
this country wants more money, and the aver
age interest received on all loans last year. bv
four OF the largest New England companies.
was over per cent. Vast sums OF monev can
be brought to this country, for anv cafe pse
and at low rates, il we will but put an end "a
the cry OF cheap money for debtors. Foregn
holders want to lend, but not to lend dollars
and get back halves. Many acts OF bad faith
by States, counties, cities and corporations.
have helped to cause distrust as to loans in }
this country, but there is no lack of copfdence
In the good faith OF many wei-knowp firing
ana men, or IN the vast resources and rapid
growth OF tho United States. The one thing
That checks free and large movement OF
foreign capital to this country, to be used in
opening mines, starting mills, Clearing farms.
hiring workmen and Fastening prosperity. 70
he doubt whether the dollar which can hero
% legally collected years hence will be "a good
Is the dollar loaned now. Specie RESUMPTION
has come, but there il a large and noisy party
II WORK to stop the redemption OF notes. and
% bring back cheap dollars for paying debts.
farmer Jones has plenty OF grain, and would
70 glad to lend bis neighbor wheat for sowing.
'ut wants first to be sure that the b1sheIs re-
urned will not be half chaff.
hates OF interest can be reduced in this
ountry only bv more saving OF capital at
ome and more lending from abroad. But
-ASH s"'" vi iouu, tney want SAFETY.
me same mill or farm that can now pay Der
ent interest on $4,000 borrowed CAPITAL could
etter pay per cent on $4,000, for the use
larger means would enable 1t to weld more.
'hus, il more capital could be saved and loaned.
that rates Of interest might be reduced
lore could be safely borrowed and used with
rofit in thousands of cases. But there ia only ]
ne way to encourage men to lend. and oplv s
no way to stimulate greater saving of capital.
irst OF all, 1t must be made sure that good 6
oiiars shall DO paid for good dollars loaned q
10 laws can force down tho rate of interest.
eesuse no laws can compel men to lend or Z
'duce men TO save. Confidence is the only q
'rtillzer that will bring large yield OF capital t
Some fanatics complain because any interest a
hatever is charged for the use of money. 4
Ut what man has earned is his own. He Il
N spend 1t If he chooses, and save nothing. q
T. ike the ssvages, he can work only enough I,
supply bis needs. II he works more, and q
'nies himself the pleasures in which all his ii
innings might be consumed, civilized 90 v
sty Is glad to make it worth his while. Tn ii
% form Of interest on what be savas .oc;o.v ~