The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1881-06-17

cost from $4,000 TO $4,000. One reason of low
interest, also, is the perfect confidence people
have in the ability OF their neighbors to pay
VIM. Webster was emphatically for low rate,
but he did not mean or per cent. But If a man
than let IL lay idle in bank. More misiortunes
occur to farmers from borrowing money at high
rates of interest than from failures of crops OF
bad markets. If a farmer has to pay over o per
cent, and his crops fail, he is ruined, If he has
only his farm to fall back upon. But if he is pay
ing low rate he ean generally, by industry sue
Borrowers are the bone and sinew of the country
since they are the men who labor and who keep
The country up. The country was never more
prosperous and farmers have no right to com
plain.
James H. Ball was in favor of helping any man
who wants to help himself, and the men who want
TO do business are the men WHO ought to be help
cd. No young man who has few thousand dol
lars can venture TO buy farm if he has to pay
high rate OF interest on his unpaid purchase
money. low rate causes the sale of great
deal of property. high rate may do for specu-
lators, but not for farmers high rate has
tendency to depreciate the value Of farms and of
all land in the community. People holding gov
them renewed at 81.
Judge Waters said the question was one of DO
litical economy, and puzzling to a great many
men, He was not prepared to discuss II, but some
points I'm the discussion had struck him. He
agreed with Mr.. Janney that an arbitrary rate of
interest should not be fixed by law, except for
cases where no special contract is made, or for
trustees, guardians, &c., but as for saying that
money shall not he loaned for more than per
cent, we might as well fix the price of wheat or
any other commodity. Interest should be allow
ed to regulate itself. 1t does so any how. So far
as a high or low rate being the evidence of pros
perity or the reverse, there are many things to be
considered. high rate may go to pay for the
risk taken Our present low rate, he thought, is
an evidence of prosperity and brought about by
large crops, bringing money from abroad, and
creating II feeling of security.
Bennett II Barnes thought per cent, compares
iavorably with the price farmers get for grain
When grain is low interest is low.
Thomas A. Hays said Judge Waters had ex-
pressed his ideas. He was in favor of low inter
est, or letting the supply and demand regulate the
rate.
+. W. Baker said that in his opinion a low rate
OF interest is of advantage to three great classes
of the community, namely, the agricultural, the
mechanical and the laborng classes A man hay-
ing surplus capital which he does not want to
employ, seeks an Investment. IL the prevailing
rate is low, he may invest in land, as Offering a
security and the certainty of better returns than
from ordinary investments To make his invest
ment pay he must employ labor The demand
for land springing up in this way increases the
price of it and thus land owners and laborers are
both benefited. If the investment is not made
in land the money is invested in manufacturing
enterprises. These also furnish another field for
labor. When interest is high farmers and manu-
facturers can not afford to borrow, and money is
loaned to Spectators and to those who are engag-
ing in wildcat enterprises, the profits on which,
If successful, will enable them to pay the high
rate. The price of land depends in great meas
ure ON the rate of interest that can be obtained
for money. When interest is high land is low,
and as interest lowers land increases in selling
value. The change either way is always gradual,
but it might be observed more readily in a small
country like England than in great country like
our own where there are millions of acres of I'M
occupied lands.
George Il. Silver (the President) said he bclev-
ed in allowing the supply and demand to regulate
the rate of interest. III our abundant crops are
the cause OF interest coming down, then he would
regard II low rate of interest as of advantage to
the community. IT Il low rate means poor crops
and slack work, then he would say high rate is
better.
II.,, ala, nli a.,
Lees, on saturday, July 18th. Subject: early
or late blowing for all crops"