The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-06-29

" " AgAAN
midst who had clearer, souuder or better
defined ideas on the subject. He had
been 2 diligent reader and C close observer
during a great portion Of his lie OF the
working, Of al soris Of financial theories
and experiments. one OF mis- definite con-
clusions was in regard to the subject ettn-
terest on money. He held that a high rate
Of interest was a heavy tax upon society,
and that the nearer We could approach a
condition q things whereby u man could
not support himssltin luxury by the loan
of bis money the closer would we approx
mate a desirable state Of society.
All ~iuteres: comes from labor and is
therefore a tax on labor, The nan who
b)nows money must so use 1t as to sup
port himself aud pay rant for 1t. II he
Owned the money the interest he pays
would be his profit, but not owning 1t be
ia compelled to hire the use Of 1t, and
mus in sons way contriye to get q living
GU, OF it for himself and also for the lend
g.. There are therefore two profits tocome
ont OF it, and hence the man who Is doing
blsiness on borrowed money in Competi'
ton with the man who owns his own
money is at a disadvantage ell the time.
Oae great reason why England has a.
ways had a great advantage over US as
manufacturing nation is because Of heI
long standing accumulation OF capital
whereby money was cheap. The rats 1o'
money for a very long time in England
has been about 3 per cent, Her manu-
iAC!urers were generally possessed oil
amele means, and II they could produce a
four or Ave per cent income out OF thelI
money they were uatisied. Cheap capital
and cheap labor were her two powerful
arms il fighting all other nations, especial
" our " nation. She has fought our
tariff system with these two powerful
ayeucies, and often successfully.
Things have changed in the financial
world. The United States, still a new
country, and still only partially developed,
has became a vast reservoir Of aCCumnlat'
ed wealth. To-day it presents the spec
tscle Of financial rivalship with Great
Britain. So vast are its natural resources
and 80 productive It's industries, that in the
aecOnd decade after the greatest and most
destructive war Of modern times, and dur
Ing the continuance Of the bulk OF itt
national debt, aud despite the burden Of
heavy municipal debts, its yies with Great
Britain In the ownership Of cheap capital
70 be sure a part Of this capital 10 fictitious
and Is an evidence Of debt, but &c are the
Bank Of England notes, and 80 are the
notes OF all banks in all countries. But
the fact remains that We are as a nation
rich Ia gold and silver and in the prodnCta
that compel gold and silver to come to US
and increase our stores Of the precious
metals. We settle now with foreign nations
Ia gold and not by the return OF bonds OF
o!her evidences OF debt This Is the true
test Of growing wealth,
A new era Ia upon US In respect Ia
money, such % no INT ever saw before In
this country and such rs very few expected
to see In this generation. Only a decade
ago-yeS, les1 than a decade ago-eight
aud nine per cent vas tho going rate for
money In all the country west Of the
%Alleghsnies. There were exceptional
loaEs Mt less, but the great mass Of Dor
rowen paid these rates, and in tho Coun'
try west Of the Mississippi river these
were minimum rates. Untold millions Of
money were loaned on land In all the rich
States west OF the Mississippi at ten pei
cent, and very often at higher rates count
Ing the bonuses that we're paid. All this
has been charged, and almost in tn
twipkling Of an eye. A high priced loan Ii
any part OF this country Ia now in the
nature Of u curiosity. A gentleman In thi
viCiniiy who had money loaned In western
Iowa at seven psr cent had his loan palt
of recently, because hls debtor could Dor
rnw M lnvar yatpu ANY numhar nj aueniI
in Tho Wsa, ara SI,d IN srnnlv svsn nsedv
h,r,ovar, a. .iv no, cant srd ,hov rsall,
s.,asm II t,1o. ~ 90, s,c% invoo,non,:
M ,.lIa, hsra ham ,rsnoI Tho r,oa,
crons md ,%s SooI 0,icss oI ,hs lat ,hre,
vo',s hsyo Mas, tha tarmsra n N,
ff,i,aI a,.,.. IN ,ha n~ooi,,on n ca,h osni
,%o,Is,s TSOv csr comno,o ,yI,h n,
mnmav ,onds:. NJ Tho c,,iss. and ,bov AZ
l]osriH, toSt aims. M. orlv n the ,oyo,n
n,nn, +, .sttnn a1 No, naH. h,nI. hr. :,
,hoir ls.s t]nr,nUo,o rsShboro, Tbs,s i
M,non a-,a.nwhoss ~ io.n and ,ha ~
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