The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1885-02-19
Ten Per Cent.


Some member of the legislature. has
introduced bill (Which is now pend
ing) enacting a conventional rate OF in
tereSt, at ten per cent. L think this
will be ruineus for the following reas-
ons:
Ist 1t will take all the money out Of
legitimate industrial enterprises, and
place it in the channel of speculation,
for the reason that none of the manu-
facturers make ten per cent.
2nd. In stopping such enterprises
you throw out of employment large
bodies OF men, and beget dissatisfaction
and turmoil. We only have to look at
the past twelve months to learn the
truth OF this statement. To-day at
least 90 per cent. OF the skilled labor OF
the country is idle, and those that are
employed are working at reduced Wa
ges, barely enough to live upon. Here
is to be found, largely, the cause of So
cialism and anarchism. For when a
poor man is out OF employment, with no
home and a wife and children begging
for bread, he will do most anything to
relieve them. He can get no employ
ment, while his neighbOr is living in
affiuenee, getting his ten per cent. l
am not IN the least tinctured with So
cialisEi, but it is upon Us, and we have
to deal with it. And in my estimation
the proposed law will only sggravate
the matter.
3rd. 1t will disaTrange all business.
A man who holds another's note now
bearing six per cent, will, when it ma
lures, force the collection or demand
ten per cent, and at this time when
money is scarce, it will force sheriff
sales largely and break up great many
good men who otherwise would be able
to pay out,
4th. The tendency in this country is
to place the people at the mercy of the
moneycrats-in other words, money is
getting to have too large an influence
in directing public affairs. For in
stance, l am reliably informed that a
distinguished lawyer of Nashville wrote
to stakeholder in one of our banks
stating that if he would send him GER
tain per cent. of the capital stock OF
said bank, he, the said lawyer, would
use it in influencing the passage of the
| ten per cent. law. Our banker was in
dignant at the Nashville lawyer. Now
| those banks have over six hundred
! thousand dollars of the money paid by
the taxpayers in their vaults, and are
using it in trying to influence the legis-
lature to pass law allowing them to
lend it at ten per cent. L am glad &c
say that our banks here are not in the
ring.
5th. The advocates OF the bill say thai
it will bring in foreign capital TO bt
loaned at ten per cent. which is now
kept away by our six per cent. law
| Now the result of foreign capital loaned
at ten per cent. would take out of tins
state every year per cent. on all the
money thus loaned by parties outsid'
of the state, for the reason as befor,
stated, that no industry pays over si1
per cent, and consequently all enter
prises that use borrowed capital would
have to stop, and our state would be
second Hooking Valley. We tried tn
ten per cent. law only few years since
and from its inception commenced tn
downward move OF our industries. LIE
us not try it again.
9th. The public debt of the world
foated at rate less than per cent.
which shows that sound financial poll
cy bids us lower our interest instead o
raising it. Our present legislature 1
? composed largely of the same men VIII
two years since cut the state debt il
half and mandatorily offered the bond
holders fifty cents in the dollar an,
three per cent. interest, and some o
these same men are trying to force upol
the honest, humble taxpayers of tn
state the odious ten per cent. law. Blu
we might expect this of body OF mel
among whom one could be found VIII
introduced bill to make the taking o
an apple felony.
The poor mechanics are now out O
employment aud at the same time Their
are one thousand thieves and murder
ers in Nashville making Cherry & Co
rich. The State OF Tennessee has hire
these men out to compete with homes
labor. Ii the democratic party contin
ues to be led by such men as are nov
leading it, it will meet with csrtain de
feat in the near future. The railroad
commission law, the ten per cent. law
the penitentiary lease law, will anC
ought to damn any party. S.
AS a raindrop foTetells q storm, 81
does pimple upon the human body in
dictate Misunderstanding virus in tn,
blood, which can be neutralized and ex
PEELED only by DR.. Harter's Iron Toni,
dec4-3m