The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-08-08
The Iniere., Law. ot,c.,c.,..

i"Nhf iflllnt OF inc AVtWnI
| wish 10 add few suggestions 10 the
able article Of Mr.. Trchcyant on our interest
laws. The mpidiiy Of the growth, dcycl.
opment and prosperity of the southern
States depends in largo measure upon
the legislation adopted To induce the i'm.
portaiion aud subsequent protection Of
foreign capital. Gold is recognized ~ the
medium Of exchange throughout the On.
tire world. II has recognized value
equally among barbaric aud civilized pco.
pie aud though tho former may be uncon.
scious Of It's dependency upon clearly
defined laws, still they ARE NO, unconscious
Of iH importance and purchasing power.
This knowledge was not gained througl,
contact with civilization. but arose
irom necessity from their inicr-com,
mcrciil dealing, Being therefore Fixed
Ia commerce by universal use,
Il IL clear that no nation can determine Ia
value Of ~ own accord, except by an all.
soluic prohibition Of trade with other ma.
lions Of the globe. 40 long m there Is an
interchange Of traffic among countric, the
price Of commodities are aud can only be
regulated by fair competitor Of an open
market. The price of bushcl oi wheat
raised IN the United States Is not made by
the Board Of Trade in Chicago. hut in the
Exchange in Maiden Lane, London,
whore Il comes In competition with the
wheat Of India, Russia aud Hungary.
Though these observations may hc ~.
garlcd ~ plalitudcs, they ac never.
ihclcss true, and should be- constantly
In mind In all attempts 10 solve q
question oi commerce Tennessee fur.
nishcs striking illustration AMI l. paying
the penalty of cndcnyorng 10 violate these
elementary principles Of political economy.
Tho United states are crippled In enter.
prise aud trade 10y protective tariff upon
the importation Of foreign goois, Tonnes.
see Is hampcfcd In her industrial develop.
mcnt by protective tariff upon iorrign
money. Interest laws arc passed. upon
the two.fold ideas Of morality aud the pro.
lection Of the weak from the strong. In.
asmuch ~ trade Is now universally con.
ridcrcd ~ an honest aud Legitimate
occupation, and Interest Is governed by
the general law Of supply and demand
arising out Of the Necessity OF money in
uadc, q discussion Of the principles involved
In the iint would bc the work OF super.
crpniion, while the latter can be lis.
missed With the mcn statement that the
remedy Is wonc than the evil.
Turning, thcrcloW, from moro gcncmli.
zaiion To practical question. TT NJ In.
quirc into the cNpcdicncy Of change oi
our laws " interest ! have taken occa.
sion To examine the intcUst allowed Ia the
United states aud here attach the result
Aiaiama per- cont
AIisona. ! tst ccnt legai rate. upon writing con.
Ar1s,~is I.f ccnt legal nate. 10 pcr cent pcr
california, rcr cent legal rate. any. Ter con.
taCt
colondo. 10 psr cent lcsal mite any. pct con
lfact
conncc,lcuL pcf cent legal nat, any. rct con.
Dakota Ter ccut legal rate. y PCT cent Tor
contract
nclavau q yer ccut. with forfeiture ipf u,urv.
llufiiai rrftUut lrgal rate. anyt tTf r,tutfnrt
GcoNia. Joe cJnt lcsal "a sp'fcTt Ictoin.
Tract
ia.eo. 70 lcl ccn, icSal rate. o. rsr oyat ~
nliudls o pcf cynt legal rate lcr ccnt Tot con.
lnlana. Tcr cent legal rate ~ ccut rsr
less. pcr ocut icr'l rate 10 psF ssat 80 TON.
ksnst, ir,r ccnt. y rsr cent pcr contuct
kfulutsfs ID IHr gnut
Louisiana unilnitei
MnluU Irft cont prf rnntfnrt uutIw Initial
MAJ Ani pc cent
Mtsichus..is pgf~nt I-t ciuirnci any.
ni'hifau. go cont. iupef ,rn' If'f ntnifart
Niih. o. tsf 60 b.. ~ tsf ..uT' tsf H,tptttTi
MitslHippi q fft cent o. U.f.H.HF f..s lHItftri
NtssiuH, p 10 rouii - W r.nt o.. nif.rt
Nniisn' d Hr rH1. int IrN. y 80 rtI.rt
NylftsA O. o. "HtI. 'Ip.r t..#t osr..,,.,.t
Ne'adA - c'ni an ftIe I1 s ID o., "a
Nos liamlshI, p's tyai, etys uaIfg lih
iorisiA '""