The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-02-09
VOICE OF THE PEOPLE.
Conventional Interest.


To the Editor OF The Appeal:
In late issue OF the Shelbyvlle Tenn
Gazette find the following
"a bill has already been introduced In the leg.
islnture 10 enact a conventional Interest law In
other worls 81 legaizc higher rate than per
cent The clamOr for this change la our Interest
laws comes, Il seems, trum West Tennessee, with
our old friend, Bill SLATER Of Winchester. ~ it.
chief hacker II Is hardly necessary for M Ia say
that We are opposed 90 any change whatever In our
interest laws. We have said ~ time aud ngnin. and
now rcnnnounce our opposition 10 any law which
would lcgalizc higher rate than'thc present one.
And In saying this we feel that we voice the senti
mcnt, not only Of our county, but also the scnti
mcut Of the Democracy Of Tennessee. Let the bill
be killed on It, second reading"
In response | wish 10 say, as q fact, that
the clamor comes from the whole state,
not the western part alone. In your issue
Of the 2d instant YOU reproduce u short
but sensible article from the McMinnville
standard, published in county that is
neghbor to the Shelbyville Gds,tte. This
article was in reply TO the charge Of the
Union City iRchOr, that il 81 900 foreign
capital was borrowed at 10 percent, Il, 100
would be taken out Of the State at the end
OF the year, leaving the State 500 worse
oil. To which the Standard most APPLY re-
piled:
I'VE don't suppose any man in the State would
b. IDIOT enough 10 lOrrow $1,000 aud keep t In his
pocket all the year just ior the iun 81 paying The
man hC burroNs tr1m slul more than he received
u the use Of that s.OOl fur year enables him 70
make : 90 be can better Afford IA pay 500 Of u
out ~ the state than not 10 make anything az ALL
Aud the circulation ~ that siuO III the state
through the year vii probably enable scyeml other
men "a make d good per cent ON H."
Now, while 10 per cent. is, perhaps, the
best advance we can get just now in the
Il 4.
people up 10 the fact that money should
be free commodity, ana unrestricted
free trade the political salvation Of the
country.
IL appears TO me that law and govern.
ment move upon pendulum and Oscillato
from one extreme 10 the other. II Is
within the memory OF men living when "a
man was imprisoned Tor debt Even that
great man, Gov. Robert Morris, one OF the
sIgncrs Of the Declaration Of lndepend-
encc, a man who pledged his private for.
tune 10 obtain supplies for the Continental
army, who made himself poor in order TO
make Washington rich in arms aud sup.
plies for his soldiers; a man who saved his
country in the darkest hour Of peril, was
imprisoned for debt in his old age-in.
generated with thieves, murderers and
pirates. And this, too, In sight Of INDIE
pcndcnce HALL
All. then II was that all laws were framed
to protect the creditor. Now the pendu.
lum has swung It's arc Now demagogucs,
that they may get Office, have sold out the
creditor 20 get .hc debtors vote. They
have passed exemption, stay aud mortgage
laws, aud usury laws, until Il is no wonder
that capital keeps In dark places and Is not
taxed. Lot the state cease 30 interfere In
matters Of interest aud trade aud YOU will
see capital How in. There will be compe-
tition, and those who need money can Sc
cure IL at low rates. let the State enact
for ans rate II interest where none is spec
flied, but, In the name Of equity and hard
sense, do leave sane persons, Of lawful age,
10 contract rs they choose. and do not let
~ have the ridiculous farce Of the State
setting itself up as the guardian Of the
very ones who make or create the State.
II believe ! can make money by paving
l0or 20 per cent interest, in the name OF
Democracy aud ire trade Its brothcrl let
inc exercise my own judgement or send
me % some asylum. In such exercise
hurt no one Int myself II lose. aud this
Is right ! have with the stamp OF the
Eternal 10 sustain me a. we'll ~ the Consti-
tuition of these States. II the State in lis
sOlcitudc for me will not permit anyone
90 loan me money NJ what I choose 10 give
for Il la my need, why not, pari passu.
forbid merchants and traders generally To
sell me the very ncccssarics VI liir al from
- 10 100 per cent prohll More anon.
W. J. SLATER.