The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-01-23
THE UsuaY LAW.
Its Repeal Would Put New Life in the
State and Help All It's Industries.

Its Repeal Would Put New Life In the
State and Help All Its Industries.
To the Editor Of Tie Appeal.
IL is really pleasure 30 me 20 watch
the course OF TnE ArrEAL in dealing with
all political, economic, sanitary, social and
other questions, and while | have been
pleased have been instructed. Perhaps
the negro problem is the hardest Of all to
solve, and opinc that IL will solve itself
at last by eyidencing tina, the negro is in.
capable Of scli-goycrnmcnt and progress
sion. Of which the present status in Hayt
is a striking proof.
But Il IL our "ship Of stnte"-that a.
miliar melaphor-I would allude TO. And
in dealing with this ship Of State THE Ar
rEAL seems 10 be concerned mostly about
the hull, the stays aud masis-in other
words, the principles IN government Bs the
Others are principles IN mechanism. With
any Of these wrong, the mere hgurc-head,
pendant and ensign, amount 10 nothing.
Perhaps there u no one subject which
| THE ArrEAL has given more attention 10
/ than the rpcal VI our usury law, unless II
/ be- the infamous protective tariff that verify
/ does make the rich richer aud the con-
sumcr poorer. Tho usury law is full
blood cousin 10 the protective iaIiM IL
| prevents enterprise aud handicaps COM
I petition. aud hope TnE ArrKAL will con-
| tinue 10 fight for common sense in this
| matter OF Interest, because as the law now
| IL, poor man cannot borrow money. In
/ 1865 ! borrowed money at 20 per cent
/ interest In a year or two ! bad paid
/ back principal aud interest. ] and my
| lenders had violated the unnatural law,
/ hut meanwhile | made 100 per cent. and
| got start" In the world.
This usury luH II inimical 10 our pros
| pcrity o. q state. and know ui no law Just
/ now more needed for our advancement
/ in wealth than one that will make money
commodity. ns II h. In fact when viewed
| as cipilal-iu Just rs much No rs bacon,
I wheat, horses, houses, etc. II Is subject
/ 10 the same laws of supply aud dc.
/ mand, and when plentiful Interest will DO
| low. and vice versa. DO away with inter
/ est laws leaving men 10 arrange Interest
l for themselves without Interference by the
| stae, Just "a they are allowed 20 do In al
| other matters 81 trade, and competition
! will rule the rate Of interest
Plenty OF money h loaned this day in
! Tennessee NJ higher rate than the lawpcr-
mils and thus h there mischief In morals.
Tho wants oi borrowers combine with tho
wants Of lenders, aud They easily cyado
| the law. Aud ~, the Law H. virtually, q
humbug except that it scarcs away cap
i.al. while u tcmpts men 10 crime, Ia that
il leaves men 30 violate iho law.
II thc State has a right 10 say ! fhall not
loan my money at a rate greater than q per
cont, Il follows that the State can say
that | shall not loan money at any per
cent I'm sure a poor man could not
borrow nj this rate.
Uut upOn ihis attempt 10 regulate prl-
waite maiicrsl IL wa twice tried aud twice
abolished In the Days Of Elizabeth. aud all
intelligent people ihis day know IL u
relic u batbdrism aud cnmity toward tho
Jews Oul upon law which permits d
man 10 make me pay loo per cent ON tho
ncccssarics Of life aud denies me the right
90 exercise my own judgment In the Dor.
rowing Of money 10 10 por cent Let our
Legislature make money NJ free ~ tho
water heaven sends 10 earth. illustrating
IN dfoughis aud wet spells TIA, mau can
fix no tate NJ Interest 10 suit the years aud
seasons ~ they come aud go.
W. J. SLArIEh
Winchester. Tom.