The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-04

| job, yet it will be well done when it is fin
ished. Now, Mr.. T., are the merchants
really the soulless, bad fellows you de-
scribe them to be? Do they in fact yoke
the farmers and make them grope along,
plodding year in and year out for the fac
tors sake, thankful for the food and raj
ment that has been vouchsafed to him,
without glimmer OF hope, broken in
spirit and purse and aspiration, shackled
and crushed and reduced to pitiable sit
uation, all by the merchants. This is in
substance what you say. deal with mer-
chants in Memphis, sometimes paying
cash, sometimes buying on credit, but have
realized none OF the awful things you say
the merchants do TO farmers. My neigh
bors do as have and hear no complaint.
Is Mr. Trezevant's cause so weak that he
must necessarily boost it by villfying the
merchants?
wonder II that member Of firm of
! flnancers in Memphis who have unlim-
tied control OF capital for lending purposes,
and whose operations in this section are
confined to the States OF Arkansas and
MiSissippi, where the conventional rate
is 10 per cent, said anythingto Mr.. Treze-
want about the farmers in those States who
had grown immensely rich by borrowing
|
| like TO see few OF their names and learn
how they did it. Mr.. T., has that conven-
tional 10 per cent. done all the great things
for the farmers OF Arkansas, Mississippi
South Carolina, Kentucky or any OF the
Northwestern States that you say 1t will do
for the farmers OF TENNESSEE How about
the hundreds OF millions of dollars secured
by mortgages on farm lands in the West2
| | venture the assertion that Tennessee has
fewer dollars secured by mortgage on farm
lands than any State OF equal area and
population and devoted ~ an equal extent
10 farming purposes that has 10 per cent.
conventional rate. Ii the farmers OF Ten
nessee are not making quite rs big show
| rs those OF other States who are using
money borrowed at 10 per cent. by mort
gaging their land, they have the consola-
ton OF knowing that their homes belong
10 themselves
at seems that capital desires to come to
us, and we need IT," says Mr.. T. Who
needs 1t at 10 per cent? Farmers do not.
Farmers need TO quit buying only for
cash.
The table subjoined by Mr.. 7. "as
matter OF Information" showing the in.
terest laws OF the several States, domol-
isles every assertion he makes. There are
twelve States whose maximum interest
rate Is @ per cent. and twelve 10 per cent,
aud eight unrestricted. Ii Mr.. Trezcvants
argument was true that 10 per cent would
bring capital into Tennessee, why all the
money to be loaned would long ago have
crushed" into the States legaizing an un-
restricted rate per cent assert here. and
challenge contradiction, that the twelve
States with maximum rate OF per cent.
have more moneyed capital than the
twelve States with 10 per cent maximum,
and more than the eight States whose in
terest rate IL unrestricted. II this Is true
Mr.. I. will have to hunt up some other
cause why capital is shy OF Tennessee.
The banks all over the State advertise that
money Is plentiful TO supply all legitimate
and conservative demands. believe that
the banks tell the truth about the matter,
and that Mr.. Trczcvants object seems 10
be ito enable the money lender TO do n
safe and profitable business in these invit-
ing fields"
The most astonishing thing in his article
Is what he says about New York. Let me
quote II in full, rs / never expect 10 be
able 10 make an argument against 10 per
cent as strong rs this. Mr.. Trczevant
says: at may also be mentioned as a
curious fact that New lork-the great
clearinghouse OF Amcrica-the chief
money center OF the continent where
money Is most abundant and cheapest,
furnishes the most exacting Of all the
usury laws In that State, where the rate
is vigorously kept at o per cent. by law,
competition has brought the price OF
money even rs low a. per cent Why
should we not look for some such result
in Tennessee?" Why certainly, Yes, 10 be
sure, by all means let Tennessee do as
New York has done, keep the maximum
rate at o per cent, aud adopt the Interest
laws Of that state and her laws protecting
capital, and We, too, like that State, will
have money In abundance.
Mr.. Tpzcvant cannot logically attribute
the prosperity Of the West to high in
terest rate; because, II the good things he
says exist there, do not the same things
much more abound in New York, where
the maximum rate Is vigorously kept Mt
per cent. by law"
Ills moralizaiion about the matter lead.
one TO believe that IL Is better to commit
a big sin than small one. Proper doses
, OF medicine will cure; ovcrdOscs will dc
harm and may kill. A fair aud Just rate
Of interest win benefit all; too high rate
will make the money lender rich, but will
! injurc and perhaps destroy tho productive,
/. manufacturing aud mining interests Of the
State. II Il does not do this, there Is one
thing II will do beyond n doubt-it viii
! kill the laboring man dead.
! How will II do ~ Just 10: II the mor
chant borrows money at 10 per cent. b,
! must, not Of choice but Of sheer necessity,
add Il TO the price Of hts goods. and the
, laboring man, 40 Ear as he Is a consumer,
{ pays the 10 per cent? aud the laboring
/ class is incomparably the largest class Ia
I this State, and. therefore, pay incompara'
bly, the largest part OF the 10 per cent,
, interest. II the miner or manufacturer
} pays 10 per cent for money, lac must, fol
. the same reason that the merchant does
either add the per cent 10 the price OF hi.
/ products or deduct Il from the wages o
{ the lnborer. 40 the laboring man cannot
= escape the 10 per cent, aud Il will max,
/. his condition much worse than II h, u Il
? does not bring himself aud family 10 want
! state here emphalically that 10 pei
cent. will not benefit anybody Ia the State
D except the money lender, who IL not !
o producer. but will injurc every industr,
1 Ia the State, aud make the laboring man.
: lot hard one indeed. II IL does not rcduc'
? him TO want. This 10 per cent 10 th'
e farmer " like such contract ~ this bc
Q tween an eagle aud a ArOsc. Mr.. Eagle
! party OF the iirst part, agrees 10 iurnisl
!. Mr.. Goose with 10 cents worth oi corr
today. and 10 secure payment. first part
q takes mortgage on 20 cents worth o
Q feathers ON Go0se's back, 30 BE- paid 10
Q morrow. Goose can't pay, because Tia
2 interest 10 be paid Il greater than the ne
a | ,r.afa "a hi Iuatu.s. .staIIa NJ Eavl