The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1890-08-22
IISURI.

There are many farmers and others. in
side the alliance and out, who are clamol-
Gus for stringent usury laws. Now it APP
pears that this subject has troubled the
world since history began. LAWS have
been passed by all nations and heavy pen
alties have been executed Oh the usurers,
yet the practice continues in all countries.
Men will pay for money what they think
it is worth to them. while those who have
it will take the largest interest they can
get. Now usury Is unlawful interest.
while interest is lawful usury. 1t is not a
moral or actual crime, only a legislative
crime. There is not moral conviction in
the people sufficient to enforce the law.
A law must always remain a dead letter
except the people enforce it. Money, like
other commodities, is sometimes plenty
and sometimes scarce. When plenty you
can get it at a low rate of usury. When
scarce you have to pay a high rate of inter
est. this without regard to law. Now who
ever has control of large sums of money
will try to make money scarce so as to
compel the borrowers to pay large interest:
We know that this has been going on in
our country for twenty-five years. 1t has
been the bankers of this and European
countries who have introduced and pushed
all legislation tending to this result, and
they have succeeded in reducing the cur
rency from $47 per capita to less than 81
per capita. AS the money market becomes
stringent they are able to demand more
interest from the poorer class who have to
borrow.
They first passed a banking law by
which they gathered up the Is, 2s, and FIVE
dollar bills which we used to have and col
sumed them with fire or made them into
paper. Then they printed bills or bonds
of $ 1000, $4,000 and $4,000. These big
ones were not for us. They were for the
bankers, the railroad kings, the coal barons
and the millionaires. Farmers couldn't
use them, So you see the rich men are
able to control our money. The govern
ment of course makes all our money.
There is not much paid out in time of
peace, SO the treasury must take some other
plan to get it into circulation. Now how
do they do it? Why, through the banks.
Whoever can scare up 100000 and place
it for security can get money free without
interest. That leaves us farmers out l be-
lieve. 1t seems that these bankers are not
obliged to divide this money up into small
amounts and let us have it on security
free as they get it. But they are allowed
to loan it to us at the highest rate of i'll
terest they can get, and they can combine
(being few to take advantage of our ueces-
stiles. Is it any wonder that the rich grow
richer while the poor get poorer? The
bankers don't need the money or the use
of il. They had plenty before.
Now the independent party proposes tt
have the government ignore the banker
and loan the money direct to the people
We are willing to pay al! expenses o
printing, distributing and examining Sc
curity, though the banks do not. But yor
will see that every bank will oppose us be
cause they will lose control of our money
and right here is Your sovereign remed,
for usury. When industry gets money dl
rect from the fountain head, how will
bankers and millionaires be able to max,
money scarce and consequently high
How will they command two per cent
month when we get what money we wan
at one per cent per annum? We expec
all money classes to oppose us. But W,
do expect all laboring and middle classe
to help Us SEM mel to congress who wi!
abolish class legislation, and give the pro
Queer a chance to live. If we succeed i
may knock out the republican party il
South Dakota, Iowa or Nebraska, but i
will also shatter the democratic party il
Texas, South Carolina and Tennessee, TO
this movement is the same in tho nor.
and in the south, from Maine to California
Industry must be released from the bane
full power of capital. And God haste tn
time.-k. S. Hough in Meade Count
Timees.