The Caucasian. (Clinton, N.C.) 188?-1913, 1891-02-05
STATE CAPITAL.
CONTINUED from First Page

rushing into North Carolina.
If capital was worth more thar
our people can make out of il
let it go out of the State for i
is no good.
1t is better not to have money
than to have it at a price that
We cannot use it to profit. We
do not care whether men lend
money or Motif it ruins us to
borrow it.
Money is or should be a me-
dunn of exchanges measure
of value, a convenience; now is
it a blessing or a convenience
to allow it to cost the user more
than it is worth?
To say that interest on money
is regulated by the law of sup
ply and demand and that it is
worth what it will bring, is a
fallacy. This would e if the
supply was not limited, bat
this done, the price must be
limited.
Reduce the rate of interest,
and money now loaned at 8 per
cent will seek investment in
manufacturing enterprise and
our boys and girls will be EN-
ployed. There was capital
enough i'll his town To start
numerous factories. He Lad
attempted to inaugurate some
and the money lender would
tell him ooh! [ can't make 8
per cent in such an enterprise y
We want more factories and
employment for our young
Mr.. Avery said that in love
for his State he was the rival
Of any man on this hoor. He
must do what he believed was
for the best interest of the PEG
pie. He did not think Senators
ought to impute wrong motives
to men who honestly opposed
the bill. Our young men go tc
States where interest is uulim
tied.
The friends OF the biz would
have Us t. believe that the
farmers Of tho State need g
guardian. If you want to rnir
the Eas1, do let the West out
AS to the stitutionality Of
the bill, the West will risk it.
He quoted Blackstone as say
ing that money ought TO be h1gl
when it is ecarce.
Are We letting poorer? No
at all. Property has increasef
in value in the state year after
year.
Is it a good thing to advance
the price Of and-owned by the
rich-so that a poor man Cal
never own land? The friends
IF the bill -ay it will raise the
price Of land.
The bill Will drive the people
to the National Banks where
they will have to pay II PEI
cent.
He alluded to the good grow
ing out of Loan Associations an6
was sure that this bill would
destroy them.
We ought not to have any
prejudice in this matter.
~. He begged that the Senate
would not pass the bill unless
it would adopt the amendments
Mr.. Burler said, yes, the State
has grown richer in the aggre
gate, but the laborer and pro
aHcer has grown poorer. Farm
ing land had declined in price
because the products did moi
sell fnr what they were worth
The farmer does not make s pei
cent. Mr.. Blackstone also say
that the reason for charging any
interest on money is due to the
Inconvenience of parting with il
and the difficulty and risk OF
getting 1t back. The first part
of this reason does not apply to
to-day, for the 1-nder Is anxiou,
to lend. But the last fact does
apply and is the milk in the co.
coanut. Yes, s per cent. inter
est means that the risk is eight
cents on the dollar in getting
Tie dollar back. In New York
money is going begging al 3 pei
cent. Therefore the risk in get
ting the dollar back in New
York is only three cents Oh the
dollar This means that Securita
is good in New York and bad in
North Carolina. The very fact
that we offer 8 per cent. is an
admission that our security is
bad. Security will never be
letter as long as our people are
forced to borrow money at rates
that their investments will not
pay. When man can make more
on borrowed capital than the
interest they pay, they will be
prosperous and then s.cnritv
will be good and then men will
be glad to lend US money at even
three Or four per centum.
Farther consideration Of the
bill was postponed till next
week.