Daily capital journal. (Salem, Or.) 1896-1899, 1897-04-02
BIMETALLICS
Discuss Some Live Questions,
Judge Boise Shows the Importance
of Reducing Rates Of Interest

Salem Bimetallic Union Thursday
night. The question of Japan cut
ting the gold dollar in two was dis
4 cusSed.
Judge Il. p. Boise said the question
of interest was more important to
the people than even change in the
financial system. He showed that
the treasuTer's report showed the
amount of interest received on the
school fund was 1870, ,1O329, or $780,
051. 40 If reduced to per cent it
would reduce our annual interest
charge S43, 900. The interest goes to
support schools. 1t is loaned to
farmers, who already pay most of the
taxes TO support schools.
The Salem city debt amounts 10
SI49,OO bonds. There are $4,000 street
bonds and also $47 900 warrants, or
$l2,5O0 annually at per cent, but as
warrants draw per cent the total was
more. This showed where our money
was going. Judge Boise estimated
that the people, of Oregon, were in
debt $4,000, 900, or one-half the as
sessed valuation. We paid 81, $3.50, 900
interest per annum, and to reduce the
legal rate of interest to six per cent,
would have been a saving of $780,
900, if reduced per cent. If reduced
3 per cent we would save 1904 200, and
brokers would charge no more com.
mission on loans at per cent than at
10 per cent loans as made now. In the
last decade the interest collected was
greater each year than the total in
crease in wealth in our country. The
total increase in wealth was shown to
have been about the sum Of $22, ,000,-
100000, while the interest paid was
1872, 600, ,0O0,0 900, or loss Of $8,000, ,0OO,-
900 over all wealth gained in ten years.
England wiped out her public debt
at seven per cent and converted ii into
three per cent consols. We mnst do
the same. We were paying four
percent tax with two percent in
come. Our property paid two to three
percent, VIII lie we paid eight to ten
percent interest.
He said that the greenback and
national bank note were identically
the same, the government being back
Of both Of them, but the bank note
haying burden Of interest back oft,
while the greenback cost no interest.
We had 81 900, ,OOO,O of money Of ali
kinds besides 5000, 100000 of gold.
The rest was paper and silver. If all
our money were issued direct instead
of through the banks. it would save
US over $60,000,000 a year interest,
which in the life of man amounted
to a sum that was simply incalculable.
The rate of interest should not be
higher than the earning power OF
money. If it was higher money was
Obstructive and powerful engine of
evil, gathering into the hands of capi-
tai the earnings Of labor. The power
to coin money was lodged in the
government. There was no class of
men so dangerous to any country as
those who controlled its money. With
proper exertion we could secure re-
duction in the rate of interest in Ore
gon, that would save to the people of
this state millions of dollars. 1t was
the pressing need of the hour,
G. P. Caldwell also spoke on the
subject of usury and declared it was
condemned by holy writ as unlawful.
AT the close of the year 1866 the
national debt was over $1,000, ,OO0, 900,
AT the latest accounts we had paid
s4,446, 900 interest and principle.
Today more than 100000 of Ameri-
can people were worse off than chattel
slaves. They were cared for by their
owner and he fed and paid their
doctor bill, while the industrial slave
OF today was starving and paying his
own doctor bills. Over 211,OOO,OOO
acres of land had been given away to
corporations who had sold it back to
the people. The Jewish nation had
haan deStrOUad and ccattarad ovar the