Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-02-24

A Question Thai Concerns a Large
Majority Of tho Citizens or New
Mexico.
10 tho EDITOR Of the Optic.

10 the Editor OF the Optic.
LAS vEGAs. N. NJ, February "a b,
1897 ~-Strange,I 'hink IL Is, that In all
legislative suggestions contributed by
the readers OF HE OrTIc and sven
from the press Of the Territory. I have
not noticed a single remark made YET
upon a question that concerns fully, II
not than, -eighths Of The
population Of New Mexico; and that 10
the rampant monster called usury, q
practice in this country that has made
so many unforlunates IN late years and
few so very rich that they know not
what disposition to make OF their
money and the silence upon such an
important question Is much more
mysterious to me when 1t is we'll known
thAt . goodly number Of the Legislators
actually sitting at Santa Fs, are, or
have been, sufferers at tho hands Of the
money lenders.
Whence Is it, I would like to know,
that comes the inexplicable fenr that
possesses some members Of the legisla-
ture, who are unwilling ever to meu-
ton this crime in the discharge OF their
duties towards their constituents II
threats are hanging over the heads Of
some Of them, they should have man.
hood enough TO stand up and declare
themselves publicly.
l am aware that the chief opposition
to a change in the present ruinous rate
Of interest is the plea that cheap
money would shut off capital from com.
ing into New Mexico, and 1t is an al
most glaring argument that does not
fail to capture the minimizing element.
But il one will reflect and figure, the
effects Of cheap money will be found 10
be the other way, and clearly demon
. rate the fallacy Of such arguments.
New Mexico does not seek prosperi-
ty at the hands OF money lenders; she
has too much OF that already. What
the country wants is to be able to offer
inducements to capital in remunerative
enterprises. This only can help out u
public f~inances which are found to-day,
in an almost hopeless condition.
Do not expect any good from that
class of people who migrate for the
purpose of leldicg money they are the
suckers of the life blood Of the toiler.
They live in sumptuous homes, while
their slaves do the worK. Reduce the
interest on the needful to an equitable
rate, and there will be less suffering
among the poor, less anxiety in BUSH
ness pursuits.
Worse than usury, a borrower will
give his note for a certain amount, but
before he steps out of the counting
room, he must pay in advance the
whole amount Of interest at IL per
cent. that would become due at the
maturity OF his paper. This is of
daily practice in New Mexico. Please
take pencil in hand and figure out this
compound interest at the end OF a year,
from such a system Of lending money
that would not be called usury. because
the laws of New Mexico allow the out
rageous rate Of IL per cent.
Owing principally to this cut-throat
practice, the per capita indebtedness
of New Mexico has increased in fifteen
years from seventy-one cents to seven
teen dollars, and seven-tenths Of its
people are financially ruined, counties
and municipalities can hardly raise
money enough to pay the interest on
their indebtedness and the salaries of
their officers, and public debts are
growing steadily and the rates Of taxa
ton in proportion from year to year.
! often hear the remark, "the
popular vote is doing it," Yes and
the popular vote is represented by the
Legislature that should offer the proper
relief in forcing upon the people a sys-
tenn of economy favorable to both
public and private interests.
AN OLD-TIME SUFFERER.