Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1933-11-30

tweny years paid Sixteen Billion
our own money We need not to
have paid one cent Of that Sixteen
Billion Dollars if Congress had
have done it's duty. But that is not
all that Usury has done to the
American people: We have in the
United States (estimated) debts,
private, state, county and municipal,
totaling One Hundred Billion Dol
lars, these obligations pay varying
rates of interest ranging from SO
to $50, and possibly the average
rate of interest would be 10 %,
which means that the lahorer, pro-
ducer and consumer is paying to the
non-producer in interest, usury at
the rate of Ten Billion of Dollars
annually, and in twenty years, twen-
ty times ten would reach the stag
Dollars, which is the estimated
total wealth of the nation, in twen-
ty more years under this system, all
property will be owned by nom
producers
This octupus ''Usury," not only
works on the small fry, but when a
shortage of available ready cash
makes it impossible for men of
wealth to pay obligations and their
holdings are sold for a song, the
wealthy are often caught in arms
Of the octupus and swept to destruc-
ton. as for example, 'The Fox
Films" or John Ringing and his
-Four Hundred Million.
We will now further consider my
statement Easy Credit and Usury
when combined, will in time bank
rupt a nation and pauperiZe its cit
liens" Our system has been work
ing to that end
You know and I know no poor
working man should be allowed to
pay $500 interest, no individual, no
business, and no government can
survive and pay such usury
What causes a $12 clerk or Ia
borer to buy on time a $500 car and
pay $3.50 interest on the debt? The
answer Easy Credit"
What caused the newly welded
couple with an income of SIS per
week, to set up housekeeping in a
$50 a month fiat, with 5000 worth
of furniture bought from the IN
stallment House on time, and what
finally caused the separation and
divorce? The answer. Easy Credit" !"
What caused the Installment
House to sell on credit? The an
swer, Easy credit from manufac-
turer. jobber or his banker
The law of averages will in nor
NAL times protect Usury, as the av-
erage man is honest, but the In
stallment Houses, Loan Sharks and
Finance Corporations have made
credit so easy they have induced
the American people to live beyond
their means and have created
class who dishonesty obtain credit
with no intention of paying, this
class can cause the business failure
of the retailer, the jobber, the man
ufacturer and your banker, and is
therefore bad for the nation.
My argument is this: Credit or
money should be easy to obtain by
those entitled to credit, but credit
should not be offered at Usury to
those not entitled to credit, and no
man can afford to pay usury. No
man should be sold an automobile
until he is worth the price of an
automobile. No man should be able
to borrow from his bank at any
time, more than his possessions
would bring at forced sale. No
farmer should be loaned more than
How can Easy Credit be abolish
ed: Make go the legal rate of in
terest, and abolish the credit re-
tail business. 1t seems hard to re-
fuse the poor working man credit,
but believe me it would be great
er help to him than an old age pen
sion. (Do not mistake me, / am
for a National old age pension).
Abolish Usury and the Installment
business and we will become a
thrifty nation, continue the prac
tice and we are headed for the next
depression.
If the $100,00O,O00,O 700 of debts
in the United States were taken off
the average 1919 interest rate and
placed on a basis Of 20 and 2%o,
it would save the farmers and
home owners at least Eight Billion
Dollars per year.
With plenty of money in circula-
tion and business on a cash basis
our farmers and owners Of mort
gagged homes will pay out On the 10
interest rate, we will then have no
fear of a RED Army" under these
conditions, communism will not
flourish; it is the dictatorship of
Capitalism or Religion, one or both
that leads to Communism. Limit
ed Capitalism under government
control will give greater satisfac-
tion than either Communism, So
cialism, Nazism or Facism, it should
be a combination of all for the ben