Year: 1859

thes, The State Of Ohio, ineluding bet
people, never was as we'll off as-she is this
very day. Adverse winds may check her
progress; but she advances steadily, and the
end is not yet. The same, presume, may
be said of the whole country. A
But few words more on the subject OF
loaning and borrowing money. A uniform
rate of interest established by law, to be
just in its operations, even if money had a
uniform market price, would have to assume
that all men have a uniform commercial
character for integrity, promptness and SOL
vency. This would be very great stretch
OF the Imagination, and those most needing
accommodations would be most likely to be
excluded from their benefits. Rigid usury
laws, limiting the rate of interest to the
lowest ordinary point without regard to its
n. arket price, while they would not be OBJ
served by the sharp money dealer generally
OF "uoney shark" if you please, would,
however, control another class of capital, to
wit: the money of the person who is bowed
down with the infrmities of age, the
widow, the orphan and the deceased mans
estate. But this would be very large
share of the victory achieved.


Barking Institutions having a franchise
conferred upon them by the act of their
crestion, should be held strictly to the rate
of interest named in their charters, and the
most summary punishment inflicted for its
violation either directly or indirectly. The
very common practice of banks transferring
their funds to an outside agent, for the pur-
pose of realizing a greater rate of interest
than their charters allow them to charge on
their legitimate business, is an evil that
should be abated. One important object at
least in the creation of Banks of circulation
was to furnish currency bearing a uni
form rate of interest at a moderate price SO
far as their power might extend to control
the subject. But this power for good, it is
greatly to be feared. had been in many in
stances welded for evil by transferring
their capital to outside parties to be loaned
at usuri0us rates.


A uniform rate of interest to apply to all
Indebtedness, in the absence of agreement
by the parties, should not probably be in
creased from the present standard. SIX
pet cent. is perhaps about the average price
Of money, when the supply in market is
fully equal to the demand, which nearly
always occurs when the earth has yielded
! her accustomed bountiful fullaess and the
manufacturing and commercial interests of
the country are in flourishing condition.
When money is plenty, so ss to exceed the
demand, large quantities are loaned on
short time. or put upon special deposit at
from one, two, three to four per cent. per
annum, as the parties may agree. An act
requiring the borrowers Of this money to
pay per cent. would be considered absurd
though it would correspond as we'll with the
principles OF justice, and the laws of trade,
as an act limiting the rate to 6 per cent,
when the market price was grester and
every one willing to pay higher rate. The
act limiting the rate of interest by conrsc,
to ten per cent, is but vsy slight inno-
vation practically upon :he principles Of free
trade in money. Ten per cent. may be said
to embrace the extreme price paid for the
use Ct money. except in very extraordinary
times Of financial pressure, which fortunate
ly do not occur oltener than once or twice
in 2O,years.


Six per cent is generally fair equiva-
lent for money, and is quite as high as a
prudent man will pay ordinarily for perma-
nent investment, and experience has demon
strated tina; the profits on business will not
usually Justify the payment of a higher rate.
This seems to be admitted by most of the
friends of the bill, yet in .heir great eager
ness to strike hlow ut the liberty OF indi-
viduals to make their own contracts about
the hire of money, they propose to increase
the rate to seven per cent, and thus CON-
pei large class to pay higher rate than
their business would justify. All indebted.
ness, whether of judgments, bonds, bills
book accounts, or unsettled balances, where
no contract existed, would be governed by
this rate, and the burden fall most heavily
upon thpse who are least able TO bear it,
Tine opponents of free trade in money usu.
I ally start out upon the same fallscy, ths
the laws of supply and demand do not gov


ern money as they do chattle property, ant
in order to prove the proposition assume
axioms which frequently are more absur(
than the proposition ITSELF. In the repor
of the committee upon the bill under consd
Grafton, which is. in many respects, iDgeni
: ously gotten up, the committee say tina
"ln commerce pribes are regulated by MA
: the seller can afford to take, and not b.
;, what the buyer can afford to- give. The re
u verse OF this rule has most unjustly obtaine,
$ in money transactions" These are alto
= gether new ideas for the business world. !
: has generally been thought that prices wer
}. regulated oy the merkei, and that the mar
q ket was regulated by supply and demand
The merchant or farmer who sends hun
u dred barrels Of -four TO market, does not ex
l. pect TO be governed by what he can sffor
. to take, but by what the article will brin
q in market, the marke, price; AMI S
: with every other article of merchandise


This is necessity to which all trade an
r commerce is subjected, and from whic
y money i, by no meals exempted. Havin
pursued this SUBJECT further than intende'
u Will content myself with casting my vo,
IL against the adoption Of the report, and ais
O. against the bill before the House


SENSIBLE FAsHroN.-Many ladies Of ,f
:, city have adopted useful style Of boo


for street use. IL consists Of WATERPROOF