Year: 1869




Editor Democratic Enquirer, wf


The interest question now pending in
the Ohio Legislature seems to be one on
which the people are much divided il is
alO a question which but few people
fully understand. We had law some ten
years ago. tho same in substance as the
one that ia proposed to be enacted now
the practical workings OF which did not
meet the expectations Of the people, or
operate in favor of the great labOring and
industrial clas sea Of community The
result was that Governor Chase, In bis
esssge to the General Assembly in 1859,
recommended its repeal, which 80 far in


fuenced the Legislature that they, imms.
diately proceeded to repeal thai law
Now, If the law was not a good ore, and
did not operate for the benefit Of the
country then, it could not possbly-do so
now under the oppressed condition Of
affairs, for all must admit that any lsgis-
lation looking towards higher rate Of
interest than that now provided for by
law is protection Of m OF ey and aoGeyed
interePt, and detrimental to the great
laboring interest Of the country. The
argument used in favor of legalIing 10
per cent, is that II will make money more
plenty, as capitalists who have mooey to
lean will then be induced to loan il here,
while under the present law they are
laking their money to other States where
they can obtain higher rate OF interest
In point of fact this may be very true,
but is that the proper question for a wise
legislature to consider? Certainly every
thinking man must answer il is not
The question to be considered is not
whether two millions OF collars could be
borrowed at 10 per cent, if the bill should
become law, or whether it could no: If
the bill should not become a law The
proper and only question in this respec:
is, what rate Of interest the people can
afford to pay and make it remunerative
10 them. The history of the past does not
show that even per cont is made on
borrowed capital when applied to lasting
and legitimate business, and if this be
true and the people of the State OF Ohio
should borrow two millions of dollars at
10 per cent, there is q loss Of 4 per cent
which must fall upon sOmebody-if not
upon the speculator, ii must come off Of
the laborer and consumer, and the mo.
ment you eubarrass or oppress them you
paralyEe the industry of the country to
very great extent, Then again II man
in ordinary circumstances should be so
uaforturste as 10 got in debts ssxl hur,
dred or thousand dollars, which Is often
the ease, and attempts to pay out by Dor.
rowing money at 10 per cent, he very
seldom succeeds. There ore but few men
in ordinary circumstances that can any
more than pay the interest and conse-
quently he will toll away many of the
best years of his life without gsiu ing one
cent in true prosperity. Then had he not
better at once sell his property and pay
off his debts, and start anew, and thus be
able to add what he had before paid as
interest, to his principal, So you see
that every dollar Of money that is used
at 10 per cent, is q damage 10 somebody.
If the speculator should be fortunate
en- ough 10 make few dollars off Of his
borrowed capital, he makes it off of some
one less able to Stani it than himself
There are various wnys in which higher
rate Of interest would place the poor man
Mt the mercy Of The capitalist II CAPT
talists are allowed exOrbitant rates for
their money, they will not seek invest.
ments in public improvements aud manu-
factures, which are the life and prosperity
of all countries, and give employment 10
of poor people who are depend
ent upon their labor to maintain their
families There are many other reasons
| have not time now to mention. Above
all other considerations, money ia
mighty monopoly there is no combined
power on earth that can equal it-shd
consequently ii needs no legislative pEo.
lection. agree that it is all right that
man should always pay what he contracts
10, but am nevertheless opposed. on the
grounds of public policy, and justice to
all concerned to legislats in faVSr Of cap
ital against labor.


Youra P,o 7 cwAIN