Year: 1869

upon the highway, and demands his mon
ey and in an eTfal contest succeeds in
consummating the robbery, though justly
accursed Of God an1 man, does not by
that act display so base, so mean nature
as he who, acting upon the doctrine Of
your correspondent, wrenches from
helpless fellow man that which is not his
own, and appropriates it to his own use.


Asking your pardon for occupying so
much Of your valuable space in showing
what was doubtless evident 10 every rea-
der Of the article in question, ] will pro'
ceed to enquire what arc the duties Of
legislators upon this subiect7 That mon
ey follows the same laws Of supply and
demand, as produce, is not true, If there
was but one article of food upon which
men could subslst, and that was scarce
and not offered in open market, but hide
den from view in the vaults of a few
spectators, that article might be used by
them for purposes Of extcrtion, and spe-
cial laws might become necessary to
prevent the crime. But this, happily, is
not the fact. IF what is high, necessity
does not compel me to buy it, | can select
my food from among the scores Of other
articles offered in the market In this
land Of plenty it is impossible for dealers
of food to practice extortion to any great
extent. Therefore special law upon the
subject is unnecessary.


The fact that Massachusetts has repealed
her usury law does not imply that her peos
pie justify the practice of taking extor'
tionary interest. BY no means Its only
significance is that her legislators believe
that capital has become so abundant and
so generally diffused that it cannot longer
be used in that State for purposes of ex-
tortion. Like produce, it is exposed in
the markets and seeks investment every
where. Therefore it is believed usury
laws have become unnecessary. Not so
in our own State, as is attested by the
constant recurrence of cases similar to the
one cited above. This being the fact
ought our Legislature to repeal our pres
ent wholesome law upon the subject ?
Manfestly moi, while such crimes continue
to bc perpetrated. That they are perpe'
trated in spite Of the law, is no argument
against it. So are theft and arson con-
stantly practiced; but shall we repeal all
the laws upon our statute booksconcerning
those crimes, because some rogues escape
their just penalty No, rather educate
public sentiment to sustain such laws and
lend its mighty influence in securing their
enforcement


Precisely where the legal rate should
be fixed is matter Of opinion. That the
United States pays high rate Of finterest,
has no bearing upon the subject. Our
government was in distress. 1t was ems
gagged in putting down the most gigantic
ebellion that the world ever witnessed.
The result was doubtful. Those who took
its paper, took it at risk, and the gov'
ernment paid them premium for it, by
advancing the interest. Now that the
danger is past, it is believed by shrewd
fnancicrs that the National debt might be
funded at as low a rate as five per cent.
BE that as it may, the argument once
used in favor of advancing legal rates in
our State, is nc longer available. The
high premium now paid for the securities


shows conclusively that money can be


procured at a much lower rate of Interest


than the government is now paying


Where, then, should the legal rate of in


terest in this State be fixedl Manifestly


at that point where the profits Of business


will warrant. To load an individual will


burden of taxation or interest beyonc


what his income will warrant, is to doom


him to financial ruin. To struggle OIL


under burden which slowly, but surely


leads to bankruptcy, is more disheartening


more ruinous to financial prospects thar


bankruptcy by fire or flood. What is tru'


of an individual, is also true Of the com


munity and the State. Better that cap


ital should seek investment out of th,


State than in it at ruinous rates. Bette


that our young men should 60 where th'


rise of property and the greater chance


for gain will warrant the payment o


higher interest, if they must, than to re


main where their energies will be para


lized and their financial prospects blighteC


by bearing hopeless burdens.


That other States fix their rates at tel


or twelve per cent, is no evidence tha


our legal rate should be advanced l


may be bad policy for them even now
and when their virgin soils beome les
fertile, when fortunes shall be less easil


made by their citizens through the rise G


lands, they will doubtless return to low
er rate of interest. But capital will nc
leave the State in future to any great ex


tent any more than in times past, ifit cal


be Safely invested at home at our presen
legal rate. The capital invested durin
the war in government stocks, has pucl
of it already returned for reinvestment.


That our present rate is as high as tn


business of our citizens will bear, must b


evident to every intelligent practical oh
server. We are an agricultural people
We are doing safe business. Our prof
its are small, but our business is less haz
ardous than that of commerce and manu-
: factures. The securities we give canno
', be wrecked by storm, nor lost in conf
,, grations. They are as sure as the cart
upon which they are based, more sur
' than stocks of any kind, not even except
ing those of our own government, Wit
such security an agricultural peopl
ought, and believe, will secure the car
ital necessary at least as low rate as an
other class, and we need have no teaI