Year: 1859

SpccCn Ol john h VI lhACe
In the Ohio House of Representatives., Jan 26,


the Question Of the Repeal Of the Ten Per


Cent. Interest LGl0.


Mr.. SPEAKER: After the able, full, and it
seems to me, unanswerable arguments of the
gentleman from Cuyahoga, and the gentleman
from Franklin, in favor of the repeal of the ten
per cent. law, there may be no occasion for an
other word on that side of the question. But
the people of the county that have the honor
of representing on this feor are so earnest and
so very generally united in their wish for this
repeal, that / feel that it is my duty to try to
do something mole for them in this behalf, than
simply give the measure my hearty vote. Talk
is not my trade-and l shall not be able to ad-
dress the House SO eloquently, or so learnedly
as has the gentleman from Hamilton, through
the morning session, but l have few ideas
gathered from daily business contact with the
workings of this law, which may not be wholly
unworthy of consideration. l would like 10
call the attention of the House back from ''the
Jews" and the times of Moses, to the people of
Ohio, and our own times, back from this limit
less theorizing to the plain, honest facts. The
gentleman from Hamilton, admitting the great
wrong and evil of the ten per cent. law, yet
deprecates going at once down to six; he would
stop year or two at eight per cent. So argued



the boy who thought to improve his dog by
cutting off his tail The tender-hearted little
fellow couldn't bear to take the whole tail off at
once, and so he took it off a few inches at
time. This ten per cent. law is indeed mad
dog let loose among the industrial interests of
the State, and say for one, let us take his tail
off at one blow, and be especially careful that
the axe shall strike just back of the ears. hope
this House will not, for a moment, listen to this
siren song of compromise" The best interests
of the State, as well as the public voice, demand
the thorough and absolute repeal of the obnox-
ious statute.


Mr. Speaker, I know of no safer light by
which we, as legislators, may direct our action,
than the light of experience Fortunately, or
unfortunately rather, on the subject matter be-
fore the House, we have the practical expert
enee of nearly dozen years. The law that
we seek to repeal has had the test of actual
demonstration. Its workings are familiar to
all of US, for they are part of our every day
history. We have had abundance of theory
on this question, both at the last and during
the present session; but let US for the time
leave theory and make our inquiry of FAcTs.-
Here, as everywhere else, imagine that it will
be found that there is great deal of truth in
the old familiar adage, that zone FACT is worth
more than cart-load of theories"


In the theorizing we have had we have heard
much about money as marketable commodi-
ty," as an article of commerce which should be
subject to the same laws which govern all trade.
Whatever may be the intrinsic value of the
metals out of which money is formed, the fact
is money, as money, is a creature of positive law
of standard value whereby to measure all
other values. 1t may be marketable commo-
dity'-but it has certain vital pecuiarities.
am Printer; when l may 90 into my printing
office, and make a newspaper or book, and may
make legal proffer of these in payment of my
debts; or the shoemaker may find his shoes law
full tender; or the blacksmith his work; then it
will do 10 talk about money as subject to the
common laws of trade.


believe it has been admitted by every gen
tleman who has taken part in this debate, that
ten per cent is an undue interest for any legit-
innate or ordinary business in Ohio. But whether
admitted or not, such is the easily demonstrated
fact. There is no permanent everyday busi-
ness in Ohio that can live with such tax prey
ing upon its vitals The commercial wrecks of
the last eighteen months testify to this. When
Capital wrenches ten per cent. from the profits
of labor, the Laborer has but to lie down and
starye And the State which will continue such
extortions has but one destiny to look for, and



while may struggle with the burden, but inevi-
tably must she fall under it.


We are told that this law has brought great
deal of foreign capital into the State-eight
million dollars into the single county of Hamil-
ton, we are told-and that the repeal will hurry
this money out of the State. What of that! If
foreign capital is drawing from the industry OF
our State more than its eGTEailgS, why not let it
90, and the quicker the better. This "foreiga
capital is proving great drain upon Us; in the
matter of our State Bonds alone, (our home
capitalists seeking higher rates Of interesD
million of dollars is annually drained from the
pockets of Ohio taxpayers to go abroad.


We have had this ten per cent. law upon the
statute book for nine years, and the question
now becomes legitimate, who has it helped
What great interest of the State has it benefited!
1 do not deny that it has helped some men and
interests in the State 1t has helped the bro
kers-the shingle-sign bankers--the land sharks
of Ohio, who are as voracious and villainous as
their Shiny cousins of the great deep. 1t has
helped these men grind the face of the embar-
rassed and unfortunate. And this law has help
ed other men in Ohic-men outside OF the bro
ker shops; they are few men in almost every
community-the men who by lifelong series
of stingy meanness have accumulated few
thousands, which they are only ready to loan at
exorbitant rates; the men who squeeze two
shilling piece when it chances to fall into their
eager clutch, until the poor eagle fairly screams
with pain. These Shylocks have reapt har
vest from this iniquitous Statute.


Who else and what else has been benefited!
The gentleman from Hamilton, upon my left,
told US the other day that the law was benefit
to certain educational institutions, enabling
them to draw large per eentage from their
small endowments. And that it heightened
out the income rollOf many 'supsrGnHHated citi-
zens and widows and orphans" l would to
Heaven that all our Colleges and institutions of
learning, were far more richly endowed-and
my sympathy for the widows and the Su-
perannaafed, is not a jot less, hope, than that
which throbs in the bosom of my generous and
kind-hearted friend. But, Mr. Speaker, we are
not lust now acting in the capacity of almoners
of some grand Charity. We are not sitting
here as the Board of Trustees of some fine old
Hospital for the relief and comfort of the unfor-
tunats and the decrepid. We are no Pension
Board. But the Legislators Of great and
growing Commonwealth of two and half mil
lions of mostly young, active, robust, working
people.


Isn't such the fact!


Mr.. Speaker, 1 know not, neither have l
heard of any other class or interest in Ohio,
which has been benefited by this enactment
which we now seek to repeal


Well, who or what has it injuredl Labor is
the foundation, the source of all wealth. No
man will deny that proposition. Capital may
greatly aid, may give labor the opportunity of
successful employment, but it is bona fide La
BoR which adds to the wealth of nations as of
individuals; and that Legislation which dis
courages LABOR, if persisted in, will bankrupt
any people.


And never was there law, sir, better calcu-
lated to discourage and cripple Labor than the
one under consideration. Directly has this
law, in its operation, robbed the State of hun
I-oIr &C tLnnsnrIn nf InIIara hr channin larna-