Year: 1869

~
House of Representatives
succeeded in passing a law
on the 23d ult. fixing the Ie-
gal rate of interest on special
contract at 8 per cent. Such
a law should not have been
enacted by the peoples Rep
resentatives. All those who
voted for the bill should be
held by their constituents to
a strict accountability. II
was not treated as a party
measure {; yet we are glad to
publish the fact that the body
of the Democratic Represen-
tatives, excepting nineteen,
defied the greedy Shylocks
demand for exhorbitant inter-
est, and stood manfully by
the interests Of the people.
And we are pleased to say
that the Demo cracy, of Vim
ton county, nay more, the
entire industrial producing
constituency of the Hon. A.
j. SWAIN, member of the
House, will applaud his course
and honor THEN chosen Rep
resentative whose voice was
eloquently and forcibly heard
against the vile, as also his
vote stands recorded. In the
discussion of the bill, Mr..
SWAIN said


Gle had hoped that the bill would
have slept out its existence. He
could not see why this "attempt was
made to force this bill through by q
minority at this time" There was
no uprising Of the people in behalf
OF such measure. The majority
of the people were opposed to such
a measure. He believed such q
proposition was frahght with dan
ger to the welfare of the people,
The question with him was, chow
much interest can a people afford to
pay, SO as not to embarrass their
business, and cripple industry ?'
Gould any man afford to pay q
greater rate than six per cent. and
prosper? To inaugurate this sys-
tenn, of what is called free trade
in money, is equivalent to authorize
an indefinite rate of interest, to be
regulated only by the necessities Of
the distressed borrower. He could
not consent to leave such a question
to the conscience of the broker
The broker finding that the neces-
sites of the borrower would COM
pei him to get the money, OF lose
his property, would insist on great
rates, and the borrower would have
to pay them or let his property 90
Is this free trade in money? 1t is
authorizing the most cruel extortion,
to which he was inhexibly opposed.
He did not think that any man
could make more than six per cent.
by agricultural, or the industrial
pursuits, and to authorize more
would encourage wild speculation,
which would result in bankruptcy
and ruin"


Our friend, Hon. RALPH
LEETE, member of the House
from Lawrence county, one
of the sound Democrats of
that body, spoke as follows
on the Shylock's bill


Mr.. Leete said the words "free
trade" once had q musical charm
FOR Democrat; but were now
thrown in here to get up q misap.
prehension and false issue. Mon
ey was a creature of lava meas
lring rule-and was up to measure
value, This system would undo
hat rule Of value. IF we do this,
why not change all other values of
measure and quantity. He did not
'egard this as an age of true prog
'ess If there was any progress, it
was toward destruction and crime.
1t was an ago when reckless specu-
ators and fraudulent bankers were
% be respected in lieu of honest
men ! He was opposed to the whole
and believed it danger
,us. In the distribution of the ma
.ional currency, the New England
States had obtained the largest
Ihare of the snme, being about 500
per head, while the West and South
'eceived about $5 per head, and
wore suffering in consequence Of
his unfair distribution. The New
England States had their agents
abroad to induce the Western States
Q increase their rate Of interest, 80
hat they might come in and crush
..s.