Year: 1877

maximum power, according to Law
otherwise it. could not be a STANDARD


of value with any more. consistenc,


than government can authorize un
limited yard sticks or uniimite
bushels; but, on the other hand, I'd


prices of merchandise huctuate. and


In relation to the legal standard, &C


cording to demand and supply. Mon


ey is the medium of exchange of set


tlement among traders and mer


chants merchandise is the stock il


trade to be exchanged. 500


Money is authorized by the gov


ernment for the convenience of it


citizens, and net for profit. Merchan


disc is the result Of the labor of tn


people. and IL is for profit. Money


as merchandise ceases to'be money


merchandise as money nowhere ex


lists, except by legislation. Money il


borrowed and loaned, !; : merchanais


is bought and sold so the reason VII.


demand and supply have nothing t


do IN the regulating Of interest j


simply because when wes borrow


money we pay interest with money
and tits the only article the hire o


which we pay in kid, hence the ex
ception. Z And for the additiona
reason that the demand for moneys
continuously and. disproportionately
greater than the demand for anything
else, therefore the laws ofademand
and supply are inapplicable.


Money is q legal tender for debt
merchandise, on the contrary, is moi
a legal tender for debt; therefore, i
you carry the doctrine Of free trade
to its final cause, as applied to mer
-chandise, and make money and mer.
chandise @reciprocally legal tender
for debt and reciprocally medium
of exchange, you annihilate money
and thereby destroy the universal
standard OF value which would de.
-prive the commercial world Of one OF
It's greatest conveniences Such is
the practical effect of carrying the
argument of free trade, as applied to
money, to its logical conclusion.


: Again, the repeal of the usury laws
is applying, in effect, the doctrine oi
free trade to the creditor, and not tc
the borrower, for they haveinot placed
them upon the same legal equality
by requiring the creditor to take
merchandise as a legal tender for
debt, and to recognize it as legal
medium of exchange; therefore the
opponents to the re-a9option Of the
usury laws do not propose equality
of functions and power. They do not
mean to equalize the powers Of money
and n erchandlse, to place money, in
all respects, on level with merchan-
disc or other property. To be con-
sistent, the law that confers greater
privileges and powers upon money
than upon merchandise or other
property should also impose greater
restraints; hence the necessity for
the restoration of the usury laws to
our statutes.


II money IS 70 De nIade Tree, Should
not the same freedom be conferred on
those who exchange their labor and
the products of labor for money? If
an arbitrary value is given by law to
gold and silver and bank bills, why
not also fix by law the standard value
for labor. SO that capital and labor
may exist upon an equality? If you
invest money by legislation with a
power which, unrestricted, enables
capital to oppress labor, do you not,
while enfranchising capital, enslare
labor And, after all, labor is the
last analysis Of the almighty dollar.
If money is to remain without legis-
lative restraint, should it not also be
diYested of the power conferred by
legislation While our laws stamp
extrinsic values upon money, why
NAV they not, with equal justice and
propriety, declare what rate of inter-
est may, be demanded and received
for its use :?


One Of the great aims of those who
form governments has always been to
protect the weak from the power Of
the strong, to protect mlnorlties from
the tyranny Of majorities, and jeal-
ously to guard power wherever 1t is
conferred.


The cowned heads of England are
restrained in the exercise Of their
great authority by the balance OF
power held by Parliament. Checks
and balances OF power are the secu-
rites of the people from oppression,
under every form of government.
The division into three coordinate
branches by our national and State
constitutions is the grand progressive
step that characterizes civi! liberty IN
America. it was the extinction OF
this balance OF power in the Federal
government, by a dominant faction
at, the North, that brought on the
war between the States. But IN the
year 1866, the Democrats-who were
then in powef-repealed the usury
laws, thereby disregarding the Wis
dom Of our former legislators, who
Lad legislated in conformity with the
precedents of the statesmen and law
giyers of every age and cline, who
In couferring such great powers upon
money, did wisely place. correspond.
ing checks. The usury laws are the


great checks upon the money kings o.


the land it is by them the people,


and especially the poor people, the


laborer. the farmer, the mechanic


and the citizen, aIe protected from


the heartless tyranny Of those whc


wonld rule by the power ol vulga,


wealth. The lenders of money a


seven per centum increase in wealth


faster than any other class A mon


eyed aristocracy has always been re


gard>d as one Of the most dangerous


evils that can befalI the people of


free republic. Its influence depresse