Of The Rate Of Interest And Of Its Influence On The Relations Of Capital And Labor

Author : Henry Charles Carey
Publisher :
ISBN 13 : 9781330617885
Total Pages : 28 pages
Book Rating : 4.6/5 (178 download)

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Download or read book Of the Rate of Interest; And of Its Influence on the Relations of Capital and Labor written by Henry Charles Carey and published by . This book was released on 2015-09-27 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Of the Rate of Interest; And of Its Influence on the Relations of Capital and Labor: Speech of H. C, Carey in the Constitutional Convention of Pennsylvania, May 15, 1873 Precisely a century and a half since, in 1723, the General Assembly of Pennsylvania reduced the legal charge for the use of money from eight to six percent. per annum. This was a great step in the direction of civilization, proving, as it did, that the labor of the present was obtaining increased power over accumulations of the past, the laborer approaching toward equality with the capitalist. At that point it has since remained, with, however, some change in the penalties which had been then prescribed for violations of the law. Throughout the recent war the financial policy of the National Government so greatly favored the money borrower, and the laborer, as to have afforded reason for believing that the actual rate of interest was about to fall permanently below the legal one, with the effect of speedily causing usury laws to fall into entire disuse. Since its close, however, under a mistaken idea that such was the real road to resumption, all the Treasury operations have tended in the direction of favoring the money lender; the result exhibiting itself in the facts, that combinations are being everywhere formed for raising the price of money; that the long loans of the past are being daily more and more superseded by the call loans of the present; that manufacturer and merchant are more and more fleeced by Shylocks who would gladly take "the pound of flesh nearest the heart" from all over whom they are enabled to obtain control. Anxious for the perpetuation of this unhappy state of things, these latter now invite their victims to give their aid toward levelling the barriers by which they themselves are even yet to a considerable extent protected; assuring them that further grant of power will be followed by greater moderation in its exercise. Misled thereby, money borrowers, traders and manufacturers, are seen uniting, year after year, with their common enemy in the effort at obtaining a repeal of the laws in regard to money under which the State has so long and so greatly prospered. Happily, our working men, farmers, mechanics, and laborers, fail to see that advantage is likely to accrue to them from a change whose obvious tendency is that of increasing the power of the few who have money to lend over the many who need to borrow; and hence it is that their Representatives at Harrisburg have so steadily closed their ears against the siren song by which it is sought to lead their constituents to give their aid to the work of their own destruction. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.