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 (Classic Reprint) - Softcover
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 Assem bly of Pennsylvania reduced the legal charge for the use of money from eight to six per cent. 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 inte rest 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being everywhere formed for rais ing the price of money; that the long loans of the past are being daily more and more superseded by the call loans of the present; that manufacturer and merchant are more and more fleeced by Shylocks who would gladly take the pound of flesh nearest the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.
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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.
Precisely a century and a half since, in 1723, the General Assem bly of Pennsylvania reduced the legal charge for the use of money from eight to six per cent. 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 inte rest 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 rais ing 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.
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.
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- PublisherForgotten Books
- Publication date2018
- ISBN 10 1330617886
- ISBN 13 9781330617885
- BindingPaperback
- Number of pages30
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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 Classic Reprint
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Of the Rate of Interest (Classic Reprint)
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Book Description Paperback. Condition: New. Print on Demand. Excerpt from Of the Rate of Interest; And of Its Influence on the Relations of Capital and Labor. About the Publisher, Forgotten Books publishes hundreds of thousands of rare and classic books. 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. This text has been digitally restored from a historical edition. Some errors may persist, however we consider it worth publishing due to the work's historical value. The digital edition of all books may be viewed on our website before purchase. print-on-demand item. Seller Inventory # 9781330617885_0
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