10 MUTUAL BA^^KING. 



matter, for, though we acknowledge the wrong, we are impotent to 

 prevent it. The usury laws merely add a new evil to one that was 

 bad enough when it was alone. Without a usury law, men will 

 take too high interest; for they have the power to do it as credit is 

 now organized, and no legislation can prevent them; with a usury 

 law they will continue to take unjust interest, and will have re- 

 course to expedients of questionable morality to evade the law. If 

 the taking of too high interest be an evil, is it not still a greater 

 evil for the community to demoralize itself by evading the laws; to 

 demoralize itself by allowing individuals to have recourse to sub- 

 terranean methods to accomplish an end they are determined to ac- 

 complish at all events — an end which they cannot accomplish in the 

 light of day, because of the terror of the law? Thus argue the ad- 

 vocates of immediate repeal, and with much show of reason. There 

 are a hundred ways in which the usury laws may be evaded. 



POWER OF CAPITAL IN THE COMMONWEALTH OF MASSACHUSETTS. 



We think few persons are aware of the power of capital in this 

 Commonwealth. According to a pamphlet quoted by Mr. Kellogg, 

 containing a list of the wealthy men of Boston, and an estimate of 

 the value of their property, there are 224 individuals in this city who 

 are worth, in the aggregate, ?71,85.").0(X); the average wealth of 

 these individuals would be 8331,781. In this book, no estimate 

 is made of the wealth of any individual whose property is supposed 

 to amount to less than S^KKJ.CKX). Let us be moderate in our estim- 

 ates, and suppose that there are, in all the towns and counties in 

 the state, (including Boston), 3,000 other individuals who are worth 

 $30,000 each, their aggregate wealth would amount to S<tO.O()0.()00. 

 Add to this the $71,85.).U00 owned by the 3~'4 men, and we have SlGl,- 

 8.55,000. These estimates are more or less incorrect, but they give 

 the nearest approximation to the truth that we can obtain at the 

 present time. The assessors' valuation of the property in the Stale 

 of Massachusetts in 1840* was «2!»'.».880,338. We find, therefore, by 

 the above estimates, that 3.:ii.'4 individuals own more tlian half of 

 all the property in the State. If we suppose each of these 3,~:.'4 per- 

 sons to be the head of a family of live persons, we shall have in all 

 ir).l:.'0 individuals. In 1S40 thi- State contained a population of 737,- 

 7CXJ. Thus 1(),1:.'0 persons own more property than the remaining 

 721, .580; that is, three persons out of every hundred own more prop- 

 erly than the remaining ninety-seven. To be certain that we are 

 wirhin the truth, let us say that six out of every hundred own more 

 pro|>erty than the remaining ninety-four. These wealthy persons 

 are connected with each other, for th<^ banks are the organization 

 of their mutual relation, and we think, liuman naturi>, being wiiat it 

 is, that their weight would be brought to bear still more powerfully 



•This was written before the valuation for Ik.50 was taken. As the 

 the f|uestion Is one (if prinfiplcs ratlier than of figures, we have not con- 

 ceived It necessary to rewrilo tin; paragriipli. 



