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Annual Report of the 
take it, sis we had a gold and silver currency, but we could not get 
it; it did not come here. When we came here, we brought a little 
gold with us, but as each man had never but a very little gold, 
there came a time when we had no money and we took Mitchell’s 
money without any basis except Mitchell’s promise to pay. 
President Bascom. But, supposing Mr. Mitchell had not paid, 
what then? 
President Stilson. We should have lost what we had Mitchell’s 
promise for, and we took those promises to pay because we had 
adopted those absurd theories of President Bascom—a metalie cur¬ 
rency—and we reaped the bitter fruits. The money shark came 
along here, Mitchell’s promise was out here, a man had a little hard 
monejr in his pocket and he wanted to loan it for six per cent, a 
month and shut up Mitchell. In the territorial times we said, will 
you have banks or no banks? We voted to have no banks and we 
made a mistake. The money lender said you have provided no 
banking-law and the strong arm of the state was invoked and took 
hold of Mitchell and shut up his doors. Mitchell had a million of 
money and he might have retired; he might have said, I would have 
redeemed my pledges but you would not let me go on. He might 
have said, good-bye, and walked off with his money in his pocket. 
I still remember when the hard-money lender demanded six per 
cent, a month, and did the borrower pay it because he expected to 
make it out of his business? No; he had been unfortunate and 
was compelled to surrender his property or pay to the money¬ 
lender six per cent, a month. I thank God I never was compelled 
to pay six per cent, a month; I have taken my pail of butter to 
town and sold it, as well as this, that, and the other article, to pay 
unlawful interest to the money-lender, when the law said he should 
not take but twelve per cent, and he took twent} r -five per cent. 
But, thank God, by my perseverance I soon shook him off*. Finally he 
was put down to twelve per cent, then to ten, then to seven per cent. 
Then the Government was in an extremity. Government could 
not make seven and three-tenths per cent, out of money, but she 
was in an extremity and had to carry on an unholy war, and she 
bid seven and three-tenths per cent. And then in Wisconsin we 
were limited to seven per cent. Then the money men said, the Gov¬ 
ernment is paying higher than the state will permit you to pay. 
Therefore, the law was amended and made it ten per cent., and 
